Registration number:
FINANCING IMPACT LIMITED
for the Year Ended 31 December 2020
FINANCING IMPACT LIMITED
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
FINANCING IMPACT LIMITED
Company Information
Directors |
Woodford Directors Limited Mrs Andreea Ecaterina Mocanu |
Company secretary |
Woodford Services Limited |
Registered office |
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Accountants |
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FINANCING IMPACT LIMITED
Directors' Report for the Year Ended 31 December 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of an investment company and the provision of administrative services.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
FINANCING IMPACT LIMITED
Profit and Loss Account for the Year Ended 31 December 2020
Note |
2020 |
2019 |
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Turnover |
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Administrative expenses |
( |
( |
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Operating profit |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
FINANCING IMPACT LIMITED
Statement of Comprehensive Income for the Year Ended 31 December 2020
2020 |
2019 |
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Profit for the year |
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Total comprehensive income for the year |
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FINANCING IMPACT LIMITED
(Registration number: 06807585)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
FINANCING IMPACT LIMITED
Statement of Changes in Equity for the Year Ended 31 December 2020
Share capital |
Profit and loss account |
Total |
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At 1 January 2020 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2020 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2019 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2019 |
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FINANCING IMPACT LIMITED
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
FINANCING IMPACT LIMITED
Notes to the Financial Statements for the Year Ended 31 December 2020
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
FINANCING IMPACT LIMITED
Notes to the Financial Statements for the Year Ended 31 December 2020
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
€ |
Cost or valuation |
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At 1 January 2020 |
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Provision |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
Subsidiary undertakings |
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Italy |
Ordinary |
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The principal activity of Fimpact Italia SRL is |
Debtors |
Note |
2020 |
2019 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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FINANCING IMPACT LIMITED
Notes to the Financial Statements for the Year Ended 31 December 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
€ |
No. |
€ |
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113 |
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113 |
Related party transactions |
Loans to related parties
2020 |
Subsidiary |
At start of period |
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2019 |
Subsidiary |
Advanced |
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Loans from related parties
2020 |
Other related parties |
At start of period |
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Advanced |
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At end of period |
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FINANCING IMPACT LIMITED
Notes to the Financial Statements for the Year Ended 31 December 2020
2019 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Terms of loans from related parties
FINANCING IMPACT LIMITED
Detailed Profit and Loss Account for the Year Ended 31 December 2020
2020 |
2019 |
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Turnover (analysed below) |
5,000 |
5,000 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
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General administrative expenses (analysed below) |
(831) |
(1,020) |
Operating profit |
4,169 |
3,980 |
Profit before tax |
4,169 |
3,980 |
FINANCING IMPACT LIMITED
Detailed Profit and Loss Account for the Year Ended 31 December 2020
2020 |
2019 |
Turnover |
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Commissions receivable |
5,000 |
5,000 |
General administrative expenses |
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Accountancy fees |
(840) |
(875) |
Bank charges |
(23) |
(142) |
Foreign currency (gains)/losses |
32 |
(3) |
(831) |
(1,020) |