Access to Emergency Investment GM Limited 12850597 false 2022-04-01 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 true true 12850597 2022-04-01 2023-03-31 12850597 2023-03-31 12850597 core:CurrentFinancialInstruments 2023-03-31 12850597 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12850597 core:Non-currentFinancialInstruments 2023-03-31 12850597 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12850597 bus:SmallEntities 2022-04-01 2023-03-31 12850597 bus:Audited 2022-04-01 2023-03-31 12850597 bus:FullAccounts 2022-04-01 2023-03-31 12850597 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12850597 bus:RegisteredOffice 2022-04-01 2023-03-31 12850597 bus:Director1 2022-04-01 2023-03-31 12850597 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12850597 1 2022-04-01 2023-03-31 12850597 countries:EnglandWales 2022-04-01 2023-03-31 12850597 2021-04-01 2022-03-31 12850597 2022-03-31 12850597 core:CurrentFinancialInstruments 2022-03-31 12850597 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12850597 core:Non-currentFinancialInstruments 2022-03-31 12850597 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 12850597

Access to Emergency Investment GM Limited

Financial Statements

for the Year Ended 31 March 2023

 

Access to Emergency Investment GM Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 5

 

Access to Emergency Investment GM Limited

(Registration number: 12850597)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

341,684

291,684

Debtors due after one year

4

173,611

508,333

Cash at bank and in hand

 

8,000

15,906

 

523,295

815,923

Creditors: Amounts falling due within one year

5

(555,592)

(406,854)

Total assets less current liabilities

 

(32,297)

409,069

Creditors: Amounts falling due after more than one year

5

-

(427,752)

Net liabilities

 

(32,297)

(18,683)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(32,298)

(18,684)

Shareholders' deficit

 

(32,297)

(18,683)

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 Statement of Comprehensive Income.

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

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

   
     
 

Access to Emergency Investment GM Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and 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 Access To Emergency Investment was not in accordance with funder agreements. This has led to an underclaim of operating costs in Access To Emergency Investment of £6,833 to 31st March 2023. Following discussions with the funder it has been agreed that the underclaim in Access To Emergency Investment is to be claimed from 2024/25 onwards against income from the remaining investee in that programme.

Going concern

The Access To Emergency fund is closed. Repayments commenced in July 2022 from the four investees. One repaid in full in October 2022 and two others repaid in full in October/November 2023. The funder has also been repaid in full (including interest) in November 2023. There remains a degree of uncertainty about the prospects of the remaining investee due to current economic circumstances but there is sufficient first loss protection on the balance sheet to cover any default. A new fund, Enterprise Growth Fund for Communities, started operating out of this company early in 2023/24. Providing debts and defaults remain within the parameters set for the fund, the directors are confident about the future trading prospects of Access To Emergency Investment GM.

The directors believe the company will be able to continue to 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.

 

Access to Emergency Investment GM Limited

Notes to the Financial Statements for the Year Ended 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 represents revenue grants receivable.

Tax

Current tax is recognised for the amount of tax payable in respect of the taxable profit for the current or past
reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

The company is not registered for VAT therefore all income and expenditure are stated inclusive of VAT.

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 loans provided 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

Loans held are classified as basic financial instruments. They are measured at transactions price and
subsequently at amortised cost using the effective interest rate method.

Loan interest costs

Loan interest costs are calculated using the effective interest method.

 

Access to Emergency Investment GM Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

3

Employee numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

Employment costs have been charged directly to the company from the ultimate parent company in accordance with the joint contracts of employment held by the relevant individuals. The cost is included as part of the
overall administrative expenses. These costs are equivalent to an average of 0.2 persons (2022: 0.2 persons) for the year.

4

Debtors

2023
£

2022
£

Trade debtors

341,667

291,667

Prepayments

17

17

 

341,684

291,684

Less non-current portion

(173,611)

-

168,073

291,684

Included in trade debtors are loans issued to date for a period of 5 years, with capital repayments due in greater than 1 year, total of £173,611.

 

Access to Emergency Investment GM Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

281,496

105,598

Trade creditors

 

51

677

Amounts owed to group undertakings

3,311

1,808

Accruals and deferred income

 

270,734

298,771

 

555,592

406,854

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

-

427,752

Loans and borrowing refer to a loan from Greater Manchester Combined Authority 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 no later than 2 years after the initial drawdown date of 14 October 2020.

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

427,752

2023
£

2022
£

Current loans and borrowings

Other borrowings

281,496

105,598

7

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.

  These financial statements are available upon request from 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.