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Registered number: 04088225










EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
R J Harvey 
C Smith 




Registered number
04088225



Registered office
Terminal Building
Redhill Aerodrome

Kingsmill Lane

Redhill

Surrey

RH1 5YP




Independent auditor
MHA

Victoria Court

17-24 Ashford Road

Maidstone

Kent

ME14 5DA





 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 7
Independent Auditor's Report
 
 
8 - 11
Statement of Comprehensive Income
 
 
12
Balance Sheet
 
 
13
Statement of Changes in Equity
 
 
14
Notes to the Financial Statements
 
 
15 - 29


 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Annual Report, comprising the Strategic Report and Directors' Report, and audited financial statements of Ezec Medical Transport Services – Trading as EMED Group Limited ("the company", or "Ezec") for the year ended 31 December 2023.
The principal activity of the Company is to provide patient transport services in the healthcare industry.
The company is a subsidiary of EMED Group Limited (“the Group”), itself a subsidiary of the ultimate parent undertaking EMED Group Holdings Limited. The ultimate controlling party is Cairngorm Capital Partners III LP.
The Company changed its name from “E-zec Medical Transport Services Ltd” to the name listed on these financial statements on 9 May 2023.

Business review
 
On 1st February 2023 the Group acquired the entire share capital of ERS Transition Limited.  During the year, the two group operating companies Ezec and ERS Transition Limited – Trading as EMED Group Limited (“ERS Transition”) were integrated through a specific investment program which enabled the two companies to operate as EMED Group Limited on a single operating platform.
The Group has become 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 including new divisional management. 
 
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 £59,666,669 driven primarily from annual price indexation. 
The Company's non-recurring costs of £1,020,584 (2023: £1,966,404) were largely incurred from the integration with ERS Transition, and decreased due to the prior year including £1,220,000 of advisory costs for an HMRC tribunal case.  
The Company's balance sheet shows a net asset position of £12,508,013 (2022: £10,110,888). 

Page 1

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The Company is subject to competition for key contracts which are let periodically in open tender. The Company maintains close links with all customers and focuses on quality of service to maximise retention of contracts.
The Company 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. Ezec has mitigated procurement delay by successfully forming a strategic partnership with a vehicle procurement specialist, from which the business needs are anticipated to be met.

Financial key performance indicators
 

Unit
2023
2022
Turnover
£,000
59,667
56,426
Gross margin
%
23
22
Operating (loss)/profit
£'000
2,349
12,882
Direct Labour costs
% of turnover
51
56


Other key performance indicators
 
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.

Directors' statement of compliance with duty to promote the success of the company
 
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) to (f) of the Companies Act 2006 in the decisions taken during the year ended 31 December 2023.

Page 2

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR 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.
The Company is committed to foster an inclusive working environment to ensure all employees have the opportunity to reach their full potential and feel respected in the workplace. In Q1 2024, the company joins the Disability Confident Scheme at the Committed level.
Town Hall meetings and regular colleague briefings are used to share regular news and updates.
Engagement with employees
The Company's policy is to consult and discuss with employees, through meetings with employee representative groups as well as regular online updates, bulletins and newsletters detailing matters that are likely to affect employee interests. These communications seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting company performance.
Engagement with suppliers, customers and others
The Company'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 Company 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.
Disabled employees 
The Company 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 company.  
It is Company policy that there should be effective communication with all employees who, subject to practical and commercial consideration, are consulted and involved in decisions that affects their current job or future prospects. 

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 include 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 Company has invested heavily in its governance team, systems and processes, and believes that it is market leader in this space.

Page 3

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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.
EMED Group Holdings Limited 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.



R J Harvey
Director

Date: 28 August 2024

Page 4

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP 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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ("FRS 102") ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £741,970 (2022 - £10,462,142).

No dividends were paid or declared during the year (2022: £765,000).

Directors

The directors who served during the year were:

R J Harvey 
C Smith 

Qualifying third party indemnity provisions

Qualifying third party indemnity insurance is provided for all directors of the company throughout their tenure.

Page 5

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Streamlined Energy and Carbon Report (SECR)

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:



2023
2022
Emission
Source
tCO2e
kWH
tCO2e
kWH
Scope 1
Gaseous fuel
40.0
218,447
40.4
221,138

Passenger vehicles
119.8
501,081
117.9
488,990

Delivery vehicles
4,921.7
20,588,051
5,273.7
21,869,324

Subtotal
5,081.5
21,307,579
5,432.0
22,579,451
Scope 2
Grid electricity
80.1
386,994
74.8
386,708
Scope 3
Grey fleet
136.8
564,056
91.7
371,760
Total

5,298.4
22,258,629
5,598.5
23,337,919
YoY movement
-5.4%




The 2023 emission has decreased by 5.4% against the 2022 baseline emission. 
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: 
 

2023
2022

tCO2e
kWH
tCO2e
kWH
Occupancy
3.3
13,723.0
4.0
16,481.6
YoY movement
-16.7%
-16.7%




The Company 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

Matters covered in the Strategic Report

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 company's principal risks and uncertainties, key performance indicators, and aspects of employee and stakeholder engagement. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 6

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHAwill 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.
 





