Welsh Air Ambulance Trading Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04036635 (England and Wales)

WELSH AIR AMBULANCE TRADING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Gilbert

O S Davies

R J Locke

D Plester

SECRETARY:

J Stephens

REGISTERED OFFICE:

Ty Elusen

Ffordd Angel

Llanelli Gate

Dafen

Llanelli

SA14 8LQ

REGISTERED NUMBER:

04036635 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alison Vickers

AUDITORS:

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

53,141

54,037

CURRENT ASSETS

Stocks

29,217

50,576

Debtors

5

178,941

178,641

Cash at bank

69,508

113,339

277,666

342,556

CREDITORS

Amounts falling due within one year

6

307,498

283,451

NET CURRENT (LIABILITIES)/ASSETS

(29,832

)

59,105

TOTAL ASSETS LESS CURRENT LIABILITIES

23,309

113,142

CREDITORS

Amounts falling due after more than one year

7

-

(90,495

)

PROVISIONS FOR LIABILITIES

(4,441

)

(3,640

)

NET ASSETS

18,868

19,007

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

18,867

19,006

SHAREHOLDERS' FUNDS

18,868

19,007

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:

D Plester - 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.

Related party exemption

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

Turnover

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

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Government grants

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

Employee Benefits

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

Debtors

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

Cash at Bank

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

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

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

Leases

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

Functional and Presentation Currency

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

Going Concern

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

Significant management judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2022

38,000

37,955

75,955

Additions

-

9,897

9,897

Disposals

-

(12,309

)

(12,309

)

At 31 July 2023

38,000

35,543

73,543

DEPRECIATION

At 1 August 2022

3,120

18,798

21,918

Charge for year

779

7,676

8,455

Eliminated on disposal

-

(9,971

)

(9,971

)

At 31 July 2023

3,899

16,503

20,402

NET BOOK VALUE

At 31 July 2023

34,101

19,040

53,141

At 31 July 2022

34,880

19,157

54,037

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

48,916

68,211

Other debtors

130,025

110,430

178,941

178,641

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

89,277

111,326

Amounts owed to group undertakings

210,236

166,982

Other creditors

7,985

5,143

307,498

283,451

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

-

90,495

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

The Report of the Auditors was unqualified.

Alison Vickers (Senior Statutory Auditor)

For on behalf of Bevan Buckland LLP

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

2023

2022

£

£

Expiring within 1 year 40,000

40,000

Expiring with 2-5 years 192,875

140,000

Expiring after 5 years 2,326,647

2,755,513

10.	ULTIMATE CONTROLLING PARTY

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