REGISTERED NUMBER: 07000942 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Bears Ambulance Service Limited |
REGISTERED NUMBER: 07000942 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
Bears Ambulance Service Limited |
Bears Ambulance Service Limited (Registered number: 07000942) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
Bears Ambulance Service Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
Bears Ambulance Service Limited (Registered number: 07000942) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The directors are pleased to report on the continued growth of the group which has come from its subsidiary undertaking Starcross Trading Limited t/a BEARS, building on our core principles of Safety, Comfort and Care. Our patient-centric focus continues to strengthen our reputation for excellence across the Ambulance and Healthcare industry in the United Kingdom. |
The group and company's performance are largely due to the growth in our Specialist Ambulance Services and increase in ambulance services. Our services, which include High Dependency, Bariatric, Mental Health and ECMO, and which our clients recognise as reliable, unlocked new opportunities for further specialist ambulance services in Critical Care, Neonatal and Paediatric Intensive Care services. We are confident that these new services would become new sources of additional revenue in the coming financial years and beyond. |
At every level, BEARS has focused on quality, which defines the company and differentiates it from its peers (and competitors). Our emphasis remains to provide high quality service, training, and generous package to our staff as well as providing them with appropriate tools (including PPE and other materials), to enable them to deliver the highest standards of patient care. The return for this strategy is easily demonstrated by our Key performance indicators (KPI's) and the level of retention on our contracts from existing NHS customers. This has led to further organic growth for our services through recommendations. |
During the last financial year, the company invested heavily in the business, both in staffing and rejuvenating our fleet. Our staff and fleet base has grown significantly, not only to provide the much needed resources to support the UK Healthcare industry but also ensuring that we maintain the highest levels of care. We also made considerable investment in developing our infrastructure for growth led by our innovations in several key areas, including but not limited to information technology, process digitalisation and ambulance design, by following our vision and strategy for the next five years: |
- To consolidate all operations, with a view to managing growth by developing infrastructure, systems and the right personnel to deliver contracts. |
- To continue to innovate in environmentally friendly fleet with a view to achieving carbon neutral by 2025. This would be dependent on vehicle sustainability developments and fuel efficient technologies. We aim to develop better patient friendly and patient comfort ambulances for all service areas. |
- We embrace efficiency through technology, adding value to operational systems and effectiveness in order to meet company objectives. |
- Our goal for the next 5 years is to develop our business into a naturally compliant organisation, capable of achieving economically sustainable contracts within the NHS with the highest levels of patient care and service. |
We expect to go from strength to strength and are confident that our budgets would be achieved. This confidence is based on our hope to win more NHS contracts and growing reputation of the subsidiary undertaking Starcross Trading Limited t/a BEARS as a reliable provider of Specialist Ambulance services in the United Kingdom. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks faced by the company are mainly inflation, hike in fuel costs, shortage of skilled personnel including Drivers, Paramedic staffs, and the high level of compliance required to ensure safety, comfort and care of patients. |
The company has mitigated some of the risks above by actively recruiting skilled personnel, providing excellent training platforms to both existing and new personnel, as well as investing in its IT infrastructure thus improving delivery of its patient focused service efficiently. The company also maintains strong relationships with its customers mainly the NHS trusts. |
DEVELOPMENT AND PERFORMANCE |
The directors are satisfied with the group's performance during the year and its position as at the year end. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
KEY PERFORMANCE INDICATORS |
The group considers that its Key Performance Indicators (KPIs) are those that communicate the financial performance as strength of the group on a regular basis. These include turnover, profit before tax and employee levels. |
The KPIs are reviewed by management on a regular basis. |
ON BEHALF OF THE BOARD: |
Bears Ambulance Service Limited (Registered number: 07000942) |
Report of the Director |
for the Year Ended 31 March 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of The principal activity of the company and group continued to be that of provision of private ambulance services. |
