It means exactly
No. That is not possible [...]
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[to do smth; or being/doing; or to be smbd/smhw]
The translation "There is no impossible" is a google style, that is, incorrect.
Proof:
impossible = not possible
,
therefor:
There is no impossible = There is no not possible *(!)
and being translated back into Russian:
Нет, это не невозможно.
-- that is wrong, because it means Это возможно.
= It's possible.
"Нет, это нельзя." is short for "Нет, это нельзя + Verb(or Pred)."
We are avoiding that short form in formal texts. The Verb is picking up from context.
There's no denying it(that). Это(го) нельзя отрицать.
I ought not to have said about it. Мне нельзя говорить об этом.
It can't be denied. Это(го) нельзя отрицать.
There is no saying what ... нельзя сказать, что ...
There is no denying that ... нельзя отрицать, что ...
I can't leave things as they are. Мне нельзя это так оставить.
It was impossible to say. Нельзя это(го) было сказать.