Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
COMPANY INFORMATION
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EMED GROUP HOLDINGS LIMITED
CONTENTS
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EMED GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their Annual Report, comprising the Strategic Report and Directors' Report, and audited financial statements of EMED Group Holdings Limited ("the Company", or "EMED") for the year ended 31 December 2023.
The Company heads up a group consisting of the companies listed in note 16 of these financial statements ("the Group"). The principal activity of the Group is to provide patient transport services in the healthcare industry. On 1st February 2023, the Group acquired the entire share capital of ERS Transition Limited – Trading as EMED Group Limited. (“ERS Transition”).
Following the acquisition of ERS Transition, the business has made significant investment in a full integration program of operational and system integration across the group which has provided a market leading scalable, secure and data lead platform to increase value to our service users and patients. EMED forecasts substantial growth in 2024/25 from successful NHS bid procurement processes.
EMED is now the UK’s leading national provider of Non Emergency Ambulance transport and medical courier services, operating 62 long term NHS contracts through a nationwide infrastructure of 55 locations, 2,700 employees and 1,200 vehicles. The EMED vision is to improve the wellbeing of patients in communities by enabling access to vital health and social care services. The Group is segmented into four operating divisions which provide complimentary and integrated services to our customer ICBs, NHS trusts and Local Authorities. The Group has been able to leverage the extensive nationwide footprint and invested in two new divisions Safe Care and Community Care, which include dedicated divisional leadership.
∙Patient Care is EMED's largest division and has successfully tendered a further £57m of Annual Contract Value to be mobilised in 2024.
∙Safe Care provides wholistic services to a range of service users with Mental Health conditions.
∙Community Care is SEND transport from home to school services for children and adults with special needs and disabilities.
∙Courier Services provide the NHS and local community embedded services which bring key medication, equipment and care directly to the healthcare setting. Our capabilities include pathology courier and in home diagnostics support through a dedicated fleet of cold storage vehicles.
Turnover increased during 2023 from £56,426,169 to £108,904,460 driven primarily from the business combination of ERS Transition with EZEC Medical Transport, both trading as EMED Group Limited. ERS Transition turnover for the 11 month period was £49,468,962. The Group incurred higher non-recurring costs of £2,997,661 (2022: £746,404) of which £1,399,962 related to the Group investment in the integration of Ezec and ERS, and £1,422,680 of exceptional wages costs following the acquisition by the Group. The Group's balance sheet shows a net asset position of £2,430,394 (2022: £6,492,924). EMED Group secured lending of a senior financing facility which has been fully drawn to satisfy the acquisition of ERS and refinancing of Shareholder loan notes. The Board are satisfied that adequate finance is in place to take advantage of business opportunities and the directors consider the state of affairs to be satisfactory. The Group continues to expand and look for further business opportunities such that it expects turnover to continue to increase in 2024.
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EMED GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group is subject to competition for key contracts which are let periodically in open tender. The Group maintains close links with all customers and focuses on quality of service to maximise retention of contracts.
The Group has seen significant inflationary pressures and wage increases recently and continues to see this resonate in the supply chain. Furthermore, the labour market remains tight due to the general economy presenting ongoing recruitment and retention challenges. The Group mitigates inflationary pressures through customer conversations, and has a systematic approach to its people agenda. Barriers to entry are high, and mobilising new contracts rely on an effective vehicle procurement and financing process. EMED have mitigated procurement delay by successfully forming a strategic partnership with a vehicle procurement specialist, from which the business needs are anticipated to be met.
With people being a critical part of our business, staff retention and related employee data is monitored closely, staff turnover has decreased from the beginning of the year from 39% to 30% and management believe a target of below 30% can be achieved with a continued focus on the Employee Value Proposition and creating the right culture and environment for staff to work in.
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EMED GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors consider that they have acted in good faith and a way most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December 2023.
Colleague engagement Our employees are a fundamental asset of the business and are jointly responsible in delivering our long term plans. The Group invests in ongoing training as well as employee incentive and rewards schemes to promote the talent and contributions of its workforce. The Group carefully considers the interest of employees in key decision making and their health and safety is a priority. Town Hall meetings and regular colleague briefings are used to share regular news and updates. Disabled employees The Group has continued its policy of giving disabled people full and fair consideration for all job vacancies for which they offer themselves as suitable applicants, having regard to their particular aptitudes and abilities. Training and career development opportunities are available to all employees and we continue to endeavour to retrain any member of staff who develops a disability during employment with the group. It is group policy that there should be effective communication with all employees who, subject to practical and commercial consideration, are consulted and involved in decisions that affect their current job or future prospects. Engagement with suppliers, customers and other relationships The Group's long term strategy is to retain and increase the number of contracts with the NHS by providing a safe and quality led service. The Board of directors and the executive management undertake monitoring of performance of the services delivered on an ongoing basis to identify threats and to action strategic changes where needed. The Group is committed to providing a high level of service to its customers, and regular discussions take place with them to ensure that expectations are met as set out below. Communication The Group makes full use of effective video and written communication which is now embedded with our employees, customers and suppliers. On a wider subject of communications, we are committed to sharing as much as is appropriate with our colleagues which includes business performance and strategic updates on project activity to name a few and some of the channels we use are as outlined in the engagement section above. Risk management and governance As we continue to grow, our business and our risk environment also become more complex. It is vital that we effectively identify, evaluate, manage and mitigate the risks we face and that we continue to evolve our approach to risk management. The Group has invested heavily in its governance team, systems and processes, and believes that it is market leader in this space. Business relationships Our strategy prioritises growth driven by successful tendering for long term contracts across the UK which is driven by active management of our supplier and customer relationships. We value all of our suppliers, and will continue to strengthen key relationships in the coming years.