DIVIDENDS |
Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a final dividend. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
TC Group were appointed as auditors to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bears Ambulance Service Limited |
Opinion |
We have audited the financial statements of Bears Ambulance Service Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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. |
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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Bears Ambulance Service Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Bears Ambulance Service 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. |
Our approach was as follows: |
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations; |
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; |
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration; |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; |
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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. |
Report of the Independent Auditors to the Members of |
Bears Ambulance Service Limited |
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 |
Statutory Auditor |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
Bears Ambulance Service Limited (Registered number: 07000942) |
Consolidated Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 4 | 16,362,358 | 21,238,720 |
Cost of sales | 12,068,671 | 16,311,254 |
GROSS PROFIT | 4,293,687 | 4,927,466 |
Administrative expenses | 1,829,943 | 2,239,969 |
2,463,744 | 2,687,497 |
Other operating income | 753 | 1,053 |
OPERATING PROFIT | 6 | 2,464,497 | 2,688,550 |
Interest receivable and similar income | 18,644 | 5,846 |
2,483,141 | 2,694,396 |
Interest payable and similar expenses | 8 | 127,933 | 96,943 |
PROFIT BEFORE TAXATION | 2,355,208 | 2,597,453 |
Tax on profit | 9 | 635,531 | 643,158 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,243,332 | 1,417,345 |
Non-controlling interests | 476,345 | 536,950 |
1,719,677 | 1,954,295 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,719,677 | 1,954,295 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,719,677 |
1,954,295 |
Total comprehensive income attributable to: |
Owners of the parent | 1,243,332 | 1,417,345 |
Non-controlling interests | 476,345 | 536,950 |
1,719,677 | 1,954,295 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Consolidated Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 | 4,132,418 | 4,238,095 |
Investments | 13 | - | - |
Investment property | 14 | 3,310,069 | 2,560,479 |
7,442,487 | 6,798,574 |
CURRENT ASSETS |
Stocks | 15 | 10,748 | 60,748 |
Debtors | 16 | 6,529,913 | 4,126,160 |
Cash at bank | 907,345 | 3,348,948 |
7,448,006 | 7,535,856 |
CREDITORS |
Amounts falling due within one year | 17 | 2,715,562 | 2,348,032 |
NET CURRENT ASSETS | 4,732,444 | 5,187,824 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,174,931 |
11,986,398 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(565,734 |
) |
(1,001,024 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,063,330 | ) | (1,051,184 | ) |
NET ASSETS | 10,545,867 | 9,934,190 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,000 | 1,000 |
Share premium | 22 | 199,970 | 199,970 |
Other reserves | 22 | 911,937 | 911,937 |
Retained earnings | 22 | 9,406,356 | 8,343,024 |
SHAREHOLDERS' FUNDS | 10,519,263 | 9,455,931 |
NON-CONTROLLING INTERESTS | 26,604 | 478,259 |
TOTAL EQUITY | 10,545,867 | 9,934,190 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Consolidated Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by: |
M A Hashim - Director |
Bears Ambulance Service Limited (Registered number: 07000942) |
Company Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 93,884 | 1,323,138 |
The financial statements were approved by the director and authorised for issue on |
Bears Ambulance Service Limited (Registered number: 07000942) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2022 | 1,000 | 7,055,679 | 199,970 |
Changes in equity |
Dividends | - | (130,000 | ) | - |
Total comprehensive income | - | 1,417,345 | - |
Balance at 31 March 2023 | 1,000 | 8,343,024 | 199,970 |
Changes in equity |
Dividends | - | (180,000 | ) | - |
Total comprehensive income | - | 1,243,332 | - |
Balance at 31 March 2024 | 1,000 | 9,406,356 | 199,970 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 911,937 | 8,168,586 | 511,309 | 8,679,895 |
Changes in equity |
Dividends | - | (130,000 | ) | (570,000 | ) | (700,000 | ) |
Total comprehensive income | - | 1,417,345 | 536,950 | 1,954,295 |
Balance at 31 March 2023 | 911,937 | 9,455,931 | 478,259 | 9,934,190 |
Changes in equity |
Dividends | - | (180,000 | ) | (928,000 | ) | (1,108,000 | ) |
Total comprehensive income | - | 1,243,332 | 476,345 | 1,719,677 |
Balance at 31 March 2024 | 911,937 | 10,519,263 | 26,604 | 10,545,867 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 461,040 | 3,042,206 |
Interest element of hire purchase and finance lease rental payments paid |
(127,933 |
) |
(96,943 |
) |
Tax paid | (237,734 | ) | (306,226 | ) |
