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REGISTERED NUMBER: 06628091 (England and Wales)















GEMINI ACCIDENT REPAIR CENTRES LIMITED

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2023






GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 9

Report of the Independent Auditors 10 to 13

Statement of Comprehensive Income 14

Balance Sheet 15

Statement of Changes in Equity 16

Cash Flow Statement 17

Notes to the Cash Flow Statement 18 to 19

Notes to the Financial Statements 20 to 35


GEMINI ACCIDENT REPAIR CENTRES LIMITED

Company Information
for the year ended 31 December 2023







Directors: D J Sargeant
P Coleman
T S Hopkins



Registered office: Sky View, Argosy Road
East Midlands Airport
Castle Donington
Derby
Derbyshire
DE74 2SA



Registered number: 06628091 (England and Wales)



Independent auditors: Cooper Parry Group Limited
Statutory Auditor
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX



Bankers: Barclays Bank Plc
66 Oxford Street
Kidderminster
DY10 1BL



Solicitors: Harrison Clark Rickerbys
5 Deansway
Worcester
Worcestershire
WR12 2JG

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Strategic Report
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position as at the year end.

Our review is consistent with the size and nature of the business and is written in the context of risks and uncertainties faced. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and operating profit, and despite the ever-challenging trading conditions due to certain economic events outside our control, the directors are delighted with the growth in results.

> Turnover increased by 17% on 2022 to £73.0m (2022: £62.2m)
> The gross margin achieved was 46.3% (2022: 44.3%)
> Operating profit was at £3.9m (2022: £1.7m)
> Profit before tax was £3.6m (2022: £1.4m)

The businesses non-financial key performance indicators are based on repair duration times and more importantly customer satisfaction scoring mechanisms. We completed c.37,000 repairs last year across our network of 35 sites and achieved outstanding consistent industry leading performance;

> Key 2 Key - < 8 days
> Cycle time - 20 days
> CSI - 95>
> Complaints - less than 1%

Principal risks and uncertainties
The business environment in which we operate continues to be challenging. The motor accident repair market in the UK is highly competitive, and has seen lots of consolidation and PE backed investment in recent years which has further enhanced many competitors ability to grow and perform for the insurance company and other work providers. Also, the general economic outlook continues to remain uncertain with the lasting effects of the covid-19 pandemic, Brexit, conflict in eastern Europe and the governments initiatives to combat rising inflation on costs all contributing to challenging economic trading conditions.

Future developments
We see our short to medium term strategy to continue to be one of growth in capacity by setting up new locations in new geographical areas to further enhance and embed our service provision for our insurance company customers. We also continue to invest in our existing sites to ensure we stay at the forefront of new repair technology and repair methods in line with the increasing technology within cars.


GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Strategic Report
for the year ended 31 December 2023

Section 172(1) statement
We, the directors of GARC, have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders.

Promoting the company's success for its members
This statement focuses on matters of strategic importance to GARC and addresses the ways in which the directors show their responsibility in promoting the company's success for its members. We make strategic decisions based on long-term objectives. In particular, this has meant significant investment in all areas of the business and the Gemini brand and Gemini values, including the set-up of state-of-the-art modern repair facilities with the latest technology and equipment to ensure that we can provide and maintain high quality repair services to our insurer partners and customers.

With the continued evolution of car technology and the rapidly advancing movement to electric powered vehicles we have ensured all of our sites have the capability, expertise and the latest equipment to receive and repair these vehicles. This investment has been funded largely through our own resources and working capital.

Stakeholder engagement
Our key stakeholders, and the ways in which we engage with them, are as follows:

Our employees
We rely on our skilled and committed workforce to carry out the processes and techniques required to facilitate the safe and effective repair of modern cars. Our employees are the reason we are able to deliver an outstanding performance to our customers and partners, and we are renowned for our customer service and have won numerous industry awards to celebrate this fact.

We could not achieve and maintain these levels of service without our team. Development and investment in our employees in therefore a critical business activity and we have demonstrated our commitment to investing in the future of the company by establishing an apprentice program which has won numerous awards and accolades.

We currently have 67 apprentices within the business and a further 26 current team members who began their careers with Gemini as apprentices, this represents 13% of Gemini's total workforce and demonstrates how influential and important the Gemini apprenticeship program has been to the business and the benefits of investing in such apprentice programs which has strengthened our business and the industry as a whole.

