Welsh Air Ambulance Trading Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04036635 (England and Wales)

WELSH AIR AMBULANCE TRADING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Davies

D Gilbert

SECRETARY:

J Stephens

REGISTERED OFFICE:

Ty Elusen

Ffordd Angel

Llanelli Gate

Dafen

Llanelli

SA14 8LQ

REGISTERED NUMBER:

04036635 (England and Wales)

SENIOR STATUTORY AUDITOR:

Henry Lloyd-Davies

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

FIXED ASSETS

Tangible assets

4

37,615

481

CURRENT ASSETS

Stocks

76,440

52,770

Debtors

5

69,950

2,172

Cash at bank

62,814

4,154

209,204

59,096

CREDITORS

Amounts falling due within one year

6

84,110

29,638

NET CURRENT ASSETS

125,094

29,458

TOTAL ASSETS LESS CURRENT LIABILITIES

162,709

29,939

CREDITORS

Amounts falling due after more than one year

7

155,359

29,938

NET ASSETS

7,350

1

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

7,349

-

SHAREHOLDERS' FUNDS

7,350

1

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2020 and were signed on its behalf by:

D Gilbert - Director

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.

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

-

10% - 25% Reducing Balance

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 Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash at bank and in hand

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.

Debtors

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

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a

past event that will probably result in a transfer of funds to a third party and the amount due to settle

the obligation can be measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

Going Concern

The company continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2018

-

8,900

8,900

Additions

38,000

-

38,000

At 31 July 2019

38,000

8,900

46,900

DEPRECIATION

At 1 August 2018

-

8,419

8,419

Charge for year

780

86

866

At 31 July 2019

780

8,505

9,285

NET BOOK VALUE

At 31 July 2019

37,220

395

37,615

At 31 July 2018

-

481

481

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

30,554

1,018

Other debtors

39,396

1,154

69,950

2,172

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

37,379

14

Taxation and social security

1,719

-

Other creditors

45,012

29,624

84,110

29,638

A loan agreement contract has been set up between Welsh Air Ambulance Trading Ltd and Welsh Air

Ambulance Charitable Trust. The loan is to be repaid over 10 years and interest is payable at 5.5%.

Included in other creditors at the year end is a balance of £64,744 (2018 £57,312) to Welsh Air

Ambulance Charitable Trust, £24,281 of it is due after one year. (2018 £29,938).

Also during the year a new loan facility was entered into between Welsh Air Ambulance Trading Ltd

and Welsh Air Ambulance Charitable Trust.The interest is payable at 3% over base rate. This is

included in long term creditors. At the year end the balance is £131,078.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

155,359

29,938

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

The Report of the Auditors was unqualified.

Henry Lloyd-Davies (Senior Statutory Auditor)

For on behalf of Bevan Buckland LLP

9.	OTHER FINANCIAL COMMITMENTS

Financial commitments under non cancellable operating leases will result in the following annual

payments in respect of land and buildings:

LAND & BUILDINGS

2019

£

Expiring within 1 year 30

Expiring with 2-5 years 130

Expiring after 5 years 2,080

10.	RELATED PARTY DISCLOSURES

The company has charged it's holding company, Welsh Air Ambulance Charitable Trust £41,000 for

heliport rent during the year.

The holding company has charged Welsh Air Ambulance Trading £15,000 during the year for use of

heliport assets and £5,733 for interest on the intercompany loan.

11.	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.