Registration number:
Total Repair Group Limited
for the Year Ended 31 December 2023
Total Repair Group Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Total Repair Group Limited
Company Information
Director |
Lorenzo Brandol |
Company secretary |
PB Secretarial Services Limited |
Registered office |
|
Auditors |
|
Total Repair Group Limited
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the group is that of the repair and maintenance of motor vehicles.
Fair review of the business
Turnover increased by 11% from €15,269,031 in 2022 to €16,994,027. Operating margin fell from 13% to 12%, and net profit declined by 26% from €737,877 to €542,487.
Events after the balance sheet date
Total Repair Group Sarl (France) continued its activities in claims management and damage repair caused by hail during 2024. The contract with main Client Axa is set to expire on 31 March 2025, so all claims submitted by that date will be managed by TRG. From April 1, 2025, onward, the company will need to close/terminate any pending activities; we estimate that all operations will be concluded by December 31, 2025. Regarding the future of Total Repair Group, no decisions have been made yet, but given the expiration of the contract, it is presumed that the group will close. In the early months of 2025, the company will hold a general meeting with the members and directors of the group to collectively make decisions regarding the future of the company.
In November 2024, the director raised a claim for an amount of £585,750 in respect of unpaid / underpaid salaries due from the company. No provision has been made in the account for this contingent liability. The director plans to raise this issue with the shareholders before the end of May 2025, and will be made shortly after that date.
Principal risks and uncertainties
Due to the upcoming termination of the contract with the group's main customer, it is not certain that the group will continue to trade beyond December 2025.
Approved and authorised by the
......................................... |
Total Repair Group Limited
Director's Report for the Year Ended 31 December 2023
The director presents his report and the for the year ended 31 December 2023.
Director of the group
The director who held office during the year was as follows:
Disclosure of information to the auditor
The director has taken 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 auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Approved and authorised by the
......................................... |
Total Repair Group Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Total Repair Group Limited
Independent Auditor's Report to the Members of Total Repair Group Limited
Qualified opinion
We have audited the financial statements of Total Repair Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's 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 qualified opinion on financial statements
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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 qualified opinion.
Total Repair Group Limited
Independent Auditor's Report to the Members of Total Repair Group Limited
Emphasis of matter
1. We draw your attention to Note 2 accounting Policies (going concern) which reviews the events after the balance sheet date relating to the cessation of trading and potential closure of the company. This note details the reasons behind the Directors choosing to prepare the financial statements on a going concern basis and not make any provisions for any potential adjustments needed to the balance sheet figures as at 31 December 2023 to account for the cessation of business.
Our opinion is not modified in respect of this matter.
2. We draw your attention to note 24 which sets out the details of a possible contingent liability which has occurred after the balance sheet date
Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The accounts include the results and financial position of the 100% owned subsidiary SARL Total Repair Group, a company registered in France. This company accounts for 97% of the consolidated turnover for the year and 86% of the consolidated net assets as at 31/12/2023.
The above subsidiary was audited by a separate French registered auditor.
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.
Total Repair Group Limited
Independent Auditor's Report to the Members of Total Repair Group Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Director's Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 an auditor’s report 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.
Total Repair Group Limited
Independent Auditor's Report to the Members of Total Repair Group Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
......................................
For and on behalf of
183 Walsall Road
Great Wyrley
West Midlands
WS6 6NL
Total Repair Group Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 (unaudited) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(4,577) |
(798) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Total Repair Group Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023
2023 |
2022 (unaudited) |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Total Repair Group Limited
(Registration number: 09127481)
Consolidated Balance Sheet as at 31 December 2023
Note |
2023 |
2022 (unaudited) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
2,520,384 |
2,787 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,111 |
1,111 |
|
Retained earnings |
2,628,824 |
2,086,337 |
|
Equity attributable to owners of the company |
2,629,935 |
2,087,448 |
|
Shareholders' funds |
2,629,935 |
2,087,448 |
Approved and authorised by the
......................................... |
Total Repair Group Limited
(Registration number: 09127481)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 (unaudited) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,111 |
1,111 |
|
Retained earnings |
1,308,783 |
166,812 |
|
Shareholders' funds |
1,309,894 |
167,923 |
The company made a profit after tax for the financial year of €1,141,971 (2022 - loss of €52,183).
Approved and authorised by the
......................................... |
Total Repair Group Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company
Share capital |
Retained earnings |
Total |
Total equity |
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 December 2023 |
|
|
|
|
Share capital |
Retained earnings |
Total |
Total equity |
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 December 2022 |
1,111 |
2,086,337 |
2,087,448 |
2,087,448 |
Total Repair Group Limited
Parent Company Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Loss for the year |
- |
( |
( |
At 31 December 2022 |
1,111 |
166,812 |
167,923 |
Total Repair Group Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 (unaudited) |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
- |
( |
|
Profit from disposals of investments |
( |
- |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
- |
|
|
Acquisition of financial investments other than trading investments |
( |
- |
|
Proceeds from disposal of financial investments other than trading investments |
|
|
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Repayment of bank borrowing |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
1,150,050 |
2,441,892 |
Total Repair Group Limited
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 (unaudited) |
|
Cash flows from operating activities |
|||
Profit/(loss) for the year |
|
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
- |
|
( |
( |
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
( |
( |
|
Income taxes received |
|
|
|
Net cash flow from operating activities |
( |
( |
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
- |
( |
|
Dividend income |
|
- |
|
Net cash flows from investing activities |
|
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
62,221 |
98,773 |
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of €1,141,971 (2022 - loss of €52,183).