Further examples of how we engage with our employees are set out below;
1. provide and maintain a safe and professional working environment (working conditions)
2. support all employees with a health care and mental wellbeing awareness programs
3. invest in the latest repair technology to provide our staff with the best repair equipment and tools
4. set remuneration at market-leading rates, and rewarding performance with bonuses at all levels
5. provide training and career development support at all levels
6. enrol all staff into our employee benefits package including salary sacrifice scheme, health care, cycle to work, mental health well being programs
7. ensure that staff in every site are involved and aware of all company initiatives and strategies



GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Strategic Report
for the year ended 31 December 2023

Our customers and suppliers
We invest heavily in creating ultra-modern repair centres that can continue to offer our customers and our partners the very best in repair methods with safe and effective car repair solutions and a minimum turnaround time for customers.

Our whole business model prioritises quality and safety with the delivery of the customers' required outcomes.

We are focused on developing meaningful strategic partnerships with our customers and have created dedicated repair centres located across the UK, and have more locations planned, that are exclusive to our insurer partners demonstrating the value within our customer partnerships. This model of collaborative working with our partners ensures a seamless and friction-free experience for customers.

Our suppliers are key to us making this happen and we remain loyal to all our suppliers ensuring they are able to invest and innovate meaning our service delivery is further enhanced by having access to the latest repair technology and the latest products to help our skilled workforce deliver the quality and service required.

Our planet
Our entire industry, like many others, has contributed to environmental pollution in the past and we are now all working hard to reverse this.

We at Gemini recognise the need to make changes to protect our environment and have started several initiatives to reduce our impact on the environment.

By design our entire business model was created to remove all inefficiencies and unnecessary costs and wastage from the repair process. We have reduced the number of new parts fitted across all repairs, we always attempt to re-use and repair the original parts and we always look to reduce the repair size to minimise the use of materials and products needed to re-finish the car.

Our future initiatives and projects focus on the implantation of energy saving and energy efficient plant and machinery combined with the latest innovation in products and materials which when combined will reduce our carbon emissions and energy use without compromising on quality and safety and service delivered.

Our commitment to the planet is further demonstrated by our carbon emissions offset plan and the PAS2060 accreditation we have gained across all of our repair locations. Details of our carbon footprint emissions and reporting actions are included within the directors' report under Streamlined Energy and Carbon Reporting.

On behalf of the board:





P Coleman - Director


25 June 2024

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company in the year under review was that of motor vehicle repair work.

Dividends
The total distribution of dividends for the year ended 31 December 2023 was £178,300 (2022: £219,826).

Post balance sheet events
Information relating to events since the end of the year is given in the notes to the financial statements.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D J Sargeant
P Coleman
T S Hopkins

Financial risk management
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.


GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Report of the Directors
for the year ended 31 December 2023

Employment policies
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Streamlined energy and carbon reporting
Gemini Accident Repair Centres Limited are a 'large unquoted company' under the Streamlined Energy and Carbon Reporting regulations so must report annually on greenhouse gas emissions from Scope 1 and 2 Electricity, Gas and Transport.

Methodology
The reporting period is the most recent financial year 01/01/2023 to 31/12/2023. This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement.

The carbon figures have been calculated using the DESNZ 2023 carbon conversion factors for all fuels, other than the market based electricity which has been taken from Total Energies as the UK supplier.


UK Carbon Footprint Data 2022-23

Scope Description Specific fuels tC02e tC02e
2023 2022
1 Combustion of
fuel on site and
transportation
On site: Natural Gas,
Gas Oil, Kerosene,
Propane Transport:
Petrol, Diesel
Location based
1,824
Location based
1,718
Market based
1,824
Market based
1,718

2 Purchased
energy
Electricity Location based
618
Location based
607
Market based 0 Market based 0

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Report of the Directors
for the year ended 31 December 2023


Total Location based 2,442 2,325
Market based 1,824 1,718

Intensity Ratio tC02e/£1m
Turnover
Location based 34.47 36.64
Market based 25.75 27.08

Energy Usage Total kWh
consumed
Electricity, Natural
Gas, Gas Oil, Propane,
Kerosene, Petrol,
Diesel
12,204,094 12,081,180

Emissions detailed by fuel type (location based method)
Fuel Type 2023 2022
% %
Electricity 25 26
Propane 1 1
Kerosene 0 1
Diesel 15 13
Natural Gas 48 58
Petrol 11 1

