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REGISTERED NUMBER: 04502825 (England and Wales)















Strategic Report, Director's Report and

Audited Financial Statements for the Year Ended 31 March 2024

for

Amvale Medical Transport Limited

Amvale Medical Transport Limited (Registered number: 04502825)






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




Page

Company Information 1

Strategic Report 2

Director's Report 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Amvale Medical Transport Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M J Godfrey





SECRETARY: Mrs J L Godfrey-East





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





REGISTERED NUMBER: 04502825 (England and Wales)





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

Amvale Medical Transport Limited (Registered number: 04502825)

Strategic Report
for the Year Ended 31 March 2024

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of ambulance transport, medical courier and SEN transport services

Our operating offices are still located in Grimsby and Scunthorpe (Head office) and our sister company Amvale Scotland Ltd in Glasgow .

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

The results of the company as set out herein show turnover increasing from £15.65m FYE 31.3.23 to £16.7m 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 0.43 to 0.37

ROCE decreased from 24.4% to 14.6%

Current ratio increased from 2.59 to 2.82

Comparing turnover and costs for 2024 and 2023 and ignoring profit from asset disposals as a reduction in costs, ignoring other income, adjusting for bad debts in turnover, including depreciation and ignoring exceptional items leads to a trading turnover increase of 8.1% and OPEX increase of 5.3% (minus 5.3%) and therefore a JAWS ratio of +2.8%. Jaws ratio is defined as the difference between the percentage growth in turnover and the percentage growth in expenses.

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 . Amvale Medical Transport 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:

Amvale Medical Transport Limited (Registered number: 04502825)

Strategic Report
for the Year Ended 31 March 2024

- Working with our ESOS partner to better understand areas in which we can improve (the business is currently undertaking an ESOS Phase 3 assessment).
- 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

Amvale Medical Transport Limited (Registered number: 04502825)

Director's Report
for the Year Ended 31 March 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of medical and school transport services.

DIVIDENDS
An interim dividend of £6.50 per share was paid on 30 April 2023. The director recommends that no final dividend be paid.

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 company 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 company. 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 company continues and that appropriate support and training is provided. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Overall the company 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 Strategic Report, the Director's Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Amvale Medical Transport Limited (Registered number: 04502825)

Director's Report
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 company'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 company'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
Amvale Medical Transport Limited

Opinion
We have audited the financial statements of Amvale Medical Transport Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 March 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.

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 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 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 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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Amvale Medical Transport 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 or the Director's 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 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 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 company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Amvale Medical Transport 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.

Through discussion with management and those charged with governance we gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. During the engagement team briefing we communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

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, tax legislations and CQC regulations. 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.

Report of the Independent Auditors to the Members of
Amvale Medical Transport Limited


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

9 August 2024

Amvale Medical Transport Limited (Registered number: 04502825)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 16,719,100 15,653,987

Cost of sales 14,719,130 13,709,054
GROSS PROFIT 1,999,970 1,944,933

Administrative expenses 796,247 1,596,672
OPERATING PROFIT 5 1,203,723 348,261

Exceptional items 6 - 1,472,028
1,203,723 1,820,289

Interest receivable and similar income 119,237 1,488
1,322,960 1,821,777

Interest payable and similar expenses 7 124,026 96,041
PROFIT BEFORE TAXATION 1,198,934 1,725,736

Tax on profit 8 344,328 284,177
PROFIT FOR THE FINANCIAL YEAR 854,606 1,441,559

Amvale Medical Transport Limited (Registered number: 04502825)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 854,606 1,441,559


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

854,606

1,441,559

Amvale Medical Transport Limited (Registered number: 04502825)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,533,391 3,566,296

CURRENT ASSETS
Stocks 11 21,252 27,874
Debtors 12 4,775,239 5,010,574
Cash at bank and in hand 2,424,160 2,075,846
7,220,651 7,114,294
CREDITORS
Amounts falling due within one year 13 2,560,257 2,785,338
NET CURRENT ASSETS 4,660,394 4,328,956
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,193,785

7,895,252

CREDITORS
Amounts falling due after more than one
year

14

(1,368,412

)

(1,855,145

)

PROVISIONS FOR LIABILITIES 18 (208,226 ) (147,566 )
NET ASSETS 6,617,147 5,892,541

CAPITAL AND RESERVES
Called up share capital 19 20,000 20,000
Share premium 20 464,306 464,306
Retained earnings 20 6,132,841 5,408,235
SHAREHOLDERS' FUNDS 6,617,147 5,892,541

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





M J Godfrey - Director


Amvale Medical Transport Limited (Registered number: 04502825)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 20,000 4,182,676 464,306 4,666,982

Changes in equity
Dividends - (216,000 ) - (216,000 )
Total comprehensive income - 1,441,559 - 1,441,559
Balance at 31 March 2023 20,000 5,408,235 464,306 5,892,541

Changes in equity
Dividends - (130,000 ) - (130,000 )
Total comprehensive income - 854,606 - 854,606
Balance at 31 March 2024 20,000 6,132,841 464,306 6,617,147

Amvale Medical Transport Limited (Registered number: 04502825)

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

1. STATUTORY INFORMATION

Amvale Medical Transport 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 company'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 company 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 rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract and based on the timing of the services performed.

