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Registered number: 03593826









EVAC + CHAIR INTERNATIONAL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
G P Wallace 
G Nagra 
N Martin 
M W Fagerberg 
S Hakami 
D Blackbird (appointed 19 March 2024)




Registered number
03593826



Registered office
Unit 4 Central Boulevard
Blythe Valley Park

Solihull

West Midlands

B90 8AW




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

158 Edmund Street

Birmingham

B3 2HB




Bankers
Yorkshire Bank
Temple Point

1 Temple Row

Birmingham

B2 5YB





 
EVAC + CHAIR INTERNATIONAL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 30


 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activities of the Company in the year under review continued to be the manufacture, sale and service of emergency evacuation chairs, medical equipment and related service and training, both in the UK and the rest of the world. 
The results for the company are disclosed on page 9 of the financial statements and show a pre-tax profit of £173,099 (
2022 - £451,977) and turnover of £9,031,130 (2022 - £8,157,143).

Business review
 
In 2023, the Company achieved a turnover of £9,031,130, which represents 10.7% growth against previous year. As a result, the Company has recovered back to pre-pandemic trading (2019 turnover achieved £9,162,099).
The growth was achieved from our UK (+11.2%) & European (+32.7%) markets due to growing awareness around safe evacuation and a greater emphasis around inclusion. We have also benefited from increased competition.
Sales into the Rest of the World reduced quite significantly against previous year (-32.1%), which partly is due to a slower return to normal trading post-pandemic & partly due to order pattern. Rest of the World sales have started extremely well in 2024. 
Cost control remains a high priority for the business, especially with the inflationary pressures experienced in 2022 & 2023, despite this, the Company has managed to maintain a healthy Gross Margin of 67%.
Investment in people remains a key focus for the business, representing approx. 70% of the increase in our administration expenses as we develop our infrastructure in preparation for future growth & continue to deliver exceptional customer service.
EBITDA from continuing operations, adjusted for exceptional items, was £368,189 (
2022 - £772,820), 4.1% and 9.5% respectively.
In October 2023, the Company acquired Promove Limited, who distribute slings and accessories used to transfer a disabled or incapacitated individual from one position or location to another seated position. The acquisition provides a complementary range of products to our evacuation chairs with multiple synergies and supports our growth plans.

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the Company in the future are:
• Raw material costs
• Competition
• Legislation 
• Exports (Brexit) 

Key performance indicators
 

2023
2022
Movement
Turnover
£9,031,130
£8,157,143
+10.7%
Net Profit after Tax
£178,775
£350,977
-49.1%
Return on Sales %
2.0%
4.3%



Page 1

 
EVAC + CHAIR INTERNATIONAL LIMITED
 

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

Future developments
 
The expectations for 2024 are another strong year with double digit growth, which would take the turnover past the £10m mark. We have experienced a great start to 2024, which is in line with expectations & the Company has an extremely strong orderbook 
We continue to invest in our People & Machinery – however more emphasis will be placed on our back-office systems as this is becoming a barrier to growth. A review of our internal systems and processes is underway to ensure we are able to improve the customer journey.


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




G P Wallace
Director
Date: 24 April 2024

Page 2

 
EVAC + CHAIR INTERNATIONAL 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 judgments 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 profit for the year, after taxation, amounted to £178,775 (2022 - £350,977).

The total distribution of dividends for the year amounted to £nil (2022 - £136,542).

Directors

The directors who served during the year were:

G P Wallace 
G Nagra 
N Martin 
M W Fagerberg 
S Hakami 

Matters covered in the Strategic Report

Comments on future developments and research and development are disclosed in the strategic report.

Page 3

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 April 2024 and signed on its behalf.
 





G P Wallace
Director

Page 4

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVAC + CHAIR INTERNATIONAL LIMITED
 

Opinion


We have audited the financial statements of Evac + Chair International 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 profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 5

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVAC + CHAIR INTERNATIONAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


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 3, 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 6

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVAC + CHAIR INTERNATIONAL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:
 
Based on our understanding of the Company and industry in which it operates, key laws and regulations we identified included:

Companies Act;
Tax legislation;
Health and safety legislation; and
Employment legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of control;
Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to:

Enquiry of management and those charged with governance and review of correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud:
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable 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, including depreciation of tangible fixed assets, provision for bad debts and stock provisions.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


 

Page 7

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVAC + CHAIR INTERNATIONAL LIMITED (CONTINUED)


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 Auditors' Report.


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 Auditors' 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.





