SharedImpact_Ventures_Ltd - Accounts

The directors present their annual report and financial statements for the year ended 31 March 2021.

The principal activity of the company is the provision of administrative services.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small entities within part 15 of the Companies Act 2006.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SharedImpact Ventures Ltd for the year ended 31 March 2021 which comprise the profit and loss account, the 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 at https://www.icaew.com/regulation

This report is made solely to the Board of Directors of SharedImpact Ventures Ltd, as a body, in accordance with the terms of our engagement letter dated 8 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of SharedImpact Ventures Ltd and state those matters that we have agreed to state to the Board of Directors of SharedImpact Ventures Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SharedImpact Ventures Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that SharedImpact Ventures Ltd 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 SharedImpact Ventures Ltd. You consider that SharedImpact Ventures Ltd 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 SharedImpact Ventures Ltd. 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.

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

SharedImpact Ventures Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

The Financial Statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006.

The Financial Statements are prepared in Sterling, which is the functional currency of the Company. Monetary amounts in these Financial Statements are rounded to the nearest Pound.

The financial statements of the company are consolidated in the financial statements of SharedImpact, a company registered in England & Wales. These consolidated financial statements are available from its registered office, Devonshire House, 60 Goswell Road, London, EC1M 7AD.

The Financial Statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going Concern

At the year end the company has net liabilities of £151,905 after making a deficit in the year of £6,046. The Directors consider that the use of the going concern basis is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the parent charity to continue operating the trading subsidiary. In making this assessment the Directors have considered the longer term plans for the company in how it will develop its business in future years. The Directors have also reviewed regularly the financial and operational risks to which the company is exposed and how these risks are managed.

Turnover represents management fees due from the parent entity SharedImpact gross of VAT.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial instruments are measured at amortised cost. The Company has no other financial instruments or basic financial instruments measured at fair value.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

In the view of the directors in applying the accounting policies adopted, no critical accounting estimates and judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The company had no employees in the year (2020: 0).

The company has taken advantage of the exemption available in the FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Included within other debtors is an amount of £15,594 (2020: £15,594) was due from SharedImpact Foundation (UK) Limited, a charitable company that shares common directors.

At the balance sheet date one of the directors was owed £140,000 (2020: £140,000) by the company. No interest is charged on the amount and is repayable on demand.

The ultimate parent company is SharedImpact, a charitable company registered in England and Wales. The registered address of SharedImpact is Devonshire House, 60 Goswell Road, London, EC1M 7AD.