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EMED GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Community & environment
Our group approach is to use our position of strength to create positive change for our local people and communities and one of our commitments is to identify charitable partners who we can work with to provide employment and work-related opportunities. This will primarily be targeted at offering employability opportunities to 'disadvantaged, young, vulnerable or veterans' who are seeking employment after some time unemployed. The Group has established the EMED Foundation that has two main objectives: (i) to alleviate financial hardship for colleagues by providing assistance in the form of short term support to start or attend work, receive medical treatment after illness and/or grants and loans where deemed appropriate to enable health or employability benefits; and (ii) contribute and support local community charitable events and community ‘friendship’ assistance as requested by local management teams.
This report was approved by the board and signed on its behalf.
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EMED GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The loss for the year, after taxation, amounted to £4,117,530 (2022 - profit £2,231,831).
There were no dividends paid and declared during the period by the Company.
The directors who served during the year were:
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EMED GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The emissions and energy consumption information disclosed has been collated in line with the “Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance March 2019”.
The Company’s greenhouse gas emissions and energy consumption for the year are: The 2022 baseline for Scope 1 passenger and delivery vehicle emissions were calculated using mileage. For a more accurate indication on emissions, the basis of calculation has been amended to litres of fuel used. The 2022 baseline data has been recalculated to reflect this. The main quantifiable factor to which the Company can express it’s emission in relation to its main activity is occupancy of the fleet vehicles, as shown below:
YoY movement -12.2% -11.7%
The Group continues investing in its energy efficiency through investment in its fleet of vehicles which include purchasing fully electric vehicles and using a fleet management platform that optimises driver behaviours. The platform sees that existing vehicles are fitted with in-cab devices which monitor driver behaviour, braking, and acceleration. The drivers are given a score and benchmarked against a set of metrics. This active and positive engagement with drivers is aimed at increased efficiency on fuel economy and CO2 emissions.
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Group's policies with respect to employment of disabled persons, employee engagement, engagement with suppliers, customers & others, principal risks & uncertainties, and key performance indicators.
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EMED GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Since the year end date, the Group established the registration of the EMED Foundation charity, registered charity number 1207240, which was registered by the Charity Commission for England and Wales on 28 February 2024. The Charity has two main objectives, (i) to alleviate financial hardship for colleagues by providing assistance in the form of short term support to start or attend work, receive medical treatment after illness and/or grants and loans where deemed appropriate to enable health or employability benefits; and (ii) contribute and support local community charitable events and community ‘friendship’ assistance as requested by local management teams. The Charity is managed and controlled by a separate Board of trustees and no direct control is provided by the Executive management of EMED Group Holdings Limited.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EMED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP HOLDINGS LIMITED
We have audited the financial statements of EMED Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.
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EMED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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EMED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP HOLDINGS LIMITED (CONTINUED)
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 an Auditor's Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management around actual and potential litigation claims;
∙Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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EMED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED GROUP HOLDINGS LIMITED (CONTINUED)
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 an Auditor's Report 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.
for and on behalf of
Statutory Auditor
Maidstone
United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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EMED GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13117728
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 42 form part of these financial statements.
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EMED GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13117728
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 42 form part of these financial statements.
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EMED GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EMED Group Holdings Limited is a private company limited by shares and is incorporated in England and Wales, in the United Kingdom. The address of the registered office is 3rd Floor 22 Cross Keys Close, London, W1U 2DW.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors have assessed that there are no significant doubts in the company's ability to continue as a going concern. As a result, the financial statements have been prepared on a going concern basis.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group provides certain members of staff access to the NHS Pension Scheme. The scheme is an unfunded, defined benefit scheme that covers NHS employers, General Practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. The scheme is not designed to be run in a way that would enable employing bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contribution scheme; the cost to the employer of participating in the scheme is taken as equal to the contributions payable to the scheme for the accounting period.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 profit or loss.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties, and the time value of money unless this is immaterial.
Expenditure incurred in setting up new contracts is held in prepayments and released as operational expenditure in the statement of comprehensive income over the life of the contract to which it relates.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(a) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See Note 15 for the carrying amount of tangible assets, and Note 2.12 for the useful economic lives for each class of assets. (b) Impairment of tangible fixed assets Management assesses annually whether there are indicators of impairment of the Group's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. No impairment has been identified in the year (2022: none). (c) Impairment of investments and goodwill Management assesses annually whether there are indicators of impairment of the Group's investments and goodwill. Factors taken into consideration in reaching such a decision include the economic viability and the current and expected future financial performance of the investments. Goodwill is amortised over a period of 10 years, being the director's best estimate of its useful expected life. No impairment has been identified in the year (2022: none). (d) Provisions for doubtful debts The directors are required to make an assessment as to the recoverability of trade debtors. Provisions are recognised against trade debtors where required. (e) Treatment of fleet vehicle leases All patient transport vehicles are leased. Under the lease arrangements, the directors judge that the risks and rewards incidental to ownership have not been substantially and fully transferred to the Company, and therefore all such leases are accounted for as operating leases.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
On 1 April 2023, the Corporation Tax main rate changed from 19% to 25%.
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
23.Share capital (continued)
Share premium account
Capital redemption reserve
Profit and loss account
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The useful life of goodwill arising from this business combination cannot be reliably estimated. As such, a period of ten years has been used. Recognised amounts of identifiable assets acquired and liabilities assumed are as follows:
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
25.Business combinations (continued)
The group operates a
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EMED GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling party is considered to be
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