Rushcliffe Care Holdings Limited - Limited company accounts 20.1
Rushcliffe Care Holdings Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 09456380 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 30 November 2019 |
| for |
| Rushcliffe Care Holdings Limited |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 November 2019 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| Rushcliffe Care Holdings Limited |
| Company Information |
| for the Year Ended 30 November 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & |
| Statutory Auditor |
| 3rd Floor |
| Butt Dyke House |
| 33 Park Row |
| Nottingham |
| NG1 6EE |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Group Strategic Report |
| for the Year Ended 30 November 2019 |
| The director presents his strategic report of the company and the group for the year ended |
| 30 November 2019. |
| REVIEW OF BUSINESS |
| For the year ended 30 November 2019, group turnover increased by 5.79% when compared to the turnover |
| for 2018. |
| Cost of sales, and particularly wages, have risen during the year, in part due to a new subsidiary (Rushcliffe |
| Independent Hospitals (Kegworth) Limited) which incurred significant labour costs in readiness for its new |
| facility to be opened in the year. As a result, group wages as a percentage of turnover has increased slightly. |
| The results for the year show consolidated net profit after tax of £1.2m compared with £3.3m in 2018, |
| however the previous year included a gain on financial instrument of £0.8m. |
| Bank debt has continued to fall with a further £3m paid off the debt. |
| During the year the company negotiated an extension to the majority of its bank facilities to 30 September |
| 2021. The extension on these facilities remains at very favourable interest rates.Since the year end the bank |
| debt continues to fall. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The market for the provision of care remains highly competitive but occupancy levels across the homes of the |
| group have been better than the industry norms with the exception of a few homes. The director believes that |
| there are some indications of overall bed occupancy decreasing but sees the care home market remaining |
| profitable with the demographic trend leading to a growing number of people living in care. Higher fees for |
| more specialist care offsets the slight reduction in occupancy. |
| The market for the provision of education for children on the Autistic Spectrum seems to be expanding with |
| new facilities opening both locally to High Grange School and on a national level. The additional competition |
| whilst a possible risk shows the true potential in the sector with more and more success stories from |
| Specialist Schools seeing placements in the sector increase. Referral levels have remained strong with |
| occupancy remaining high and is expected to remain at this level. |
| The group has continued to provide a range of care services to the residents at its various sites enabling it to |
| ensure that services can be provided to meet demand where it arises. This helps to minimise the business |
| risk of the group. |
| The future of the group was secured with loan and overdraft facilities being agreed with Lloyds Bank plc until |
| 30 September 2021. The group has sufficient financial hedging instruments in place to ensure that interest |
| rate increases will not impact on the group's trading. |
| Since the end of the year under review, the Covid-19 pandemic has become a significant emerging risk to the |
| global economy. The director continues to monitor the impact on the business on an ongoing basis. At the |
| time of approving these financial statements, the director does not consider Covid-19 to impact the group's |
| ability to continue as a going concern and considers the balance sheet to be appropriately valued. The |
| director notes this is a non-adjusting post balance sheet event. |
| DEVELOPMENT AND PERFORMANCE OF THE GROUP |
| The group continues to have a policy of continual training for its staff and to encourage employee participation |
| in its development of care homes. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Group Strategic Report |
| for the Year Ended 30 November 2019 |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The group has previously introduced a monthly reporting package which has allowed a more detailed analysis |
| of the monthly results. This has been continued throughout 2019 and 2018. |
| This has helped with the monitoring of wages, occupancy and EBITDA generation as previously but an |
| additional emphasis is now put on cash generation. |
| From an operational viewpoint the KPI's have helped identify homes where the average fee is falling and thus |
| address pricing along cost of care per resident statistics which work alongside the wages percentage |
| calculations. |
| NON FINANCIAL KEY PERFORMANCE INDICATORS |
| The group closely monitors its performance against CQC guidelines. Internal reviews are carried out against |
| key criteria to ensure that homes are meeting the necessary standards for when inspections take place. |
| The homes have all been reviewed in the past two years with four homes being highlighted as requiring |
| improvement, one being highlighted as inadequate and the rest being rated good. |
| ON BEHALF OF THE BOARD: |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Report of the Director |
| for the Year Ended 30 November 2019 |
| The director presents his report with the financial statements of the company and the group for the year |
| ended 30 November 2019. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the period under review was that of the provision of nursing services, |
