IMT Medical Transport Limited Company accounts

COMPANY REGISTRATION NUMBER: 10713061

IMT Medical Transport Limited

Financial Statements

31 December 2024

IMT Medical Transport Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	10

Statement of financial position	11

Statement of cash flows	12

Notes to the financial statements	13

IMT Medical Transport Limited

Strategic Report

Year ended 31 December 2024

Principal activities The principal activity of the Company during the year continues to be medical transport. Business review and future developments The Company has achieved a pre tax profit for the year of £36,430 (2023: loss of £135,179) on a turnover of £16,925,167 (2023: £16,459,609 ). At the year end net liabilities of the Company were £508,457 (2023: £524,081). The directors consider the results for the financial year and the position of the Company at the financial year end to be satisfactory. The directors are committed to the long term creation of shareholder value by increasing the company's market share through organic growth. While the incoming year is likely to be very challenging both because of increased competition and the general economic climate, early results are satisfactory and the directors will closely monitor current performance. Key performance indicators The company's key performance indicators are as follows:

		2024	2023
		£	£

Turnover (£)	16,925,167	16,459,609
Gross margin (%)	31	28

Turnover has increased predominantly as a result of increased pricing, driven by the inflationary market conditions. The gross margin increased year on year as a result of good costs control and reduced fuel costs.

Principal risks and uncertainties The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to the current economic environment, competition from medical transport companies, supplier stability and employee retention. The risks are addressed through strong customer service, as well as investment in its people and facilities. Financial risk management The Company's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs. Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the company's finance department. Price risk The Company is exposed to price risk as a result of its operations, primarily relating to fuel prices. However, given the size of the Company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature. The Company has no exposure to equity securities price risks as it holds no listed or other equity investments. Credit risk The Company has implemented policies that require appropriate credit checks on potential customers before sales are made and services are provided. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. Liquidity risk The Company actively maintains a mixture of short to medium term debt finance that is designed to ensure that the Company has sufficient available funds for operations and planned expansions. Interest rate risk The Company has interest bearing liabilities at variable rates. The Company constantly reviews the current and expected future interest rates to ensure certainty of future interest cash flows.

This report was approved by the board of directors on 2 October 2025 and signed on behalf of the board by:

Stanley Edgar

Director

Registered office:

Regent House Arkwright Way

Queensway Industrial Estate

Scunthorpe

England

DN16 1AL

IMT Medical Transport Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

Stanley Edgar
John Andrew McCulloch Hood

Dividends

The directors do not recommend the payment of a dividend.

Other matters

Going concern

The Company currently has a net current liability position of £100,859 (2023: £840,879) and made a profit before tax of £36,430 (2023: loss of £135,179) in the current year. The Company meets its day to day working capital requirements through its banking facilities.

The directors are confident based on their current trading performance, management budgets and ongoing discussions with the facility provider, that the facility will continue to be renewed and available to the Company.

Disclosure of information in the strategic report

Future developments The section on future developments which is detailed in the Strategic Report is included in this report by cross reference. Financial risk management The section on financial risk management which is detailed in the Strategic Report is included in this report by cross reference.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent. 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 2 October 2025 and signed on behalf of the board by:

Stanley Edgar

Director

Registered office:

Regent House Arkwright Way

Queensway Industrial Estate

Scunthorpe

England

DN16 1AL

IMT Medical Transport Limited

Independent Auditor's Report to the Members of IMT Medical Transport Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of IMT Medical Transport Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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.

Material uncertainty related to going concern

We draw attention to note 3 in the financial statements, which indicates that the accounts have been prepared on a going concern basis, the validity of which depends on the continuous profits being made by the Company post year end, as well as the continued support of the other group companies and the group's bankers. The financial statements do not include any adjustments which would result if this continued support was not secured. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the 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. 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: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making new accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.

