IRIS Accounts Production v25.1.0.734 04036635 Board of Directors 1.8.23 31.7.24 31.7.24 15.4.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040366352023-07-31040366352024-07-31040366352023-08-012024-07-31040366352022-07-31040366352022-08-012023-07-31040366352023-07-3104036635ns15:EnglandWales2023-08-012024-07-3104036635ns14:PoundSterling2023-08-012024-07-3104036635ns10:Director12023-08-012024-07-3104036635ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3104036635ns10:SmallEntities2023-08-012024-07-3104036635ns10:Audited2023-08-012024-07-3104036635ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3104036635ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3104036635ns10:FullAccounts2023-08-012024-07-3104036635ns10:Director22023-08-012024-07-3104036635ns10:Director32023-08-012024-07-3104036635ns10:Director52023-08-012024-07-3104036635ns10:RegisteredOffice2023-08-012024-07-3104036635ns5:CurrentFinancialInstruments2024-07-3104036635ns5:CurrentFinancialInstruments2023-07-3104036635ns5:Non-currentFinancialInstruments2024-07-3104036635ns5:Non-currentFinancialInstruments2023-07-3104036635ns5:ShareCapital2024-07-3104036635ns5:ShareCapital2023-07-3104036635ns5:RetainedEarningsAccumulatedLosses2024-07-3104036635ns5:RetainedEarningsAccumulatedLosses2023-07-3104036635ns5:LandBuildings2023-08-012024-07-3104036635ns5:PlantMachinery2023-08-012024-07-3104036635ns5:LandBuildings2023-07-3104036635ns5:PlantMachinery2023-07-3104036635ns5:LandBuildings2024-07-3104036635ns5:PlantMachinery2024-07-3104036635ns5:LandBuildings2023-07-3104036635ns5:PlantMachinery2023-07-3104036635ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3104036635ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3104036635ns5:WithinOneYear2024-07-3104036635ns5:WithinOneYear2023-07-3104036635ns5:BetweenOneFiveYears2024-07-3104036635ns5:BetweenOneFiveYears2023-07-3104036635ns5:MoreThanFiveYears2024-07-3104036635ns5:MoreThanFiveYears2023-07-3104036635ns5:AllPeriods2024-07-3104036635ns5:AllPeriods2023-07-31
REGISTERED NUMBER: 04036635 (England and Wales)












WELSH AIR AMBULANCE TRADING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2024






WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WELSH AIR AMBULANCE TRADING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: D Gilbert
O S Davies
D Plester
Dr K Jacques



REGISTERED OFFICE: Ty Elusen
Ffordd Angel
Llanelli Gate
Dafen
Llanelli
SA14 8LQ



REGISTERED NUMBER: 04036635 (England and Wales)



SENIOR STATUTORY AUDITOR: Alison Vickers



AUDITORS: Bevan Buckland LLP (Statutory Auditors)
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 44,583 53,141

CURRENT ASSETS
Stocks 26,807 29,217
Debtors 5 206,163 178,941
Cash at bank 13,192 69,508
246,162 277,666
CREDITORS
Amounts falling due within one year 6 88,041 307,498
NET CURRENT ASSETS/(LIABILITIES) 158,121 (29,832 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

202,704

23,309

CREDITORS
Amounts falling due after more than one year 7 (195,877 ) -

PROVISIONS FOR LIABILITIES (4,441 ) (4,441 )
NET ASSETS 2,386 18,868

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,385 18,867
SHAREHOLDERS' FUNDS 2,386 18,868

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by:





D Plester - Director


WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Welsh Air Ambulance Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from services, such as hanger rental and landing fees, is recognised when the service have been provided and the right to consideration has been earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Government grants
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Employee Benefits
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

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

Cash at Bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Trade Creditors
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.

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 company 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 company after deducting all of its liabilities.


WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued


Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Leases
Assets obtained under finance lease are capitalised in the balance sheet and depreciated over their estimated useful lives, or where relevant, the lease term whichever is shorter. Rentals paid under operating leases are charged to the income and expenditure account as incurred.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling (£).

Going Concern
The company meets its day-to-day working capital requirements through its intercompany loan facilities. The current economic conditions continue to create uncertainty over the level of demand for the company’s products and services. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements

Significant management judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 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 and in any future periods affected.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 38,000 35,543 73,543
Additions - 994 994
At 31 July 2024 38,000 36,537 74,537
DEPRECIATION
At 1 August 2023 3,899 16,503 20,402
Charge for year 783 8,769 9,552
At 31 July 2024 4,682 25,272 29,954
NET BOOK VALUE
At 31 July 2024 33,318 11,265 44,583
At 31 July 2023 34,101 19,040 53,141

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 94,962 48,916
Amounts owed by group undertakings 27,767 -
Other debtors 83,434 130,025
206,163 178,941

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 72,764 89,277
Amounts owed to group undertakings - 210,236
Other creditors 15,277 7,985
88,041 307,498

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 195,877 -

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 42,500 40,000
Between one and five years 253,375 244,375
In more than five years 2,272,703 2,275,151
2,568,578 2,559,526

WELSH AIR AMBULANCE TRADING LIMITED (REGISTERED NUMBER: 04036635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alison Vickers (Senior Statutory Auditor)
For on behalf of Bevan Buckland LLP (Statutory Auditors)

10. ULTIMATE CONTROLLING PARTY

The Company is owned 100% by its parent company Welsh Air Ambulance Charitable Trust, who is responsible for preparing group financial statements. The parents registered office is Ty Elusen, Ffordd Angel, Llanelli Gate, Dafen, Llanelli.