| residential care services, learning facilities and property rental. |
| DIVIDENDS |
| An interim dividend of £2 per share was paid on 5 March 2019. The director recommends that no final |
| dividend be paid. |
| The total distribution of dividends for the year ended 30 November 2019 will be £ 2,000 . |
| DIRECTOR |
| FINANCIAL INSTRUMENTS |
| The group finances its operations through a mixture of retained profits and bank borrowings. As part of its |
| interest rate strategy the group has entered into interest rate swaps to manage the composition of floating and |
| fixed rate debt. |
| EMPLOYEES |
| The group operates a policy whereby all information relevant to the employees is made available to them, and |
| involvement in matters of concern is encouraged. |
| DISABLED EMPLOYEES |
| The group gives full and fair consideration to applications for employment made by disabled persons, having |
| regard to their particular aptitudes and abilities. Should any employee become disabled whilst they are an |
| employee of the group, they would continue to be employed by the group and to receive appropriate training. |
| The general training, career development and promotion of persons would not be hampered by their disability. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Report of the Director |
| for the Year Ended 30 November 2019 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the |
| Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought |
| to have taken as a director in order to make himself aware of any relevant audit information and to establish |
| that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Rushcliffe Care Holdings Limited |
| Qualified opinion |
| We have audited the financial statements of Rushcliffe Care Holdings Limited (the 'parent company') and its |
| subsidiaries (the 'group') for the year ended 30 November 2019 which comprise the Consolidated Income |
| Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance |
| Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, |
| Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the |
| Financial Statements, including a summary of significant accounting policies. The financial reporting |
| framework that has been applied in their preparation is applicable law and United Kingdom Accounting |
| Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the |
| UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section |
| of our report, the financial statements: |
| - give a true and fair view of the state of the group's and parent company's affairs as at 30 November 2019 |
| and of the group's profit for the year then ended; |
| - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; |
| and |
| - have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for qualified opinion |
| Included in fixed assets in the consolidated balance sheet is an amount of £12,902,309 which relates to |
| investments. The audit evidence available to us was limited as the value of these fixed assets could not be |
| determined with reasonable certainty. Accordingly we have been unable to determine the value of any |
| corresponding effect on the consolidated income statement for the year. |
| Included in the company balance sheet is an investment with a carrying value of £9,819,701 which relates to |
| an investment in an unlimited partnership. The audit evidence available to us was limited as the market value |
| of the assets held by the unlimited partnership at 30 November 2019 could not be determined with reasonable |
| certainty. Accordingly we have been unable to determine the value of any corresponding effect on the |
| company's result for the financial year. |
| 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 Auditors' |
| responsibilities for the audit of the financial statements section of our report. We are independent of the group |
| and company in accordance with the ethical requirements that are relevant to our audit of the financial |
| statements in the UK, including 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 qualified opinion. |
| Conclusions relating to going concern |
| We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
| report to you where: |
| - | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
| - | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
| Report of the Independent Auditors to the Members of |
| Rushcliffe Care Holdings Limited |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the |
| Group Strategic Report and the Report of the Director, but does not include the financial statements and our |
| Report of the Auditors thereon. |
| 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. |
| As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves |
| concerning the value of the investments in the group balance sheet of £12,902,309 and the company balance |
| sheet of £9,819,701 held at 30 November 2019. We have concluded that where the other information refers |
| to the carrying value of investments or related balances such as result for the year or balance sheet position, |
| it may be materially misstated for the same reason. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| Except for the possible effects of the matter described in the basis for qualified opinion section of our report, |
| 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 |
| Except for the matter described in the basis for qualified opinion section of our report, 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 any material misstatements in the strategic report or the directors' report. |
