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Registered number: 04007591










EMED HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EMED HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R J Harvey 
C Smith 




Registered number
04007591



Registered office
Terminal Building
Redhill Aerodrome

Kingsmill Lane

Redhill

Surrey

RH1 5YP




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

Kent

ME14 5DA





 
EMED HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditor's Report
 
 
4 - 7
Statement of Comprehensive Income
 
 
8
Balance Sheet
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 17


 
EMED HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Annual Report, consisting of the Strategic Report and Directors' Report, and the audited financial statements of EMED Holdings Limited for the year ended 31 December 2022.

Business review
 
The company is an investment holding company. At the year end, the company reported a loss of £15,846 (2022: profit of £4,500,625) and had net liabilities of £15,594 (2022: net assets of £252). 

Principal risks and uncertainties
 
As an investment holding company, the principal risk that the company is exposed to is the recoverability of its investment values. The directors carry out impairment reviews of these investments and regular performance reviews of the underlying businesses. 
The credit, liquidity and cash flow risks are managed on a group-wide basis. Due to the limited level of activity of the company, these risks are considered to be low. 

Key performance indicators
 
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the company. 

Directors' statement of compliance with duty to promote the success of the Company
 
With most principal decisions being made at group level, and considering the limited activity in the company, the main way in which the directors can be seen to have acted in good faith and a way most likely to promote the success of the company for the benefit of its members as a whole, is in the decisions taken around dividend policy during the year ended 31 December 2023.
Dividends are declared and paid across the group as and when required to facilitate the strategic and financial objectives of the group.


This report was approved by the board and signed on its behalf.



R J Harvey
Director

Date: 28 August 2024

Page 1

 
EMED 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.

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 ‘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;

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 loss for the year, after taxation, amounted to £15,846 (2022 - profit £4,500,625).

During the year, dividends of £Nil (2022 - £4,500,625) were declared and paid.

Directors

The directors who served during the year were:

R J Harvey 
C Smith 

Future developments

There are no planned changes to the operations of the business.

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, and Key Performance Indicators.

Page 2

 
EMED HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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 3

 
EMED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of EMED Holdings 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' (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 loss 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 4

 
EMED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED HOLDINGS 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 2, 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 5

 
EMED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED HOLDINGS 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, those charged with governance around actual and potential litigation and claims;
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;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations; and 
maintaining professional scepticism throughout the course of our audit work.Enquiry of management, those charged with governance around actual and potential litigation and claims; 


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 6

 
EMED HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMED HOLDINGS 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 in England and Wales (registered number OC312313).
Page 7

 
EMED HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Administrative expenses
  
(15,846)
-

Operating (loss)/profit
  
(15,846)
-

Income from fixed assets investments
  
-
4,500,625

(Loss)/profit before tax
  
(15,846)
4,500,625

(Loss)/profit for the financial year
  
(15,846)
4,500,625

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 11 to 17 form part of these financial statements.

Page 8

 
EMED HOLDINGS LIMITED
REGISTERED NUMBER: 04007591

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 8 
82,322
82,322

Current assets
  

Debtors: amounts falling due within one year
 9 
388,348
388,348

  
388,348
388,348

Creditors: amounts falling due within one year
 10 
(486,264)
(470,418)

Net current liabilities
  
 
 
(97,916)
 
 
(82,070)

Total assets less current liabilities
  
(15,594)
252

  

Net (liabilities)/assets
  
(15,594)
252


Capital and reserves
  

Called up share capital 
 11 
150
150

Profit and loss account
  
(15,744)
102

  
(15,594)
252


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




R J Harvey
Director

The notes on pages 11 to 17 form part of these financial statements.

Page 9

 
EMED HOLDINGS 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
150
102
252


Comprehensive income for the year

Profit for the year
-
4,500,625
4,500,625
Total comprehensive income for the year
-
4,500,625
4,500,625


Contributions by and distributions to owners

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


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



At 1 January 2023
150
102
252


Comprehensive income for the year

Loss for the year
-
(15,846)
(15,846)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(15,846)
(15,846)


Total transactions with owners
-
-
-


At 31 December 2023
150
(15,744)
(15,594)


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

EMED Holdings Limited 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 have been presented in GBP 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 Standards 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

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 11

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The Company forms part of the Group's ownership and financing structure, and is intrinsic to the Group as a whole. Due to this, and despite the fact that the Company recorded a loss in the year and has net liabilities at the year end, 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.

  
2.5

Investment income

Income from investments is recognised in the profit and loss when it falls due.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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.
 
Page 12

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


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.

 
2.10

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.

Page 13

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,470
-


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.
In the prior year, fees payable to the company's auditor for the auditor for the audit of the company's annual financial statements were borne by Ezec Medical Transport Services - trading as EMED Group Limited, an indirect subsidiary undertaking. 


5.


Employees




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


        2023
        2022
            No.
            No.







Directors
2
3

The directors are remunerated by Ezec Medical Transport Services - trading as EMED Group Ltd, a subsidiary company.


6.


Income from investments

2023
2022
£
£





Dividends received from subsidiary undertaking
-
4,500,625

-
4,500,625


Page 14

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Dividends

2023
2022
£
£


Dividends
-
4,500,625

-
4,500,625


8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
82,322



At 31 December 2023
82,322





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

E-Zec Medical Transport Services - trading as EMED Group Limited
Terminal Building, Redhill Aerodrome, Surrey RH1 5YP.
Ordinary
100%

Page 15

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
388,348
388,348

388,348
388,348


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


10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
471,444
464,418

Other creditors
6,000
6,000

Accruals and deferred income
8,820
-

486,264
470,418


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 16

 
EMED HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,504,153 (2022 - 1,504,153) Ordinary shares of £0.0001 each
150
150

The Ordinary shares have attached to them full voting, dividend and capital distribution (including upon winding up) rights; they do not confer any rights of redemption.



12.


Parent undertaking and ultimate controlling party

The immediate parent undertaking is EMED Group Limited.
The ultimate parent undertaking and the parent of the largest and smallest group for which consolidated accounts are available, is EMED Group Holdings Limited. Both companies are registered at 3rd Floor 22 Cross Keys Close, London, United Kingdom, W1U 2DW
The consolidated financial statements are available from this address or Companies House. 
The ultimate controlling party is considered to be Cairngorm Capital Partners III LP.

Page 17