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COMPANY REGISTRATION NUMBER: 06064546
Gemini Tec Ltd
Filleted Financial Statements
For the period ended
31 March 2024
Gemini Tec Ltd
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
172,815
207,645
Current assets
Stocks
234,424
107,086
Debtors
6
3,112,522
4,058,420
Cash at bank and in hand
1,393,047
694,229
------------
------------
4,739,993
4,859,735
Creditors: amounts falling due within one year
7
2,355,781
1,988,585
------------
------------
Net current assets
2,384,212
2,871,150
------------
------------
Total assets less current liabilities
2,557,027
3,078,795
Provisions
Taxation including deferred tax
37,245
26,644
Other provisions
441,000
432,180
---------
---------
478,245
458,824
------------
------------
Net assets
2,078,782
2,619,971
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
2,078,781
2,619,970
------------
------------
Shareholders funds
2,078,782
2,619,971
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Gemini Tec Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 October 2024 , and are signed on behalf of the board by:
A Harsant
Director
Company registration number: 06064546
Gemini Tec Ltd
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 The Brook Trading Estate, Deadbrook Lane, Aldershot, GU12 4XB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In considering the appropriateness of the going concern basis the directors have reviewed the current trading position of the business, the order book and sales and cashflow forecasts. These all indicate the company has the ability to operate within agreed funding facilities and has adequate resources to continue in operational existence for the foreseeable future. As such the company continues to adopt the going concern basis in preparing its financial statements.
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 year in which the estimate is revised where the revision affects any that year, or in the year of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. 1 Depreciation charge The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. 2 Stock provision The company sells products which are very delicate in nature and often are sold in large denominations. As such, the directors include a general provision in the accounts based upon percentage breakage and unused product. 3 Dilapidation provision A dilapidations provision for leasehold premises is included in the financial statements based on external valuers reports on a discounted basis and reviewed regularly.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
25% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the Period amounted to 61 (2022: 56 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 (as restated)
444,796
470,977
12,500
928,273
Additions
111,343
111,343
Disposals
( 24,041)
( 24,041)
---------
---------
--------
------------
At 31 March 2024
444,796
558,279
12,500
1,015,575
---------
---------
--------
------------
Depreciation
At 1 January 2023
280,758
431,797
8,073
720,628
Charge for the period
108,212
34,055
3,906
146,173
Disposals
( 24,041)
( 24,041)
---------
---------
--------
------------
At 31 March 2024
388,970
441,811
11,979
842,760
---------
---------
--------
------------
Carrying amount
At 31 March 2024
55,826
116,468
521
172,815
---------
---------
--------
------------
At 31 December 2022
164,038
39,180
4,427
207,645
---------
---------
--------
------------
Capital commitments
31 Mar 24
31 Dec 22
£
£
Contracted for but not provided for in the financial statements
55,370
--------
----
6. Debtors
31 Mar 24
31 Dec 22
(restated)
£
£
Trade debtors
2,515,950
2,378,076
Other debtors
596,572
1,680,344
------------
------------
3,112,522
4,058,420
------------
------------
7. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
(restated)
£
£
Trade creditors
403,065
623,911
Amounts owed to group undertakings and undertakings in which the company has a participating interest
35,371
600,000
Social security and other taxes
1,216,554
376,611
Other creditors
700,791
388,063
------------
------------
2,355,781
1,988,585
------------
------------
8. Prior period adjustments
During the year, the directors obtained a dilapidation report for leasehold premises from external valuers. Given the lease existed at 31 Dec 22, a prior period adjustment of £432,180 has been expensed to bring in the relevant provision net of corporation tax of £82,114.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
31 Dec 22
(restated)
£
£
Not later than 1 year
195,562
195,562
Later than 1 year and not later than 5 years
712,310
782,248
Later than 5 years
51,156
335,754
---------
------------
959,028
1,313,564
---------
------------
10. Summary audit opinion
The auditor's report dated 4 October 2024 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
11. Related party transactions
The company has taken advantage of the exemption available under FRS102 from reporting transactions with its parent company.
12. Controlling party
The immediate parent company is considered to be Silverbulb Limited, a company registered in England and Wales. On 28 March 2024, the group was acquired by Techpoint Group Limited, a company registered in England and Wales. The ultimate parent company is considered to be Literacy Capital PLC, a company incorporated in England and Wales.