| Arising solely from the limitation on the scope of our work relating to the company's investment in Rushcliffe |
| Investments, referred to above: |
| - we have not obtained all the information and explanations that we considered necessary for the purpose of |
| our audit. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
| report to you if, in our opinion: |
| - adequate accounting records have not been kept, or |
| - the financial statements are not in agreement with the accounting records and returns; or |
| - certain disclosures ot directors' remuneration specified by law are not made. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is |
| 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 director determines 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 director is responsible for assessing the group's and the parent |
| 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 director either intends to liquidate the group or the |
| parent company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Rushcliffe Care Holdings Limited |
| Auditors' 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 a Report of the Auditors 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. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial |
| Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our |
| Report of the Auditors. |
| 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 a Report of the Auditors and for no other purpose. |
| To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
| company and the company's members as a body, for our audit work, for this report, or for the opinions we |
| have formed. |
| for and on behalf of |
| Chartered Accountants & |
| Statutory Auditor |
| 3rd Floor |
| Butt Dyke House |
| 33 Park Row |
| Nottingham |
| NG1 6EE |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Consolidated Income Statement |
| for the Year Ended 30 November 2019 |
| 2019 | 2018 |
| as |
| restated |
| Notes | £ | £ |
| TURNOVER | 3 | 36,015,068 | 34,044,386 |
| Cost of sales | (23,858,238 | ) | (21,164,303 | ) |
| GROSS PROFIT | 12,156,830 | 12,880,083 |
| Administrative expenses | (8,657,220 | ) | (7,994,298 | ) |
| 3,499,610 | 4,885,785 |
| Gain/loss on revaluation of investment property |
- |
(315,806 |
) |
| OPERATING PROFIT | 5 | 3,499,610 | 4,569,979 |
| Gain on financial instrument | 7 | - | 800,000 |
| 3,499,610 | 5,369,979 |
| Interest receivable and similar income | 1,698 | 31,110 |
| 3,501,308 | 5,401,089 |
| Net gain/(loss) on financial liabilities at fair value |
663,823 |
1,546,536 |
| 4,165,131 | 6,947,625 |
| Interest payable and similar expenses | 8 | (1,957,121 | ) | (2,263,208 | ) |
| PROFIT BEFORE TAXATION | 2,208,010 | 4,684,417 |
| Tax on profit | 9 | (980,964 | ) | (1,385,253 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,228,253 | 3,301,871 |
| Non-controlling interests | (1,207 | ) | (2,707 | ) |
| 1,227,046 | 3,299,164 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 30 November 2019 |
| 2019 | 2018 |
| as |
| restated |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,227,046 | 3,299,164 |
| OTHER COMPREHENSIVE INCOME/(LOSS) |
| Disposal of subsidiary |
| Deferred tax movement on revaluation | 27,709 | 21,291 |
| Distribution to non-controlling interest | 2,651,382 | (2,774,930 | ) |
| Income tax relating to components of other comprehensive income/(loss) |
- |
- |
| OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX |
2,679,091 |
(2,753,639 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
545,525 |
| Note |
| Prior year adjustment | 12 | 475 |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
3,906,612 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,256,437 | 3,323,162 |
| Non-controlling interests | 2,650,175 | (2,777,637 | ) |
| 3,906,612 | 545,525 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Consolidated Balance Sheet |
| 30 November 2019 |
| 2019 | 2018 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 13 | 15,129,540 | 17,990,384 |
| Tangible assets | 14 | 40,836,037 | 41,192,768 |
| Investments | 15 | 13,272,886 | 4,866,330 |
| Investment property | 16 | 1,000,605 | 2,114,085 |
| 70,239,068 | 66,163,567 |
| CURRENT ASSETS |
| Stocks | 17 | 7,250 | 6,764 |
| Debtors | 18 | 3,394,706 | 4,177,866 |
| Cash at bank and in hand | 5,431,883 | 9,330,960 |
| 8,833,839 | 13,515,590 |
| CREDITORS |
| Amounts falling due within one year | 19 | 35,052,177 | 34,489,294 |
| NET CURRENT LIABILITIES | (26,218,338 | ) | (20,973,704 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
44,020,730 |
45,189,863 |
| CREDITORS |
| Amounts falling due after more than one year |
20 |
(3,672,042 |
) |
(8,843,865 |
) |
| PROVISIONS FOR LIABILITIES | 25 | (1,043,396 | ) | (944,843 | ) |
| NET ASSETS | 39,305,292 | 35,401,155 |
| CAPITAL AND RESERVES |
| Called up share capital | 26 | 1,000 | 1,000 |
| Other reserves | 27 | 26,856,302 | 26,856,302 |
| Retained earnings | 27 | 9,128,549 | 7,874,587 |
| SHAREHOLDERS' FUNDS | 35,985,851 | 34,731,889 |
| NON-CONTROLLING INTERESTS | 3,319,441 | 669,266 |
| TOTAL EQUITY | 39,305,292 | 35,401,155 |
| The financial statements were approved by the director and authorised for issue on 31 July 2020 and were |
| signed by: |
| S Rai - Director |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Company Balance Sheet |
| 30 November 2019 |
| 2019 | 2018 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 13 |
| Tangible assets | 14 |
| Investments | 15 |
| Investment property | 16 |
| CURRENT ASSETS |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 19 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 26 |
| Merger relief reserve | 27 |
| Retained earnings | 27 |
| SHAREHOLDERS' FUNDS |
| Company's loss for the financial year | (18,180 | ) | (1,146,613 | ) |
