Registration number:
Access to Emergency Investment GM Limited
for the Year Ended 31 March 2023
Access to Emergency Investment GM Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
Access to Emergency Investment GM Limited
(Registration number: 12850597)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Debtors due after one year |
173,611 |
508,333 |
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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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Total assets less current liabilities |
( |
|
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(32,298) |
(18,684) |
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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
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Access to Emergency Investment GM Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 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
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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.
Employee numbers |
The average number of persons employed by the company (including directors) during the year, was
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.
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Less non-current portion |
( |
- |
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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
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
- |
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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.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Controlling party |
The Company's immediate parent is
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.