GM Local Access Ltd 13993245 false 2022-03-21 2023-03-31 2023-03-31 The principal activity of the company is that of providing loans and grants to charities and social enterprises Digita Accounts Production Advanced 6.30.9574.0 true false true 13993245 2022-03-21 2023-03-31 13993245 2023-03-31 13993245 core:RetainedEarningsAccumulatedLosses 2023-03-31 13993245 core:ShareCapital 2023-03-31 13993245 core:CurrentFinancialInstruments 2023-03-31 13993245 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13993245 core:Non-currentFinancialInstruments 2023-03-31 13993245 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13993245 bus:SmallEntities 2022-03-21 2023-03-31 13993245 bus:Audited 2022-03-21 2023-03-31 13993245 bus:FullAccounts 2022-03-21 2023-03-31 13993245 bus:SmallCompaniesRegimeForAccounts 2022-03-21 2023-03-31 13993245 bus:RegisteredOffice 2022-03-21 2023-03-31 13993245 bus:Director1 2022-03-21 2023-03-31 13993245 bus:PrivateLimitedCompanyLtd 2022-03-21 2023-03-31 13993245 1 2022-03-21 2023-03-31 13993245 countries:AllCountries 2022-03-21 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13993245

GM Local Access Ltd

Filleted Financial Statements

for the Period from 21 March 2022 to 31 March 2023

 

GM Local Access Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

GM Local Access Ltd

(Registration number: 13993245)
Balance Sheet as at 31 March 2023

Note

2023
£

Current assets

 

Debtors

5

60,816

Debtors due after one year

5

584,038

Cash at bank and in hand

 

51,367

 

696,221

Creditors: Amounts falling due within one year

6

(153,776)

Total assets less current liabilities

 

542,445

Creditors: Amounts falling due after more than one year

6

(569,825)

Net liabilities

 

(27,380)

Capital and reserves

 

Called up share capital

1

Retained earnings

(27,381)

Shareholders' deficit

 

(27,380)

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

.........................................
Mr R G Dyson
Director

   
     
 

GM Local Access Ltd

Notes to the Financial Statements for the Period from 21 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
St Thomas Centre
Ardwick Green North
Manchester
M12 6FZ

These financial statements were authorised for issue by the Board on 19 April 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Financial model adjustment
During 2023/24 it came to light that the method of allocating operating costs from GMCVO to GM Local Access was not in accordance with funder agreements.This has led to an overclaim of operating costs in GM Local Access of £30,835 to 31st March 2023. Following discussions with the funder it has been agreed that the overclaim in GM Local Access is to be recovered by amendment to the operating cost allowance model from 2023/24 onwards.

Going concern

This is a new investment fund aimed at improving the social economy in four boroughs across Greater Manchester. The first investment was made in August 2022 with further investments since then. However, the fund has been struggling to meet its targets, partly due to an element of the fund aimed at buildings which can have an unpredictable timeline. Every effort is being made to get back on target. Additional risk management procedures are being put in place with enhanced scrutiny from directors. Providing debts and defaults remain within the parameters set for the fund, the directors are confident about the future trading prospects of GM Local Access.

The directors believe the company can adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. This assessment has been made having taken account of a range of information in respect of future funding and costs, cash flow projections, the current and anticipated changes in the level of reserves, and opportunities whilst recognising key strategic, operational, and financial risks and uncertainties. There are not considered to be any material uncertainties relating to going concern.

 

GM Local Access Ltd

Notes to the Financial Statements for the Period from 21 March 2022 to 31 March 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 April 2024 was Sue Hutchinson FCCA, who signed for and on behalf of Beever and Struthers.

.........................................

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.

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.

Borrowings

 

GM Local Access Ltd

Notes to the Financial Statements for the Period from 21 March 2022 to 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6.

4

Auditors' remuneration

2023
£

Audit of the financial statements

2,299

Other fees to auditors

All other assurance services

1,785


 

5

Debtors

2023
£

Trade debtors

644,834

Prepayments

20

 

644,854

Less non-current portion

(584,038)

60,816

 

GM Local Access Ltd

Notes to the Financial Statements for the Period from 21 March 2022 to 31 March 2023


Loans provided to customers are repayable between 1 to 5 years, and therefore the non-current debtors portion refers to the element of loan due from customers which is due in greater than 1 year.

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

69

Amounts owed to group undertakings

65,478

Accruals and deferred income

10,400

Loans

77,829

153,776

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

569,825

Loans and borrowing refer to a loan from Big Society Capital to assist the company in providing its own loans to charities and social enterprises. Interest is charged at 3% per annum. Repayments are due to commence on the 3rd anniversary of the loan agreement which is dated 30th June 2022.

7

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

569,825

8

Controlling party

The company's immediate parent is Greater Manchester Centre for Voluntary Organisation, incorporated in England and Wales. This is a company limited by guarantee and a charity.

Greater Manchester Centre for Voluntary Organisation prepares group financial statements and these are available from the charity's registered office at St Thomas Centre, Ardwick Green North, Manchester, M12 6FZ.