Year on Year Emissions Changes
> Gemini Accident Repair Centres Ltd reports a 5.1% increase in total location-based emissions for
the reporting year of 2023 over the previous year of 2022. Compared to the baseline year of 2020,
this is a 6.9% reduction.
> Scope 1 emissions increased from 1,718 tCO2e in 2022 to 1,824 tCO2e in 2023, an emissions
increase of 6.2%. Within this transport emissions increased from 307 tCO2e in 2022 to 624 in 2023.
> Emissions from natural gas showed a decrease for the same period from 1,391 tCO2e to 1,159
tCO2e.
> Electricity consumption decreased by 4.9% from 3,136,943 kWh in 2022 to 2,984,478 in 2023. In
emissions this equates to 618 tCO2e using the location based method.
> Gemini ARC continue to benefit from a 100% REGO backed fully renewable contract with Total Gas
& Power, resulting in 0 emissions associated with electricity consumption under the market-based
method.

Energy Efficiency Actions taken
> 5 sites have been trialled with alternative electric heating solutions including recirculation and
heating gilets.
> Energy efficient spray booths (Ovens) across seven of our sites and a further two have been retro
fitted.
> 80% of the group now use ambient drying materials, reducing the energy demand within
spraybooths.
> Gemini ARC plan to continue introducing these efficiency measures across all their sites as they are
required, or when equipment is in need of replacement. With regards to new sites, motion sensor
lighting is being installed as standard.

Statement of Exclusions
Scope 1 exclusions - no exclusions made

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Report of the Directors
for the year ended 31 December 2023

Scope 2 exclusions - purchased electricity does not include the Transmission and Distribution element as this is owned by the supplier.

Disclosure in the strategic report
Certain disclosures required in the Report of the Directors have been covered in the Strategic Report on pages 2 to 4.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Report of the Directors
for the year ended 31 December 2023


Auditors
The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

On behalf of the board:




P Coleman - Director


25 June 2024

Report of the Independent Auditors to the Members of
Gemini Accident Repair Centres Limited

Opinion
We have audited the financial statements of Gemini Accident Repair Centres Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Gemini Accident Repair Centres Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Gemini Accident Repair Centres Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included, but were not limited to:

- making enquires of directors and management as to where they consider there to be a susceptibility to
fraud and whether they have any knowledge or suspicion of fraud;
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or
non-compliance with laws and regulations;
- assessing the design effectiveness of the controls in place to prevent and detect fraud;
- assessing the risk of management override including identifying and testing journal entries;
- challenging the assumptions and judgements made by management in its significant accounting
estimates.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Gemini Accident Repair Centres Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kevin Hodgetts FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

25 June 2024

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Statement of Comprehensive
Income
for the year ended 31 December 2023

2023 2022
Notes £ £

Turnover 4 72,981,432 62,197,371

Cost of sales (39,176,459 ) (34,653,025 )
Gross profit 33,804,973 27,544,346

Distribution costs (2,693,815 ) (2,664,848 )
Administrative expenses (27,337,674 ) (23,299,180 )
3,773,484 1,580,318

Other operating income 84,837 92,231
Operating profit 6 3,858,321 1,672,549

Interest receivable and similar income 8 21,553 -
3,879,874 1,672,549

Interest payable and similar expenses 9 (281,409 ) (244,657 )
Profit before taxation 3,598,465 1,427,892

Tax on profit 10 (1,092,697 ) (195,761 )
Profit for the financial year 2,505,768 1,232,131

Other comprehensive income - -
Total comprehensive income for the
year

2,505,768

1,232,131

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 12 460,001 293,335
Tangible assets 13 9,630,792 9,154,608
Investments 14 50,100 50,100
10,140,893 9,498,043

Current assets
Stocks 15 1,088,650 1,069,247
Debtors 16 13,833,809 11,404,734
Cash at bank and in hand 4,899 226,319
14,927,358 12,700,300
Creditors
Amounts falling due within one year 17 14,826,362 13,073,859
Net current assets/(liabilities) 100,996 (373,559 )
Total assets less current liabilities 10,241,889 9,124,484

Creditors
Amounts falling due after more than
one year

18

(1,943,727

)

(3,267,421

)

Provisions for liabilities 22 (825,094 ) (711,463 )
Net assets 7,473,068 5,145,600

Capital and reserves
Called up share capital 23 1,000 1,000
Retained earnings 24 7,472,068 5,144,600
Shareholders' funds 7,473,068 5,145,600

