Gemec Limited

Gemec Limited, based in Borehamwood, UK, is a medium-sized company, active since its founding ten years ago in 2015. Employing 34 people, the company holds £7,675,542 in assets and generates £12,895,986 in yearly revenue. It operates from a real address and is led by two directors and one owner, Thomas Vassilis. The company regularly imports electrical machinery and equipment (55 months) and exports vehicles, parts, and accessories (3 months).

Gemec Limited functions as an engineering, procurement, and construction (EPC) contractor specializing in renewable energy projects, particularly solar farms. Its website highlights expertise in wind, hydro, solar, and bio energy, offering services from engineering design to project completion. The company is a subsidiary of ELECTROMEC S.A., a Greek group with operations in Romania and Libya. It has participated in tenders across the UK, Ireland, Denmark, and Africa, and is establishing a business partnership in Alberta, Canada.

Financially, Gemec Limited shows a mixed picture. While cash at bank decreased by 23% to £3,600,000, current assets increased by 14% to £7,700,000. However, net losses deepened to £1,200,000, and administrative expenses surged by 57% to £1,400,000. Borrowings from directors increased significantly, with advances and credits rising by 96% and 590% respectively. Trade debtors ballooned by 100% to £2,000,000, potentially indicating difficulties with customer payments. The company’s medium size (meeting two of three criteria for turnover under £36 million, assets under £18 million, and fewer than 250 employees) allows for flexibility, but the increase in losses is a cause for concern. The company’s financial statements were audited by AC Partners LLP.

The company’s focus on EPC contracts, particularly in the renewable energy sector, suggests a reliance on securing and completing large-scale projects. The increase in administrative expenses, combined with the deeper losses, may indicate growing operational costs or challenges in project profitability.

Registered in England/Wales under the registration number 09395933, with a registered address at WD6 1NA, England, Borehamwood, Unit 6 Devonshire Business Park, Chester Road.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.