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Company No: 11161221 (England and Wales)

MED-PTS AMBULANCE SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MED-PTS AMBULANCE SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MED-PTS AMBULANCE SERVICES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
MED-PTS AMBULANCE SERVICES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 81,288 61,921
81,288 61,921
Current assets
Debtors 4 31,336 98,130
Cash at bank and in hand 5 45,355 26,932
76,691 125,062
Creditors: amounts falling due within one year 6 ( 60,784) ( 90,029)
Net current assets 15,907 35,033
Total assets less current liabilities 97,195 96,954
Provision for liabilities 7 ( 18,918) ( 13,992)
Net assets 78,277 82,962
Capital and reserves
Called-up share capital 100 100
Profit and loss account 78,177 82,862
Total shareholders' funds 78,277 82,962

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of MED-PTS Ambulance Services Ltd (registered number: 11161221) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Robert Willis
Director
Julie Willis
Director

06 August 2024

MED-PTS AMBULANCE SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MED-PTS AMBULANCE SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MED-PTS Ambulance Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 13, Manor Farm Fakenham Road, Weasenham St. Peter, Kings Lynn, PE32 2TF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

This is the first year of adoption of FRS102 1A, with the company previously being eligible to adopt FRS105. There are no material changes as a result of this, however, a provision is now required for deferred taxation in the current year and the figures for the comparative year have also been restated to include both a deferred taxation charge for the year and a provision in the Statement of Financial Position.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover 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 net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 23

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2023 26,030 83,572 4,717 114,319
Additions 19,910 31,300 2,509 53,719
Disposals ( 634) ( 9,300) 0 ( 9,934)
At 31 January 2024 45,306 105,572 7,226 158,104
Accumulated depreciation
At 01 February 2023 11,901 37,479 3,018 52,398
Charge for the financial year 8,254 17,605 1,052 26,911
Disposals ( 168) ( 2,325) 0 ( 2,493)
At 31 January 2024 19,987 52,759 4,070 76,816
Net book value
At 31 January 2024 25,319 52,813 3,156 81,288
At 31 January 2023 14,129 46,093 1,699 61,921

4. Debtors

2024 2023
£ £
Trade debtors 21,797 89,633
Prepayments 9,539 8,497
31,336 98,130

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 45,355 26,932

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 663 19,687
Amounts owed to directors 1,772 1,460
Accruals and deferred income 10,124 5,215
Corporation tax 21,342 32,233
Other taxation and social security 4,403 4,787
Other creditors 22,480 26,647
60,784 90,029

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,992) ( 10,542)
Charged to the Income Statement ( 4,926) ( 3,450)
At the end of financial year ( 18,918) ( 13,992)

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 6,362 6,362
between one and five years 2,120 8,482
8,482 14,844

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,729 1,554