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REGISTERED NUMBER: 09647285 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

AMT2 Limited

AMT2 Limited (Registered number: 09647285)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


AMT2 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M J Godfrey





REGISTERED OFFICE: Unit 1 C/D Birkdale Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2AU





REGISTERED NUMBER: 09647285 (England and Wales)





AUDITORS: Haines Watts, Chartered Accountants
117 - 119 Cleethorpe Road
Grimsby
North East Lincs
DN31 3ET

AMT2 Limited (Registered number: 09647285)

Group Strategic Report
for the Year Ended 31 March 2024

PRINCIPAL ACTIVITY

The groups principal activity continued to be that of the provision of ambulance transport, medical courier and SEN transport services.

Our operating offices are still located in Grimsby, Glasgow and Scunthorpe (Head office).

The business operates within the CQC regulatory regime where applicable and as a business we are ISO 9001:2015 accredited, a Qualsafe approved training centre, Cyber Essentials Certified and Disability Confident Committed.

The company is proud to work alongside its customers and to have introduced enhanced & bespoke services which have led to a reduction of turnaround times and operating costs for the customer and a greatly improved service user experience.

REVIEW OF BUSINESS

Revenue

The results of the company as set out herein show turnover increasing from £16.7m FYE 31.3.23 to £18.2m 31.3.24.

The company is always actively seeking new opportunities where we can provide enhanced service capabilities and cost benefits to our customers.

The company has been successful with competitive tenders for schools transport resulting in a number of secured contracts that will assist in providing stability over the coming 3-5 years.

Business Performance

Over the course of the reported financial year the business continued to provide a high quality service across its spectrum of operations and this is borne out from service user and customer satisfaction surveys.

Our business challenges are not unlike those faced by many SMEs in the wider economy, rising costs, compliancy costs, tax burdens borne by businesses, employment related costs to name but a few.

It is envisaged that taxation & supply costs will continue to rise over the coming year.

The business continues with its cost monitoring programmes which have provided improved cost control & tangible cost reductions.

Investment in and increased use of technology is improving data reporting, providing operational efficiency benefits, reducing transactional processing costs and increasing productivity in back office functions.

Debt ratio reduced from 0.45 to 0.39

ROCE decreased from 31.5% to 20.7%

Current ratio increased from 2.42 to 2.65

Energy efficiency actions

At year end the number of vehicles that were compliant to EURO6 made up 89% of the total fleet of 361 vehicles up from 81% FYE 2022 . AMT2 is all too aware that all businesses generate an environmental impact.

We aim to minimise our impact where possible and we have introduced various initiatives to support our aims which are:
- Working with our ESOS partner to better understand areas in which we can improve (the business is currently undertaking an ESOS Phase 3 assessment).

AMT2 Limited (Registered number: 09647285)

Group Strategic Report
for the Year Ended 31 March 2024

- Following the NHS Non emergency patient transport decarbonisation timeline which recommends that from 2023 50% of vehicles used to deliver contracts are of the latest emissions standards Ultra low emissions vehicles (ULEV) or zero emissions vehicles (ZEV) 75% from 2026
- Introduction of led lights in offices and auto sensing switches in communal areas
- Monitoring and reporting of vehicle idling times
- Reminder to all to think before they print and place greater emphasis on using electronic means of storing and sharing data rather than using paper wherever possible
- Driver performance scoring. This includes monitoring various areas of driver behaviour and providing awareness and retraining as required.

Employees

The board would like to thank all employees for their continued efforts and support to the company, our customers and the service users themselves.

We continue to upskill our employees by way of ad hoc training as well as professional and accredited membership training and we have increasingly utilised the apprenticeship levy scheme to support both internal upskilling and to provide accredited training to new employees.

Regular two way communication with employees takes place in a formal manner through meetings held between the general manager, directors and heads of departments and a minimum of 3 ; maximum 6 employees on a rotating basis to ensure that the business obtain input from a wide base of employees.