Net cash from operating activities | 95,373 | 2,639,037 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (650,970 | ) | (1,714,017 | ) |
Purchase of investment property | (749,590 | ) | (16,740 | ) |
Sale of tangible fixed assets | 32,966 | 110,509 |
Interest received | 18,644 | 5,846 |
Net cash from investing activities | (1,348,950 | ) | (1,614,402 | ) |
Cash flows from financing activities |
Capital repayments in year | (588,011 | ) | 378,671 |
Amount introduced by directors | 507,985 | - |
Amount withdrawn by directors | - | (282,180 | ) |
Equity dividends paid | (180,000 | ) | (130,000 | ) |
Dividends paid to minority interests | (928,000 | ) | (570,000 | ) |
Net cash from financing activities | (1,188,026 | ) | (603,509 | ) |
(Decrease)/increase in cash and cash equivalents | (2,441,603 | ) | 421,126 |
Cash and cash equivalents at beginning of year |
2 |
3,348,948 |
2,927,822 |
Cash and cash equivalents at end of year | 2 | 907,345 | 3,348,948 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 2,355,208 | 2,597,453 |
Depreciation charges | 723,682 | 762,960 |
Finance costs | 127,933 | 96,943 |
Finance income | (18,644 | ) | (5,846 | ) |
3,188,179 | 3,451,510 |
Decrease in stocks | 50,000 | - |
Increase in trade and other debtors | (2,645,043 | ) | (500,455 | ) |
(Decrease)/increase in trade and other creditors | (132,096 | ) | 91,151 |
Cash generated from operations | 461,040 | 3,042,206 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 907,345 | 3,348,948 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 3,348,948 | 2,927,822 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 3,348,948 | (2,441,603 | ) | 907,345 |
3,348,948 | (2,441,603 | ) | 907,345 |
Debt |
Hire purchase and finance leases | (2,025,409 | ) | 588,011 | (1,437,398 | ) |
(2,025,409 | ) | 588,011 | (1,437,398 | ) |
Total | 1,323,539 | (1,853,592 | ) | (530,053 | ) |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Bears Ambulance Service Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Spitalfields House, Stirling Way, Borehamwood, WD6 2FX. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Business combinations |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company Bears Ambulance Service Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates. |
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. |
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group's share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill. |
If the group's share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate. |
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group's interest in the entity. |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Leasehold land and buildings | 25% straight line basis |
Plant and machinery | 25% straight line basis |
Fixtures and fittings | 25% straight line basis |
Motor vehicles | 25% straight line basis |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
Fixed asset investments |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates. |
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate. |
In the parent company financial statements, investments in associates are accounted for at cost less impairment. |
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by geographical market is given below: |
31.3.24 | 31.3.23 |
£ | £ |
United Kingdom | 16,362,358 | 21,238,720 |
16,362,358 | 21,238,720 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 4,013,062 | 5,079,572 |
Social security costs | 413,618 | 515,839 |
Other pension costs | 88,901 | 106,669 |
4,515,581 | 5,702,080 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 1 | 2 |
Management and administration | 5 | 4 |
Drivers and paramedics | 123 | 131 |
31.3.24 | 31.3.23 |
£ | £ |
Director's remuneration | 39,532 | 12,770 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Leasing - motor vehicles | 52,957 | 91,178 |
Motor expenses | 936,032 | 1,116,309 |
Depreciation - owned assets | 723,681 | 762,960 |
7. | AUDITORS' REMUNERATION |
31.3.24 | 31.3.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
39,900 |
23,100 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase | 122,579 | 84,581 |
Leasing | 5,354 | 12,362 |
127,933 | 96,943 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 623,385 | 204,471 |
Deferred tax | 12,146 | 438,687 |
Tax on profit | 635,531 | 643,158 |
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: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 2,355,208 | 2,597,453 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
588,802 |
493,516 |
Effects of: |
Expenses not deductible for tax purposes | 1,006 | 11,567 |
Capital allowances in excess of depreciation | - | (262,973 | ) |
Depreciation in excess of capital allowances | 32,731 | - |
Utilisation of tax losses | (348 | ) | (2,152 | ) |
Adjustments to tax charge in respect of previous periods | - | (33,263 | ) |
Deferred tax | 12,146 | 438,687 |
Balancing charge | 5,721 | - |
Profit or loss on disposal of tangible assets | (3,915 | ) | (2,224 | ) |
Marginal Relief | (612 | ) | - |
Total tax charge | 635,531 | 643,158 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary shares shares of £1 each |
Interim | 180,000 | 130,000 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 58,956 | 30,356 | 1,110,513 | 6,141,414 | 7,341,239 |