R J Harvey
Director

Date: 28 August 2024

Page 7

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 

Opinion


We have audited the financial statements of Ezec Medical Transport Services - trading as EMED Group Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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' ("FRS 102") (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 December 2023 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 Auditor's 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 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.


Conclusions relating to going concern


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 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.


Page 8

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED (CONTINUED)


Other information


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 ReportOur 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.


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


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED (CONTINUED)


Auditor's 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 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 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.


Page 10

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED (CONTINUED)


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 2006Our 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.





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

30 August 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership registered in England and Wales (registered number OC312313)
Page 11

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
59,666,669
56,426,169

Cost of sales
  
(46,055,036)
(44,093,086)

Gross profit
  
13,611,633
12,333,083

Administrative expenses
  
(10,242,445)
(9,730,801)

Non-recurring costs
 13 
(1,020,584)
(1,966,404)

Other operating income
 5 
-
12,246,412

Operating profit
 6 
2,348,604
12,882,290

Interest payable and similar expenses
 10 
(68,688)
-

Profit before tax
  
2,279,916
12,882,290

Tax on profit
 11 
117,209
(2,420,148)

Profit for the financial year
  
2,397,125
10,462,142

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 29 form part of these financial statements.

Page 12

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
REGISTERED NUMBER: 04088225

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
856,789
938,346

Current assets
  

Debtors: amounts falling due within one year
 15 
26,094,366
23,442,835

Cash at bank and in hand
 16 
283,355
3,058,944

  
26,377,721
26,501,779

Creditors: amounts falling due within one year
 17 
(14,651,253)
(17,329,237)

Net current assets
  
 
 
11,726,468
 
 
9,172,542

Total assets less current liabilities
  
12,583,257
10,110,888

Provisions for liabilities
  

Deferred tax
 18 
(75,244)
-

  
 
 
(75,244)
 
 
-

Net assets
  
12,508,013
10,110,888


Capital and reserves
  

Called up share capital 
 19 
182
182

Profit and loss account
 20 
12,507,831
10,110,706

  
12,508,013
10,110,888


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R J Harvey
Director

Date: 28 August 2024

The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
182
4,149,189
4,149,371


Comprehensive income for the year

Profit for the year
-
10,462,142
10,462,142
Total comprehensive income for the year
-
10,462,142
10,462,142

Dividends: Equity capital
-
(4,500,625)
(4,500,625)


Total transactions with owners
-
(4,500,625)
(4,500,625)



At 1 January 2023
182
10,110,706
10,110,888


Comprehensive income for the year

Profit for the year
-
2,397,125
2,397,125
Total comprehensive income for the year
-
2,397,125
2,397,125


At 31 December 2023
182
12,507,831
12,508,013


The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

E-Zec Medical Transport Services - trading as EMED Group Ltd is a private company limited by shares, incorporated in England and Wales in the United Kingdom. The address of the registered office is Terminal Building, Redhill Aerodrome, Kingsmill Lane Redhill, Surrey, RH1 5YP.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 ("FRS 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FRS 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of EMED Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from 3rd Floor, 22 Cross Keys Close, London, United Kingdom, W1U 2DW.

 
2.3

Going concern

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.

Page 15

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Patient transport services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

NHS pension scheme
The company 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. 

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 17

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Non-recurring costs

Non-recurring costs are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model 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.

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:

Leasehold improvements
-
2 years
Motor vehicles
-
3-5 years
Fixtures and fittings
-
3-5 years
Office and computer equipment
-
3-5 years
Medical equipment
-
5 years

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 18

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
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.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
  
2.16

Mobilisation expenditure

Expenditure incurred in setting up new contracts is held in prepayments and released as operating expenditure in the statement of comprehensive income over the life of the contract to which it relates.

Page 19

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company 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 Company's Balance Sheet when the Company 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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management has to make judgements on how to apply the company's accounting policies and make estimates about the future. The critical judgements that have been made in arriving at the amounts recognised in the financial statements and the key areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, are discussed below:
(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 14 for the carrying amount of tangible assets, and Note 2.10 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 company's tangible 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) 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 transferred to the Company, and therefore all such leases are accounted for as operating leases.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity of patient transport services. 

All turnover in both years arose within the United Kingdom.

Page 21

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income - non-recurring

2023
2022
£
£

VAT recoverable
-
12,246,412

-
12,246,412


Amounts shown as other operating income represents proceeds from HMRC following the outcome of a VAT tribunal.


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
4,284,626
4,080,664


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
53,500
30,005

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 22

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
31,688,297
28,622,723

Social security costs
2,609,831
2,402,142

Cost of defined contribution scheme
863,936
828,144

35,162,064
31,853,009


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
3



Administration
226
262



Support
1,394
1,151

1,622
1,416


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
367,900
323,338

Company contributions to defined contribution pension schemes
24,025
16,072

391,925
339,410


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £186,400 (2022 - £164,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,350 (2022 - £7,947).