The meeting minutes and actions are distributed to all employees within the operating division and followed through by all parties to ensure that the common purpose of providing a safe, pleasant, fair and engaged environment for all employees to work is at the forefront of the business.

We provide a number of channels to keep employees informed and engaged such as site tv monitors, social media and we are working towards producing a quarterly company gazette.

ON BEHALF OF THE BOARD:





M J Godfrey - Director


9 August 2024

AMT2 Limited (Registered number: 09647285)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The groups principal activity continued to be that of the provision of ambulance transport, medical courier and SEN transport services.

DIVIDENDS
An interim dividend of £260 per share was paid on the Ordinary £0.10 shares on 30 April 2023. No dividends were paid on the Ordinary A £1 shares.

The total distribution of dividends for the year ended 31 March 2024 will be £ 130,000 .

DIRECTOR
M J Godfrey held office during the whole of the period from 1 April 2023 to the date of this report.

EMPLOYEES
The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group. This has been achieved through formal and informal meetings, electronic communication and updates and the annual financial statements.

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate support and training is provided. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Overall the group policy for recruitment, selection, remuneration, training, development and promotion are designed to ensure that eligibility is considered on the basis of the aptitudes and abilities of the person concerned and that nobody receives less favourable treatment on any grounds.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 company and the group 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 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AMT2 Limited (Registered number: 09647285)

Report of the Director
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the 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 group's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Godfrey - Director


9 August 2024

Report of the Independent Auditors to the Members of
AMT2 Limited

Opinion
We have audited the financial statements of AMT2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 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 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 Auditors' 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 opinion.

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 and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors 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.

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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
AMT2 Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 director
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
AMT2 Limited


Auditors' 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 a Report of the Auditors 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.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP (FRS102), the Companies Act 2006 and tax legislations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We evaluated management's incentives and opportunities for fraudulent manipulations of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates.

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:
- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
- enquiries with the same concerning any actual or potential litigation claims;
- reviewed risk of management override;
- review of journal entries posted with unusual account combinations or posted by senior management;
- reviewing accounting estimates for bias;
- performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud;
- agreeing financial statement disclosures to underlying supporting documentation.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities,
the effectiveness of the entity's controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Jennifer Toulson FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Chartered Accountants
117 - 119 Cleethorpe Road
Grimsby
North East Lincs
DN31 3ET

9 August 2024

AMT2 Limited (Registered number: 09647285)

Consolidated Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 18,275,164 16,771,387

Cost of sales 15,959,567 14,649,825
GROSS PROFIT 2,315,597 2,121,562

Administrative expenses 947,916 1,707,813
1,367,681 413,749

Other operating income 19,978 50,000
OPERATING PROFIT 5 1,387,659 463,749

Exceptional items 6 - 1,472,028
1,387,659 1,935,777

Interest receivable and similar income 119,237 1,488
1,506,896 1,937,265

Interest payable and similar expenses 7 124,026 96,041
PROFIT BEFORE TAXATION 1,382,870 1,841,224

Tax on profit 8 427,031 305,495
PROFIT FOR THE FINANCIAL YEAR 955,839 1,535,729
Profit attributable to:
Owners of the parent 955,839 1,535,729

AMT2 Limited (Registered number: 09647285)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 955,839 1,535,729


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

955,839

1,535,729

Total comprehensive income attributable to:
Owners of the parent 955,839 1,535,729

AMT2 Limited (Registered number: 09647285)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 3,687,809 3,675,037
Investments 12 - -
3,687,809 3,675,037

CURRENT ASSETS
Stocks 13 66,842 75,865
Debtors 14 4,790,404 4,878,881
Cash at bank and in hand 2,501,815 2,124,465
7,359,061 7,079,211
CREDITORS
Amounts falling due within one year 15 2,765,216 2,920,608
NET CURRENT ASSETS 4,593,845 4,158,603
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,281,654

7,833,640

CREDITORS
Amounts falling due after more than one
year

16

(1,368,412

)

(1,855,145

)

