Associated Emergency Medical Centers (Holdings) Limited Company accounts

Associated Emergency Medical Centers (Holdings) Limited Company accounts

ASSOCIATED EMERGENCY MEDICAL CENTERS (HOLDINGS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03875425
Associated Emergency Medical Centers (Holdings) Limited
Financial Statements
30 June 2022
Associated Emergency Medical Centers (Holdings) Limited
Financial Statements
Year ended 30 June 2022
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
Associated Emergency Medical Centers (Holdings) Limited
Officers and Professional Advisers
The board of directors
L Sabourin
C A Hondré
P R Couturier
L Y Arnulf
Company secretary
G R A Tanner
Registered office
Chiswick Park (Building 4)
566 Chiswick High Road
London
W4 5YE
Auditor
Shipleys LLP
Chartered accountants & statutory auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
Associated Emergency Medical Centers (Holdings) Limited
Directors' Report
Year ended 30 June 2022
The directors present their report and the financial statements of the company for the year ended 30 June 2022 .
Directors
The directors who served the company during the year were as follows:
Dr P A Galzot
Dr P M Neri
L Sabourin
Dr P A Galzot and Dr P M Neri resigned as directors on 2 August 2022. L Y Arnulf , P R Couturier and C Hondré were appointed as directors on 2 August 2022.
Directors' responsibilities statement
The directors are responsible for preparing the 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; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 June 2023 and signed on behalf of the board by:
L Sabourin
Director
Registered office:
Chiswick Park (Building 4)
566 Chiswick High Road
London
W4 5YE
Associated Emergency Medical Centers (Holdings) Limited
Independent Auditor's Report to the Members of Associated Emergency Medical Centers (Holdings) Limited
Year ended 30 June 2022
Opinion
We have audited the financial statements of Associated Emergency Medical Centers (Holdings) Limited (the 'company') for the year ended 30 June 2022 which comprise the income statement, statement of financial position, 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 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 30 June 2022 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.
Conclusions relating to going concern
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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We obtained an understanding of the company's activities, controls and laws and regulations and assessed the susceptibility of the company's financial statements to material misstatement from irregularities, including fraud. We determined that the laws and regulations that are most significant to the company are Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 and the relevant tax compliance regulations in which the company operates. Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries of management, including enquiring management as to any actual or potential litigations, claims, fraud or suspected fraud; review of bank letters; journal entry testing; review of transactions for any undisclosed related party transactions; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. 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.
Benjamin Bidnell
(Senior Statutory Auditor)
For and on behalf of
Shipleys LLP
Chartered accountants & statutory auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
29 June 2023
Associated Emergency Medical Centers (Holdings) Limited
Income Statement
Year ended 30 June 2022
2022
2021
Note
$
$
Turnover
5,024,321
6,926,891
Cost of sales
( 3,502,059)
( 4,953,763)
------------
------------
Gross profit
1,522,262
1,973,128
Administrative expenses
( 748,144)
( 590,865)
------------
------------
Operating profit
774,118
1,382,263
Income from shares in group undertakings
211,484
–
Other interest receivable and similar income
–
1
------------
------------
Profit before taxation
985,602
1,382,264
Tax on profit
( 118,697)
( 265,572)
---------
------------
Profit for the financial year
866,905
1,116,692
---------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Associated Emergency Medical Centers (Holdings) Limited
Statement of Financial Position
30 June 2022
2022
2021
Note
$
$
$
$
Fixed assets
Investments
7
82,894
82,894
Current assets
Debtors
8
4,925,505
3,785,399
Cash at bank and in hand
1,092,904
684,036
------------
------------
6,018,409
4,469,435
Creditors: amounts falling due within one year
9
( 5,612,569)
( 3,228,973)
------------
------------
Net current assets
405,840
1,240,462
---------
------------
Total assets less current liabilities
488,734
1,323,356
---------
------------
Net assets
488,734
1,323,356
---------
------------
Capital and reserves
Called up share capital
89,570
89,570
Other reserves
( 235,464)
( 235,464)
Profit and loss account
634,628
1,469,250
---------
------------
Shareholders funds
488,734
1,323,356
