REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
EMT Healthcare Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
EMT Healthcare Limited |
EMT Healthcare Limited (Registered number: 01037490) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 14 |
EMT Healthcare Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
EMT Healthcare Limited (Registered number: 01037490) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company's directors are pleased with the financial results for the year especially given the current uncertainty in the economic landscape due to the war in Ukraine and the general energy and cost of living crisis. |
Turnover has increased by 14.40% to £15.7m, with the gross profit margin increasing by 1.22% to 22.78%. |
Overall, the company profit before tax has increased from £838k in 2022 to £1.055m in 2023. |
At the end of the year the company had net assets of £1.629m (2022: £1.431m). |
The company has considerable financial resources and contracts with a number of customers across different geographic areas. Accordingly, we believe that the company is well placed to manage its business risks successfully and look forward to continued growth in 2024 and beyond. |
EMT Healthcare Limited (Registered number: 01037490) |
Strategic Report |
for the Year Ended 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors ability to identify and manage risk is an important element of our continued success. The directors have identified the following key business risks that could have a material impact on future performance of the company and the controls in place to manage this risk: |
Market & Contract Risk |
The company operates in a highly competitive marketplace. To remain competitive the company employs a strategy which focuses on the following key points: |
- Continuous review of its systems, people and processes to ensure investment and change is made where necessary to allow the company to adapt to changing market conditions. |
- Continued focus on maintaining strong links with customers and striving to deliver enhanced customer service and sales channel diversification. |
- Maintaining robust quality control procedures. |
- Close monitoring of its supply including leading times, pricing and expected demand, to allow the company to manage customer needs in a cost-effective manner. |
Financing Risk |
The company operates an invoice financing facility to provide working capital finance for the company's trading operations. The terms of the current facility are considered to be adequate for the foreseeable future. |
Health & Safety Risk |
The directors fully recognise that a breach in Health & Safety compliance could pose a risk to the going concern of the company and that the company's activities are inherently complex and potentially hazardous. The result of a breach could result in injury to employees, subcontractors, or members of the public or damage to the environment. This in turn could expose the company to significant potential liability, reputational damage and loss of key accreditation. Detailed policies and procedures exist to minimise such risks and are subject to regular review by the company's directors. |
Ukraine War and cost of living crisis |
The directors believe that along with all other businesses in the UK, the cost of living crisis could have a potentially negative impact on the business, the extent of which is currently difficult to quantify. However, the directors believe that along with any potential government support, the directors would move quickly to mitigate the risk to the company of increasing expenditure, by continually reviewing the position and adjust pricing to customers accordingly. |
Based on the above the directors have concluded that it is appropriate for the financial statements to be prepared on the going concern basis. |
ON BEHALF OF THE BOARD: |
EMT Healthcare Limited (Registered number: 01037490) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a wholesaler to independent chemists. |
DIVIDENDS |
Interim dividends in respect of Ordinary A £1 Shares were voted on 31st March 2023 of £64,900 and on 31st December 2023 of £501,834. |
An Interim dividend in respect of Ordinary B £1 Shares was voted on 31st March 2023 of £20,224. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
EMT Healthcare Limited (Registered number: 01037490) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
EMT Healthcare Limited |
Opinion |
We have audited the financial statements of EMT Healthcare Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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 UK, including the FRC'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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
EMT Healthcare Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
EMT Healthcare Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the pharmaceutical goods and toiletries wholesale industry. |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Medicines and Healthcare products Regulation Authority (MHRA), the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
Where we identified legislation or regulation of particular relevance to the entity, in conjunction with other audit testing, we considered the sufficiency and appropriateness of audit evidence obtained regarding the compliance with that legislation, or regulation, and any consequential risk of material misstatements in the financial statements. |
However it must be noted that 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. |
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 Report of the Auditors. |
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
EMT Healthcare Limited (Registered number: 01037490) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,109,968 | 842,796 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,114,430 | 871,409 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 9 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
EMT Healthcare Limited (Registered number: 01037490) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
EMT Healthcare Limited (Registered number: 01037490) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
New finance lease in year | 92,877 | 90,298 |
Finance lease repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
34,513 |
Cash and cash equivalents at end of year | 2 | 136,643 |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 59,025 | 33,670 |
Finance income | (4,462 | ) | (2,585 | ) |
1,244,689 | 943,087 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 133,187 | 136,643 |
Bank overdrafts | ( |
) |
125,591 | 136,643 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 136,643 | 59,184 |
Bank overdrafts | ( |
) |
136,643 | 34,513 |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 136,643 | (3,456 | ) | 133,187 |
Bank overdrafts | - | (7,596 | ) | (7,596 | ) |
136,643 | ( |
