Registration number:
Gemini Fire & Electrical Solutions Ltd
for the Year Ended 31 August 2023
Gemini Fire & Electrical Solutions Ltd
(Registration number: 07011586)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts 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 accounts.
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 and FRS 102 Section 1A.
Approved and authorised by the
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Gemini Fire & Electrical Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The financial statements have been prepared on a going concern basis.
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 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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Gemini Fire & Electrical Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
2 |
Accounting policies (continued) |
Asset class |
Depreciation method and rate |
Plant and machinery |
15% straight line basis |
Fixtures and fittings |
20% straight line basis |
Computer equipment |
25% straight line basis |
Motor vehicles |
25% reducing balance basis |
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. 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 impairment 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 debtor.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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. Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. All shares are issued on a fully paid up basis.
Gemini Fire & Electrical Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
2 |
Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
- |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
- |
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At 31 August 2022 |
- |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Gemini Fire & Electrical Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Taxes and social security |
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Directors current accounts |
10,224 |
1,269 |
Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
100 |
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100 |
Gemini Fire & Electrical Solutions Ltd
Detailed Profit and Loss Account for the Year Ended 31 August 2023
2023 |
2022 |
|
Turnover (analysed below) |
147,838 |
87,549 |
Cost of sales (analysed below) |
(38,981) |
(20,617) |
Gross profit |
108,857 |
66,932 |
Gross profit (%) |
73.63% |
76.45% |
Administrative expenses |
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Employment costs (analysed below) |
(50,480) |
(41,309) |
Establishment costs (analysed below) |
(1,071) |
(891) |
General administrative expenses (analysed below) |
(15,074) |
(12,515) |
Finance charges (analysed below) |
(130) |
(127) |
Depreciation costs (analysed below) |
(1,789) |
(2,270) |
(68,544) |
(57,112) |
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Other operating income (analysed below) |
3,500 |
500 |
Operating profit |
43,813 |
10,320 |
Profit before tax |
43,813 |
10,320 |
Gemini Fire & Electrical Solutions Ltd
Detailed Profit and Loss Account for the Year Ended 31 August 2023
2023 |
2022 |
Turnover |
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Provision of services, UK |
147,838 |
87,549 |
Cost of sales |
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Purchases |
(38,741) |
(20,217) |
Subcontract cost |
(240) |
(400) |
(38,981) |
(20,617) |
Employment costs |
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Wages and salaries (excluding directors) |
(13,369) |
(9,265) |
Directors remuneration |
(37,111) |
(31,294) |
Staff training |
- |
(750) |
(50,480) |
(41,309) |
Establishment costs |
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Light, heat and power |
(600) |
(600) |
Repairs and maintenance |
(402) |
- |
Equipment repairs and renewals |
(69) |
(291) |
(1,071) |
(891) |
General administrative expenses |
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Telephone and fax |
(2,265) |
(2,338) |
Computer software and maintenance costs |
(1,232) |
(1,132) |
Printing, postage and stationery |
(16) |
(11) |
Trade subscriptions |
- |
(426) |
Hire of plant and machinery (Spot hire) |
- |
(248) |
Sundry expenses |
(388) |
(55) |
Motor expenses |
(6,256) |
(5,066) |
Travel and subsistence |
(2,011) |
(121) |
Advertising |
- |
(839) |
Accountancy fees |
(1,835) |
(1,054) |
Insurance |
(1,071) |
(1,189) |
Bad debts written off |
- |
(36) |
(15,074) |
(12,515) |
Finance charges |
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Bank charges |
(130) |
(127) |
Depreciation costs |
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Depreciation costs |
(1,789) |
(2,270) |
Other operating income |
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Other operating income |
3,500 |
500 |