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Registration number: 09127481

Total Repair Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Total Repair Group Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

Total Repair Group Limited

Company Information

Director

Lorenzo Brandol

Company secretary

PB Secretarial Services Limited

Registered office

22-24 Ely Place
London
EC1N 6TE

Auditors

Midas Accountants and Business Consultants Ltd
Chartered Certified Accountants
183 Walsall Road
Great Wyrley
Walsall
West Midlands
WS6 6NL

 

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 director on 21 March 2025
 

.........................................
Lorenzo Brandol
Director

 

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:

Lorenzo Brandol

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 director on 21 March 2025
 

.........................................
Lorenzo Brandol
Director

 

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

There were no group accounts prepared and consolidated for the year ended 31 December 2022 and therefore the consolidated accounts for that year were not audited. Consequently we were unable to determine whether any adjustments to the comparative figures as at 31/12/2022, or the opening balances as at 1/1/2023, were necessary.

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.

......................................
Annette Dwyer (Senior Statutory Auditor)
For and on behalf of Midas Accountants and Business Consultants Ltd, Statutory Auditor

183 Walsall Road
Great Wyrley
Walsall
West Midlands
WS6 6NL

25 March 2025

 

Total Repair Group Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023

2022 (unaudited)

Turnover

3

16,944,027

15,269,031

Cost of sales

 

(14,892,861)

(13,285,912)

Gross profit

 

2,051,166

1,983,119

Administrative expenses

 

(1,290,964)

(965,388)

Other operating income

4

-

466

Operating profit

6

760,202

1,018,197

Other interest receivable and similar income

7

1

-

Interest payable and similar expenses

8

(4,578)

(798)

   

(4,577)

(798)

Profit before tax

 

755,625

1,017,399

Tax on profit

12

(213,138)

(279,522)

Profit for the financial year

 

542,487

737,877

Profit/(loss) attributable to:

 

Owners of the company

 

542,487

737,877

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

542,487

737,877

Total comprehensive income for the year

542,487

737,877

Total comprehensive income attributable to:

Owners of the company

542,487

737,877

 

Total Repair Group Limited

(Registration number: 09127481)
Consolidated Balance Sheet as at 31 December 2023

Note

2023

2022 (unaudited)

Fixed assets

 

Intangible assets

13

3,959

4,605

Tangible assets

14

89,286

99,448

Other financial assets

16

2,520,384

2,787

 

2,613,629

106,840

Current assets

 

Debtors

17

7,991,886

9,212,594

Cash at bank and in hand

 

1,150,050

2,441,892

 

9,141,936

11,654,486

Creditors: Amounts falling due within one year

19

(9,125,630)

(9,673,878)

Net current assets

 

16,306

1,980,608

Net assets

 

2,629,935

2,087,448

Capital and reserves

 

Called up share capital

21

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 director on 21 March 2025
 

.........................................
Lorenzo Brandol
Director

 

Total Repair Group Limited

(Registration number: 09127481)
Balance Sheet as at 31 December 2023

Note

2023

2022 (unaudited)

Fixed assets

 

Intangible assets

13

3,959

4,605

Tangible assets

14

1,144

1,610

Investments

15

65,000

65,000

 

70,103

71,215

Current assets

 

Debtors

17

1,201,153

14,579

Cash at bank and in hand

 

62,221

98,773

 

1,263,374

113,352

Creditors: Amounts falling due within one year

19

(23,583)

(16,644)

Net current assets

 

1,239,791

96,708

Net assets

 

1,309,894

167,923

Capital and reserves

 

Called up share capital

21

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 director on 21 March 2025
 

.........................................
Lorenzo Brandol
Director

 

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

1,111

2,086,337

2,087,448

2,087,448

Profit for the year

-

542,487

542,487

542,487

At 31 December 2023

1,111

2,628,824

2,629,935

2,629,935

Share capital

Retained earnings

Total

Total equity

At 1 January 2022

1,111

1,348,460

1,349,571

1,349,571

Profit for the year

-

737,877

737,877

737,877

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

1,111

166,812

167,923

Profit for the year

-

1,141,971

1,141,971

At 31 December 2023

1,111

1,308,783

1,309,894

Share capital

Retained earnings

Total

At 1 January 2022

1,111

218,995

220,106

Loss for the year

-

(52,183)

(52,183)

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

 

542,487

737,877

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

12,530

20,238

Profit on disposal of tangible assets

5

-

(4,638)