PROVISIONS FOR LIABILITIES 20 (242,806 ) (133,898 )
NET ASSETS 6,670,436 5,844,597

CAPITAL AND RESERVES
Called up share capital 21 550 550
Share premium 22 464,306 464,306
Merger reserve 22 19,450 19,450
Retained earnings 22 6,186,130 5,360,291
SHAREHOLDERS' FUNDS 6,670,436 5,844,597

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





M J Godfrey - Director


AMT2 Limited (Registered number: 09647285)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 750 650
750 650

CURRENT ASSETS
Cash at bank 3,500 -

CREDITORS
Amounts falling due within one year 15 3,700 100
NET CURRENT LIABILITIES (200 ) (100 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

550

550

CAPITAL AND RESERVES
Called up share capital 21 550 550
SHAREHOLDERS' FUNDS 550 550

Company's profit for the financial year 130,000 216,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





M J Godfrey - Director


AMT2 Limited (Registered number: 09647285)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Merger Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 550 4,040,562 464,306 19,450 4,524,868

Changes in equity
Dividends - (216,000 ) - - (216,000 )
Total comprehensive income - 1,535,729 - - 1,535,729
Balance at 31 March 2023 550 5,360,291 464,306 19,450 5,844,597

Changes in equity
Dividends - (130,000 ) - - (130,000 )
Total comprehensive income - 955,839 - - 955,839
Balance at 31 March 2024 550 6,186,130 464,306 19,450 6,670,436

AMT2 Limited (Registered number: 09647285)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 550 - 550

Changes in equity
Dividends - (216,000 ) (216,000 )
Total comprehensive income - 216,000 216,000
Balance at 31 March 2023 550 - 550

Changes in equity
Dividends - (130,000 ) (130,000 )
Total comprehensive income - 130,000 130,000
Balance at 31 March 2024 550 - 550

AMT2 Limited (Registered number: 09647285)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,730,058 1,783,422
Interest paid (16,123 ) (21,720 )
Interest element of hire purchase payments
paid

(107,903

)

(74,321

)
Tax paid (286,175 ) (77,367 )
Net cash from operating activities 2,319,857 1,610,014

Cash flows from investing activities
Purchase of tangible fixed assets (472,806 ) (1,096,200 )
Sale of tangible fixed assets 344,259 290,306
Interest received 119,237 1,488
Net cash from investing activities (9,310 ) (804,406 )

Cash flows from financing activities
New loans in year - 240,000
Loan repayments in year (276,006 ) (218,291 )
Capital repayments in year (921,455 ) (676,031 )
Amount introduced by directors 130,240 289,404
Amount withdrawn by directors (735,976 ) (195,574 )
Equity dividends paid (130,000 ) (216,000 )
Net cash from financing activities (1,933,197 ) (776,492 )

Increase in cash and cash equivalents 377,350 29,116
Cash and cash equivalents at beginning of
year

2

2,124,465

2,095,349

Cash and cash equivalents at end of year 2 2,501,815 2,124,465

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
Profit before taxation 1,382,870 1,841,224
Depreciation charges 988,584 929,575
Profit on disposal of fixed assets (167,209 ) (27,965 )
Finance costs 124,026 96,041
Finance income (119,237 ) (1,488 )
2,209,034 2,837,387
Decrease/(increase) in stocks 9,023 (33,798 )
Decrease/(increase) in trade and other debtors 675,501 (1,386,273 )
(Decrease)/increase in trade and other creditors (163,500 ) 366,106
Cash generated from operations 2,730,058 1,783,422

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,501,815 2,124,465
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,124,465 2,095,349


AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank
and in hand 2,124,465 377,350 2,501,815
2,124,465 377,350 2,501,815
Debt
Finance leases (1,990,768 ) 921,455 - (1,774,913 )
Debts falling due
within 1 year (288,441 ) 12,435 - (276,006 )
Debts falling due
after 1 year (583,269 ) 263,571 - (319,698 )
(2,862,478 ) 1,197,461 - (2,370,617 )
Total (738,013 ) 1,574,811 - 131,198

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

AMT2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In applying the Group's accounting policies set out below management is required to make certain estimates and judgements concerning the future. These judgements are regularly reviewed and updated as necessary. The estimates and judgements that have most significant effect on the amounts included in these financial statements are as follows:

- Useful lives of plant and equipment
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated useful lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly.