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
Total Repair Group Sarl (France) continued its activities in claims management and damage repair caused by hail during 2024. The contract with main Client Axa is set to expire on 31 March 2025, so all claims submitted by that date will be managed by TRG. From April 1, 2025, onward, the company will need to close/terminate any pending activities; we estimate that all operations will be concluded by December 31, 2025. Regarding the future of Total Repair Group, no decisions have been made yet, but given the expiration of the contract, it is presumed that the group will close. In the early months of 2025, the company will hold a general meeting with the members and directors of the group to collectively make decisions regarding the future of the company.
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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group 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 group's activities.
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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:
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade 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 the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2023 |
2022 (unaudited) |
|
Rendering of services |
|
|
The analysis of the group's turnover for the year by market is as follows:
2023 |
2022 (unaudited) |
|
Europe |
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 (unaudited) |
|
Miscellaneous other operating income |
- |
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 (unaudited) |
|
Gain on disposal of tangible assets |
- |
|
Gain from disposals of investments |
|
- |
26,186 |
4,638 |
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 (unaudited) |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - property |
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Other interest receivable and similar income |
2023 |
2022 (unaudited) |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2023 |
2022 (unaudited) |
|
Interest on bank overdrafts and borrowings |
|
|
Foreign exchange gains |
|
|
|
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 (unaudited) |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
2023 |
2022 (unaudited) |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 (unaudited) |
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 (unaudited) |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2023 |
2022 (unaudited) |
|
Audit of these financial statements |
6,900 |
- |
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 (unaudited) |
|
Current taxation |
||
UK corporation tax adjustment to prior periods |
|
- |
Foreign tax |
|
|
Total current income tax |
213,138 |
279,495 |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
- |
|
Tax expense in the income statement |
|
|
Intangible assets |
Group
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
At 1 January 2023 |
|
|
Amortisation charge |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
At 1 January 2023 |
|
|
Amortisation charge |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Plant and machinery |
Total |
|
Cost or valuation |
||||||
At 1 January 2023 |
|
|
|
|
|
|
Additions |
- |
|
- |
- |
- |
|
At 31 December 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 January 2023 |
|
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 December 2023 |
|
|
|
- |
|
|
At 31 December 2022 |
|
|
|
|
|
|
Included within the net book value of land and buildings above is €4,181 (2022 - €4,181) in respect of long leasehold land and buildings.
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Other tangible assets |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
At 1 January 2023 |
|
|
Charge for the year |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
Investments |
Company
2023 |
2022 (unaudited) |
|
Investments in subsidiaries |
|
|
Subsidiaries |
€ |
Cost or valuation |
|
At 1 January 2023 |
|
Provision |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
12 Place Saint Huber à Lille, 59000, Lille France |
|
|
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
Corso Monte Cucco 133/A, Torino, 10141 TO Italy |
|
|
|
Subsidiary undertakings |
Sarl Total Repair Group The principal activity of Sarl Total Repair Group is |
Total Repair Group srl The principal activity of Total Repair Group srl is |
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Other financial assets |
Group
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 January 2023 |
2,787 |
2,787 |
Additions |
2,520,384 |
2,520,384 |
Disposals |
(2,787) |
(2,787) |
At 31 December 2023 |
2,520,384 |
2,520,384 |
Impairment |
||
Carrying amount |
||
At 31 December 2023 |
|
2,520,384 |
Other non-current financial assets represent fixed interest bank bonds.
Debtors |
Group |
Company |
||||
Current |
Note |
2023 |
2022 (unaudited) |
2023 |
2022 (unaudited) |
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
- |
- |
|
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Income tax asset |
- |
|
- |
|
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 (unaudited) |
2023 |
2022 (unaudited) |
|
Cash on hand |
|
- |
- |
- |
Cash at bank |
|
|
|
|
Short-term deposits |
|
|
- |
- |
|
|
|
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 (unaudited) |
2023 |
2022 (unaudited) |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
( |
( |
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Gross amount due to customers for contract work |
|
- |
- |
- |
|
|
|
|
|
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to €
Contributions totalling €
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 (unaudited) |
|||
No. |
€ |
No. |
€ |
|
|
|
1,111 |
|
1,111 |
Loans and borrowings |
Current loans and borrowings
Group |
Company |
|||
2023 |
2022 (unaudited) |
2023 |
2022 (unaudited) |
|
Bank borrowings |
|
|
- |
- |
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 (unaudited) |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was €
Total Repair Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Contingent liabilities |
Group
In November 2024, the director raised a claim for an amount of £585,750 in respect of unpaid / underpaid salaries due from the company. No provision has been made in the account for this contingent liability. The director plans to raise this issue with the shareholders before the end of May 2025, and will be made shortly after that date.