Company registration number 10451015 (England and Wales)
IQARUS MEDICAL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
IQARUS MEDICAL SERVICES LIMITED
COMPANY INFORMATION
Directors
N Peters
G R M Harrison
Company number
10451015
Registered office
C/O International SOS Assistance UK Limited
Chiswick Park
Building 4
566 Chiswick High Road
London
United Kingdom
W4 5YE
Auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
IQARUS MEDICAL SERVICES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
IQARUS MEDICAL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of a holding company for the investment in the Iqarus Medical Center (formerly American Medical Center). However this subsidiary has permanently ceased trading.
Future developments
At the time of approving the financial statements, it is the intention of the directors to liquidate the company in the next twelve months given that the subsidiary in which the company holds the investment permanently ceased trading.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N Peters
G R M Harrison
Qualifying third party indemnity provisions
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Financial risk management objectives and policies
The company no longer has any significant financial risks given its subsidiary has ceased trading.
Non-Going Concern
At the time of approving the financial statements, it is the intention of the directors to liquidate the company in the next twelve months given that the subsidiary in which the company holds the investment permanently ceased trading. Therefore it is appropriate to prepare the financial statements on a non-going concern basis. The directors are satisfied that no changes to the value of assets or liabilities arise at the balance sheet date due to the change in basis of preparation of the financial statements.
Post reporting date events
On 31 July 2024, The company received forgiveness of a debt owed to a fellow group company of $5,973,532 which was released through the profit and loss account. This is for the purpose of simplying intercompany balances within the group.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
IQARUS MEDICAL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006
On behalf of the board
G R M Harrison
Director
27 February 2025
IQARUS MEDICAL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
IQARUS MEDICAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF IQARUS MEDICAL SERVICES LIMITED
- 4 -
Opinion
We have audited the financial statements of Iqarus Medical Services Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (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 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
Emphasis of matter - basis of preparation of the financial statements
We draw attention to Note 1.2 to the financial statements, which describes the basis of preparation of the financial statements. As described in that note, following the permanent cessation of trade in the subsidiary in which the company holds an investment, the directors intend to liquidate the company within twelve months of the date of signing of these financial statements. Accordingly the directors have prepared the financial statements on a non-going concern basis. Our opinion is not modified in respect of this matter.
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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
IQARUS MEDICAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF IQARUS MEDICAL SERVICES LIMITED
- 5 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
IQARUS MEDICAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF IQARUS MEDICAL SERVICES LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company’s member 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 member, those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member, for our audit work, for this report, or for the opinions we have formed.
David Booth (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
27 February 2025
Chartered Accountants
Statutory Auditor
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
IQARUS MEDICAL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
$
$
Administrative expenses
(46,662)
(56,901)
Operating loss
3
(46,662)
(56,901)
Amounts written off investments
6
(3,940,066)
Loss before taxation
(46,662)
(3,996,967)
Tax on loss
7
4,427
Loss and total comprehensive income for the financial year
13
(46,662)
(3,992,540)
The notes on pages 10 to 16 form part of these financial statements.
IQARUS MEDICAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
- 8 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
8
Current assets
Debtors
10
-
2,031,602
Cash at bank and in hand
4,307
-
2,035,909
Creditors: amounts falling due within one year
(6,023,991)
(8,013,238)
Net current liabilities
(6,023,991)
(5,977,329)
Capital and reserves
Called up share capital
12
1,273
1,273
Profit and loss reserves
13
(6,025,264)
(5,978,602)
Total equity
(6,023,991)
(5,977,329)
The notes on pages 10 to 16 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
G R M Harrison
Director
Company registration number 10451015
IQARUS MEDICAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 July 2022
1,273
(1,986,062)
(1,984,789)
Year ended 30 June 2023:
Loss for the period
-
(3,992,540)
(3,992,540)
Balance at 30 June 2023
1,273
(5,978,602)
(5,977,329)
Year ended 30 June 2024:
Loss for the period
-
(46,662)
(46,662)
Balance at 30 June 2024
1,273
(6,025,264)
(6,023,991)
The notes on pages 10 to 16 form part of these financial statements.
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information
Iqarus Medical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O International SOS Assistance UK Limited, Chiswick Park, Building 4, 566 Chiswick High Road, London, United Kingdom, W4 5YE. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
- paragraph 79(a)(iv) of IAS1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets:
the requirements of IAS 7 Statement of Cash Flows.
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Consolidation
The company is a subsidiary undertaking of International SOS Government Services Singapore Pte. Ltd. (formerly Iqarus Holdings Pte. Ltd.), a Company registered in Singapore. The results of the company are included in the consolidated financial statements of AEA International Holdings Pte. Ltd. ("AEA"). AEA is the operating parent holding company of the International SOS group of companies and the directors consider AEA to have control of Iqarus Medical Services Limited. The address of AEA's registered office is 8 Changi Business Park Avenue 1, #07-53, ESR Bizpark @ Changi, Singapore 486018.
1.2
Going concern
At the time of approving the financial statements, it is the intention of the directors to liquidate the company in the next twelve months given that the subsidiary in which the company holds the investment permanently ceased trading. Therefore it is appropriate to prepare the financial statements on a non-going concern basis. The directors are satisfied that no changes to the value of assets or liabilities arise at the balance sheet date due to the change in basis of preparation of the financial statements.true
1.3
Cash at bank and in hand
Cash and cash equivalents 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.
