GEMCO UK LIMITED
COMPANY INFORMATION
Directors
C Spiritelli
W Morrall
Secretary
G Lewis
Company number
03514486
Registered office
Unit 14c
Moderna Business Park
Mytholmroyd
Hebden Bridge
United Kingdom
HX7 5QQ
Auditor
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
GEMCO UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 31
GEMCO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
Business review
Gemco UK Ltd is a trusted solutions partner to supply and install garage equipment and deliver excellence in service to take the hassle out of equipment maintenance, supply and compliance.
Gemco UK Ltd operates mainly in the UK covering the following key market segments;
In the last 12 months Gemco has continued to invest in technology with a focus on improved quality and efficiency. These investments have helped to provide greater transparency so our customers can make the right decisions for their own business and with global economic challenges these investments will also help improve our efficiency levels and keep costs under control.
In the year Gemco also set up a fully owned subsidiary, Tecalemit Workshop Equipment Ltd, which in turn acquired the trade and assets of a competitor. This acquisition gave Gemco access to the Tecalemit brand name, a long established and well respected name in the industry.
As shown in the company’s profit and loss account, the sales and operating profit have increased when compared to the prior period and as such the directors are pleased with the results and remain very positive for the future.
Future Developments
In 2025 the business and trade of the subsidiary, Tecalemit Workshop Equipment Ltd, will be transferred to Gemco. Aligning the two businesses will provide synergies and efficiencies that will benefit both the company and the customers of both businesses.
The demand for our services continues to increase, and with the foundations already in place the strategy is to grow the business with further investment in resources to help deliver this growth.
- 1 -
GEMCO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
Credit risk applies to financial instruments such as trade receivables and short-term bank deposits. Policies and procedures exist to ensure that the trade debtors have an appropriate credit history.
Competition risk exists as competitors expand their customer base; but this is mitigated by the fact that Gemco boasts the largest stock of parts and exclusivity on certain items in the UK. We can generally respond more quickly to customers and therefore offer a better level of service than the competition. The product offering now being expanded to include an ever-wider variety of capital equipment available from its subsidiary as well as its existing parental and third-party supplier network, truly becoming the one-stop shop for garage equipment.
Exchange risk arises from trading assets and liabilities that will be settled in a foreign currency. The directors monitor exposure to ensure the level of risk from fluctuating exchange rates is kept at an acceptable level. Credit risk arises on financial instruments such as trade receivables and short-term bank deposits. Policies and procedures exist to ensure that the trade debtors have an appropriate credit history.
Failure of a critical IT system may cause significant disruption to operations and/or lost revenue as we are dependent on our IT system for most of our principal business processes. Disaster recovery arrangements exist and continual investment in IT takes place to increase our resilience.
The company is committed to representation on the relevant trade bodies to maintain the highest standards for our business and our industry. Our participation ensures that we are constantly aware of industry developments and compliance within our business; it also means we have external audits by the relevant bodies to keep our accreditation.
In general, all risks identified have appropriate recovery plans developed to minimise the impact and residual risks are covered by adequate insurance.
Financial key performance indicators
Gemco UK Limited continues to manage its operations on a divisional basis. The company's directors review key performance indicators in line with company group policy. The directors assess company performance using the following key performance indicators:
Gross profit percentage was 31.1% in 2024, an increase from 30.7% in 2023.
Administrative costs as a percentage of turnover were 21.6% in 2024, a decrease from 23.0% in 2023.
Operating profit as a percentage of turnover was 5.6% in 2024, an increase from 3.5% in 2023.
The company's directors continuously review and enhance the key performance indicators which they monitor to support the strategic direction of the business.
W Morrall
Director
4 June 2025
- 2 -
GEMCO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the sale, installation, maintenance, examination, inspection, service and repair of garage workshop equipment.
