GMCVO Trading Ltd 09302547 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of managing consultancy and research contracts. Digita Accounts Production Advanced 6.30.9574.0 true true true 09302547 2022-04-01 2023-03-31 09302547 2023-03-31 09302547 core:CurrentFinancialInstruments 2023-03-31 09302547 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09302547 bus:SmallEntities 2022-04-01 2023-03-31 09302547 bus:Audited 2022-04-01 2023-03-31 09302547 bus:FullAccounts 2022-04-01 2023-03-31 09302547 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09302547 bus:RegisteredOffice 2022-04-01 2023-03-31 09302547 bus:Director6 2022-04-01 2023-03-31 09302547 bus:CompanyLimitedByGuarantee 2022-04-01 2023-03-31 09302547 1 2022-04-01 2023-03-31 09302547 countries:EnglandWales 2022-04-01 2023-03-31 09302547 2021-04-01 2022-03-31 09302547 2022-03-31 09302547 core:CurrentFinancialInstruments 2022-03-31 09302547 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09302547

GMCVO Trading Ltd

(A company limited by guarantee)

Financial Statements

for the Year Ended 31 March 2023

 

GMCVO Trading Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 5

 

GMCVO Trading Ltd

(Registration number: 09302547)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

19,066

37,590

Cash at bank and in hand

 

54,509

71,184

 

73,575

108,774

Creditors: Amounts falling due within one year

5

(73,575)

(90,717)

Net assets

 

-

18,057

Reserves

 

Retained earnings

-

18,057

Shareholders Surplus

 

-

18,057

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

 

GMCVO Trading Ltd

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

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

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

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.

Going concern

The company is a vehicle for contracted consultancy and research undertaken by the GMCVO charity, so turnover varies year on year. It has minimal costs other than those associated with any projects undertaken so low activity levels have little impact on the viability of the company. However, the company has nil reserves and net assets of £Nil at 31 March 2023 and is reliant on the parent company, GMCVO, providing ongoing financial support and not demanding repayment of intercompany debt of £68,040 in the next 12 months, to enable the company to repay other liabilities as they fall due. The directors are confident about the future trading prospects of GMCVO Trading.

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.

 

GMCVO Trading Ltd

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

Audit report

The Independent Auditor's Report was unqualified. We draw your attention to the going concern paragraph in note 2 of the financial statements which states that the company has nil reserves and net assets of £Nil at 31 March 2023 and is reliant on the parent company, GMCVO, providing ongoing financial support and not demanding repayment of intercompany debt of £68,040 in the next 12 months, to enable the company to repay other liabilities as they fall due. The note states the directors are confident about the future trading prospects of GMCVO Trading. Our opinion is not modified in respect of this matter.. 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.

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 registered for VAT and therefore all income and expenditure is stated net 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 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.

 

GMCVO Trading Ltd

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

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.

3

Employee numbers

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

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 administration expenses. These costs are equivalent to an average of 1.8 (2022: 1.8) persons for the year.

4

Debtors

Note

2023
£

2022
£

Trade debtors

 

15,842

26,181

Amounts owed by Group undertakings and undertakings in which the Company has a participating interest

448

384

Prepayments

 

2,776

11,025

 

19,066

37,590

 

GMCVO Trading Ltd

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

 

Trade creditors

 

743

983

Amounts owed to Group undertakings

68,040

76,967

Taxation and social security

 

2,199

4,982

Accruals and deferred income

 

2,593

7,785

 

73,575

90,717

6

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.