Cathal Maneely

(Senior Statutory Auditor)

For and on behalf of

Maneely Mc Cann Chartered Accountants

Chartered accountants & statutory auditor

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

2 October 2025

IMT Medical Transport Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	16,925,167	16,459,609

Cost of sales	11,762,154	11,885,468
	-------------	-------------
Gross profit	5,163,013	4,574,141

Administrative expenses		4,943,402	4,502,080
		------------	------------
Operating profit	5	219,611	72,061

Interest payable and similar expenses	9	183,181	207,240
		------------	------------
Profit/(loss) before taxation		36,430	( 135,179)

Tax on profit/(loss)	10	20,806	14,110
		--------	---------
Profit/(loss) for the financial year and total comprehensive income		15,624	( 149,289)
		--------	---------

Retained losses at the start of the year	( 525,081)	( 375,792)
	---------	---------
Retained losses at the end of the year	( 509,457)	( 525,081)
	---------	---------

All the activities of the company are from continuing operations.

IMT Medical Transport Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	11	633,386	968,882

Current assets

Debtors	12	2,322,171	2,487,100
Cash at bank and in hand		3,087	3,360
		------------	------------
		2,325,258	2,490,460

Creditors: amounts falling due within one year	13	2,426,117	3,331,339
		------------	------------
Net current liabilities		100,859	840,879
		---------	---------
Total assets less current liabilities		532,527	128,003

Creditors: amounts falling due after more than one year	14	1,014,814	634,302

Provisions	16	26,170	17,782
		------------	---------
Net liabilities		( 508,457)	( 524,081)
		------------	---------

Capital and reserves

Called up share capital	19	1,000	1,000
Profit and loss account		( 509,457)	( 525,081)
		---------	---------
Shareholders deficit		( 508,457)	( 524,081)
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 2 October 2025 , and are signed on behalf of the board by:

Stanley Edgar

Director

Company registration number: 10713061

IMT Medical Transport Limited

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	15,624	( 149,289)

Adjustments for:
Depreciation of tangible assets	508,522	466,768
Interest payable and similar expenses	183,181	207,240
Gains on disposal of tangible assets	(38,001)	(6,293)
Tax on profit/(loss)	20,806	14,110
Accrued expenses	18,973	134,505

Changes in:
Trade and other debtors	164,929	( 476,527)
Trade and other creditors	203,938	( 23,645)
	------------	---------
Cash generated from operations	1,077,972	166,869

Interest paid	( 183,181)	( 207,240)
Tax paid	–	( 9,035)
	------------	---------
Net cash from/(used in) operating activities	894,791	( 49,406)
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 376,526)	( 738,670)
Proceeds from sale of tangible assets	241,501	605,546
	------------	---------
Net cash used in investing activities	( 135,025)	( 133,124)
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	( 970,797)	239,096
Proceeds from loans from group undertakings	374,894	292,527
Proceeds from loans from participating interests	10,204	–
Payments of finance lease liabilities	( 174,340)	( 351,319)
	------------	---------
Net cash (used in)/from financing activities	( 760,039)	180,304
	------------	---------

Net decrease in cash and cash equivalents	( 273)	( 2,226)
Cash and cash equivalents at beginning of year	3,360	5,586
	-------	-------
Cash and cash equivalents at end of year	3,087	3,360
	-------	-------