Stephen Newman (Senior Statutory Auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
158 Edmund Street
Birmingham
B3 2HB

9 May 2024
Page 8

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,031,130
8,157,143

Cost of sales
  
(2,972,507)
(2,695,836)

Gross profit
  
6,058,623
5,461,307

Distribution costs
  
(1,843,857)
(1,507,857)

Administrative expenses
  
(4,046,310)
(3,388,004)

Exceptional administrative expenses
 5 
-
(137,500)

Other operating income
 6 
8,074
27,363

Operating profit
 7 
176,530
455,309

Interest receivable and similar income
 10 
16
115

Interest payable and similar expenses
 11 
(3,447)
(3,447)

Profit before tax
  
173,099
451,977

Tax on profit
 12 
5,676
(101,000)

Profit for the financial year
  
178,775
350,977

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

The notes on pages 12 to 30 form part of these financial statements.

Page 9

 
EVAC + CHAIR INTERNATIONAL LIMITED
REGISTERED NUMBER: 03593826

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
36,318
18,306

Tangible assets
 15 
950,260
1,005,276

Investments
 16 
153,869
-

  
1,140,447
1,023,582

Current assets
  

Stocks
 17 
788,578
561,889

Debtors: amounts falling due within one year
 18 
7,892,973
7,485,842

Cash at bank and in hand
 19 
207,822
157,622

  
8,889,373
8,205,353

Creditors: amounts falling due within one year
 20 
(1,660,490)
(1,057,691)

Net current assets
  
 
 
7,228,883
 
 
7,147,662

Total assets less current liabilities
  
8,369,330
8,171,244

Provisions for liabilities
  

Deferred tax
 23 
(93,249)
(111,000)

Accruals and deferred income
 24 
(1,693,756)
(1,656,694)

Net assets
  
6,582,325
6,403,550


Capital and reserves
  

Called up share capital 
 25 
1,200
1,200

Profit and loss account
 26 
6,581,125
6,402,350

  
6,582,325
6,403,550


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



G P Wallace
Director

Date: 24 April 2024

The notes on pages 12 to 30 form part of these financial statements.

Page 10

 
EVAC + CHAIR INTERNATIONAL 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
1,200
6,187,915
6,189,115



Profit for the year
-
350,977
350,977

Dividends
-
(136,542)
(136,542)



At 1 January 2023
1,200
6,402,350
6,403,550



Profit for the year
-
178,775
178,775


At 31 December 2023
1,200
6,581,125
6,582,325


The notes on pages 12 to 30 form part of these financial statements.

Page 11

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Evac+Chair International Limited is a private company limited by shares incorporated in England, United Kingdom. The Company's registered number is 03593826. The address of the registered office is given in the company information of these financial statements. The principal activities of the company continued to be the manufacture, sales and service of emergency evacuation chairs, medical equipment and related service and training, both in the UK and the rest of the world.

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, 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 judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Salvatio Holding Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The financial statements contain information about Evac + Chair International Limited as an individual Company and do not contain consolidated financial information as a parent company. The Company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by a full consolidation in the consolidated financial statements of Salvatio Holding Limited, a Company incorporated in England, United Kingdom, with a registered office address at 73 Cornhill, London England, EC3V 3QQ.

Page 12

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.5

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:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
 
the Company has transferred the significant risks and rewards of ownership to the buyer, usually on despatch of goods;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction;
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Rendering of 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.

Page 13

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.
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.

 
2.7

Leased assets: the Company as lessee

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright.  The amount capitalised is the present value of the minimum lease payments payable over the term of the lease.  The corresponding leasing commitments are shown as amounts payable to the lessor.  Depreciation on the relevant assets is charged to the Statement of Comprehensive Income over the shorter of estimated useful economic life and the term of the lease.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the Statement of Comprehensive Income over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding.  The capital part reduces the amounts payable to the lessor.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 14

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.12

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 the Statement of Comprehensive Income 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. 

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in statement of comprehensive income 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.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 15

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.16

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 provided on the following basis:

Short-term leasehold property
-
over the period of the lease
Plant and machinery
-
10% straight line basis
Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
25% straight line 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 within 'administrative expenses' in the Statement of Comprehensive Income.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income. 

 
2.19

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 16

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

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.

 
2.21

Creditors

Short term creditors are measured at transaction price.