| The financial statements were approved by the director and authorised for issue on signed by: |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 November 2019 |
| Called up |
| share | Retained | Other |
| capital | earnings | reserves |
| £ | £ | £ |
| Balance at 1 December 2017 | 1,000 | 3,830,507 | 27,582,220 |
| Changes in equity |
| Dividends | - | (5,000 | ) | - |
| Total comprehensive income | - | 4,048,605 | (725,918 | ) |
| Balance at 30 November 2018 | 1,000 | 7,874,112 | 26,856,302 |
| Prior year adjustment | - | 475 | - |
| As restated | 1,000 | 7,874,587 | 26,856,302 |
| Changes in equity |
| Dividends | - | (2,000 | ) | - |
| Total comprehensive income | - | 1,255,962 | - |
| Balance at 30 November 2019 | 1,000 | 9,128,549 | 26,856,302 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 December 2017 | 31,413,727 | 3,446,903 | 34,860,630 |
| Changes in equity |
| Dividends | (5,000 | ) | - | (5,000 | ) |
| Total comprehensive income | 3,322,687 | (2,777,637 | ) | 545,050 |
| Balance at 30 November 2018 | 34,731,414 | 669,266 | 35,400,680 |
| Prior year adjustment | 475 | - | 475 |
| As restated | 34,731,889 | 669,266 | 35,401,155 |
| Changes in equity |
| Dividends | (2,000 | ) | - | (2,000 | ) |
| Total comprehensive income | 1,255,962 | 2,650,175 | 3,906,137 |
| Balance at 30 November 2019 | 35,985,851 | 3,319,441 | 39,305,292 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 November 2019 |
| Called up | Merger |
| share | Retained | relief | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 December 2017 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive loss | - | ( |
) | ( |
) |
| Balance at 30 November 2018 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive loss | - | ( |
) | ( |
) |
| Balance at 30 November 2019 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 November 2019 |
| 2019 | 2018 |
| as |
| restated |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 8,621,927 | 10,975,722 |
| Interest paid | (19,921 | ) | (123,699 | ) |
| Finance costs paid | - | (50,419 | ) |
| Minority interest | 1,207 | 2,707 |
| Tax paid | (1,156,585 | ) | (1,063,367 | ) |
| Net cash from operating activities | 7,446,628 | 9,740,944 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | - | (56,001 | ) |
| Purchase of tangible fixed assets | (805,446 | ) | (2,544,518 | ) |
| Purchase of fixed asset investments | (8,406,556 | ) | (2,948,914 | ) |
| Purchase of investment property | (56,188 | ) | (749,085 | ) |
| Sale of tangible fixed assets | 52,445 | 6,000 |
| Sale of fixed asset investments | 10,829 | 2,223,930 |
| Sale of investment property | 965,000 | 10,000 |
| Net (withdrawn)/introduced by director | (184,915 | ) | (2,181,126 | ) |
| Minority interest account | 2,650,175 | (2,777,637 | ) |
| Interest received | 1,698 | 31,110 |
| Net cash from investing activities | (5,772,958 | ) | (8,986,241 | ) |
| Cash flows from financing activities |
| New loans in year | 20,000,000 | - |
| Loan repayments in year | (3,000,000 | ) | (23,000,000 | ) |
| Amount withdrawn by directors | (693,098 | ) | 693,098 |
| Equity dividends paid | (2,000 | ) | (5,000 | ) |
| Bank loan interest paid | (1,937,200 | ) | (2,089,090 | ) |
| Net cash from financing activities | 14,367,702 | (24,400,992 | ) |
| Increase/(decrease) in cash and cash equivalents | 16,041,372 | (23,646,289 | ) |
| Cash and cash equivalents at beginning of year |
2 |
(13,281,521 |
) |
10,364,768 |
| Cash and cash equivalents at end of year |
2 |
2,759,851 |
(13,281,521 |
) |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 November 2019 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Profit before taxation | 2,208,010 | 4,684,417 |
| Depreciation charges | 3,967,714 | 4,227,611 |
| Loss/(profit) on disposal of fixed assets | 19,741 | (6,212 | ) |
| Loss on revaluation of fixed assets | - | 315,806 |
| Change in fair value | - | (1,546,536 | ) |
| Impairment | 204,668 | - |
| Finance costs | 1,957,121 | 2,263,208 |
| Finance income | (1,698 | ) | (31,110 | ) |
| 8,355,556 | 9,907,184 |
| (Increase)/decrease in stocks | (486 | ) | 12 |
| Decrease in trade and other debtors | 777,285 | 1,411,652 |
| Decrease in trade and other creditors | (510,428 | ) | (343,126 | ) |
| Cash generated from operations | 8,621,927 | 10,975,722 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
| respect of these Balance Sheet amounts: |
| Year ended 30 November 2019 |
| 30/11/19 | 1/12/18 |
| £ | £ |
| Cash and cash equivalents | 5,431,883 | 9,330,960 |
| Bank overdrafts | (2,672,032 | ) | (22,612,481 | ) |
| 2,759,851 | (13,281,521 | ) |
| Year ended 30 November 2018 |
| 30/11/18 | 1/12/17 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 9,330,960 | 13,055,275 |
| Bank overdrafts | (22,612,481 | ) | (2,690,507 | ) |
| (13,281,521 | ) | 10,364,768 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 November 2019 |
| 1. | STATUTORY INFORMATION |
| Rushcliffe Care Holdings Limited is a |
| Wales. The company's registered number and registered office address can be found on the General |
| Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the year end the group had net current liabilities of £24,710,336 (2018: £20,973,704) and net assets |
| of £39,305,293 (2018: £35,401,155), including the bank overdraft (see below). |
| In July 2020, the group's bank facilities were renegotiated and extended. As a result of this |
| renegotiation, a revolving credit facility of £20,000,000 with a termination date of 30 September 2021 |
| commenced, with the remaining borrowings continuing to be repaid via £750,000 quarterly instalments. |
| The group's bank overdraft facility of £3.5m was also renewed until 30 September 2021. |
