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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
COMPANY INFORMATION
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
CONTENTS
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Annual Report, comprising the Strategic Report and Directors' Report, and audited financial statements of Ezec Medical Transport Services – Trading as EMED Group Limited ("the company", or "Ezec") for the year ended 31 December 2024.
The principal activity of the Company is to provide patient transport services in the healthcare industry. The company is a subsidiary of EMED Group Limited, itself a subsidiary of the ultimate parent undertaking EMED Group Holdings Limited ("the Group" or "EMED Group"). On 28 February 2025, Tiger Infrastructure Partners completed the acquisition of EMED Group Holdings Limited.
EMED Group is committed to pro-actively improving the wellbeing of our communities by providing access to vital health and social care services across the UK. Currently the Group has 62 long term contracts with the NHS, a national infrastructure of 55 operating locations, 2,700 employees and 1,200 customised vehicles.
The Group is segmented into four operating divisions which provide complimentary and integrated services to our customer ICBs, NHS trusts and Local Authorities. The Group has been able to leverage the extensive nationwide footprint and invested in two new divisions Safe Care and Community Care, which include dedicated divisional leadership.
∙Patient Care is EMED's largest division and has successfully tendered a further £48m of Annual Contract Value to be mobilised in 2025.
∙Safe Care provides wholistic services to a range of service users with Mental Health conditions.
∙Community Care is SEND transport from home to school services for children and adults with special needs and disabilities.
∙Courier Services provide the NHS and local community embedded services which bring key medication, equipment and care directly to the healthcare setting. Our capabilities include pathology courier and in home diagnostics support through a dedicated fleet of cold storage vehicles.
Turnover decreased during 2024 from £59,666,669 to £55,277,142 driven primarily by a focus on moving some trading activities to other group companies.
The company's non-recurring costs of £1,015,030 (2023: £1,020,584) continued to largely relate to the restructure of the Group. The Company's balance sheet shows a net liability position of £223,518 (2023: net assets of £12,508,013). Key performance indicators With people being a critical part of our business, staff retention and related employee data is monitored closely, staff turnover has decreased from the beginning of the year from 29% to 24% and management believe a target of below 25% can be maintained with a continued focus on the Employee Value Proposition and creating the right culture and environment for staff to work in.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group is subject to competition for key contracts which are let periodically in open tender. The Group maintains close links with all customers and focuses on quality of service to maximise retention of contracts.
The Group has seen significant inflationary pressures and wage increases recently and continues to see this resonate in the supply chain. The Group mitigates inflationary pressures through customer conversations, and has a systematic approach to its people agenda. Barriers to entry are high, and mobilising new contracts rely on an effective vehicle procurement and financing process. EMED have mitigated procurement delay by successfully forming a strategic partnership with a vehicle procurement specialist, from which the business needs are anticipated to be met. Apart from working capital the Company does not have any financial instruments. It is the Group’s policy that no trading in complex financial instruments shall be undertaken. The main risks arising from the Company’s financial instruments are price, credit, liquidity and cash flow risk:
∙Price risks are managed through the commercial process.
∙Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The group’s policies are aimed at minimising such a risk by conducting credit checks where appropriate and by other established credit control procedures.
∙Liquidity risk is the risk that an entity may encounter difficulties in meeting obligations associated with financial liabilities. The Company aims to mitigate liquidity risk by robust budgeting and costs control.
∙Cash flow risk lies in the exposure to variability in cash flows that are attributable to a particular risk associated with a recognised asset or liability. The Company manages this risk through cash flow planning, and strict management of working capital.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors consider that they have acted in good faith and a way most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a) to (f) of the Companies Act 2006 in the decisions taken during the year ended 31 December 2024.
Colleague engagement Our employees are a fundamental asset of the business and are jointly responsible in delivering our long term plans. The Company invests in ongoing training as well as employee incentive and rewards schemes to promote the talent and contributions of its workforce. The Company carefully considers the interest of employees in key decision making and their health and safety is a priority. Town Hall meetings and regular colleague briefings are used to share regular news and updates. Disabled employees The Company has continued its policy of giving disabled people full and fair consideration for all job vacancies for which they offer themselves as suitable applicants, having regard to their particular aptitudes and abilities. Training and career development opportunities are available to all employees and we continue to endeavour to retrain any member of staff who develops a disability during employment with the group. It is group policy that there should be effective communication with all employees who, subject to practical and commercial consideration, are consulted and involved in decisions that affect their current job or future prospects. Engagement with suppliers, customers and other relationships The Company's long term strategy is to retain and increase the number of contracts with the NHS by providing a safe and quality led service. The Board of directors and the executive management undertake monitoring of performance of the services delivered on an ongoing basis to identify threats and to action strategic changes where needed. The Company is committed to providing a high level of service to its customers, and regular discussions take place with them to ensure that expectations are met as set out below. Communication The Group makes full use of effective video and written communication which is now embedded with our employees, customers and suppliers. On a wider subject of communications, we are committed to sharing as much as is appropriate with our colleagues which includes business performance and strategic updates on project activity to name a few and some of the channels we use are as outlined in the engagement section above. Risk Management and Governance As we continue to grow, our business and our risk environment also become more complex. It is vital that we effectively identify, evaluate, manage, and mitigate the risks we face and that we continue to evolve our approach to risk management. The Company has invested heavily in its governance team, systems and processes, and believes that it is market leader in this space. Business Relationships Our strategy prioritises growth driven by successful tendering for long term contracts across the UK which is driven by active management of our supplier and customer relationships. We value all of our suppliers and will continue to strengthen key relationships in the coming years.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Community & Environment
Our group approach is to use our position of strength to create positive change for our local people and communities and one of our commitments is to identify charitable partners who we can work with to provide employment and work-related opportunities. This will primarily be targeted at offering employability opportunities to 'disadvantaged, young, vulnerable or veterans' who are seeking employment after some time unemployed. The Group launched the EMED Foundation in February 2024 with two main objectives: (i) to alleviate financial hardship for colleagues by providing assistance in the form of short term support to start or attend work, receive medical treatment after illness and/or grants and loans where deemed appropriate to enable health or employability benefits; and (ii) contribute and support local community charitable events and community ‘friendship’ assistance as requested by local management teams.
