Rushcliffe Independent Hospitals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07105160 (England and Wales)

Financial Statements

for the Year Ended 30 November 2020

for

Rushcliffe Independent Hospitals Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

S Rai

SECRETARIES:

D Kaplan

Mrs K A Noon

Ms S L Wilkinson

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

07105160 (England and Wales)

AUDITORS:

HSKS Greenhalgh

Chartered Accountants &

Statutory Auditor

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

FIXED ASSETS

Investments

4

2

2

Investment property

5

250,000

250,000

250,002

250,002

CURRENT ASSETS

Debtors

6,187,208

6,355,124

CREDITORS

Amounts falling due within one year

6,910,145

6,932,721

NET CURRENT LIABILITIES

(722,937

)

(577,597

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(472,935

)

(327,595

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(472,936

)

(327,596

)

SHAREHOLDERS' FUNDS

(472,935

)

(327,595

)

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 30 November 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 30 November 2021 and were signed by:

S Rai - Director

1.	STATUTORY INFORMATION

Rushcliffe Independent Hospitals 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of presentation

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.

Preparation of consolidated financial statements

The financial statements contain information about Rushcliffe Independent Hospitals Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

The company and its subsidiaries are also part of a larger group and their results are included by full consolidation in the financial statements of the ultimate parent, Rushcliffe Care Holdings Limited, whose registered office is 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

The company has made a loss on ordinary activities before taxation of £145,340 (2019: £211,567). The statement of financial position details net current liabilities of £722,937 (2019: £577,597) and net liabilities of £472,935 (2019: £327,595). The parent company, Rushcliffe Care Limited, has confirmed that it will provide the company with adequate cash resources to finance its trading and other obligations during the course of the twelve months from the date of approval of the financial statements.

However, on 30 September 2021 the parent company's bank facilities expired.

New bank facilities totalling £33m have been offered and agreed and are currently being put into place. In the meantime, the parent company is utilising an agreed £25m overdraft facility.

The parent company meets its day to day working capital requirements through the overdraft facility, which is repayable on demand.

The parent company forecasts to operate within the new facilities, which will be formally put in place once the legal documentation has been finalised and approved.

Given the above and that the parent company continues to make significant profits, it is on this basis that the director considers that the company 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 it is therefore appropriate for the financial statements to be prepared on the going concern basis.

Furthermore, during the year under review, the COVID-19 pandemic became 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 company's ability to continue as a going concern and considers the balance sheet to be appropriately valued.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 December 2019

and 30 November 2020

2

NET BOOK VALUE

At 30 November 2020

2

At 30 November 2019

2

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2019

and 30 November 2020

250,000

NET BOOK VALUE

At 30 November 2020

250,000

At 30 November 2019

250,000

Investment property is included at fair value. Fair value has been determined by the director based upon the value the property had previously been marketed for, as assessed by an independent commercial estate agent, and adjusted for factors currently affecting the site.

The historical cost of investment property held at fair value was £507,696.

6.	SECURED DEBTS

Lloyds Bank plc holds a debenture and first legal charge over the assets of the company. On 27 February 2019, Lloyds Bank plc also registered a fixed charge over the company's investment in Rushcliffe Independent Hospitals (Kegworth) Limited.

In addition, Lloyds Bank plc hold in their favour an omnibus guarantee and set-off arrangement for the company and for other companies within the group.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

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

The Report of the Auditors was unqualified.

Philip Handley FCA (Senior Statutory Auditor)

for and on behalf of HSKS Greenhalgh

9.	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.

10.	CONTROL RELATIONSHIP