| It is on this basis that the director considers that the group will have sufficient cash resources available |
| to fund its activities and other obligations during the course of the twelve months from the date of |
| approval of the financial statements and therefore it is appropriate for the financial statements to be |
| prepared on the going concern basis. |
| Basis of consolidation |
| Rushcliffe Care Holdings Limited has ten subsidiaries; Rushcliffe Care Limited, Arleston View Limited, |
| Moorcourt Developments Limited, Rushcliffe Independent Hospitals (Aberavon) Limited, Rushcliffe |
| Specialist Schools Limited, Rushcliffe Specialist Schools (Mickleover) Limited, Rushcliffe Independent |
| Hospitals Limited, Rushcliffe Independent Hospitals (Kegworth) Limited, Rushcliffe Independent |
| Hospitals (Markfield) Limited and Rushcliffe Investments which have been included in the group |
| consolidated financial statements in accordance with the provisions of the Companies Act 2006. |
| The registered office for all subsidiary companies is the same as Rushcliffe Care Holdings Limited. |
| The acquisition method of accounting is used to account for business combinations by the group, |
| following the acquisition of the entire share capital of Rushcliffe Care Limited on 28 May 2015. |
| Turnover |
| Turnover represents nursing services, residential care services and learning facilities provided during |
| the year. |
| Goodwill |
| Purchased goodwill and goodwill arising on consolidation are amortised over 10 years, being their |
| estimated useful lives, in accordance with FRS 102. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
| at cost less any accumulated amortisation and any accumulated impairment losses. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Long leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are measured at cost less accumulated depreciation. |
| Land, included within freehold property and which can be separated, is not depreciated in line with |
| paragraph 17.16 of FRS 102. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
| changes in fair value is recognised in profit or loss. |
| Investment properties are initially recognised at cost which includes purchase cost and any directly |
| attributable expenditure. Investment properties whose fair value can be measured reliably are |
| measured at fair value, with any changes being recognised in the income statement. Where the fair |
| value is not available investment properties are transferred to freehold property and depreciated until |
| such time as the fair value is available and then are transferred back to investment property. |
| 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 Consolidated |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's |
| pension scheme are charged to the consolidated income statement in the period to which they relate. |
| Retirement benefits to the employees of Rushcliffe Specialist Schools (Mickleover) Limited, a |
| subsidiary of Rushcliffe Care Holdings Limited, are provided by the Teachers' Pension Scheme |
| ('TPS'). This is a defined benefit scheme and the assets are held separately from those of the group. |
| The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions |
| over employees' working lives with the group in such a way that the pension cost is a substantially level |
| percentage of current and future pensionable payroll. The contributions are determined by the |
| Government Actuary based on the basis of quinquennial valuations using a prospective benefit |
| method. As stated in the notes to the financial statements, the TPS is a multi-employer scheme and |
| the group is unable to identify its share of the underlying assets and liabilities of the scheme on a |
| consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and |
| the contributions recognised as they are paid each accounting period. |
| Financial instruments |
| The group uses derivative financial instruments to reduce exposure to interest rate movements. The |
| group does not hold derivative financial instruments for speculative purposes. The group’s financial |
| assets and liabilities are recorded at amortised cost, apart from interest rate swaps which are recorded |
| at fair value at the end of each reporting period with changes in fair value being taken to the income |
| statement. |
| Investments |
| Unlisted investments and investments other than loans are held at cost, less any provision for |
| impairment. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by class of business is given below: |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| 4. | EMPLOYEES AND DIRECTORS |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 2019 | 2018 |
| as |
| restated |
| Director | 1 | 1 |
| Care and administrative staff | 1,021 | 970 |
| Teaching staff | 55 | 62 |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Director's remuneration |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| Operating lease - other assets |
| Non-audit accountancy services |
| 6. | AUDITORS' REMUNERATION |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
62,848 |
62,957 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 6. | AUDITORS' REMUNERATION - continued |
| Fees payable to the company's auditors are analysed as follows: |
| 2019 | 2018 |
| £ | £ |
| Audit of the financial statements | 7,200 | 7,200 |
| Audit of subsidiaries | 55,648 | 51,473 |
| Total audit | 62,848 | 62,957 |
| Audit related assurance services | - | 5,700 |
| Taxation compliance services | 8,172 | 8,742 |
| Corporate finance work | 24,600 | - |
| Other non-audit services | 54,023 | 56,830 |