This report was approved by the board and signed on its behalf.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make 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 to 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.
The loss for the year, after taxation, amounted to £1,165,087 (2023 - profit £2,397,125).
Dividends of £11,566,444 were declared and paid during the year (2023: £Nil).
The directors who served during the year were:
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The emissions and energy consumption information disclosed has been collated in line with the “Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance March 2019”.
The Company’s greenhouse gas emissions and energy consumption for the year are: The 2024 emission has decreased by 4.8% against the 2022 baseline emission. The 2022 baseline for Scope 1 passenger and delivery vehicle emissions were calculated using mileage. For a more accurate indication on emissions, the basis of calculation has been amended to litres of fuel used. The 2022 baseline data has been recalculated to reflect this.
The main quantifiable factor to which the Company can express it’s emission in relation to its main activity is occupancy of the fleet vehicles, as shown below:
The Company continues investing in its energy efficiency through investment in its fleet of vehicles which include purchasing fully electric vehicles and using a fleet management platform that optimises driver behaviours. The platform sees that existing vehicles are fitted with in-cab devices which monitor driver behaviour, braking, and acceleration. The drivers are given a score and benchmarked against a set of metrics. This active and positive engagement with drivers is aimed at increased efficiency on fuel economy and CO2 emissions.
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's policies with respect to employment of disabled persons, employee engagement and engagement with suppliers, customers and others.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
We have audited the financial statements of Ezec Medical Transport Services - trading as EMED Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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' ("FRS 102") (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management around actual and potential litigation claims;
∙enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing minutes of meetings of those charged with governance; and
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED (CONTINUED)
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 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 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
Maidstone United Kingdom MHA is the trading name of MHA Audit Services LLP, a limited liability partnership registered in England and Wales (registered number OC455542)
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
REGISTERED NUMBER: 04088225
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
E-Zec Medical Transport Services - trading as EMED Group Ltd is a private company limited by shares, incorporated in England and Wales in the United Kingdom. The address of the registered office is Angels Wing 1, Whitehouse Street, Leeds, LS10 1AD.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of EMED Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Angels Wing 1, Whitehouse Street, Hunslet, Leeds, United Kingdom, LS10 1AD.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company is in a net liability and net loss position at the year end. This is largely attributable to the non-recurring costs and contract mobilisation costs associated with starting new contracts. As the Company continues to trade, it is expected to reduce the net liability position. The Directors are cognisant of the fact that the Company is an inherent part of the Group’s overall structure. As part of the wider group the Directors are looking to streamline the Group and are actively looking at cost savings as they continue to establish and grow under the EMED brand and the going concern is assessed in that context.
Therefore the Directors have concluded that there are no material uncertainties in the Company’s ability to continue as a going concern, and the financial statement have been prepared on a going concern basis accordingly.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company provides certain members of staff access to the NHS Pension Scheme. The scheme is an unfunded, defined benefit scheme that covers NHS employers, General Practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. The scheme is not designed to be run in a way that would enable employing bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contribution scheme; the cost to the employer of participating in the scheme is taken as equal to the contributions payable to the scheme for the accounting period.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties, and the time value of money unless this is immaterial.
Expenditure incurred in setting up new contracts that meets certain criteria is held in prepayments and into the Statement of Comprehensive Income in line with the performance of the contract to which it relates.
The criteria that such expenditure must meet are:
∙the costs are directly attributable to the specific contract;
∙the costs are expected to generate or enhance resources that will be fully or partly satisfying contract performance obligations in the future; and
∙the costs can be recovered through the margin of the contract.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
(a) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See note 15 for the carrying amount of tangible assets, and Note 2.11 for the useful economic lives for each class of assets. (b) Impairment of tangible fixed assets Management assesses annually whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. No impairment has been identified in the year (2023: none). (c) Provisions for doubtful debts The directors are required to make an assessment as to the recoverability of trade debtors. Provisions are recognised against trade debtors where required. (e) Treatment of fleet vehicle leases All patient transport vehicles are leased. Under the lease arrangements, the directors judge that the risks and rewards incidental to ownership have not been substantially transferred to the Company, and therefore all such leases are accounted for as operating leases. (f) Dilapidations provisions All property leased by the company will need to be returned to its original condition on exit from the lease. Management estimate the likelihood of the costs to be incurred as part of this process, and provide for them accordingly.
The whole of the turnover is attributable to the company's principal activity of patient transport services.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Certain costs relating to the mobilisation of contracts are capitalised as prepayments and released in line with contract performance.
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
22.Share capital (continued)
Profit and loss account
The Company operates a
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EZEC MEDICAL TRANSPORT SERVICES - TRADING AS EMED GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
At the year end, the ultimate controlling pary was considered to be
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