SharedImpact_Ventures_Ltd - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 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 Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered 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 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 £145,859 after making a profit in the year of £17,434. 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 (2019: 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 (2019: £nil) 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 (2019: £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.