GAP INTERNATIONAL CIC

Company limited by guarantee

Company Registration Number:
13281192 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

GAP INTERNATIONAL CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

GAP INTERNATIONAL CIC

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

GAP International's activities include providing a support network for single parents and their children as we understand this can be overwhelming. providing emotional relief as well as practical help and community support. This also includes advocating for changes to economic policies and activities that exclude young women who became mothers at a young age or out of marriage. GAP International also provides support on increased access to health and educational support. To promote the rights of the girl-child to protection from exploitation, violence, neglect and all other forms of abuse. Continuous provision of psychological support through counselling at home and during care home and school visits as the case maybe. Providing economic support through linkages to vocational skills training and micro- credit for unmarried mothers.

Company policy on disabled employees

GAP International has a policy for disabled employees where needed to ensure the company involves disabled employees in implementing the policy to ensure that employment practices meet their needs. The company also has a policy to support employees who become disabled, helping them maintain or return to a role that suits their abilities and experiences.

Additional information

To ensure there is more involvement of single men and their children thereby supporting equality, diversity and inclusion. To also ensure more women are supported with menstrual hygiene and sanitary pads.



Directors

The director shown below has held office during the whole of the period from
1 April 2023 to 31 March 2024

Dr George Amakor


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 August 2024

And signed on behalf of the board by:
Name: Dr George Amakor
Status: Director

GAP INTERNATIONAL CIC

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 6,459 3,786
Cost of sales: 0 0
Gross profit(or loss): 6,459 3,786
Distribution costs: ( 4,515 ) ( 1,573 )
Administrative expenses: ( 2,759 ) ( 1,975 )
Other operating income: 0 212
Operating profit(or loss): (815) 450
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 1,545 ) ( 623 )
Profit(or loss) before tax: (2,360) (173)
Tax: 0 0
Profit(or loss) for the financial year: (2,360) (173)

GAP INTERNATIONAL CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments: 3 6,459 3,786
Total fixed assets: 6,459 3,786
Current assets
Stocks:   0 0
Debtors:   0 0
Cash at bank and in hand: 26 26
Investments: 4 6,459 3,786
Total current assets: 6,485 3,812
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 6,459 ) ( 3,786 )
Net current assets (liabilities): 26 26
Total assets less current liabilities: 6,485 3,812
Creditors: amounts falling due after more than one year: 6 ( 6,459 ) ( 3,786 )
Provision for liabilities: ( 623 ) ( 649 )
Accruals and deferred income: ( 26 ) ( 26 )
Total net assets (liabilities): (623) (649)
Members' funds
Profit and loss account: (623) ( 649)
Total members' funds: ( 623) (649)

The notes form part of these financial statements

GAP INTERNATIONAL CIC

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 4 September 2024
and signed on behalf of the board by:

Name: Dr George Amakor
Status: Director

The notes form part of these financial statements

GAP INTERNATIONAL CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Our turnover policy applies to all employees and departments responsible for maintaining, filing and transferring records. All files whether physical or electronic belong to the company. Employees are responsible for maintaining organized and up-to-date files in accordance with company guidelines. Upon an employee's resignation, termination or transfer as the case may be, they must ensure all files and records are properly handed over to their successor or supervisor. Failure to comply with this policy may result in disciplinary actions, including potential termination of employment or legal action if company documents are misused or lost.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated as cost, net of accumulated depreciation and other impairment losses. These costs include expenditure directly attributable to the acquisition of the assets. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, on a straight-line basis over their estimated useful lives. Office equipments are fixed at 5 years straight line Furniture and fixtures are fixed at 6 years straight line Computer equipments are fixed at 4 years straight line. The assets residual values and useful lives are reviewed annually and adjusted if appropriate. An item of tangible fixed assets is derecognized upon disposal or when no future economic benefits are expected from its use. Gains and losses on disposal are determined by comparing proceeds with the carrying amount, and are included in the income statement as required.

    Intangible fixed assets amortisation policy

    Intangible assets at GAP International are amortised over their expected useful life. If the useful life is finite, it is important to determine a reasonable period depending on the assets type. As stated in the previous slide, the company uses the straight line method to amortise intangible assets thereby allocating equal amount over the useful life. Where certain intangible assets have an indefinite useful life for example, the company's trademarks, such are not amortised rather they are tested annually for impairment. GAP International also ensures to review intangible assets for impairment, ensuring the assets carrying amount does not exceed its recoverable amount. The amortisation period, method and any impairment losses are disclosed in the financial statements.

    Valuation information and policy

    Property, plant and equipments are valued and recognized at costs which includes purchase price and any directly attributable costs. They are also measured using the Cost and Revaluation Models where the costs model is carried at cost less accumulated depreciation and impairment while under the revaluation model, they are carried at a revalued amount less subsequent depreciation and impairment losses. Depreciation is charged on a straight line basis over the estimated useful life of each asset. Intangible assets such as patents, trademarks or software are recognized at cost if they meet recognition criteria under applicable standards. Inventories are measured at the lower costs or net realized value. Costs include all direct purchases, conversion and other costs incurred in bringing the inventories to their present location and condition. The company discloses valuation policies and practices in the financial statements including any significant judgements, estimates, or assumptions made in valuing assets and liabilities.

    Other accounting policies

    These include an overview of the principles, bases, conventions and rules followed by the company in preparing its financial statements. Some policies include revenue recognition such as how and when the company recognizes revenue in its accounts. Inventory valuation used to value inventory. Foreign currency translation such as how the company accounts for transactions and balances in other foreign currencies.

GAP INTERNATIONAL CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 6 5

GAP INTERNATIONAL CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Fixed assets investments note

During the current financial year, the company made investments in fixed assets, to support the ongoing operational efficiency and technological upgrades especially in remote areas with single parents. These investments are expected to generate future economic benefits and improve overall productivity. The company plans to continue its investment in fixed assets in the coming years, with a focus on enhancing operational capabilities and maintaining more interactions with single parents.

GAP INTERNATIONAL CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Current assets investments note

From the previous financial year to the current year, the company's investments classified under current assets consists of the following Cash in bank £26 as other expenses came from personal investments and contributions.

GAP INTERNATIONAL CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 6,459 3,786
Total 6,459 3,786

GAP INTERNATIONAL CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 6,459 3,786
Total 6,459 3,786

COMMUNITY INTEREST ANNUAL REPORT

GAP INTERNATIONAL CIC

Company Number: 13281192 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

GAP INTERNATIONAL CIC has been in existence for over three years. Its main objective include providing support to young single parents, their children and other deprived members of the community. The support typically ranges from emotional, psychological and financial to other support areas as required by the community. GAP International continues to work tirelessly to identify these target groups within the community and to ensure they are able to benefit from the varied support available. In addition to the support highlighted above, GAP International has also strengthened its social intervention efforts by providing maternal advice, mental health and well-being referrals to new mothers as well as providing seminars and workshops to educate the wider community. GAP International has also provided support to an orphan by providing him with a barbers shop in order to make his job easier and more professional.

Consultation with stakeholders

GAP International's key stakeholders include single mothers, new parents and their children. It also includes deprived individuals across Birmingham and the West Midlands at large. Other stakeholders include key partners and employees of GAP International. We are committed to further consulting with our stakeholders and where required acting in response to feedback from the wider community. An example of such consultation was when GAP International supported a young widow who is also a stroke survivor pay off her rent in Derby when she was a student. GAP International continued to offer support to her until she was able to fend for herself.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
15 August 2024

And signed on behalf of the board by:
Name: DR GEORGE AMAKOR
Status: Director