| Total non-audit services | 86,795 | 71,272 |
| 149,643 | 134,229 |
| 7. | EXCEPTIONAL ITEMS |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Gain on financial instrument |
| During the year a put and call option was exercised which involved the sale of the entire share capital |
| held in Mappleton Care Homes Limited to Esland North Limited for consideration of £1,800,000. The |
| gain on the exercise of this financial instrument was £800,000 and was included in the results for the |
| year ended 30 November 2018 given that the contingent asset arose before the 2018 financial |
| statements were approved. |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Bank interest |
| Bank loan interest |
| Other interest payable |
| Corporation tax interest |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Adjustments in respect of earlier periods | ( |
) |
| Total current tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The |
| difference is explained below: |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Depreciation in excess of capital allowances |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Short term timing differences |
| Trading losses |
| Total tax charge | 980,964 | 1,385,253 |
| Tax effects relating to effects of other comprehensive income |
| 2019 |
| Gross | Tax | Net |
| £ | £ | £ |
| Disposal of subsidiary |
| Deferred tax movement on revaluation | - | 27,709 |
| Distribution to non-controlling interest | - | 2,651,382 |
| 2,679,091 | - | 2,679,091 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 9. | TAXATION - continued |
| 2018 |
| Gross | Tax | Net |
| £ | £ | £ |
| Deferred tax movement on revaluation | - | 21,291 |
| Distribution to non-controlling interest | ( |
) | - | (2,774,930 | ) |
| (2,753,639 | ) | - | (2,753,639 | ) |
| 10. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company |
| is not presented as part of these financial statements. |
| 11. | DIVIDENDS |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 12. | PRIOR YEAR ADJUSTMENT |
| The prior year figures have been restated to reflect the transactions not included for the year ended 30 |
| November 2018 in respect of Rushcliffe Independent Hospitals (Markfield) Limited. The effect of this |
| adjustment on the financial statements was to increase the profit for the year by £475 and increase the |
| profit and loss reserve by the same amount. The adjustment also recognised an investment property |
| addition of £749,085, a reduction in the director's loan account of £639,098 and an increase in other |
| creditors of £55,512. The adjustment also had an impact on the cashflow with an outflow of £749,085 |
| now being recognised in respect of the purchase of investment property, an increase of £475 in |
| respect of cashflows from operating activities, an increase of £55,512 in cash outflows relating to |
| creditors and a reduction of £693,098 in respect of amounts drawn by directors. |
| 13. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2018 |
| and 30 November 2019 | 41,113,526 | 3 | 41,113,529 |
| AMORTISATION |
| At 1 December 2018 | 23,123,142 | 3 | 23,123,145 |
| Amortisation for year | 2,860,844 | - | 2,860,844 |
| At 30 November 2019 | 25,983,986 | 3 | 25,983,989 |
| NET BOOK VALUE |
| At 30 November 2019 | 15,129,540 | - | 15,129,540 |
| At 30 November 2018 | 17,990,384 | - | 17,990,384 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 14. | TANGIBLE FIXED ASSETS |
| Group |
| Assets | Improvements |
| Freehold | under | Long | to |
| property | construction | leasehold | property |
| £ | £ | £ | £ |
| COST |
| At 1 December 2018 | 39,050,892 | 3,864,929 | 328,052 | 2,035,939 |
| Additions | 342,625 | - | - | 16,682 |
| Disposals | (48,134 | ) | - | - | - |
| Reclassification | 3,752,390 | (3,864,929 | ) | - | - |
| At 30 November 2019 | 43,097,773 | - | 328,052 | 2,052,621 |
| DEPRECIATION |
| At 1 December 2018 | 5,324,292 | - | 26,016 | 620,514 |
| Charge for year | 714,144 | - | 2,624 | 29,460 |
| Eliminated on disposal | - | - | - | - |
| At 30 November 2019 | 6,038,436 | - | 28,640 | 649,974 |
| NET BOOK VALUE |
| At 30 November 2019 | 37,059,337 | - | 299,412 | 1,402,647 |
| At 30 November 2018 | 33,726,600 | 3,864,929 | 302,036 | 1,415,425 |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 December 2018 | 16,928 | 6,472,214 | 873,622 | 623,211 | 53,265,787 |
| Additions | - | 247,886 | 162,945 | 35,308 | 805,446 |
| Disposals | - | - | (89,585 | ) | - | (137,719 | ) |
| Reclassification | - | 112,539 | - | - | - |
| At 30 November 2019 | 16,928 | 6,832,639 | 946,982 | 658,519 | 53,933,514 |
| DEPRECIATION |
| At 1 December 2018 | 12,802 | 5,002,691 | 681,743 | 404,961 | 12,073,019 |
| Charge for year | 696 | 261,823 | 60,362 | 37,761 | 1,106,870 |
| Eliminated on disposal | - | - | (82,412 | ) | - | (82,412 | ) |
| At 30 November 2019 | 13,498 | 5,264,514 | 659,693 | 442,722 | 13,097,477 |
| NET BOOK VALUE |
| At 30 November 2019 | 3,430 | 1,568,125 | 287,289 | 215,797 | 40,836,037 |
| At 30 November 2018 | 4,126 | 1,469,523 | 191,879 | 218,250 | 41,192,768 |
| Included in cost of land and buildings is freehold land of £3,342,707 (2018 - £3,492,707) which is not |
| depreciated. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 14. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Included in cost of freehold property is property of £65,057 (2018: £65,057) which is not depreciated as |
| the director believes depreciation would be immaterial due to expected residual values after the useful |
| economic lives, or that the asset has not yet been brought into full use. |
| Included within freehold property is investment property for which no reliable measure of fair value is |