The company's unique selling point is the provision of a UK wide service coverage which is particularly applicable to the national account customers. However, our UK expertise in garage equipment provides a seamless "one stop shop" to customers in several sectors.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £4,200,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Spiritelli
W Morrall
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
W Morrall
Director
4 June 2025
- 3 -
GEMCO UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
GEMCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GEMCO UK LIMITED
Opinion
- 5 -
We have audited the financial statements of Gemco UK Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' truereport for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
GEMCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GEMCO UK LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
- 6 -
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
GEMCO UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GEMCO UK LIMITED
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Christiaan de Lange
Senior Statutory Auditor
For and on behalf of Azets Audit Services
5 June 2025
Chartered Accountants
Statutory Auditor
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
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GEMCO UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
Turnover
3
33,295,399
30,015,711
Cost of sales
(22,936,075)
(20,797,534)
Gross profit
10,359,324
9,218,177
Distribution costs
(1,318,369)
(1,269,742)
Administrative expenses
(7,191,914)
(6,910,728)
Operating profit
4
1,849,041
1,037,707
Interest receivable and similar income
7
154,455
72,299
Intercompany loan waiver
1,267,598
Interest payable and similar expenses
8
(331,068)
(261,603)
Loss on investment in subsidiary
-
(1,267,598)
Profit before taxation
1,672,428
848,403
Tax on profit
9
(440,141)
(192,230)
Profit for the financial year
1,232,287
656,173
The profit and loss account has been prepared on the basis that all operations are continuing operations.
- 8 -
GEMCO UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
£
£
Profit for the year
1,232,287
656,173
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
84,485
(90,354)
Tax relating to other comprehensive income
(20,500)
23,000
Other comprehensive income for the year
63,985
(67,354)
Total comprehensive income for the year
1,296,272
588,819
- 9 -
GEMCO UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
182,548
184,229
Tangible assets
12
883,987
812,620
Investments
13
100,000
1,166,535
996,849
Current assets
Stocks
15
6,857,145
6,268,425
Debtors
16
10,311,523
9,543,278
Cash at bank and in hand
11,215
22,262
17,179,883
15,833,965
Creditors: amounts falling due within one year
17
(12,636,383)
(8,088,812)
Net current assets
4,543,500
7,745,153
Total assets less current liabilities
5,710,035
8,742,002
Creditors: amounts falling due after more than one year
18
(56,889)
(76,314)
Provisions for liabilities
Deferred tax liability
21
141,704
124,018
(141,704)
(124,018)
Net assets excluding pension surplus/(deficit)
5,511,442
8,541,670
Defined benefit pension surplus/(deficit)
22
8,000
(118,500)
Net assets
5,519,442
8,423,170
Capital and reserves
Called up share capital
23
500,000
500,000
Profit and loss reserves
5,019,442
7,923,170
Total equity
5,519,442
8,423,170
The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
W Morrall
Director
Company Registration No. 03514486
- 10 -
GEMCO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
500,000
7,334,351
7,834,351
Year ended 31 December 2023:
Profit for the year
-
656,173
656,173
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(90,354)
(90,354)
Tax relating to other comprehensive income
-
23,000
23,000
Total comprehensive income for the year
-
588,819
588,819
Balance at 31 December 2023
500,000
7,923,170
8,423,170
Year ended 31 December 2024:
Profit for the year
-
1,232,287
1,232,287
Other comprehensive income:
Actuarial gains on defined benefit plans
-
84,485
84,485
Tax relating to other comprehensive income
-
(20,500)
(20,500)
Total comprehensive income for the year
-
1,296,272
1,296,272
Dividends
10
-
(4,200,000)
(4,200,000)
Balance at 31 December 2024
500,000
5,019,442
5,519,442
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GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Company information
Gemco UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14c, Moderna Business Park, Mytholmroyd, Hebden Bridge, United Kingdom, HX7 5QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 Statement of Cash Flows;
Section 3 Financial Statement Presentation paragraph 3.17(d);
Section 33 Related Party Disclosures paragraph 33.7.
