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Registered number: NI633472
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED (FORMERLY MILLAR ESTATES (RUSHMERE HOUSE) NI LTD)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 APRIL 2022
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
REGISTERED NUMBER: NI633472
BALANCE SHEET
AS AT 30 APRIL 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2022.
Page 1
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
REGISTERED NUMBER: NI633472
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2022
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
Ulster Independent Clinic (Rushmere House) Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 245 Stranmillis Road, Belfast, BT9 5JH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 3
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value whether it is rented within or externally from the group, determined annually and arrived at by the director on an open market value basis by reference to market evidence of transaction prices for similar properties and advice from external valuers for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 4
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including the directors, during the period was as follows:
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Page 5
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Freehold investment property
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Annual revaluation surplus/(deficit):
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Annual revaluation surplus/(deficit):
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Investment property comprises of Rushmere House, Belfast. The 2022 fair value of the investment property has been arrived at by the director on an open market value basis by reference to market evidence of transaction prices for similar properties and advice from Osborne King at 31st January 2022.
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If the Investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:
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Prepayments and accrued income
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Page 6
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 7
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Long term loans owed to group undertakings are repayable on demand following notice of one year and one day and are subject to interest rates of 0.5% per annum above Bank of England base rate.
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The following liabilities were secured:
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Details of security provided:
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The 2021 bank loans were secured by fixed charges over the property at Rushmere House, Belfast and the rent account in relation to the property.
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise bank and cash at hand.
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Page 8
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Credited to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Related party transactions
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Ulster Independent Clinic (Rushmere House) Limited is a wholly owned subsidiary of Ulster Independent Clinic Limited, a company incorporated in Northern Ireland. The company's registered office is 245 Stranmillis Road, Belfast, BT9 5JH.
During the period the company received a loan from its parent company. At the balance sheet date the company owed its parent company £3,184,894 (2021 : £nil).
In the prior year, the company entered into transactions with related parties at that date. An amount of £435,981 was due to related parties at 31st December 2021 which were repaid during this accounting period.
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Post balance sheet events
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In the post balance sheet period, the company entered into a covenant with its parent company, a charity, to donate all taxable surpluses of the company going forward. The impact of this has been the reversal of a previously recognised provision for deferred tax.
The ultimate controlling party is Ulster Independent Clinic Limited by virtue of its shareholding in the company.
Page 9
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ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
The auditors' report on the financial statements for the period ended 30 April 2022 was unqualified.
The audit report was signed on 26 October 2022 by Una Cunningham (Senior statutory auditor) on behalf of UHY Hacker Young Fitch Limited.
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