) | 125,591 |
Debt |
Finance leases | (89,738 | ) | (82,501 | ) | (172,239 | ) |
Debts falling due within 1 year | (9,879 | ) | (246 | ) | (10,125 | ) |
Debts falling due after 1 year | (25,772 | ) | 10,228 | (15,544 | ) |
(125,389 | ) | (72,519 | ) | (197,908 | ) |
Total | 11,254 | (83,571 | ) | (72,317 | ) |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
EMT Healthcare Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. These financial statements have been prepared under the historical cost convention as modified by the use of fair values for certain financial instruments in accordance with the accounting policies set out below. |
Critical accounting judgements 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 the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
Stock valuations - This involves judgements as to the extent to which provisions are required to account for the risk of obsolescence. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises turnover when the amount of turnover can be reliably measured, and it is probable that future economic benefits will flow to the entity. Turnover from the sale of goods is recognised when the risks and rewards of ownership are transferred to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is determined using the most recent purchase price method. Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
As at 31st December 2023 the company had shareholders' funds of £1,629,322 (2022: £1,431,375). The company has made a profit for the year of £829,656 after tax (2022: £653,459). |
The directors have therefore considered the appropriateness of preparing the accounts on a going concern basis and have monitored performance post year end, with the company continuing to trade at a comparable level and meet all liability payments as they have fallen due. The directors do not envisage any adverse issues in respect of the future performance of the entity and have therefore prepared the financial statements on a going concern basis. |
The directors continue to assess appropriateness of the going concern basis against the backdrop of the continuing impact of the Ukraine war and the cost of living crisis and conclude that they do not create a material uncertainty in relation to going concern. |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, and loans from and to related parties. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade debtors |
Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business. |
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
Trade creditors are recognised at the transaction price. |
Trade creditors are classified as current liabilities of the company. The company does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Total employees |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Loss/(profit) on disposal of fixed assets | ( |
) |
Property lease costs amortisation |
Development costs amortisation |
6. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
28,900 |
22,750 |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Finance lease interest |
Other interest |
Factoring interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred taxation | 44,752 | 61,393 |
Total tax charge | 270,501 | 184,280 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | INTANGIBLE FIXED ASSETS |
Property |
lease | Development |
costs | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Finance leases (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 261,988 | 126,913 |
Other creditors |
Debt factoring | 279,815 | 945,416 |
Accruals and deferred income |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
The company separately presents liabilities due to the debt factor from the related trade debtors in accordance with the substance of the factoring agreement. |
The bank overdraft, including amounts advanced as part of the debt factoring agreement, is secured by a first fixed charge over book and other debts, chattels and uncalled capital, both present and future, and a first floating charge over all assets and undertakings, both present and future. |
The company currently meets its day to day working capital requirements through overdraft and factoring facilities which are effectively repayable on demand in accordance with usual practice. The directors expect the company to operate within the facilities currently agreed and consider that additional facilities would be available should a short-term requirement for additional working capital arise. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Finance leases (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The above loans analysis is solely in relation to a Coronavirus Business Interruption Loan Scheme Loan (CBILS) entered into by the company on 11th June 2020. The loan terms include an initial 12 month repayment and interest holiday, with repayments commencing 15th July 2021 with an applicable interest rate of 2.50%. |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Lease payments recgonised as an expense in the year totalled £154,218 (2022: £226,000 ). |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 142,948 | 98,196 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 3,000 | 3,000 |
Ordinary B | £1 | 636 | 636 |
3,636 | 3,636 |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
20. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 1,427,739 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 1,625,686 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest has been charged on the overdrawn directors loan accounts at 2%/2.25% as applicable. |
The overdrawn directors loan account was cleared within nine months of the year end. |
EMT Healthcare Limited (Registered number: 01037490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | RELATED PARTY DISCLOSURES |
At 31st December 2023, Muirtech Group Limited (formerly Stancrown Limited), the parent company, owed EMT Healthcare Limited £Nil (2022: £126,136), interest has not been charged on the outstanding balance. |
At 31st December 2023, National Care Supplies Limited, a company within the same group as EMT Healthcare Limited, owed EMT Healthcare Limited £17,149 (2022: £Nil), interest has not been charged on the outstanding balance. |
2023 | 2022 |
£ | £ |
Amount due from related party |
2023 | 2022 |
£ | £ |
Amount due from related party |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The company is controlled by its immediate and ultimate parent company Muirtech Group Limited (formerly Stancrown Limited), which has no majority shareholder. Muirtech Group Limited is a company registered in England and Wales and shares its registered office address with EMT Healthcare Limited. |
The parent company of the largest and smallest group for which consolidated accounts are prepared is Muirtech Group Limited. Consolidated accounts are available from Companies House. |