1.4
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost depending on the classification of the financial assets.
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
Financial assets at fair value through profit or loss
All of the company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time money value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.5
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Financial liabilities at fair value through profit or loss
Financial liabiltiies are classified as at fair value through profit or loss, when the financial liability is held for trading or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated at fair value through profit or loss. Any gains or losses arising on changes in fair values are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
Other financial liabilities
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The company is part of a group that surrenders tax losses to other group companies in the form of group relief. Group relief is provided for nil consideration between group companies.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Deferred tax items relating to items recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction in other comprehensive income or directly in equity.
1.8
Foreign exchange
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transactions costs) and the redemption value is recognised in the income statement over the period of borrowings using the effective interest method. Borrowing costs are recognised in the statement of comprehensive income in the period in which they are incurred.
2
Critical accounting estimates and judgements
The preparation of financial statements requires management to make judgement, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balances sheet date and the amounts reported for income and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. There are no significant estimates and judgements relating to the year ended 30 June 2024.
Significant judgements and estimates in these financial statements have been made with regard to valuation of the investment in a subsidiary and recoverability of intercompany debtors in the previous period. Impairment indicators were identified which have resulted in an impairment charge of $3,940,066 in the previous period in relation to the investment to bring its carrying value to $nil. This was due to the fair value of the investment decreasing due to the permanent cessation of trade in the investment and managements subsequent evaluation of the recoverable amount of the investment. Management carried out a novation exercise to settle its intercompany debtor balances in the period therefore no impairment was required on these balances. Given that neither of these exist at the year end there are no areas a significant judgement or estimation in the year.
3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(1,371)
166
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
30,657
30,618
For other services
Other services
7,269
7,260
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The cost of directors' emoluments for all directors are borne by other group companies in the current year and prior period.
The company has made qualifying third party indemnity provisions for the benefit of its directors. These remain in force during the financial year and also at the date of approval of the statements.
6
Amounts written off investments
2024
2023
$
$
Impairment of investment in subsidiaries
-
(3,940,066)
7
Taxation
2024
2023
$
$
Current tax
Adjustments in respect of prior periods
-
(4,427)
The charge for the year can be reconciled to the loss per the profit and loss account as follows:
2024
2023
$
$
Loss before taxation
(46,662)
(3,996,967)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 20.50%)
(11,666)
(819,214)
Effect of expenses not deductible in determining taxable profit
481
808,005
Unutilised tax losses carried forward
11,185
13,672
Adjustment in respect of prior years
(2,463)
Group relief
(4,427)
Taxation charge/(credit) for the year
-
(4,427)
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
8
Investments
Investments in subsidiaries
$
Cost or valuation
At 1 July 2023 & 30 June 2024
5,976,730
Impairment
At 1 July 2023 & 30 June 2024
(5,976,730)
Carrying amount
At 30 June 2024
-
At 30 June 2023
-
Investments in group undertakings are recorded at cost less impairment. Cost is fair value consideration paid.
9
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Iqarus Medical Centre (formerly American Medical Center)
15th Street, Lane 4, Wazir, Akbar Khan, Kabul, Afghanistan
Provision of intelligent health solutions
Ordinary
100.00
10
Debtors
2024
2023
$
$
Amounts owed by fellow group undertakings
2,031,602
Amounts owed by group undertakings are unsecured, repayable on demand and have no fixed repayment date. During the period a novation took place to simplify the intercompany balances within the group therefore the amounts owed by group undertakings were set off against amounts due to group undertakings.
IQARUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
11
Creditors
2024
2023
$
$
Amounts owed to fellow group undertakings
5,978,532
7,927,632
Accruals and deferred income
45,459
85,606
6,023,991
8,013,238
Amounts owed to group undertakings are unsecured, repayable on demand and have no fixed repayment date. During the period a novation took place to simplify the intercompany balances within the group therefore the amounts owed by group undertakings were set off against amounts due to group undertakings. See subsequent events (note 14) for details of post year end forgiveness of this balance.
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
850 "A" ordinary shares of £1 each
850
850
1,082
1,082
150 "B" ordinary shares of £1 each
150
150
191
191
1,000
1,000
1,273
1,273
There are no restrictions on dividends and the repayment of capital.
13
Profit and loss reserves
Includes all current and prior period retained profit and losses including any translation differences.
14
Events after the reporting date
On 31 July 2024, The company received forgiveness of a debt owed to a fellow group company of $5,973,532 which was released through the profit and loss account. This is for the purpose of simplying intercompany balances within the group.
15
Controlling party
The company is a subsidiary undertaking of International SOS Government Services Singapore Pte. Ltd. (formerly Iqarus Holdings Pte. Ltd.), a Company registered in Singapore. The results of the company are included in the consolidated financial statements of AEA International Holdings Pte. Ltd. ("AEA"). AEA is the operating parent holding company of the International SOS group of companies and the directors considered AEA to have control of Iqarus Medical Services Limited. The financial statements of AEA are available from 8 Changi Business Park Avenue 1, #07-53, ESR Bizpark @ Changi, Singapore 486018.
The company's ultimate parent undertaking, and controlling party is Blue Mountain Pte. Ltd.
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