 
2.22

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.23

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 
2.24

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 17

 
EVAC + CHAIR INTERNATIONAL 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

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
There are no significant judgements (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements. The directors consider the following are the key sources of estimation certainty:
Estimation of useful economic life
The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful economic life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, in particular the changing profile of building safety risk management.
Recoverability of trade debtors
Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowance for doubtful debts based on an assessment of recoverability of the debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Where the exception is different from the original estimate, such difference will impact the carrying value of the debtors and the charge in the Statement of Comprehensive Income.
Stock provisioning
Determining stock provisioning involves estimating the recoverable amount of the stock held by the company. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand for individual stock items. Management monitor demand very closely and continue to ensure any changes in the market are appropriately reflected.


4.


Turnover

The whole of the turnover is attributable to the manufacture, sale and service of evacuation chairs, medical equipment and related training.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,417,176
6,668,973

Rest of Europe
1,236,159
931,724

Rest of the world
377,795
556,446

9,031,130
8,157,143


Page 18

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Exceptional items

2023
2022
£
£


Settlement of share based payment options
-
137,500


6.


Other operating income

2023
2022
£
£

Government grants receivable
8,074
27,363



7.


Operating profit

The operating profit is stated after charging / (crediting):

2023
2022
£
£

Research & development charged as an expense
19,388
57,020

Exchange (gain)/loss
5,788
(24,214)

Other operating lease rentals
458,291
428,751

Fees payable to the company's auditor for the audit of the company's annual financial statements
14,000
13,000

Amortisation of intangible assets
14,948
7,351

Depreciation of tangible fixed assets
176,711
172,660

Defined contribution pension cost
355,964
176,617

Page 19

 
EVAC + CHAIR INTERNATIONAL 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
3,837,087
3,084,764

Social security costs
361,626
318,226

Cost of defined contribution scheme
355,964
176,617

4,554,677
3,579,607


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


        2023
        2022
            No.
            No.







Production
57
50



Administrative
61
50



Directors
3
4

121
104


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
355,023
266,257

Company contributions to defined contribution pension schemes
45,701
23,666

400,724
289,923


During the year retirement benefits were accruing to 3 directors (2022 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £205,535 (2022 - £76,147).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £23,146 (2022 - £6,092).

In addition to the amounts disclosed above, £nil (2022 - £137,500) was paid to a director as settlement of share option arrangements.

Page 20

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
16
115


11.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
3,447
3,447


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
64,673
121,000

Adjustments in respect of previous periods
(52,598)
-


Total current tax
12,075
121,000

Deferred tax


Origination and reversal of timing differences
(14,917)
(33,000)

Adjustments in respect of previous periods
(2,834)
13,000

Total deferred tax
(17,751)
(20,000)


Taxation (credit) / charge on profit on ordinary activities
(5,676)
101,000
Page 21

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
173,099
451,977


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
40,678
86,000

Effects of:


Expenses not deductible for tax purposes
16,935
20,000

Adjustments to tax charge in respect of previous periods
(55,432)
13,000

Adjustment to deferred tax charge for changes in rate
(1,683)
(8,000)

Other differences leading to an increase (decrease) in the tax charge
(6,174)
(10,000)

Total tax charge for the year
(5,676)
101,000


13.


Dividends

2023
2022
£
£


Ordinary A dividends paid
-
136,542

Page 22

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets




Trademarks and intellectual property

£



Cost


At 1 January 2023
429,430


Additions
32,960



At 31 December 2023

462,390



Amortisation


At 1 January 2023
411,124


Charge for the year
14,948



At 31 December 2023

426,072



Net book value



At 31 December 2023
36,318



At 31 December 2022
18,306



Page 23

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 January 2023
676,441
1,130,875
6,000
493,155
2,306,471


Additions
7,745
39,201
-
75,249
122,195


Disposals
-
-
(6,000)
-
(6,000)



At 31 December 2023

684,186
1,170,076
-
568,404
2,422,666



Depreciation


At 1 January 2023
147,607
731,476
5,500
416,612
1,301,195


Charge for the year on owned assets
63,904
54,566
-
46,574
165,044


Charge for the year on financed assets
-
11,667
-
-
11,667


Disposals
-
-
(5,500)
-
(5,500)



At 31 December 2023

211,511
797,709
-
463,186
1,472,406



Net book value



At 31 December 2023
472,675
372,367
-
105,218
950,260



At 31 December 2022
528,834
399,399
500
76,543
1,005,276

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
83,610
95,277

Page 24

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
-


Additions
153,869



At 31 December 2023
153,869





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Holding

 Promove UK Limited
Unit 4 Central Boulevard, Blythe Valley Park, Solihull, West Midlands, England, B90 8AW
Manufacture of fabricated metal products
100%


17.