IMT Medical Transport Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Regent House Arkwright Way, Queensway Industrial Estate, Scunthorpe, DN16 1AL, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Company currently has a net current liability position of £100,859 (2023: £840,879) and made a profit before tax of £36,430 (2023: loss of £135,179) in the current year. The Company has continued to make profits post year end. The Company meets its day to day working capital requirements through its banking facilities. The directors are confident based on their current trading performance, management budgets and ongoing discussions with the facility provider, that the facility will continue to be be renewed and available to the Company. The directors are confident that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing these financial statements and accordingly, the directors continue to adopt the going concern basis in preparing the Annual report and financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Company has transferred the significant risks and rewards of ownership to the buyer; - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probably that the Company will receive the consideration due under the contract; - the state of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	20% straight line
Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	9,219,427	9,174,255
Rendering of services	7,683,554	7,174,231
Rental income	11,040	26,153
Miscellaneous income	11,146	84,970
	-------------	-------------
	16,925,167	16,459,609
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	508,522	466,768
Gains on disposal of tangible assets	( 38,001)	( 6,293)
Impairment of trade debtors	–	(1,313)
	---------	---------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	22,000	24,800
	--------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Distribution staff	119	119
Administrative staff	8	8
Management staff	1	1
	----	----
	128	128
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	3,291,156	3,103,387
Social security costs	298,526	279,261
Other pension costs	63,229	53,926
	------------	------------
	3,652,911	3,436,574
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	50,000	50,000
	--------	--------

9. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	8,318	7,767
Interest on obligations under finance leases and hire purchase contracts	40,425	55,712
Other interest payable and similar charges	134,438	143,761
	---------	---------
	183,181	207,240
	---------	---------

10. Tax on profit/(loss)

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	12,418	–

Deferred tax:

Origination and reversal of timing differences	8,388	14,110
	--------	--------
Tax on profit/(loss)	20,806	14,110
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit/(loss) on ordinary activities before taxation	36,430	( 135,179)
	--------	---------
Profit/(loss) on ordinary activities by rate of tax	9,103	( 33,795)
Effect of expenses not deductible for tax purposes	20,932	32,504
Effect of capital allowances and depreciation	91,434	52,609
Utilisation of tax losses	( 109,051)	( 51,318)
Origination and reversal of timing differences	8,388	14,110
	---------	---------
Tax on profit/(loss)	20,806	14,110
	---------	---------

11. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	238,530	5,842	33,201	2,044,695	149,632	2,471,900
Additions	370	150	1,371	374,635	–	376,526
Disposals	–	–	–	( 312,897)	–	( 312,897)
	---------	-------	--------	------------	---------	------------
At 31 Dec 2024	238,900	5,992	34,572	2,106,433	149,632	2,535,529
	---------	-------	--------	------------	---------	------------
Depreciation
At 1 Jan 2024	141,951	5,609	21,994	1,208,963	124,501	1,503,018
Charge for the year	41,495	255	6,405	442,663	17,704	508,522
Disposals	–	–	–	( 109,397)	–	( 109,397)
	---------	-------	--------	------------	---------	------------
At 31 Dec 2024	183,446	5,864	28,399	1,542,229	142,205	1,902,143
	---------	-------	--------	------------	---------	------------
Carrying amount
At 31 Dec 2024	55,454	128	6,173	564,204	7,427	633,386
	---------	-------	--------	------------	---------	------------
At 31 Dec 2023	96,579	233	11,207	835,732	25,131	968,882
	---------	-------	--------	------------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	509,441
	---------
At 31 December 2023	749,570
	---------

12. Debtors

	2024	2023
	£	£
Trade debtors	1,755,417	2,117,201
Amounts owed by group undertakings	–	243,819
Prepayments and accrued income	535,547	93,951
Other debtors	31,207	32,129
	------------	------------
	2,322,171	2,487,100
	------------	------------

13. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	142,744	1,113,541
Trade creditors	536,726	636,459
Accruals and deferred income	349,833	330,860
Corporation tax	12,418	–
Social security and other taxes	904,509	629,255
Obligations under finance leases and hire purchase contracts	135,748	305,502
Other creditors	344,139	315,722
	------------	------------
	2,426,117	3,331,339
	------------	------------

Amounts owed re debt factoring are secured against the assets of the Company and attract interest at a rate of 6%.

14. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Amounts owed to group undertakings	884,959	510,065
Amounts owed to undertakings in which the company has a participating interest	10,204	–
Obligations under finance leases and hire purchase contracts	119,651	124,237
	------------	---------
	1,014,814	634,302
	------------	---------

Amounts owed to group undertakings are unsecured, repayable on 15 April 2025 and the interest rate charged is equal to the Bank of England base rate plus 6% per annum. A total of 300,000 preference shares were issued on 20 April 2020 to S.E.R.E Holdings Ltd at £1 each. Terms and conditions on these shares are as follows: - Interest accrues on a daily basis at 15% per annum and is compounded annually; and - The preference shares are redeemable by the holder of these shares at any date after 20 April 2022.

15. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2024	2023
	£	£
Not later than 1 year	135,748	305,502
Later than 1 year and not later than 5 years	119,651	124,237
	---------	---------
	255,399	429,739
	---------	---------

16. Provisions

	Deferred tax (note 17)
	£
At 1 January 2024	17,782
Additions	8,388
	--------
At 31 December 2024	26,170
	--------

17. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 16)	26,170	17,782
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	26,170	126,141
Unused tax losses	–	( 108,359)
	--------	---------
	26,170	17,782
	--------	---------

18. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 63,229 (2023: £ 53,926 ).

19. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

20. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	3,360	(273)	3,087
Debt due within one year	(1,419,043)	1,140,551	(278,492)
Debt due after one year	(634,302)	(380,512)	(1,014,814)
	------------	------------	------------
	( 2,049,985)	759,766	( 1,290,219)
	------------	------------	------------

IMT Medical Transport Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

21. Related party transactions

The Company has taken advantage of the exemption under FRS 102 paragraph 33.1A "Related party disclosures" from disclosing transactions and balances with wholly owned group undertakings. S.E.R.E Holdings S.E.R.E Holdings Ltd is regarded as a related party as Stanley Edgar , director of IMT Medical Transport Limited is also a director of that company. Included in "preference shares" at 31 December 2024 is £300,000 (2023: £300,000) owed from IMT Medical Transport to S.E.R.E Holdings Ltd. Jet Assist Ltd Jet Assist Ltd is regarded as a related party as Stanley Edgar, director of IMT Medical Transport Limited is also a director of that company. Included in "Amounts owed by related party undertakings" at 31 December 2024 is Nil (2023: Nil) owed from Jet Assist Ltd to IMT Medical Transport Limited , relating to the provision of management services. SERE Limited SERE Limited is regarded as a related party as Stanley Edgar, director of IMT Medical Transport Limited is also a director of that company. Included in "Amounts owed by group undertakings" at 31 December 2024 is Nil (2023: £243,819) owed to IMT Medical Transport Limited from SERE Limited, relating to the provision of management services. Included in "Amounts owed to group undertakings" at 31 December 2024 is £560,629 (2023: Nil) owed from IMT Medical Transport Limited to SERE Limited, relating to the provision of management services. 247 Aviation Ltd 247 Aviation Ltd is regarded as a related party as Stanley Edgar, director of IMT Medical Transport Limited is also a director of that company. Included in "Amounts owed to group undertakings" at 31 December 2024 is £324,330 (2023: £510,065) owed from IMT Medical Transport Limited to 247 Aviation Ltd, relating to the provision of management services. Jump Developments Ltd Jump Developments Ltd is regarded as a related party as Stanley Edgar, director of IMT Medical Transport Limited is also a director of that company. Included in "Amounts owed to related party undertakings" at 31 December 2024 is £10,204 (2023: Nil) owed from Jump Developments Ltd to IMT Medical Transport Limited , relating to the provision of management services.

22. Controlling party

The Company's ultimate controlling parent undertaking, and the undertaking of the only group of undertakings for which group financial statements are drawn up and of which the Company is a member, is S.E.R.E Holdings Ltd, a company incorporated in Northern Ireland. Copies of the group financial statements are available to the public from the Company's registered office. The directors consider that the ultimate controlling parties are Stanley Edgar and Rosemary Edgar.