Profit from disposals of investments

5

(26,186)

-

Finance income

(1)

-

Finance costs

3,550

43

Income tax expense

12

213,138

279,522

 

745,518

1,033,042

Working capital adjustments

 

Decrease/(increase) in trade debtors

17

1,226,166

(6,867,412)

(Decrease)/increase in trade creditors

19

(559,472)

6,480,437

Cash generated from operations

 

1,412,212

646,067

Income taxes paid

12

(200,550)

(278,819)

Net cash flow from operating activities

 

1,211,662

367,248

Cash flows from investing activities

 

Interest received

1

-

Acquisitions of tangible assets

(1,722)

(8,959)

Proceeds from sale of tangible assets

 

-

22,189

Acquisition of financial investments other than trading investments

 

(2,520,384)

-

Proceeds from disposal of financial investments other than trading investments

 

28,973

500,293

Net cash flows from investing activities

 

(2,493,132)

513,523

Cash flows from financing activities

 

Interest paid

(3,550)

(43)

Proceeds from bank borrowing draw downs

 

23

-

Repayment of bank borrowing

 

(6,845)

(6,821)

Net cash flows from financing activities

 

(10,372)

(6,864)

Net (decrease)/increase in cash and cash equivalents

 

(1,291,842)

873,907

Cash and cash equivalents at 1 January

 

2,441,892

1,567,985

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

 

1,141,971

(52,183)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

1,112

1,378

Finance income

(1,200,000)

-

 

(56,917)

(50,805)

Working capital adjustments

 

(Increase)/decrease in trade debtors

17

(1,199,162)

20,946

Increase in trade creditors

19

6,939

2,513

Cash generated from operations

 

(1,249,140)

(27,346)

Income taxes received

12

12,588

703

Net cash flow from operating activities

 

(1,236,552)

(26,643)

Cash flows from investing activities

 

Acquisitions of tangible assets

-

(1,864)

Dividend income

1,200,000

-

Net cash flows from investing activities

 

1,200,000

(1,864)

Net decrease in cash and cash equivalents

 

(36,552)

(28,507)

Cash and cash equivalents at 1 January

 

98,773

127,280

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22-24 Ely Place
London
EC1N 6TE
England

These financial statements were authorised for issue by the director on 21 March 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023

2022 (unaudited)

Rendering of services

16,944,027

15,269,031

The analysis of the group's turnover for the year by market is as follows:

2023

2022 (unaudited)

Europe

16,944,027

15,269,031

4

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

-

466

 

Total Repair Group Limited

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

5

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

-

4,638

Gain from disposals of investments

26,186

-

26,186

4,638

6

Operating profit

Arrived at after charging/(crediting)

2023

2022 (unaudited)

Depreciation expense

11,884

19,592

Amortisation expense

646

646

Operating lease expense - property

57,087

66,141

Profit on disposal of property, plant and equipment

-

(4,638)

7

Other interest receivable and similar income

2023

2022 (unaudited)

Interest income on bank deposits

1

-

8

Interest payable and similar expenses

2023

2022 (unaudited)

Interest on bank overdrafts and borrowings

3,550

43

Foreign exchange gains

1,028

755

4,578

798

 

Total Repair Group Limited

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

9

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023

2022 (unaudited)

Wages and salaries

399,720

448,531

Social security costs

239,870

164,026

Pension costs, defined contribution scheme

11,058

13,437

Other employee expense

209,868

45,035

860,516

671,029

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022 (unaudited)
No.

Administration and support

10

11

Other departments

1

1

11

12

10

Director's remuneration

The director's remuneration for the year was as follows:

2023

2022 (unaudited)

Remuneration

24,699

38,815

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022 (unaudited)
No.

Accruing benefits under money purchase pension scheme

1

1

11

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


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023

2022 (unaudited)

Current taxation

UK corporation tax adjustment to prior periods

12,837

-

Foreign tax

200,301

279,495

Total current income tax

213,138

279,495

Deferred taxation

Arising from origination and reversal of timing differences

-

27

Tax expense in the income statement

213,138

279,522

13

Intangible assets

Group

Trademarks, patents and licenses
 €

Total

Cost or valuation

At 1 January 2023

9,667

9,667

At 31 December 2023

9,667

9,667

Amortisation

At 1 January 2023

5,062

5,062

Amortisation charge

646

646

At 31 December 2023

5,708

5,708

Carrying amount

At 31 December 2023

3,959

3,959

At 31 December 2022

4,605

4,605

 