| available, which was transferred to freehold property in the comparative year at its previous fair value. |
| The value included in cost is £864,893 (2018: £864,893) and the net book value is £809,180 (2018: |
| £821,066). The historic cost of these assets is £930,601 (2018: £930,601). |
| Tangible fixed assets with a carrying value of £32,966,533 (2018: £35,444,060) are pledged as security |
| for the group's borrowing facilities. |
| 15. | FIXED ASSET INVESTMENTS |
| Group | Company |
| 2019 | 2018 | 2019 | 2018 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Shares in group undertakings | - | - |
| Other investments not loans | 13,272,886 | 4,866,330 |
| 13,272,886 | 4,866,330 |
| Additional information is as follows: |
| Investments (neither listed nor unlisted) were as follows: |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Motor vehicles held for investment purposes | 13,272,886 | 4,866,330 |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2018 |
| and 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 30 November 2018 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 15. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Investments (neither listed nor unlisted) were as follows: |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Investment in partnership | 9,819,701 | 4,047,249 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies |
| include the following: |
| Subsidiaries |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Care Limited owns 100% of the share capital of Arleston View Limited, a trading subsidiary |
| and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Care Limited owns 100% of the share capital of Moorcourt Developments Limited, a trading |
| subsidiary and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Care Limited owns 100% of the share capital of Rushcliffe Independent Hospitals |
| (Aberavon) Limited, a trading subsidiary and is detailed above. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 15. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Care Limited owns 100% of the share capital of Rushcliffe Independent Hospitals Limited, a |
| trading subsidiary and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Care Limited owns 100% of the share capital of Rushcliffe Specialist Schools Limited, a |
| trading subsidiary and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Specialist Schools Limited owns 100% of the share capital of Rushcliffe Specialist Schools |
| (Mickleover) Limited, a trading subsidiary and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Independent Hospitals Limited owns 100% of the share capital of Rushcliffe Independent |
| Hospitals (Kegworth) Limited, a trading subsidiary and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE. |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Independent Hospitals Limited owns 100% of the share capital in Rushcliffe Independent |
| Hospitals (Markfield) Limited, a trading subsidiary and is detailed above. |
| Registered office: 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE |
| Nature of business: |
| % |
| Class of shares: | holding |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 16. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 December 2018 | 2,114,085 |
| Additions | 56,188 |
| Disposals | (965,000 | ) |
| Impairments | (204,668 | ) |
| At 30 November 2019 | 1,000,605 |
| NET BOOK VALUE |
| At 30 November 2019 | 1,000,605 |
| At 30 November 2018 | 2,114,085 |
| Investment property is included at fair value. Fair value has been determined based upon the value |
| the property is being marketed for, as assessed by an independent commercial estate agent. |
| No formal valuation has been undertaken. |
| The historical cost of investment property held at fair value was £1,258,301 |
| 17. | STOCKS |
| Group |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Stocks | 7,250 | 6,764 |
| 18. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Trade debtors | 2,905,112 | 3,069,842 |
| Derivative financial instruments | - | 800,000 |
| Other debtors | 76,269 | 83,066 |
| Tax | - | 5,876 |
| Prepayments | 413,325 | 219,082 |
| 3,394,706 | 4,177,866 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2019 | 2018 | 2019 | 2018 |
| as restated |
as restated |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 21) | 27,180,032 | 25,612,481 |
| Trade creditors | 1,106,022 | 1,526,976 |
| Amounts owed to group undertakings | - | - |
| Tax | 450,196 | 730,246 |
| Social security and other taxes | 662,281 | 555,866 |
| Other creditors | 2,918,890 | 2,233,367 |
| Directors' loan accounts | 642,697 | 1,520,710 |
| Accruals and deferred income | 2,092,059 | 2,309,648 |
| 35,052,177 | 34,489,294 |
| 20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Bank loans (see note 21) | - | 4,508,000 |
| Derivative financial |
| instruments | 3,672,042 | 4,335,865 |
| 3,672,042 | 8,843,865 |
| 21. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Amounts falling due within one year or |
| on demand: |
| Bank overdrafts | 2,672,032 | 22,612,481 |
| Bank loan | 24,508,000 | 3,000,000 |
| 27,180,032 | 25,612,481 |
| Amounts falling due between one and |
| two years: |
| Bank loans - 1-2 years | - | 4,508,000 |
| The bank loan is repayable by quarterly instalments of £750,000 with a final lump sum repayment due |
| on 30 September 202. Interest is being charged at an average rate of 7.52% per annum paid through |
| the current account. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 22. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable |
| operating leases |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Within one year | 108,000 | 109,418 |
