Company registration number 08341197 (England and Wales)
ASSOCIATION OF AIR AMBULANCES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ASSOCIATION OF AIR AMBULANCES LIMITED
COMPANY INFORMATION
Directors
Mr D Brown
Ms A L Perry
Mrs H Benjamin
Secretary
Ms S Akhtar
Company number
08341197
Registered office
International House
126 Colmore Row
Birmingham
B3 3AP
Accountants
Jerroms GCN Limited
Five Mile House
128 Hanbury Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4JZ
ASSOCIATION OF AIR AMBULANCES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of comprehensive income
3
Balance sheet
5
Notes to the financial statements
6 - 9
ASSOCIATION OF AIR AMBULANCES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of a not for profit association operating for the benefit of air ambulances.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Brown
Ms A L Perry
Mrs H Benjamin
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs H Benjamin
Director
10 August 2022
ASSOCIATION OF AIR AMBULANCES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ASSOCIATION OF AIR AMBULANCES LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Association of Air Ambulances Limited for the year ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Association of Air Ambulances Limited, as a body, in accordance with the terms of our engagement letter dated 25 March 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Association of Air Ambulances Limited and state those matters that we have agreed to state to the Board of Directors of Association of Air Ambulances Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Association of Air Ambulances Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Association of Air Ambulances Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Association of Air Ambulances Limited. You consider that Association of Air Ambulances Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Association of Air Ambulances Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
10 August 2022
Chartered Certified Accountants
Five Mile House
128 Hanbury Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4JZ
ASSOCIATION OF AIR AMBULANCES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
2021
2020
£
£
Income
146,674
127,766
Cost of sales
(7,151)
(8,925)
Gross surplus
139,523
118,841
Administrative expenses
(94,796)
(113,812)
Surplus before taxation
44,727
5,029
Tax on surplus
Surplus for the financial year
44,727
5,029
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
ASSOCIATION OF AIR AMBULANCES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Income and expenditure
£
Balance at 1 January 2020
94,967
Year ended 31 December 2020:
Profit and total comprehensive income for the year
5,029
Balance at 31 December 2020
99,996
Year ended 31 December 2021:
Profit and total comprehensive income for the year
44,727
Balance at 31 December 2021
144,723
ASSOCIATION OF AIR AMBULANCES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 5 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
5
51,048
24,639
Cash at bank and in hand
160,242
100,796
211,290
125,435
Creditors: amounts falling due within one year
6
(66,567)
(25,439)
Net current assets
144,723
99,996
Reserves
Income and expenditure account
144,723
99,996
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
Mrs H Benjamin
Director
Company Registration No. 08341197
ASSOCIATION OF AIR AMBULANCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
1
Accounting policies
Company information
Association of Air Ambulances Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is International House, 126 Colmore Row, Birmingham, B3 3AP.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.3
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.
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:
Office equipment
50% on cost
Website
33% on cost
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 surplus or deficit.
1.4
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.
1.5
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.6
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from surplus as reported in the income and expenditure 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.
ASSOCIATION OF AIR AMBULANCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.7
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.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
ASSOCIATION OF AIR AMBULANCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Tangible fixed assets
Plant and machinery etc
Website
Total
£
£
£
Cost
At 1 January 2021
2,292
22,018
24,310
Disposals
(2,292)
(2,292)
At 31 December 2021
22,018
22,018
Depreciation and impairment
At 1 January 2021
2,292
22,018
24,310
Depreciation charged in the year
(2,292)
(2,292)
At 31 December 2021
22,018
22,018
Carrying amount
At 31 December 2021
At 31 December 2020
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
10,940
Amounts owed by group undertakings
145
145
Other debtors
707
1,781
Prepayments and accrued income
39,256
22,713
51,048
24,639
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
936
359
Amounts owed to group undertakings
41,844
2,589
Other creditors
58
Accruals and deferred income
23,787
22,433
66,567
25,439
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
ASSOCIATION OF AIR AMBULANCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Related party transactions
During the year, management charges were received from Association of Air Ambulance (Charity) Limited, a charitable company, being the company's sole member, of £Nil (2020: £2,035).
Certain expenses were recharged to Association of Air Ambulances (Charity) Limited. These amounted to £Nil (2020: £5,498).
Certain expenses were also recharged/rechargeable by Association of Air Ambulances (Charity) Limited to the company. These amounted to £39,255 rechargeable (2020: £25,105 recharged; £2,589 rechargeable).
Sales totalling £Nil (2020: £190) were made to Association of Air Ambulances (Charity) Limited during the year.
At the year end a balance of £145 (2020: £145) was owed from Association of Air Ambulances (Charity) Limited and is included within debtors due within one year.
At the year end a balance of £41,844 (2020: £2,589) was owed to Association of Air Ambulances (Charity) Limited and is included within accruals.
9
Parent company
The company was acquired by the Association of Air Ambulances (Charity) Limited to become its legal subsidiary, which took place at midnight between 31 December 2019 and 1 January 2020. The Association of Air Ambulances (Charity) Limited (AAUK), a company limited by guarantee (company number: 09391251) and a charity (Registered Charity number: 1161153), registered in England and Wales, became the sole member of the company. The registered office address of AAUK is 126 Colmore Row, Birmingham, England, B3 3AP.
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