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by:





P Coleman - Director


GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 1,000 4,132,295 4,133,295

Changes in equity
Dividends - (219,826 ) (219,826 )
Total comprehensive income - 1,232,131 1,232,131
Balance at 31 December 2022 1,000 5,144,600 5,145,600

Changes in equity
Dividends - (178,300 ) (178,300 )
Total comprehensive income - 2,505,768 2,505,768
Balance at 31 December 2023 1,000 7,472,068 7,473,068

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Cash Flow Statement
for the year ended 31 December 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 4,200,495 2,842,681
Interest paid (261,967 ) (244,657 )
Tax paid (49,835 ) (82,999 )
Net cash from operating activities 3,888,693 2,515,025

Cash flows from investing activities
Purchase of intangible fixed assets (400,000 ) -
Purchase of tangible fixed assets (1,920,865 ) (2,485,713 )
Sale of tangible fixed assets 252,259 318,339
Interest received 21,553 -
Net cash from investing activities (2,047,053 ) (2,167,374 )

Cash flows from financing activities
New loans in year - 1,670,000
Loan repayments in year (611,334 ) (1,088,062 )
Capital repayments in year (377,118 ) (191,809 )
Amount introduced by directors - 219,828
Amount withdrawn by directors (326,881 ) (288,001 )
Other new loans in year - 2,000,000
Other loans repaid (666,667 ) (474,359 )
Equity dividends paid (178,300 ) (219,826 )
Net cash from financing activities (2,160,300 ) 1,627,771

(Decrease)/increase in cash and cash equivalents (318,660 ) 1,975,422
Cash and cash equivalents at beginning
of year

2

226,319

(1,749,103

)

Cash and cash equivalents at end of
year

2

(92,341

)

226,319

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Cash Flow Statement
for the year ended 31 December 2023

1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£ £
Profit before taxation 3,598,465 1,427,892
Depreciation charges 1,404,213 1,256,166
Loss/(profit) on disposal of fixed assets 21,543 (205,822 )
Finance costs 281,409 244,657
Finance income (21,553 ) -
5,284,077 2,722,893
(Increase)/decrease in stocks (19,403 ) 255,327
Increase in trade and other debtors (2,102,194 ) (1,392,044 )
Increase in trade and other creditors 1,038,015 1,256,505
Cash generated from operations 4,200,495 2,842,681

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 4,899 226,319
Bank overdrafts (97,240 ) -
(92,341 ) 226,319
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 226,319 1,540
Bank overdrafts - (1,750,643 )
226,319 (1,749,103 )


GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Cash Flow Statement
for the year ended 31 December 2023

3. Analysis of changes in net debt

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 226,319 (221,420 ) 4,899
Bank overdrafts - (97,240 ) (97,240 )
226,319 (318,660 ) (92,341 )
Debt
Finance leases (777,320 ) 377,118 (400,202 )
Debts falling due within 1 year (1,278,000 ) 250,000 (1,028,000 )
Debts falling due after 1 year (2,760,163 ) 1,028,001 (1,732,162 )
(4,815,483 ) 1,655,119 (3,160,364 )
Total (4,589,164 ) 1,336,459 (3,252,705 )

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements
for the year ended 31 December 2023

1. Statutory information

Gemini Accident Repair Centres 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 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.

Going concern
In preparing the financial statements, the directors assess whether the use of the going concern assumption remains appropriate - i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of approval of the financial statements and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern.

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

Revenue from work in progress is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Government grants
Grants which are of a revenue nature are credited to the profit and loss account in the same period as the related expenditure.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019 and another business in 2023, is being amortised evenly over its estimated useful life of five years.

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land and buildingsnot depreciated
Leasehold improvements7%, 10% or 20% on cost
Plant and machinery 5%, 10% , 20% or 25% on cost
Fixtures, fittings & equipment10% or 25% on cost
Motor vehicles10%, 20% or 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The directors consider that the freehold property is maintained in such a state of repair that the residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

No depreciation is provided in respect of freehold land.

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Stocks
Material stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

Labour work-in-progress is valued at selling value in accordance with the accounting policy for revenue recognition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 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.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Short term employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Financial instruments
The company applies the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued
Basic financial liabilities, including trade creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Depreciation and amortisation of tangible and intangible fixed assets
Depreciation and amortisation are calculated based on an estimate of the useful economic life of each category of fixed assets together with an estimate of the assets' residual values. The estimates of each asset category's useful economic life have been stated above.

