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REGISTERED NUMBER: 10469376 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Gemini Electrical Services Limited

Gemini Electrical Services Limited (Registered number: 10469376)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gemini Electrical Services Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M Welch
J Boyle





SECRETARY: D M Welch





REGISTERED OFFICE: 13 Atley Way
Atley Business Park
Cramlington
Northumberland
NE23 1WP





REGISTERED NUMBER: 10469376 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Gemini Electrical Services Limited (Registered number: 10469376)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,755 15,809

CURRENT ASSETS
Stocks 84,390 80,340
Debtors 5 543,594 430,755
Cash at bank 166,469 -
794,453 511,095
CREDITORS
Amounts falling due within one year 6 349,035 265,995
NET CURRENT ASSETS 445,418 245,100
TOTAL ASSETS LESS CURRENT
LIABILITIES

457,173

260,909

CREDITORS
Amounts falling due after more than one
year

7

25,724

39,460
NET ASSETS 431,449 221,449

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 431,249 221,249
SHAREHOLDERS' FUNDS 431,449 221,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gemini Electrical Services Limited (Registered number: 10469376)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2023 and were signed on its behalf by:





M Welch - Director


Gemini Electrical Services Limited (Registered number: 10469376)

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

1. STATUTORY INFORMATION

Gemini Electrical Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on the completion of the installation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are measured at cost less depreciation and impairment.

Government grants
Revenue based grants have been credited to the profit and loss account in the period to which they relate. Capital based grants are accounted for using the accruals model and have been transferred to a deferred credit and released to the profit and loss account over the useful life of the asset.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Financial instruments
Basic financial instruments are recognised at amortised cost with changed recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Gemini Electrical Services Limited (Registered number: 10469376)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 529 568 19,125 8,439 28,661
DEPRECIATION
At 1 April 2022 352 113 4,434 7,953 12,852
Charge for year 132 85 3,673 164 4,054
At 31 March 2023 484 198 8,107 8,117 16,906
NET BOOK VALUE
At 31 March 2023 45 370 11,018 322 11,755
At 31 March 2022 177 455 14,691 486 15,809

Gemini Electrical Services Limited (Registered number: 10469376)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 16,425
DEPRECIATION
At 1 April 2022 3,422
Charge for year 3,251
At 31 March 2023 6,673
NET BOOK VALUE
At 31 March 2023 9,752
At 31 March 2022 13,003

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 344,199 46,149
Other debtors 199,395 384,606
543,594 430,755

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,295 18,187
Hire purchase contracts (see note 8) 3,483 3,482
Trade creditors 249,190 195,639
Other creditors 82,229 44,567
Directors' current accounts 2,838 3,120
Accruals and deferred income 1,000 1,000
349,035 265,995

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,554 10,295
Bank loans - 2-5 years 10,818 21,331
Hire purchase contracts (see note 8) 4,352 7,834
25,724 39,460

Gemini Electrical Services Limited (Registered number: 10469376)

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

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 3,483 3,482
Between one and five years 4,352 7,834
7,835 11,316

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire Purchase 7,835 11,316

Hire purchase contracts are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
78 Ordinary A £1 78 78
102 Ordinary B £1 102 102
20 Ordinary C £1 20 20
200 200

11. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

2023 2022
£ £

Amounts due to directors 2,838 3,120
No interest was charged.