This information is included within the consolidated financial statements of Nexion S.p.A. as at 31 December 2024 and these financial statements may be obtained from the company's registered office address Via Carpi, 9, 42015 Correggio RE, Italy.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Gemco UK Limited is a wholly owned subsidiary of Nexion Northern Europe A/S and the results of Gemco UK Limited are included in the consolidated financial statements of Nexion Northern Europe A/S which are available from Barrit Langgade 188-190, DK-7150, Barritt, Denmark.
1.2
Going concern
The directors consider that the company's trueand group's banking facilities, which are guaranteed by an intermediate holding company, are adequate going forward. Short-term flexibility is achieved by overdraft facilities.
The company's actual results since the balance sheet date along with forecasts and projections from the date of approval of the financial statements and taking account of reasonable possible changes in trading performance from the current economic uncertainties, show that the company is able to meet its liabilities as they fall due. Given the group banking facility guarantee and financial support that is available from the intermediate holding company, the directors believe that it is appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
- 12 -
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown excluding discounts, rebates, value added tax and other sales taxes.
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the significant risks and rewards of ownership of the goods have passed to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised in the period in which the services are provided by reference to the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% - 50% on cost
Development costs
Not depreciated
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold buildings
10% - 33.33% on cost
Plant and equipment
20% - 50% on cost
Fixtures and fittings
10% - 33.33% on cost
- 14 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
- 16 -
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
- 17 -
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
- 18 -
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider that the critical accounting policies where judgements and estimations have been applied relate to the tangible asset lives and valuations; in particular the useful economic life and residual values of plant and machinery and the valuation of stock and work in progress. The directors have concluded that the asset values and the residual values are appropriate.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock valuation
Inventories are valued at the lower of cost or net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Maintenance
13,558,819
15,484,498
Equipment sales
19,736,580
14,531,213
33,295,399
30,015,711
2024
2023
£
£
Turnover analysed by geographical market
UK
32,830,371
29,502,000
Rest of Europe
267,795
308,567
Rest of World
197,233
205,144
33,295,399
30,015,711
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
2024
2023
£
£
Other revenue
Interest income
154,455
72,299
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(142,939)
3,010
Fees payable to the company's auditor for the audit of the company's financial statements
37,100
39,800
Depreciation of owned tangible fixed assets
197,261
186,692
Profit on disposal of tangible fixed assets
(499)
-
Amortisation of intangible assets
50,757
54,055
Operating lease charges
1,166,053
1,042,040
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 203.
2024
2023
Number
Number
Production
186
189
Finance and administration
17
17
Total
203
206
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
7,263,052
6,783,828
Social security costs
755,404
714,266
Pension costs
320,826
294,068
8,339,282
7,792,162
- 19 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
129,999
143,783
Company pension contributions to defined contribution schemes
7,800
7,800
137,799
151,583
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
The directors are considered to be the key management personnel of the company.
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
154,455
72,299
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
326,068
254,603
Other finance costs:
Net interest on the net defined benefit liability
5,000
7,000
331,068
261,603
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
401,455
112,733
Deferred tax
Origination and reversal of timing differences
38,686
79,497
Total tax charge
440,141
192,230
- 20 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,672,428
848,403
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
418,107
212,101
Tax effect of expenses that are not deductible in determining taxable profit
22,034
23,351
Tax effect of utilisation of tax losses
(43,222)
Taxation charge for the year
440,141
192,230
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
20,500
(23,000)
10
Dividends
2024
2023
£
£
Interim paid
4,200,000
- 21 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
Goodwill
Software
Development costs
Total
£
£
£
£
Cost
At 1 January 2024
65,356
689,713
755,069
Additions
16,039
16,039
Additions - separately acquired
33,037
33,037
At 31 December 2024
65,356
705,752
33,037
804,145
Amortisation and impairment
At 1 January 2024
65,356
505,484
570,840
Amortisation charged for the year
50,757
50,757
At 31 December 2024
65,356
556,241
621,597
Carrying amount
At 31 December 2024
149,511
33,037
182,548
At 31 December 2023
184,229
184,229
Goodwill relates to a purchase agreement by Gemco Equipment Limited to acquire the fixed assets and trade of a garage equipment business in June 2013. This was transferred to Gemco UK Limited as part of a group restructure.