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£ £
Labour sales 33,641,156 29,500,373
Parts/material and other sales 39,340,276 32,696,998
72,981,432 62,197,371

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 72,981,432 62,197,371
72,981,432 62,197,371

5. Employees and directors
2023 2022
£ £
Wages and salaries 24,127,310 21,127,723
Social security costs 2,446,023 2,249,168
Other pension costs 508,283 464,769
27,081,616 23,841,660

The average number of employees during the year was as follows:
2023 2022

Head office administration 34 28
Directors 2 3
Other 606 596
642 627

2023 2022
£ £
Directors' remuneration 84,000 84,000
Directors' pension contributions to money purchase schemes 2,146 2,146

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. Employees and directors - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. Operating profit

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Other operating leases 2,812,279 2,507,962
Depreciation - owned assets 1,170,879 1,036,167
Loss/(profit) on disposal of fixed assets 21,543 (205,822 )
Goodwill amortisation 233,334 219,999

7. Auditors' remuneration
2023 2022
£ £
Fees payable to the company's auditors and their associates for the
audit of the company's financial statements

20,000

15,000
Taxation compliance services 5,000 4,500
Other non- audit services 5,600 5,250

8. Interest receivable and similar income
2023 2022
£ £
Interest receivable on directors' loans
accounts

21,553

-

9. Interest payable and similar expenses
2023 2022
£ £
Bank interest 184,231 158,216
Interest on finance leases 77,736 85,753
Interest payable on
Corporation Tax 19,442 688
281,409 244,657

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

10. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 758,591 25,839
Under/(over)-provision in
prior year 220,475 (84,470 )
Total current tax 979,066 (58,631 )

Deferred tax 113,631 254,392
Tax on profit 1,092,697 195,761

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 3,598,465 1,427,892
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

846,359

271,299

Effects of:
Expenses not deductible for tax purposes 27,120 4,567
Capital allowances in excess of depreciation (119,975 ) (124,948 )
Adjustments to tax charge in respect of previous periods 220,495 (84,470 )
Deferred tax movement 113,631 254,392
Profit/loss on disposal 5,067 (39,106 )
Research and development enhanced deduction - (85,973 )
Total tax charge 1,092,697 195,761

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. Dividends
2023 2022
£ £
Ordinary B shares of £1 each
Final - 98,617
Interim 99,440 27,251
Ordinary C shares of £1 each
Final - 62,979
Interim 78,860 30,979
178,300 219,826

12. Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 1,173,748
Additions 400,000
At 31 December 2023 1,573,748
Amortisation
At 1 January 2023 880,413
Amortisation for year 233,334
At 31 December 2023 1,113,747
Net book value
At 31 December 2023 460,001
At 31 December 2022 293,335

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

13. Tangible fixed assets
Freehold Long Plant and
property leasehold machinery
£ £ £
Cost
At 1 January 2023 1,970,800 2,307,474 8,227,660
Additions - 283,527 1,243,080
Disposals - (416 ) -
At 31 December 2023 1,970,800 2,590,585 9,470,740
Depreciation
At 1 January 2023 - 836,067 4,950,534
Charge for year - 222,075 531,735
Eliminated on disposal - (59 ) -
At 31 December 2023 - 1,058,083 5,482,269
Net book value
At 31 December 2023 1,970,800 1,532,502 3,988,471
At 31 December 2022 1,970,800 1,471,407 3,277,126

Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 January 2023 2,797,880 2,894,647 18,198,461
Additions 247,860 146,398 1,920,865
Disposals - (423,934 ) (424,350 )
At 31 December 2023 3,045,740 2,617,111 19,694,976
Depreciation
At 1 January 2023 1,936,762 1,320,490 9,043,853
Charge for year 186,500 230,569 1,170,879
Eliminated on disposal - (150,489 ) (150,548 )
At 31 December 2023 2,123,262 1,400,570 10,064,184
Net book value
At 31 December 2023 922,478 1,216,541 9,630,792
At 31 December 2022 861,118 1,574,157 9,154,608

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

13. Tangible fixed assets - continued

Included in the above are investment assets with a value of £550,920 (2022: £755,920), which are not depreciated.

The net carrying value of fixed assets held under hire purchase/finance leases as at 31 December 2023 was £839,365 (2022: £968,135).

The depreciation charged to profit and loss in the year ended 31 December 2023 in respect of fixed assets held under hire purchase/finance leases was £127,245 (2022: £168,930).

14. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 January 2023
and 31 December 2023 50,100
Net book value
At 31 December 2023 50,100
At 31 December 2022 50,100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

ADR Accident Repair Centres Limited
Registered office: Sky View, Argosy Road East Midlands Airport, Castle Donington, Derby, Derbyshire DE74 2SA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Duddingston Coachworks Limited
Registered office: Sky View, Argosy Road East Midlands Airport, Castle Donington, Derby, Derbyshire DE74 2SA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

15. Stocks
2023 2022
£ £
Work-in-progress 1,088,650 1,069,247

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

16. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 3,927,730 3,786,306
Amounts owed by participating interests 8,467,809 6,331,705
Other debtors 148,157 112,012
Directors' loan accounts 544,463 217,582
Prepayments and accrued income 745,650 957,129
13,833,809 11,404,734

17. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (see note 19) 458,573 611,333
Other loans (see note 19) 666,667 666,667
Hire purchase contracts (see note 20) 188,637 270,062
Trade creditors 8,205,042 7,248,300
Amounts owed to group undertakings 50,000 50,000
Corporation tax 999,497 49,836
Social security and other taxes 1,069,313 905,847
VAT 625,893 321,421
Other creditors 1,164,686 990,487
Accruals and deferred income 1,398,054 1,959,906
14,826,362 13,073,859

18. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans (see note 19) 1,398,833 1,760,167
Other loans (see note 19) 333,329 999,996
Hire purchase contracts (see note 20) 211,565 507,258
1,943,727 3,267,421

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

19. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 97,240 -
Bank loans 361,333 611,333
Other loans 666,667 666,667
1,125,240 1,278,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 111,333 361,333
Other loans - 1-2 years 333,329 666,663
444,662 1,027,996

Amounts falling due between two and five years:
Bank loans - 2-5 years 334,000 706,000
Other loans - 2-5 years - 333,333
334,000 1,039,333

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5
years by instalments 953,500 692,834
953,500 692,834

20. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 188,637 270,062
Between one and five years 211,565 507,258
400,202 777,320

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

20. Leasing agreements - continued

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Non-cancellable
operating leases
2023 2022
£ £
Within one year 2,406,492 1,708,682
Between one and five years 2,533,798 2,825,746
4,940,290 4,534,428

Operating lease payments represent rentals payable by the company for certain of its properties and vehicles. Leases are negotiated at fixed rentals for an average term of 3 to 5 years. Rentals are negotiated at the market rates prevailing at the time of entering into the contract.

21. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank overdraft 97,240 -
Bank loans 1,760,166 2,371,500
Hire purchase contracts 400,202 777,320
2,257,608 3,148,820

Bank loans and overdrafts are secured by a fixed and floating charge over all of the assets of the company and a cross guarantee and debenture with Gemini Properties (UK) Limited, a company under common control.

Liabilities under hire purchase agreements are secured on the assets to which they relate.

22. Provisions for liabilities
2023 2022
£ £
Deferred tax
Accelerated capital allowances 825,094 711,463

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

22. Provisions for liabilities - continued

Deferred tax
£
Balance at 1 January 2023 711,463
Charge to Statement of Comprehensive Income during year 113,631
Balance at 31 December 2023 825,094

23. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
800 Ordinary A £1 800 800
150 Ordinary B £1 150 150
50 Ordinary C £1 50 50
1,000 1,000

24. Reserves
Retained
earnings
£

At 1 January 2023 5,144,600
Profit for the year 2,505,768
Dividends (178,300 )
At 31 December 2023 7,472,068

25. Directors' advances, credits and guarantees

The directors operate a loan account with the company. At the year end the amount outstanding owed to the company from the directors was £544,463 (2022: £217,582).

26. Related party disclosures

Entities under common control
2023 2022
£ £
Purchases 1,922,121 1,484,437
Amount due from related parties 8,467,809 6,331,705
Amount due to related parties 50,000 50,000

GEMINI ACCIDENT REPAIR CENTRES LIMITED (REGISTERED NUMBER: 06628091)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

27. Post balance sheet events

In March 2024, the company set up a new site in Barnstaple. The cost of the fit out was £300,000.

In June 2024, the company purchased a new site in Swindon. This was a business trade and assets purchase at a cost of £450,000.

28. Ultimate controlling party

The ultimate controlling party is T S Hopkins.