Registered number
07335635
Air Med Transport Limited
Filleted Accounts
31 August 2021
Air Med Transport Limited
Registered number: 07335635
Balance Sheet
as at 31 August 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 4,850 12,160
Current assets
Debtors 4 21,542 22,951
Cash at bank and in hand 4,729 4,058
26,271 27,009
Creditors: amounts falling due within one year 5 (1,691) (4,731)
Net current assets 24,580 22,278
Total assets less current liabilities 29,430 34,438
Creditors: amounts falling due after more than one year 6 (49,897) (50,000)
Provisions for liabilities (785) (2,174)
Net liabilities (21,252) (17,736)
Capital and reserves
Called up share capital 2 2
Profit and loss account (21,254) (17,738)
Shareholders' funds (21,252) (17,736)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Suraj Salan
Director
Approved by the board on 2 August 2024
Air Med Transport Limited
Notes to the Accounts
for the year ended 31 August 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2020 720 10,931 73,589 85,240
At 31 August 2021 720 10,931 73,589 85,240
Depreciation
At 1 September 2020 - 10,001 63,079 73,080
Charge for the year - 930 6,380 7,310
At 31 August 2021 - 10,931 69,459 80,390
Net book value
At 31 August 2021 720 - 4,130 4,850
At 31 August 2020 720 930 10,510 12,160
4 Debtors 2021 2020
£ £
Trade debtors 8,197 7,996
Other debtors 13,345 14,955
21,542 22,951
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 7,243 7,319
Taxation and social security costs 17,024 15,099
Other creditors (22,576) (17,687)
1,691 4,731
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 49,897 50,000
7 Other information
Air Med Transport Limited is a private company limited by shares and incorporated in England. Its registered office is:
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