Page 23

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
68,688
-

68,688
-


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
2,450,803

Adjustments in respect of previous periods
(192,453)
(20,528)


(192,453)
2,430,275


Total current tax
(192,453)
2,430,275

Deferred tax


Origination and reversal of timing differences
75,244
(10,127)

Total deferred tax
75,244
(10,127)


Tax on profit
(117,209)
2,420,148
Page 24

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5205% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,279,916
12,882,290


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5205% (2022 - 19%)
536,248
2,447,635

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
21,899
(7,107)

Fixed asset differences
(10,351)
34,245

Utilisation of tax losses
-
(2,054)

Adjustments to tax charge in respect of prior periods
(192,453)
(20,528)

Short-term timing difference leading to an increase (decrease) in taxation
-
(1,052)

Non-taxable income
(8,395)
-

Remeasurement of deferred tax for changes in tax rates
(2,177)
-

Movement in deferred tax not recognised
112,041
-

Group relief
(574,021)
(30,991)

Total tax (credit)/charge for the year
(117,209)
2,420,148


Factors that may affect future tax charges

On 1 April 2023, the Corporation Tax main rate changed from 19% to 25%. There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends paid to parent undertaking
-
4,500,625

-
4,500,625

Page 25

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Non-recurring costs

2023
2022
£
£


Restructuring costs
175,018
745,404

Restructuring costs relating to the integration of ERS Transition - trading as EMED Group Limited
845,566
-

Dilapidation costs
-
1,000

HMRC Tribunal fees
-
1,220,000

1,020,584
1,966,404

Non-recurring costs are deductible against taxation. 


14.


Tangible fixed assets





Leasehold improvements
Motor vehicles and equipment
Fixtures and fittings
Office and computer equipment
Medical equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
437,972
300,517
172,535
1,209,057
227,679
2,347,760


Additions
27,469
17,118
249
300,598
16,015
361,449


Disposals
(157,923)
(104,187)
(36,522)
(399,983)
(48,075)
(746,690)



At 31 December 2023

307,518
213,448
136,262
1,109,672
195,619
1,962,519



Depreciation


At 1 January 2023
327,209
183,043
90,374
646,621
162,167
1,409,414


Charge for the year on owned assets
77,366
27,532
24,412
275,258
30,678
435,246


Disposals
(195,419)
(83,761)
(32,398)
(384,053)
(43,299)
(738,930)



At 31 December 2023

209,156
126,814
82,388
537,826
149,546
1,105,730



Net book value



At 31 December 2023
98,362
86,634
53,874
571,846
46,073
856,789



At 31 December 2022
110,763
117,474
82,161
562,436
65,512
938,346

Page 26

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£


Trade debtors
6,671,917
1,779,575

Amounts owed by group undertakings
16,360,737
7,704,195

Other debtors
1,427,270
12,250,633

Prepayments and accrued income
1,436,745
1,508,917

Tax recoverable
197,697
199,515

26,094,366
23,442,835


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
283,355
3,058,944

283,355
3,058,944



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,514,727
825,383

Amounts owed to group undertakings
1,779,472
-

Corporation tax
-
2,191,322

Other taxation and social security
706,786
585,980

Other creditors
339,677
6,234,552

Accruals and deferred income
10,310,591
7,492,000

14,651,253
17,329,237


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Loans held in EMED Group Limited, a group company, are secured against all property and undertakings of the company by way of fixed and floating charges. 

Page 27

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Deferred taxation




2023
2022


£

£






At beginning of year
-
(10,127)


(Charged)/credited to profit or loss
(75,244)
10,127



At end of year
(75,244)
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(94,154)
-

Short term timing differences
18,910
-

(75,244)
-


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



101 (2022 - 101) Ordinary A shares of £1.00 each
101
101
81 (2022 - 81) Ordinary B shares of £1.00 each
81
81

182

182

Both share classes in issue have attached to them full voting, dividend and capital distribution (including upon winding up) rights; they do not confer any rights of redemption.



20.


Reserves

Profit and loss account

The profit and loss account represents accumulated comprehensive income for the year and prior periods net of dividends and other adjustments. 

Page 28

 
EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £887,961 (2022 - £828,144). There were outstanding contributions of £145,113 (2022 - £134,233) payable to the fund included in other creditors at the balance sheet date. 


22.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Buildings


Not later than 1 year
917,820
879,188

Later than 1 year and not later than 5 years
2,189,040
2,600,980

Later than 5 years
732,286
428,269

3,839,146
3,908,437

2023
2022

£
£

Vehicles


Not later than 1 year
1,530,678
400,094

Later than 1 year and not later than 5 years
2,174,035
1,784,691

Later than 5 years
125,779
220,241

3,830,492
2,405,026


23.


Parent undertaking and controlling party

EMED Holdings Limited is the immediate parent undertaking and is registered at Terminal Building, Redhill Aerodrome, Kingsmill Lane, Redhill, Surrey, RH1 5YP
EMED Group Holdings Limited is the ultimate parent undertaking and parent of the largest and smallest group for which consolidated financial statements are available. The registered office of the company is 3rd Floor 22 Cross Keys Close, London, United Kingdom, W1U 2DW. The consolidated accounts are available from this address, or from the Companies House website. 
The ultimate controlling party is considered to be Cairngorm Capital Partners III LP.
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