GMCVO Trading Ltd - Period Ending 2021-03-31

GMCVO Trading Ltd

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 4

GMCVO Trading Ltd

(Registration number: 09302547)
Statement of Financial Position as at 31 March 2021

	Note	2021 £	2020 £
Current assets
Debtors	4	7,396	19,171
Cash at bank and in hand		52,808	1,000
		60,204	20,171
Creditors: Amounts falling due within one year	5	(45,398)	(16,664)
Net assets		14,806	3,507
Capital and reserves
Profit and loss account		14,806	3,507
Shareholders' funds		14,806	3,507

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 and the option not to file the Statement of Comprehensive Income has been taken.

Approved and authorised by the Board on 8 March 2022 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 2021

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Impact of Covid-19 on the business
There has been no impact from Covid-19 on the business. The company is a vehicle for contracted consultancy and research undertaken by the GMCVO charity, so turnover varies year on year. It has no costs other than those associated with any projects undertaken so low activity levels have no impact on the viability of the company. The directors are confident about the future trading prospects of GMCVO Trading.

Going concern

The directors expect the company to continue operating for the foreseeable future and 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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 March 2022 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.

GMCVO Trading Ltd

Notes to the Financial Statements for the Year Ended 31 March 2021

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.

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 0 (2020 - 0).

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 cost are equivalent to an average of 1.3 (2020: 0.1) persons for the year.

4

Debtors

	Note	2021 £	2020 £
Trade debtors		720	19,171
Amounts owed by group undertakings		384	-
Prepayments		6,292	-
		7,396	19,171

GMCVO Trading Ltd

Notes to the Financial Statements for the Year Ended 31 March 2021

5

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	150	256
Amounts owed to group undertakings	36,208	13,204
Taxation and social security	5,906	1,473
Accruals and deferred income	3,134	1,731
	45,398	16,664

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.