- Trade debtors
The Group reviews the reconcilability of trade debtors and makes allowances for doubtful debts where considered appropriate. If there is evidence of impairment the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the income statement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, and value added tax and other sales taxes. Turnover includes revenue earned from the sales of goods and from the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised.

Repairs and maintenance are charged to the income statement during the period in which they are incurred.

Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, except for freehold land, evenly over their expected useful lives. It is calculated at the following rates:

Plant and machinery-25% on reducing balance
Motor vehicles-20% on cost
Fixtures and fittings-15% on reducing balance
Computer equipment-25% on reducing balance


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated on an average cost basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Ambulance and mental health 8,588,237 8,016,659
Transplant and other sales 2,040,794 1,701,962
School transport 5,900,817 5,935,366
Events 1,745,316 1,117,400
18,275,164 16,771,387

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 9,172,693 8,177,484
Social security costs 748,349 647,724
Other pension costs 610,652 236,437
10,531,694 9,061,645

The average number of employees during the year was as follows:
31.3.24 31.3.23

Management and administration 17 22
Ambulance station and control staff 12 12
Paramedics and technicians 142 138
SEN staff 328 306
499 478

31.3.24 31.3.23
£    £   
Director's remuneration 26,710 10,113
Director's pension contributions to money purchase schemes - 63,657

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 460,591 478,037
Other operating leases 127,364 122,753
Depreciation - owned assets 689,160 464,826
Depreciation - assets on hire purchase contracts 299,424 464,750
Profit on disposal of fixed assets (167,209 ) (27,965 )
Auditors' remuneration 17,565 16,795
Auditors' remuneration for non audit work 6,406 9,847

6. EXCEPTIONAL ITEMS
31.3.24 31.3.23
£    £   
Exceptional items - 1,472,028

The exceptional item in the prior period relates to the successful resolution of a longstanding input tax reclaim.

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest 16,123 21,720
Hire purchase 107,903 74,321
124,026 96,041

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 318,122 220,594

Deferred tax 108,909 84,901
Tax on profit 427,031 305,495

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 1,382,870 1,841,224
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

345,718

349,833

Effects of:
Expenses not deductible for tax purposes 1,892 (10,673 )
Capital allowances in excess of depreciation - (33,665 )
Depreciation in excess of capital allowances 48,347 -
Adjustments to tax charge in respect of previous periods 31,074 -
Total tax charge 427,031 305,495

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of £0.10 each
Interim 130,000 216,000

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 790,925 668,605 97,485
Additions 150,962 105,254 831
Disposals - - -
At 31 March 2024 941,887 773,859 98,316
DEPRECIATION
At 1 April 2023 5,273 413,058 62,898
Charge for year 18,334 62,311 5,259
Eliminated on disposal - - -
At 31 March 2024 23,607 475,369 68,157
NET BOOK VALUE
At 31 March 2024 918,280 298,490 30,159
At 31 March 2023 785,652 255,547 34,587

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 6,731,800 120,540 8,409,355
Additions 882,909 38,450 1,178,406
Disposals (730,596 ) - (730,596 )
At 31 March 2024 6,884,113 158,990 8,857,165
DEPRECIATION
At 1 April 2023 4,168,309 84,780 4,734,318
Charge for year 888,286 14,394 988,584
Eliminated on disposal (553,546 ) - (553,546 )
At 31 March 2024 4,503,049 99,174 5,169,356
NET BOOK VALUE
At 31 March 2024 2,381,064 59,816 3,687,809
At 31 March 2023 2,563,491 35,760 3,675,037

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 3,143,051
Additions 705,601
Transfer to ownership (825,841 )
At 31 March 2024 3,022,811
DEPRECIATION
At 1 April 2023 2,380,859
Charge for year 299,424
Transfer to ownership (1,794,905 )
At 31 March 2024 885,378
NET BOOK VALUE
At 31 March 2024 2,137,433
At 31 March 2023 762,192

