Access to Growth GM Limited 10816583 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 10816583 2022-04-01 2023-03-31 10816583 2023-03-31 10816583 core:CurrentFinancialInstruments 2023-03-31 10816583 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10816583 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10816583 bus:SmallEntities 2022-04-01 2023-03-31 10816583 bus:Audited 2022-04-01 2023-03-31 10816583 bus:FullAccounts 2022-04-01 2023-03-31 10816583 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10816583 bus:RegisteredOffice 2022-04-01 2023-03-31 10816583 bus:Director2 2022-04-01 2023-03-31 10816583 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10816583 1 2022-04-01 2023-03-31 10816583 countries:EnglandWales 2022-04-01 2023-03-31 10816583 2021-04-01 2022-03-31 10816583 2022-03-31 10816583 core:CurrentFinancialInstruments 2022-03-31 10816583 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10816583 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 10816583

Access to Growth GM Limited

Financial Statements

for the Year Ended 31 March 2023

 

Access to Growth GM Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 5

 

Access to Growth GM Limited

(Registration number: 10816583)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

6

468,718

456,025

Debtors due after one year

688,977

925,135

Cash at bank and in hand

 

108,102

168,238

 

1,265,797

1,549,398

Creditors: Amounts falling due within one year

7

(1,044,801)

(1,009,593)

Total assets less current liabilities

 

220,996

539,805

Creditors: Amounts falling due after more than one year

7

(227,453)

(613,210)

Net liabilities

 

(6,457)

(73,405)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(6,458)

(73,406)

Shareholders' deficit

 

(6,457)

(73,405)

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 Growth 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 Growth was not in accordance with funder agreements. This has led to an overclaim of operating costs in Access To Growth of £38,320 to 31st March 2023. Following discussions with the funder it has been agreed that the overclaim in Access To Growth is to be recovered by amendment to the operating cost allowance model from 2024/25 onwards.

Going concern

The fund closed for new investments in April 2022. Our lending assumed a default rate of 25% but the default rate to date has been significantly lower. This gives us an ability to manage a level of reduced performance, but we are monitoring this closely to ensure defaults are avoided where possible and organisations we have invested in are supported to adapt. There remains a degree of uncertainty about the prospects of each investee due to current economic circumstances. Interest repayments are exceeding operating costs, and we expect to have positive reserves by the end of 2023/24. Provisions for bad debts and defaults continue to remain within the parameters set for the fund and the directors are confident about the future trading prospects of Access To Growth 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 Growth 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, loan interest receivable and loan application fees. Loan interest receivable is classified as turnover as it is the company’s key operating income.

Turnover also includes certain loan capital repayments taken as income, but only where the funding agreement allows this to cover running costs, in advance of subsequent revenue funding to be received.

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.

 

Access to Growth GM Limited

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

Loan interest costs

Loan interest costs are calculated using the effective interest method.

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 - 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 administrative expenses. These costs are equivalent to an average of 0.9 (2022: 3.0) persons for the year.

4

Funding

The Growth Fund, is a £50m partnership which uses a combination of grant funding, made possible thanks to National Lottery players, and loan finance from Big Society Capital and other co-investors, to address specific gaps in the social investment market. The programme is delivered by Access through a range of social investors. Funds from The National Lottery Community Fund, under the Growth Fund programme, have been treated as restricted funds in these accounts.
The amount of grant funding received from The National Lottery Community Fund in 2022/23 is £169,318 (2021/22 £293,861).

5

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

2,299

1,657

Other fees to auditors

All other assurance services

1,501

1,734


 

6

Debtors

2023
£

2022
£

Trade debtors

468,697

456,004

Prepayments

21

21

468,718

456,025

Details of non-current trade and other debtors

£688,977 (2022 -£925,135) of Trade debtors is classified as non current.

 

Access to Growth GM Limited

Notes to the Financial Statements for the Year Ended 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.

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

489,501

538,233

Trade creditors

46

722

Amounts owed to group undertakings

14,985

47,871

Accruals and deferred income

540,269

422,767

1,044,801

1,009,593

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

227,453

613,210

Loans and borrowings refer to a loan from Big Society Capital Limited to assist the company in providing its own loans to charities and social enterprises. Interest rate was 5% per annum up to 31st March 2020; 0% for the 6 months to 30th September 2020; 2% per annum thereafter.

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.