Software relates to capitalised project costs incurred in adapting an existing system to be more tailored to the company's needs. The costs are being amortised over a useful life of between 3 and 5 years. Development costs are items that are yet to be bought into use and will be transferred to software once available and amortisation will subsequently be charged.
- 22 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
Leasehold buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
540,518
894,902
921,817
2,357,237
Additions
47,753
55,126
165,930
268,809
Disposals
(194)
(194)
At 31 December 2024
588,271
949,834
1,087,747
2,625,852
Depreciation and impairment
At 1 January 2024
225,995
608,936
709,686
1,544,617
Depreciation charged in the year
58,583
86,837
51,841
197,261
Eliminated in respect of disposals
(13)
(13)
At 31 December 2024
284,578
695,760
761,527
1,741,865
Carrying amount
At 31 December 2024
303,693
254,074
326,220
883,987
At 31 December 2023
314,523
285,966
212,131
812,620
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Fixtures and fittings
77,691
87,053
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
100,000
During the year, Gemco UK Limited incorporated a new fully-owned subsidiary, Tecalemit Workshop Equipment. The investment balance as of 31 December 2024 represents the share capital fully paid.
- 23 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
100,000
At 31 December 2024
100,000
Carrying amount
At 31 December 2024
100,000
At 31 December 2023
-
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tecalemit Workshop Equipment Limited
England and Wales
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Tecalemit Workshop Equipment Limited
15
Stocks
2024
2023
£
£
Work in progress
149,450
153,873
Finished goods and goods for resale
6,707,695
6,114,552
6,857,145
6,268,425
- 24 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,396,670
4,722,331
Amounts owed by group undertakings
3,419,240
4,181,243
Other debtors
39,512
97,250
Prepayments and accrued income
456,101
542,454
10,311,523
9,543,278
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
3,708,038
3,700,252
Obligations under finance leases
20
18,704
18,704
Other borrowings
19
111,251
71,451
Payments received on account
882,360
854,546
Trade creditors
1,599,873
1,479,477
Amounts owed to group undertakings
3,841,125
297,943
Corporation tax
514,188
112,733
Other taxation and social security
962,675
606,862
Accruals and deferred income
998,169
946,844
12,636,383
8,088,812
Net obligations under finance leases and hire purchase contracts of £57,209 (2023: £75,913) are secured on the relevant assets.
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
20
38,505
57,209
Payments received on account
18,384
19,105
56,889
76,314
- 25 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Loans and overdrafts
2024
2023
£
£
Bank loans
2,498,503
2,493,900
Bank overdrafts
1,209,535
1,206,352
Other loans
111,251
71,451
3,819,289
3,771,703
Payable within one year
3,819,289
3,771,703
Bank loans and overdraft facilities are secured by a fixed and floating charge on the assets of the company. Interest is on a variable basis at 3% over base rate.
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
18,704
18,704
In two to five years
38,505
57,209
57,209
75,913
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
158,454
140,434
Short term timing differences
(16,750)
(16,416)
141,704
124,018
- 26 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
2024
Movements in the year:
£
Liability at 1 January 2024
124,018
Charge to profit or loss
17,686
Liability at 31 December 2024
141,704
- 27 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
320,826
294,068
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions of £57,002 (2023: £55,667) were outstanding at the year end.
Defined benefit schemes
The company operates a defined benefit pension scheme.
The Transervice Pension Scheme is closed to both new entrants and to future benefit accrual. The assets of the scheme are held in a separately administrated fund.
A formal actuarial valuation of the scheme was carried out on 1 January 2021 by a qualified independent actuary.
An estimate of the plan's funding position was carried out as at 31 December 2024 by a qualified independent actuary. The estimate was based on the last full valuation.
The total contributions made in the year to 31 December 2024 were £89,000 (2023: £82,000), all employer contributions.