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

9,667

9,667

At 31 December 2023

9,667

9,667

Amortisation

At 1 January 2023

5,062

5,062

Amortisation charge

646

646

At 31 December 2023

5,708

5,708

Carrying amount

At 31 December 2023

3,959

3,959

At 31 December 2022

4,605

4,605

 

Total Repair Group Limited

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

14

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

16,735

176,050

20,508

59,590

19,129

292,012

Additions

-

1,722

-

-

-

1,722

At 31 December 2023

16,735

177,772

20,508

59,590

19,129

293,734

Depreciation

At 1 January 2023

12,554

104,623

6,301

56,128

12,958

192,564

Charge for the year

-

3,855

4,101

3,462

466

11,884

At 31 December 2023

12,554

108,478

10,402

59,590

13,424

204,448

Carrying amount

At 31 December 2023

4,181

69,294

10,106

-

5,705

89,286

At 31 December 2022

4,181

71,427

14,207

3,462

6,171

99,448

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

13,244

13,244

At 31 December 2023

13,244

13,244

Depreciation

At 1 January 2023

11,634

11,634

Charge for the year

466

466

At 31 December 2023

12,100

12,100

Carrying amount

At 31 December 2023

1,144

1,144

At 31 December 2022

1,610

1,610

15

Investments

Company

2023

2022 (unaudited)

Investments in subsidiaries

65,000

65,000

Subsidiaries

Cost or valuation

At 1 January 2023

65,000

Provision

Carrying amount

At 31 December 2023

65,000

At 31 December 2022

65,000

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

Sarl Total Repair Group

12 Place Saint Huber à Lille, 59000, Lille

France

Ordinary shares

100%

100%

 

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

Total Repair Group srl

Corso Monte Cucco 133/A, Torino, 10141 TO

Italy

Ordinary shares

100%

100%

Subsidiary undertakings

Sarl Total Repair Group

The principal activity of Sarl Total Repair Group is Vehicle repair services.

Total Repair Group srl

The principal activity of Total Repair Group srl is Vehicle repair services.

 

Total Repair Group Limited

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

16

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

2,520,384

Other non-current financial assets represent fixed interest bank bonds.

17

Debtors

   

Group

Company

Current

Note

2023

2022 (unaudited)

2023

2022 (unaudited)

Trade debtors

 

7,903,353

9,186,838

-

-

Amounts owed by related parties

-

-

1,200,000

-

Other debtors

 

48,717

1,127

1,153

1,991

Prepayments

 

39,816

12,041

-

-

Income tax asset

12

-

12,588

-

12,588

   

7,991,886

9,212,594

1,201,153

14,579

18

Cash and cash equivalents

 

Group

Company

2023

2022 (unaudited)

2023

2022 (unaudited)

Cash on hand

16,554

-

-

-

Cash at bank

1,133,421

2,441,817

62,221

98,773

Short-term deposits

75

75

-

-

1,150,050

2,441,892

62,221

98,773

 

Total Repair Group Limited

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

19

Creditors

   

Group

Company

Note

2023

2022 (unaudited)

2023

2022 (unaudited)

Due within one year

 

Loans and borrowings

22

4,025

10,847

-

-

Trade creditors

 

7,785,432

8,949,538

(8)

(13)

Social security and other taxes

 

409,774

584,015

4,086

4,362

Outstanding defined contribution pension costs

 

99,065

94,381

-

-

Other payables

 

21,528

32,881

10,314

10,079

Accruals

 

18,361

2,216

9,191

2,216

Gross amount due to customers for contract work

 

787,445

-

-

-

 

9,125,630

9,673,878

23,583

16,644

 

Total Repair Group Limited

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

20

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 11,058 (2022 - 13,437).

Contributions totalling 99,065 (2022 - €94,381) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2023

2022 (unaudited)

No.

No.

Ordinary of £1 each

999

1,111

999

1,111

       

22

Loans and borrowings

Current loans and borrowings

 

Group

Company

2023

2022 (unaudited)

2023

2022 (unaudited)

Bank borrowings

4,025

10,847

-

-

23

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

31,800

31,800

Later than one year and not later than five years

82,700

112,200

Later than five years

-

2,300

114,500

146,300

The amount of non-cancellable operating lease payments recognised as an expense during the year was €31,800 (2022 - €31,800).

 

Total Repair Group Limited

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

24

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.