Additions | - | - | 38,484 | 612,486 | 650,970 |
Disposals | - | - | - | (50,860 | ) | (50,860 | ) |
At 31 March 2024 | 58,956 | 30,356 | 1,148,997 | 6,703,040 | 7,941,349 |
DEPRECIATION |
At 1 April 2023 | 50,967 | 30,356 | 829,057 | 2,192,764 | 3,103,144 |
Charge for year | 5,326 | - | 117,012 | 601,343 | 723,681 |
Eliminated on disposal | - | - | - | (17,894 | ) | (17,894 | ) |
At 31 March 2024 | 56,293 | 30,356 | 946,069 | 2,776,213 | 3,808,931 |
NET BOOK VALUE |
At 31 March 2024 | 2,663 | - | 202,928 | 3,926,827 | 4,132,418 |
At 31 March 2023 | 7,989 | - | 281,456 | 3,948,650 | 4,238,095 |
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Motor vehicles | 3,418,876 | 3,134,815 | - | - |
Company |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 229 Whitchurch Lane, Edgware, Middlesex, England, HA8 6QU |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: First Floor, Spitalfields House, Stirling Way, Borehamwood, WD6 2FX |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 | 2,560,479 |
Additions | 749,590 |
At 31 March 2024 | 3,310,069 |
NET BOOK VALUE |
At 31 March 2024 | 3,310,069 |
At 31 March 2023 | 2,560,479 |
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2024 by the Director . The valuation was made on an open market value basis by reference to rental yields and market conditions. |
15. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Stocks | 10,748 | 60,748 |
16. | DEBTORS |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,759,988 | 2,116,781 |
Amounts owed by group undertakings | - | - |
Other debtors | 4,589,070 | 1,548,714 |
Directors' current accounts | - | 241,290 | - | 241,616 |
VAT | 84,763 | 109,360 |
Prepayments | 96,092 | 110,015 |
6,529,913 | 4,126,160 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 6,529,913 | 4,126,160 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Hire purchase contracts and finance leases (see note 19) | 871,664 |
1,024,385 |
Trade creditors | 183,041 | 258,125 |
Tax | 623,385 | 237,734 |
Social security and other taxes | 105,158 | 111,478 |
VAT | - | - | - | 35,682 |
Other creditors | 116,960 | 16,735 |
Directors' current accounts | 266,696 | - | 181,258 | - |
Accrued expenses | 548,658 | 699,575 |
2,715,562 | 2,348,032 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts and finance leases (see note 19) | 565,734 |
1,001,024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year | 811,551 | 986,598 | 60,113 | 37,787 |
Between one and five years | 492,917 | 960,368 | 72,817 | 40,656 |
1,304,468 | 1,946,966 | 132,930 | 78,443 |
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is between 2 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 1,063,330 | 1,051,184 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 1,051,184 |
Provided during year | 12,146 |
Balance at 31 March 2024 | 1,063,330 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary shares | £1 | 1,000 | 1,000 |
22. | RESERVES |
Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 8,343,024 | 199,970 | 911,937 | 9,454,931 |
Profit for the year | 1,243,332 | 1,243,332 |
Dividends | (180,000 | ) | (180,000 | ) |
At 31 March 2024 | 9,406,356 | 199,970 | 911,937 | 10,518,263 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
Bears Ambulance Service Limited (Registered number: 07000942) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | RESERVES - continued |
Share Premium Reserve: |
The amount carried forward is the premium that arose from the issue of shares in 2018. |
Merger Reserve: |
This arose on the share for share exchange in 2018 by the Director for shares in Starcross Trading Limited. |
23. | OTHER FINANCIAL COMMITMENTS |
Lessee: |
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
Within one year | 61,600 | 61,600 | - | - |
Between two and five years | 206,717 | 250,067 | - | - |
In over five years | - | 18,250 | - | - |
268,317 | 329,917 | - | - |
24. | RELATED PARTY DISCLOSURES |
Group: |
During the year, the group received income of £Nil (2023: £1,355) from related parties and incurred costs of £2,082,239 (2023: £5,278,031) payable to related parties. |
Included within other debtors is an amount of £4,366,784 (2023: £1,080,213) owed by related parties. |
Included within other creditors is an amount of £84,000 (2023: £Nil) owed to related parties. |
During the year, dividends of £928,000 (2023: £570,000) were paid to the minority interest holders of the company. |
Included within income is an amount of £52,800 (2023: £52,800) charged to the director for private use of its properties. The rental amount charged was similar to market value of rents achieved in the area. |
Company: |
The company has taken advantage of FRS 102, Section 33.1A, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member. |
Amounts owed to and from group companies are therefore shown in aggregate. |
During the year, the company received income of £194,500 (2023: £1,430,800) from group undertakings. |
Included in debtors is an amount of £5,768,086 (2023: £2,839,997) owed by related parties. |
25. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the director by virtue of holding majority of its entire issued ordinary share capital. |