The agreed contribution rates for future years include £84,300 per annum from 1 April 2023 to 31 December 2031 in equal monthly instalments, increasing by 5% each 1 January, with the first such increase applying on 1 January 2024.
The estimated value of employer contributions for the year to 31 December 2025 is £92,941.
2024
2023
Key assumptions
%
%
Discount rate
5.5
4.5
Future salary increases
3.1
3.1
Inflation assumption
3.2
3.1
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
20.2
20.4
- Females
22.7
22.9
Retiring in 20 years
- Males
21.5
21.6
- Females
24.2
24.3
- 28 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Retirement benefit schemes
(Continued)
2024
2023
Amounts recognised in the profit and loss account
£
£
Net interest on net defined benefit liability/(asset)
(5,000)
(12,000)
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
£
£
Present value of defined benefit obligations
1,057,000
1,179,000
Fair value of plan assets
(1,065,000)
(1,021,000)
Related deferred tax asset
-
(39,500)
(Surplus)/deficit in scheme
(8,000)
118,500
2024
2023
Movements in the present value of plan liabilities
£
£
Liabilities at 1 January 2024
(1,179,000)
1,107,000
Benefits paid
43,000
(44,000)
Actuarial gains and losses
131,000
64,000
Interest cost
(52,000)
52,000
At 31 December 2024
(1,057,000)
1,179,000
2024
2023
Movements in the fair value of plan assets
£
£
Fair value of assets at 1 January 2024
1,021,000
(965,000)
Interest income
47,000
(47,000)
Return on plan assets (excluding amounts included in net interest)
(49,000)
(29,000)
Benefits paid
(43,000)
(44,000)
Contributions by the employer
89,000
82,000
At 31 December 2024
1,065,000
1,021,000
- 29 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Retirement benefit schemes
(Continued)
2024
2023
Fair value of plan assets at the reporting period end
£
£
Newton Real Return Fund
662,000
916,000
Barclays Bank Plc
150,000
101,000
HSBC
4,000
4,000
Insight
249,000
-
1,065,000
1,021,000
2024
2023
2022
2021
2020
£
£
£
£
£
Defined benefit obligation
(1,057,000)
(1,179,000)
(1,107,000)
(1,649,000)
(1,647,000)
Scheme assets
1,065,000
1,021,000
965,000
1,012,000
942,000
Surplus / (deficit)
8,000
(158,000)
(142,000)
(637,000)
(705,000)
Experience adjustments on scheme liabilities
131,000
(64,000)
526,000
(44,000)
(192,000)
Experience adjustments on scheme assets
(49,000)
(28,000)
(89,000)
54,000
41,000
82,000
(92,000)
437,000
10,000
(151,000)
The most recent triennial valuation of the company's pension scheme for funding purposes was performed in 2021. Under the funding scheme agreed with the scheme trustees, the company aims to eliminate the current deficit over the next 12 years. The company will monitor funding levels annually and the funding schedule will be reviewed between the company and the trustees every three years, based on actuarial valuations. The company considers that the contribution rates agreed with the trustees are sufficient to eliminate the current deficit over the agreed period.
- 30 -
GEMCO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,019,021
1,155,754
Between two and five years
1,969,974
2,220,591
In over five years
484,108
669,096
3,473,103
4,045,441
25
Related party transactions
The company has taken advantage of the provisions of the Financial Reporting Standard 102 Section 33 not to disclose transactions with other group companies on the basis that 100% of the voting rights are controlled within the group relevant to those other group companies.false
26
Ultimate controlling party
The ultimate controlling party of the company is Minio S.r.l., a company incorporated in Italy.
The immediate parent company is Nexion Northern Europe A/S, a company incorporated in Denmark.
The largest and smallest groups in which the results of the company are consolidated are those headed by Nexion S.p.A., a company incorporated in Italy, and Nexion Northern Europe A/S, incorporated in Denmark, respectively.
Copies of the group financial statements of Nexion S.p.A. are available from the company's registered office address Via Carpi, 9, 42015 Correggio RE, Italy.
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