Amvale Medical Transport Limited (Registered number: 04502825)

Notes to the 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 company 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 company. 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
Freehold Property- 2% on cost


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 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.

Amvale Medical Transport Limited (Registered number: 04502825)

Notes to the 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they are paid.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue 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 carry 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 company.

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

31.3.24 31.3.23
£    £   
Ambulance and mental health 8,777,489 8,016,659
Transplant and other sales 2,040,794 1,701,962
School transport 5,900,817 5,935,366
16,719,100 15,653,987

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 8,941,719 7,968,538
Social security costs 724,290 625,842
Other pension costs 604,828 231,477
10,270,837 8,825,857

Amvale Medical Transport Limited (Registered number: 04502825)

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

4. EMPLOYEES AND DIRECTORS - continued

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
£    £   
Directors' remuneration 26,710 27,879
Directors' pension contributions to money purchase schemes - 64,000

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 118,523 114,205
Depreciation - owned assets 632,909 423,110
Depreciation - assets on hire purchase contracts 299,424 464,750
Profit on disposal of fixed assets (165,126 ) (25,806 )
Auditors' remuneration 13,650 12,995
Auditors' remuneration for non audit work 4,494 8,003

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.

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

Amvale Medical Transport Limited (Registered number: 04502825)

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

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 283,669 195,708

Deferred tax 60,659 88,469
Tax on profit 344,328 284,177

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 1,198,934 1,725,736
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

299,734

327,890

Effects of:
Expenses not deductible for tax purposes 1,745 2,114
Depreciation in excess of capital allowances 42,849 19,754
Prior year adjustment - (62,953 )
Corporation tax interest - (2,628 )
Total tax charge 344,328 284,177

9. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim 130,000 216,000

Amvale Medical Transport Limited (Registered number: 04502825)

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

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 790,925 577,279 87,161
Additions 150,962 32,773 555
Disposals - - -
At 31 March 2024 941,887 610,052 87,716
DEPRECIATION
At 1 April 2023 5,273 370,381 58,591
Charge for year 18,334 36,870 4,347
Eliminated on disposal - - -
At 31 March 2024 23,607 407,251 62,938
NET BOOK VALUE
At 31 March 2024 918,280 202,801 24,778
At 31 March 2023 785,652 206,898 28,570

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 6,607,236 108,692 8,171,293
Additions 856,527 35,661 1,076,478
Disposals (730,596 ) - (730,596 )
At 31 March 2024 6,733,167 144,353 8,517,175
DEPRECIATION
At 1 April 2023 4,091,266 79,486 4,604,997
Charge for year 860,438 12,344 932,333
Eliminated on disposal (553,546 ) - (553,546 )
At 31 March 2024 4,398,158 91,830 4,983,784
NET BOOK VALUE
At 31 March 2024 2,335,009 52,523 3,533,391
At 31 March 2023 2,515,970 29,206 3,566,296

Amvale Medical Transport Limited (Registered number: 04502825)

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

10. TANGIBLE FIXED ASSETS - continued

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

11. STOCKS
31.3.24 31.3.23
£    £   
Stocks 21,252 27,874

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,661,591 2,161,308
Amounts owed by group undertakings 261,744 381,671
Other debtors 671,708 644,151
Director's loan account 727,097 128,940
Tax - 18,711
Prepayments 453,099 1,675,793
4,775,239 5,010,574

Amvale Medical Transport Limited (Registered number: 04502825)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 15) 276,006 288,441
Hire purchase contracts (see note 16) 726,199 718,892
Trade creditors 415,104 633,813
Corporation tax 3,669 -
Social security and other taxes 221,530 250,516
VAT 326,705 94,895
Other creditors 184,663 107,018
Accrued expenses 406,381 691,763
2,560,257 2,785,338

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 15) 319,698 583,269
Hire purchase contracts (see note 16) 1,048,714 1,271,876
1,368,412 1,855,145

15. LOANS

An analysis of the maturity of loans is given below:

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

The terms of repayment and interest rates for debts falling due after more than 5 years are by monthly instalment based on a fixed interest rate of 2.46%.

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

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

Amvale Medical Transport Limited (Registered number: 04502825)

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

17. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 1,774,913 1,990,768

Amounts outstanding on hire purchase contracts are secured against the related asset acquired.

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

18. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 208,226 147,566

Deferred
tax
£   
Balance at 1 April 2023 147,566
Provided during year 60,660
Balance at 31 March 2024 208,226

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
20,000 Ordinary £1 20,000 20,000

20. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 5,408,235 464,306 5,872,541
Profit for the year 854,606 854,606
Dividends (130,000 ) (130,000 )
At 31 March 2024 6,132,841 464,306 6,597,147

21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

31.3.2431.3.23
££
Balance owing from directors 727,096128,940
Maximum outstanding balance during the year 727,096215,191
Interest charged at the official rate of interest8,1081,488

Amvale Medical Transport Limited (Registered number: 04502825)

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

22. 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 919,413 319,092
Purchases made from related parties 274,571 720,187
Amounts owing from related parties 638.200 577,460

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.

23. ULTIMATE CONTROLLING PARTY

The controlling party is AMT2 Limited.

The ultimate controlling party is M J Godfrey.