| Between one and five years | 6,623 | 102,355 |
| 114,623 | 211,773 |
| Operating leases - lessor |
| Operating leases relate to the properties owned by the company, let under normal commercial terms. |
| The minimum lease rentals receivable under non-cancellable operating leases fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Within one year | - | 36,000 |
| Between one and five years | - | 84,000 |
| - | 120,000 |
| 23. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Bank overdrafts | 2,672,032 | 22,612,481 |
| Bank loans | 24,508,000 | 7,508,000 |
| 27,180,032 | 30,120,481 |
| The group's bank reserve a right to set off and holds first legal mortgages, life policies, mortgage |
| debentures and guarantees over land and buildings. |
| Lloyds Bank plc holds a debenture and an omnibus guarantee and set off agreement for the |
| subsidiaries of Rushcliffe Care Holdings Limited, excluding Rushcliffe Independent Hospitals |
| (Markfield) Limited and Rushcliffe Investments. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 24. | FINANCIAL INSTRUMENTS |
| 2019 | 2018 |
| £ | £ |
| Financial liabilities at fair value through profit and loss |
| Interest rate swaps | 3,672,042 | 4,335,865 |
| Financial liabilities measured at amortised cost |
| Bank loans | 24,508,000 | 7,508,000 |
| The group purchases interest rate swaps to manage interest rate volatility. The values of financial |
| liabilities held at fair value through profit and loss at the balance sheet date are determined using |
| quoted prices. |
| 25. | PROVISIONS FOR LIABILITIES |
| Group |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| Deferred tax | 1,043,396 | 944,843 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2018 | 944,843 |
| Charge to Income Statement during year | 98,553 |
| Balance at 30 November 2019 | 1,043,396 |
| 26. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 27. | RESERVES |
| Group |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 December 2018 | 7,874,112 | 26,856,302 | 34,730,414 |
| Prior year adjustment | 475 | - | 475 |
| 7,874,587 | 26,856,302 | 34,730,889 |
| Profit for the year | 1,228,253 | - | 1,228,253 |
| Dividends | (2,000 | ) | - | (2,000 | ) |
| Deferred tax movement re property valuations |
27,709 |
- |
27,709 |
| At 30 November 2019 | 9,128,549 | 26,856,302 | 35,984,851 |
| Company |
| Merger |
| Retained | relief |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 December 2018 | 35,660,551 |
| Deficit for the year | ( |
) | - | ( |
) |
| Dividends | ( |
) | - | ( |
) |
| At 30 November 2019 | 35,640,371 |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 28. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme. The assets of the scheme are held |
| separately from those of the group in an independently administered fund. The pension charge |
| amounted to £367,373 (2018: £251,521) with a creditor outstanding at the year end of £210,235 (2018: |
| £85,142). |
| Teachers' Pension Scheme |
| The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers' |
| Pension Regulations 2014. Members contribute on a 'pay as you go' basis with contributions from |
| members and the employer being credited to the Exchequer. Retirement and other pension benefits |
| are paid by public funds provided by Parliament. |
| The employer contribution rate is set following scheme valuations undertaken by the Government |
| Actuary's Department. The latest actuarial valuation of the TPS was prepared as at 31 March 2016 and |
| the valuation report, which was published in March 2019, confirmed an employer contribution rate for |
| the TPS of 23.6% from 1 September 2019. Employers are also required to pay a scheme |
| administration level of 0.08% giving a total employer contribution of 23.68%. |
| This employer rate will be payable until the outcome of the next actuarial valuation which is due to be |
| prepared as at 31 March 2020, with any resulting changes to the employer rate expected to take effect |
| from 1 April 2023. This valuation will also determine the opening balance of the cost cap fund and |
| provide an analysis of the cost cap as required by the Pubic Service Pensions Act 2013. |
| The pension charge for the year includes £83,598 (2018: £77,354) and £283,775 (2018: £174,167) in |
| respect of contributions to other pension schemes. At the year end, £nil (2018: £415) was prepaid in |
| respect of contributions to this scheme. |
| 29. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 November 2019 |
| and 30 November 2018: |
| 2019 | 2018 |
| as |
| restated |
| £ | £ |
| S Rai |
| Balance outstanding at start of year | (1,520,710 | ) | (3,008,738 | ) |
| Amounts advanced | 1,053,829 | 1,793,028 |
| Amounts repaid | (175,816 | ) | (305,000 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (642,697 | ) | (1,520,710 | ) |
| The movement in the year represents monies paid into and withdrawn from the group by the director in |
| addition to the transactions detailed below: |
| In the year under review, the group rented property from the director on normal commercial terms. The |
| total rent charged was £100,000 (2018: £100,000), of which £100,000 was credited to the director's |
| loan account. |
| No interest has been charged on the loan during the year. |
| Rushcliffe Care Holdings Limited (Registered number: 09456380) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 November 2019 |
| 30. | RELATED PARTY DISCLOSURES |
| 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed |
| within the financial statements. |
| During the year, a total of key management personnel compensation of £ 51,877 (2018 - £ 42,932 ) |
| was paid. |
| 31. | ULTIMATE CONTROLLING PARTY |
| The controlling party is S Rai. |