Impact Teachers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05624051 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2019

FOR

IMPACT TEACHERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTORS:

Mr R F Rosati

Mrs J J Rosati

REGISTERED OFFICE:

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

BUSINESS ADDRESS:

1-13 Falcon Road

London

SW11 2PL

REGISTERED NUMBER:

05624051 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

FIXED ASSETS

Intangible assets

4

233,923

132,545

Tangible assets

5

7,121

34,835

241,044

167,380

CURRENT ASSETS

Debtors

6

821,377

1,271,742

Cash at bank and in hand

480,409

769,778

1,301,786

2,041,520

CREDITORS

Amounts falling due within one year

7

214,536

377,967

NET CURRENT ASSETS

1,087,250

1,663,553

TOTAL ASSETS LESS CURRENT LIABILITIES

1,328,294

1,830,933

CREDITORS

Amounts falling due after more than one year

8

(91,915

)

(184,180

)

PROVISIONS FOR LIABILITIES

(45,799

)

(31,802

)

NET ASSETS

1,190,580

1,614,951

CAPITAL AND RESERVES

Called up share capital

1,700

1,700

Retained earnings

1,188,880

1,613,251

SHAREHOLDERS' FUNDS

1,190,580

1,614,951

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2020 and were signed on its behalf by:

Mr R F Rosati - Director

1.	STATUTORY INFORMATION

Impact Teachers Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of teaching staff provided to the company's customers on temporary, short term

and long term contracts during the year net of value added tax and discounts and is measured at the

consideration received or receivable for these services.

Turnover is recognised in accordance with the terms of the customer contract at which time the significant risks

and rewards of ownership of the work undertaken have transferred to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

The assets' residual value, useful life and amortisation method is reviewed and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

25% on cost

Plant and machinery etc

-

25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, which is usually invoice price, less any impairment losses

for bad or doubtful debts.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

Creditors

Short term creditors are measured at transaction price, which is usually the invoice price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 August 2018

132,545

Additions

127,370

At 31 July 2019

259,915

AMORTISATION

Charge for year

25,992

At 31 July 2019

25,992

NET BOOK VALUE

At 31 July 2019

233,923

At 31 July 2018

132,545

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2018

33,106

239,776

272,882

Additions

-

2,618

2,618

At 31 July 2019

33,106

242,394

275,500

DEPRECIATION

At 1 August 2018

33,106

204,941

238,047

Charge for year

-

30,332

30,332

At 31 July 2019

33,106

235,273

268,379

NET BOOK VALUE

At 31 July 2019

-

7,121

7,121

At 31 July 2018

-

34,835

34,835

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade debtors

447,761

428,719

Other debtors

373,616

843,023

821,377

1,271,742

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade creditors

30,145

15,198

Taxation and social security

59,147

130,052

Other creditors

125,244

232,717

214,536

377,967

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

£

£

Other creditors

91,915

184,180

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.19

31.7.18

£

£

Other loans

173,689

321,757

At the balance sheet date loans were repayable to a pension fund in which the directors of the company were

the beneficiaries.

The loans, which are on a commercial basis, have been secured by means of a fixed and floating charge

against the assets of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2019 and

31 July 2018:

31.7.19

31.7.18

£

£

DIRECTOR A

Balance outstanding at the start of year

307,487

682,154

Amounts advanced

-

-

Amounts repaid

(307,487

)

(374,667

)

Balance outstanding at the end of year

-

307,487

Interest has been charged on this loan at commercial rates.

11.	SHARE-BASED PAYMENT TRANSACTIONS

Enterprise Management Incentive (EMI) Employee Share Option Scheme

Key employees participate in an Enterprise Management Incentive employee share option scheme which

provides the employees the right to purchase shares.

Options granted under the scheme are over shares in Impact Global Ltd, a company registered in Jersey that

owns 100% of the ordinary issued share capital in Impact Teachers Ltd.

The options were granted over C and D ordinary shares with an exercise price of £133.98 and E and F ordinary

shares with an exercise price of £107.19. The options expire 10 years after the grant date. Vesting of the options

is subject to the employee continuing to work for the company for at least 25 hours a week or 75% of their

working time.

The company is unable to directly measured the fair value of employee services rendered. The fair value of the

share options are therefore measured at the market value of the shares.

Share Option Movements for the period ended 31 July 2019

Number Weighted average exercise price

£

Granted during the year to 31.07.17 1,962 120.59

Exercised during the year to 31.07.17 28 120.59

Outstanding and exercisable at 31.07.17 1,934 120.59

Lapsed during the period to 31.07.19 0 120.59

Exercised during the period to 31.07.19 0 120.59

Outstanding and exercisable at 31.07.19 1,934 120.59

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Impact Teachers Limited for the year ended 31 July 2019 which comprise the Statement of

Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Impact Teachers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Impact Teachers Limited and state those matters that we have agreed to state to the Board of Directors of Impact Teachers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Impact Teachers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Impact Teachers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Impact Teachers Limited. You consider that Impact Teachers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Impact Teachers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

10 St Ann Street

Salisbury

Wiltshire

SP1 2DN

16 April 2020