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023 650
Additions 100
At 31 March 2024 750
NET BOOK VALUE
At 31 March 2024 750
At 31 March 2023 650

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Amvale Medical Transport Limited
Registered office: Unit 1 C/D Birkdale Road, South Park Industrial Estate, Scunthorpe, North Lincolnshire, DN17 2AU
Nature of business: Medical and school transport services
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 6,617,147 5,892,541
Profit for the year 854,606 1,441,559

Amvale Scotland Limited
Registered office: Q Court, 3 Quality Street, Edinburgh, Scotland, EH4 5BP
Nature of business: Medical services
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 53,388 (47,844 )
Profit for the year 101,232 94,170


13. STOCKS

Group
31.3.24 31.3.23
£    £   
Stocks 66,842 75,865

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.3.24 31.3.23
£    £   
Trade debtors 2,921,831 2,394,574
Other debtors 671,708 651,630
Directors' loan accounts 727,097 121,361
Tax - 18,711
Prepayments 469,768 1,692,605
4,790,404 4,878,881

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 276,006 288,441 - -
Hire purchase contracts (see note 18) 726,199 718,892 - -
Trade creditors 523,588 701,808 - -
Amounts owed to group undertakings - - 3,500 -
Corporation tax 38,122 24,886 - -
Social security and other taxes 228,692 255,656 - -
VAT 369,420 122,290 - -
Other creditors 186,308 108,178 200 100
Accrued expenses 416,881 700,457 - -
2,765,216 2,920,608 3,700 100

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.3.24 31.3.23
£    £   
Bank loans (see note 17) 319,698 583,269
Hire purchase contracts (see note 18) 1,048,714 1,271,876
1,368,412 1,855,145

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 276,006 288,441
Amounts falling due between one and two years:
Bank loans - 1-2 years 269,698 288,441
Amounts falling due between two and five years:
Bank loans - 2-5 years 50,000 294,828

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 726,199 718,892
Between one and five years 1,048,714 1,271,876
1,774,913 1,990,768

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Bank loans 595,704 871,710
Hire purchase contracts 1,774,913 1,990,768
2,370,617 2,862,478

Obligations under hire purchase agreements are secured by a charge over the assets to which they relate.

The bank loan is secured against a fixed and floating charge over the Group's assets.

20. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 242,806 133,898

Group
Deferred
tax
£   
Balance at 1 April 2023 133,898
Provided during year 108,908
Balance at 31 March 2024 242,806

AMT2 Limited (Registered number: 09647285)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
500 Ordinary A £1 500 500
500 Ordinary £0.10 50 50
550 550

22. RESERVES

Group
Retained Share Merger
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 5,360,291 464,306 19,450 5,844,047
Profit for the year 955,839 955,839
Dividends (130,000 ) (130,000 )
At 31 March 2024 6,186,130 464,306 19,450 6,669,886


23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date Mr M J Godfrey, a director of the company, had a balance owing to the company of £727,096 (2023 : £121,361). The maximum outstanding balance during the year was £727,096. Interest of £8,108 was charged on the overdrawn balance during the year at the official rate of interest. There are no formal repayment terms.

24. RELATED PARTY DISCLOSURES

Information about related party transactions and outstanding balances are outlined below:

31.3.24 31.3.23
£ £
Sales made to related parties 919,413 319,309
Purchases made from related parties 289,760 731,912
Amounts owing from related parties 657,368 576,397

Outstanding balances due to/from the company are unsecured and no formal agreement is in place.

The related parties are companies of which M J Godfrey is also a director or a shareholder.

No compensation was paid to key management personnel during the year. However during the year ended 31 March 2023 a total of key management personnel compensation of £ 112,797 was paid.

Key management personnel consists of a director in a subsidiary of the group.

25. ULTIMATE CONTROLLING PARTY

The controlling party is M J Godfrey.