---------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 29 June 2023 , and are signed on behalf of the board by:
L Sabourin
Director
Company registration number: 03875425
Associated Emergency Medical Centers (Holdings) Limited
Statement of Changes in Equity
Year ended 30 June 2022
Called up share capital
Other reserves
Profit and loss account
Total
$
$
$
$
At 1 July 2020
89,570
( 235,464)
957,134
811,240
Profit for the year
1,116,692
1,116,692
--------
---------
------------
------------
Total comprehensive income for the year
–
–
1,116,692
1,116,692
Dividends paid and payable
–
–
( 604,576)
( 604,576)
--------
---------
------------
------------
Total investments by and distributions to owners
–
–
( 604,576)
( 604,576)
At 30 June 2021
89,570
( 235,464)
1,469,250
1,323,356
Profit for the year
866,905
866,905
--------
---------
------------
------------
Total comprehensive income for the year
–
–
866,905
866,905
Dividends paid and payable
–
–
( 1,701,527)
( 1,701,527)
----
----
------------
------------
Total investments by and distributions to owners
–
–
( 1,701,527)
( 1,701,527)
--------
---------
------------
------------
At 30 June 2022
89,570
( 235,464)
634,628
488,734
--------
---------
------------
------------
Associated Emergency Medical Centers (Holdings) Limited
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chiswick Park (Building 4), 566 Chiswick High Road, London, W4 5YE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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 measured at fair value through profit or loss. The financial statements are prepared in dollars, which is the functional currency of the entity. The financial statements are prepared to the nearest $, unless otherwise stated.
Going concern
The directors have considered the impact of the COVID-19 pandemic on the company's business, including reforecasting to take into account the financial impacts. The company has continued to operate and has performed well since the pandemic. The directors are confident that the company is a going concern for a period of at least 12 months from the approval of these accounts.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102 Section 1A. As such, advantage has been taken of the following disclosure exemptions available under FRS 102 Section 1A: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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. Trade and other debtors Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. Trade and other creditors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
4. Auditor's remuneration
2022
2021
$
$
Fees payable for the audit of the financial statements
12,052
12,182
--------
--------
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
6. Tangible assets
Equipment
$
Cost
At 1 July 2021 and 30 June 2022
3,998
-------
Depreciation
At 1 July 2021 and 30 June 2022
3,998
-------
Carrying amount
At 30 June 2022
–
-------
At 30 June 2021
–
-------
7. Investments
Shares in group undertakings
$
Cost
At 1 July 2021 and 30 June 2022
82,894
--------
Impairment
At 1 July 2021 and 30 June 2022
–
--------
Carrying amount
At 30 June 2022
82,894
--------
At 30 June 2021
82,894
--------
8. Debtors
2022
2021
$
$
Trade debtors
687,636
849,731
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,581,029
2,674,206
Other debtors
656,840
261,462
------------
------------
4,925,505
3,785,399
------------
------------
9. Creditors: amounts falling due within one year
2022
2021
$
$
Trade creditors
–
369
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,143,823
2,756,938
Corporation tax
328,946
303,838
Other creditors
139,800
167,828
------------
------------
5,612,569
3,228,973
------------
------------
Included in other creditors are 20 Class B Redeemable Preference shares of $1 each issued at par on 20 February 2021 and redeemable at the option of the shareholder with 3 business days notice.
10. Reserves
The profit and loss reserve includes all current and prior retained profits and losses.
Other reserves arose on change of the company's presentational currency from Euros to US dollars on 1 July 2017.
11. Related party transactions
No related party transactions have been undertaken which require disclosure under FRS 102 Section 1A.
12. Controlling party
The largest and smallest group into which the company was consolidated at year end was AEA International Holdings Pte Ltd, a company incorporated in Singapore. The registered office of AEA International Holdings Pte Ltd is 331 North Bridge, no. 17-00, Odeon Towers, Singapore 188720. The company's immediate parent undertaking is Blue Cross Travel Services B V, a company incorporated in the Netherlands. The registered office of Blue Cross Travel Services B V is EDGE Olympic, Unit 305; Fred Roeskestraat 115; 1076 EE; Amsterdam; Netherlands. In the directors' opinion, the company's ultimate parent undertaking, and controlling party is AEA International Holdings Pte Ltd.