Company Registration No. 06628091 (England and Wales)
GEMINI REPAIRS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 DECEMBER 2014
GEMINI REPAIRS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
GEMINI REPAIRS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
23 DECEMBER 2014
23 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1
2,464
Tangible assets
2
1,077,616
776,001
1,077,617
778,465
Current assets
Stocks
335,182
129,792
Debtors
1,087,816
699,144
Cash at bank and in hand
7,220
111,386
1,430,218
940,322
Creditors: amounts falling due within one year
3
(1,990,223)
(1,324,906)
Net current liabilities
(560,005)
(384,584)
Total assets less current liabilities
517,612
393,881
Creditors: amounts falling due after more than one year
4
(231,427)
(265,125)
286,185
128,756
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss account
285,185
127,756
Shareholders' funds
286,185
128,756
GEMINI REPAIRS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
23 DECEMBER 2014
23 December 2014
- 2 -
For the financial year ended 23 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 10 September 2015
D J Sargeant
P Coleman
Director
Director
Company Registration No. 06628091
GEMINI REPAIRS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 23 DECEMBER 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements
10% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10% to 25% straight line
Motor vehicles
20% straight line
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
GEMINI REPAIRS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 23 DECEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.7
Stock
Revenue not billed to customers is included in stock and work in progress at its net realisable value.
1.8
Revenue recognition
Income represents revenue earned under a wide variety of contracts to provide vehicle repair services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including materials and labour but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Income that is contingent on events outside the control of the company is recognised when the contingent event occurs.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.
Income that is contingent on events outside the control of the company is recognised when the contingent event occurs.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 24 December 2013
73,748
1,171,269
1,245,017
Additions
-
440,951
440,951
At 23 December 2014
73,748
1,612,220
1,685,968
Depreciation
At 24 December 2013
71,283
395,268
466,551
Charge for the year
2,464
139,336
141,800
At 23 December 2014
73,747
534,604
608,351
Net book value
At 23 December 2014
1
1,077,616
1,077,617
At 23 December 2013
2,464
776,001
778,465
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £125,289 (2013 - £37,247).
GEMINI REPAIRS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 23 DECEMBER 2014
- 5 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £17,400 (2013 - £57,406).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
450 A Ordinary of £1 each
450
450
450 B Ordinary of £1 each
450
450
100 C Ordinary of £1 each
100
100
1,000
1,000