Stocks

2023
2022
£
£

Raw materials and consumables
178,154
122,220

Work in progress
475,084
300,908

Finished goods and goods for resale
135,340
138,761

788,578
561,889


Impairment losses of £nil (2022 - £9,000) were recognised in the Statement of Comprehensive Income.

Page 25

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

2023
2022
£
£


Trade debtors
1,346,394
1,450,539

Amounts owed by group undertakings
6,148,037
5,722,042

Other debtors
144,061
46,617

Prepayments and accrued income
254,481
266,644

7,892,973
7,485,842



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
207,822
157,622



20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,067,249
733,902

Amounts owed to group undertakings
22,525
-

Other taxation and social security
261,810
252,030

Obligations under finance lease and hire purchase contracts
-
38,888

Other creditors
308,906
32,871

1,660,490
1,057,691


Secured loans
Liabilities under finance leases and hire purchase contracts are secured on the individual assets concerned.
Invoice financing facilities of £308,685 (
2022 - £nil), included within other creditors, are secured by a fixed and floating charge over the assets of the company.

Page 26

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
38,888

-
38,888


22.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at transaction price
207,822
157,622

Financial assets that are debt instruments measured at transaction price less impairment
7,624,001
7,188,204

7,831,823
7,345,826


Financial liabilities


Financial liabilities measured at transaction price
(3,092,436)
(2,390,668)


Financial assets measured at transaction price comprise cash at bank and in hand.


Financial assets that are debt instruments measured at transaction price less impairment comprise trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at transaction price comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.


23.


Deferred taxation




2023


£






At beginning of year
(111,000)


Credit for the year
17,751



At end of year
(93,249)

Page 27

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(117,045)
(130,000)

Other short-term timing differences
23,796
19,000

(93,249)
(111,000)


24.


Accruals and deferred income

2023
2022
£
£

Amounts falling due within one year
1,693,756
1,656,694

Amounts falling due after more than one year
-
-

1,693,756
1,656,694



25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary A shares of £1.00 each
1,000
1,000
200 (2022 - 200) Ordinary B shares of £1.00 each
200
200

1,200

1,200

Ordinary A and B shares are not redeemable and carry equal rights to vote, the directors have the ability to declare different dividends on Ordinary A and B shares.



26.


Reserves

Profit and loss reserves
This reserve records the accumulation of the profits and losses in the current and prior periods in the normal course of the business.

Page 28

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Contingent liabilities

The Company has guaranteed all bank borrowings of its parent company Wensleydale W&G Limited. At the balance sheet date these amounted to £Nil (2022 - £nil). The Company has also guaranteed loan notes issued by Wensleydale W&G Limited. At the balance sheet date this amounted to £Nil (2022 - £nil).
The Company is also a member of a VAT group and is jointly and severally liable for the amount of VAT owed by Wensleydale W&G Limited, at the balance sheet date the contingent liabilities were £Nil (
2022 - £Nil).
The Company has provided a guarantee to secure certain bank borrowings of its fellow group undertaking, SG Accessibility AB. The amounts guaranteed in this way at the balance sheet date were £5,678,948 and US$7,061,052 (
2022 - £6,500,000).


28.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £355,964 (2022- £176,617). Contributions totaling £60,944 (2022 - £24,722) were payable to the fund at the balance sheet date and are included in creditors.


29.


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
£
£


Not later than 1 year
511,401
404,249

Later than 1 year and not later than 5 years
1,619,841
1,362,470

Later than 5 years
1,813,760
2,119,544

3,945,002
3,886,263


30.


Related party transactions

The Company has taken advantage of the exemption in section 33.1A of FRS102 from the requirement to disclose transactions with wholly owned member of the group.

Page 29

 
EVAC + CHAIR INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.


Ultimate parent company and controlling party

The Company's immediate parent company is Wensleydale W&G Limited, a Company incorporated in England, United Kingdom, whose registered office is Unit 4 Central Boulevard, Blythe Valley Park, Solihull, West Midlands, B90 8AW. The Company's ultimate parent company is Systematic Group AB, incorporated in Sweden whose registered office is Riddargatan 7A, SE-114 35 Stockholm, Sweden.
The immediate parent company of Wensleydale W&G Limited is Salvatio Holding Limited, a Company incorporated in England, United Kingdom, whose registered office is 73 Cornhill, London, EC3V 3QQ. Salvatio Holding Limited heads the largest and smallest group within which EVAC+Chair International Limited belongs and for which group financial statements are prepared. Copies of the group financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party at 31 December 2023 was A Pouya by virtue of his shareholding in the ultimate parent company.

 
Page 30