Impactchoice Limited - Limited company accounts 16.3

REGISTERED NUMBER: 06943162 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Period 1st December 2015 to 31st January 2017

for

IMPACTCHOICE LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Comprehensive Income

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

to

9

DIRECTORS:

Mr L R D Harley

Mr A K Rowe

SECRETARY:

KHCS Secretaries Limited

REGISTERED OFFICE:

Unit 2

Capital Business Park

Manor Way

Borehamwood

Hertfordshire

WD6 1GW

REGISTERED NUMBER:

06943162 (England and Wales)

ACCOUNTANTS:

Sovereign Associates Limited

Unit 2 Capital Business Park

Manor Way

Borehamwood

WD6 1GW

The directors present their report with the financial statements of the company for the period 1st December 2015 to 31st January 2017.

PRINCIPAL ACTIVITY

The company is engaged to carry on business as a general commercial company and operates principally in South

Africa.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st December 2015 to the date of this

report.

Mr L R D Harley

Mr A K Rowe

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr A K Rowe - Director

31st October 2017

TURNOVER

110,870

110,303

Cost of sales

(52,848

)

(47,334

)

GROSS PROFIT

58,022

62,969

Administrative expenses

(94,879

)

(72,593

)

(36,857

)

(9,624

)

Other operating income

-

10,529

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

3

(36,857

)

905

Tax on (loss)/profit on ordinary activities

4

4,000

1,762

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(32,857

)

2,667

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD

(32,857

)

2,667

FIXED ASSETS

Tangible assets

5

2,639

885

CURRENT ASSETS

Debtors

6

18,223

16,433

Cash at bank

564

1,980

18,787

18,413

CREDITORS

Amounts falling due within one year

7

(153,273

)

(118,288

)

NET CURRENT LIABILITIES

(134,486

)

(99,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(131,847

)

(98,990

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

9

(132,847

)

(99,990

)

SHAREHOLDERS' FUNDS

(131,847

)

(98,990

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st January 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st January 2017 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31st October 2017 and were signed on its behalf by:

Mr A K Rowe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st December 2014

-

(102,657

)

(102,657

)

Changes in equity

Issue of share capital

1,000

-

1,000

Total comprehensive income

-

2,667

2,667

Balance at 30th November 2015

1,000

(99,990

)

(98,990

)

Changes in equity

Total comprehensive loss

-

(32,857

)

(32,857

)

Balance at 31st January 2017

1,000

(132,847

)

(131,847

)

1.	STATUTORY INFORMATION

ImpactChoice Limited is a private company, limited by shares, domiciled in England and Wales, registration

number 06943162. The registered office is Unit 2 Capital Business Park, Manor Way, Borehamwood, WD6

1GW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A

small entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the

Companies Act 2006. .

The financial statements have been prepared under the historical cost convention and are presented in pounds

sterling.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year and also have been consistently applied within the same

accounts.

These financial statements are the first financial statements to comply with FRS 102 Section 1A small entities.

The date of transition is 1 December 2013.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously. The nature of these changes and their impact on opening equity and profit for

the comparative period are explained in the notes below on pages 11-13.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to

write off tangible fixed assets over their expected useful lives as follows:

Computer equipment - 3 years

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment

of certain items for account purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Going concern

The directors are aware that the balance sheet reflects a net liability position at the year end and they have

received assurances from the company's shareholders and investors that they will continue to provide financial

support to the company for the foreseeable future to enable it to meet its obligations if and when they become

due. Agreements have been entered into to subordinate the loans made between associated companies and these

subordination agreements will remain in force for as long as the liabilities exceed the assets of the company,

fairly valued. It is on this basis that the directors consider it appropriate to prepare the financial statements on

the going concern basis. The financial statements do not include any adjustments that would result in the

withdrawal of the support of the shareholders and investors.

3.	OPERATING (LOSS)/PROFIT

The operating loss (2015 - operating profit) is stated after charging/(crediting):

Period

1/12/15

to

Year Ended

31/1/17

30/11/15

£

£

Other operating leases

2,106

1,921

Depreciation - owned assets

-

153

Foreign exchange differences

16,173

(10,529

)

Directors' remuneration and other benefits etc

-

-

4.

TAXATION

Analysis of the tax credit

The tax credit on the loss on ordinary activities for the period was as follows:

Period

1/12/15

to

Year Ended

31/1/17

30/11/15

£

£

Deferred tax

(4,000

)

(1,762

)

Tax on (loss)/profit on ordinary activities

(4,000

)

(1,762

)

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st December 2015

1,038

Additions

1,754

At 31st January 2017

2,792

DEPRECIATION

At 1st December 2015

and 31st January 2017

153

NET BOOK VALUE

At 31st January 2017

2,639

At 30th November 2015

885

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Trade debtors

4,564

6,773

Other debtors

13,659

9,660

18,223

16,433

Deferred tax asset

2017

2015

£

£

Accelerated capital allowances

(189

)

(177

)

Tax losses carried forward

13,848

9,837

13,659

9,660

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2015

£

£

Trade creditors

3,738

1,569

Taxation and social security

1,163

2,259

Other creditors

148,372

114,460

153,273

118,288

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2015

value:

£

£

10,000

A ordinary voting shares

0.05

500

500

10,000

B ordinary non-voting

0.05

500

500

1,000

1,000

The share capital of the Company is £1,000 divided into 10,000 "A" ordinary voting shares and 10,000 "B"

ordinary non-voting shares of £0.05 each save that the "A" ordinary voting shares shall have no right to

participate in the profits and assets of the Company nor rights to receive dividends.

The "B" ordinary non-voting shares shall on a winding up or other repayment of capital entitle the holders to

have the assets of the company available for distribution among the members applied, in priority to any other

class of shares, in paying to them pari passu the capital paid on such shares.

The "B" ordinary non-voting shares shall not entitle the holders to receive notice of or attend or vote at any

general meeting.

9.

RESERVES

Retained

earnings

£

At 1st December 2015

(99,990

)

Deficit for the period

(32,857

)

At 31st January 2017

(132,847

)

10.	ULTIMATE PARENT COMPANY

ImpactChoice Limited (Mauritius) (incorporated in Mauritius ) is regarded by the directors as being the

company's ultimate parent company.

11.	RELATED PARTY DISCLOSURES

ImpactChoice Limited (Mauritius)

This loan has been subordinated.

2017

2015

£

£

Amount due to related party at the balance sheet date

59,423

59,423

12.	AVERAGE NUMBER OF EMPLOYEES

During the year the average number of employees was 1 (2015: 1).