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Registration number: 12329299

Lucess Bidco Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Lucess Bidco Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 17

 

Lucess Bidco Limited

Company Information

Directors

T G Eyles

R B Sanders

L G Tamberlin

Registered office

110 Wigmore Street
London
W1U 3RW

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Lucess Bidco Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is providing management expertise to its subsidiary companies in the Celsus Group.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £820,779 (2022 - £806,391) and an operating profit of £233,270 (2022 - £333,564). At 31 December 2023, the company had net assets of £2,887,819 (2022 - net assets of £3,366,566). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to ongoing compliance with current and future legislation affecting the sector.

Approved by the Board on 29 August 2024 and signed on its behalf by:


R B Sanders
Director

 

Lucess Bidco Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

T G Eyles

R B Sanders

L G Tamberlin

Important non adjusting events after the financial period

Following the year end, the Company has agreed amended terms on their Mezzanine Facility with their banking partner, TC Global Finance Originations Limited. As part of this restatement the termination date has been extended to 31 March 2026 with amended interest rates that step up over time between 5.5% to 11%.

In addition to the refinancing of the Companies' Mezzanine facility, the Company has issued shareholder loan notes to the sum of £750,000 with a repayment date falling 10 years after the initial drawdown of 28 May 2024. These loans incur interest at a margin of 4% per annum.

Financial instruments

Objectives and policies

The board constantly monitors the company's trading results and revise projections as appropriate to ensure that the company can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures.

In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009', the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

The company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 29 August 2024 and signed on its behalf by:


R B Sanders
Director

 

Lucess Bidco Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Lucess Bidco Limited

Independent Auditor's Report to the Members of Lucess Bidco Limited

Opinion

We have audited the financial statements of Lucess Bidco Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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 opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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:

 

Lucess Bidco Limited

Independent Auditor's Report to the Members of Lucess Bidco Limited

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

 

Lucess Bidco Limited

Independent Auditor's Report to the Members of Lucess Bidco Limited

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

29 August 2024

 

Lucess Bidco Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
 £

2022
 £

Turnover

3

820,779

806,391

Administrative expenses

 

(439,152)

(418,380)

Exceptional items

4

(148,357)

(54,447)

Operating profit

233,270

333,564

Interest payable and similar charges

5

(712,017)

(798,091)

Loss before tax

 

(478,747)

(464,527)

Taxation

8

-

-

Loss for the financial year

 

(478,747)

(464,527)

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Lucess Bidco Limited

(Registration number: 12329299)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Investments

9

20,295,854

20,295,854

Current assets

 

Debtors

10

341,770

104,677

Creditors: Amounts falling due within one year

11

(16,688,426)

(12,284,279)

Net current liabilities

 

(16,346,656)

(12,179,602)

Total assets less current liabilities

 

3,949,198

8,116,252

Creditors: Amounts falling due after more than one year

11

(1,061,379)

(4,749,686)

Net assets

 

2,887,819

3,366,566

Capital and reserves

 

Called up share capital

14

1

1

Profit and loss account

2,887,818

3,366,565

Total equity

 

2,887,819

3,366,566

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 


R B Sanders
Director

 

Lucess Bidco Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

1

3,366,565

3,366,566

Loss for the year

-

(478,747)

(478,747)

At 31 December 2023

1

2,887,818

2,887,819

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2022

1

3,831,092

3,831,093

Loss for the year

-

(464,527)

(464,527)

At 31 December 2022

1

3,366,565

3,366,566

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
110 Wigmore Street
London
W1U 3RW

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Lucess Investco Limited.

The financial statements of Lucess Investco Limited may be obtained from the company's registered office.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirements to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Lucess InvestCo Limited, a company incorporated in England and Wales, and is included in the consolidated accounts of that company.

Going concern

After reviewing the company's forecasts and projections, 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.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Management charges receivable

820,779

806,391

 

4

Exceptional items

2023
 £

2022
 £

Exceptional expenses

148,357

54,447

Exceptional items in the current year comprised of one off legal and professional fees of £57,280 and termination payments of £91,077.

Exceptional items in the prior year comprised of non recurring legal and professional expenses of £54,447.

 

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank borrowings

646,496

640,070

Finance costs adjacent to interest

65,521

158,021

712,017

798,091

 

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

366,683

340,742

Social security costs

61,449

48,177

Pension costs, defined contribution scheme

9,671

29,463

437,803

418,382

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Directors

3

3

 

7

Auditors' remuneration

Auditors' remuneration has been borne by a fellow group undertaking.

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

8

Taxation

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(478,747)

(464,527)

Corporation tax at standard rate

(112,601)

(88,260)

Effect of expense not deductible in determining taxable profit

5,556

24,928

Increase from tax losses for which no deferred tax asset was recognised

18,816

-

Tax increase (decrease) arising from group relief

88,229

63,332

Total tax charge

-

-

 

9

Investments

2023
£

2022
£

Investments in subsidiaries

20,295,854

20,295,854

Subsidiaries

£

Cost and carrying amount

At 1 January 2023 and at 31 December 2022

20,295,854

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Medical Staffing Limited

England and Wales

Ordinary

100%

100%

Locum Staffing Limited

England and Wales

Ordinary

0%

100%

Key Medical Services Limited

England and Wales

Ordinary

100%

100%

Celsus Managed Services Limited

England and Wales

Ordinary

0%

100%

TNA Medical Limited

England and Wales

Ordinary

100%

100%

111 Lifeline Limited

England and Wales

Ordinary

100%

100%

Celsus Group Limited

England and Wales

Ordinary

100%

100%

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The principal activity of Celsus Group Limited is that of a head office company. The principal activity of all other companies are that of staffing, medical services, managed services, consultancy and training and a medical deputising service.

During a prior year the trade and assets of Celsus Managed Services Limited and Locum Staffing Limited were hived into a group undertaking. Prior to the year end both companies have been dissolved.

All Lucess companies have the same registered office as Lucess Investco Limited with all remaining group companies having a registered office of 400 Capability Green, Suite B, Floor 2, Luton, Bedfordshire, England, LU1 3LU.

 

10

Debtors

2023
 £

2022
 £

Amounts owed by group undertakings

341,770

104,677

 

341,770

104,677

 

11

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

12

4,208,558

796,199

Trade creditors

 

56,180

54,384

Amounts due to group undertakings

10,071,612

9,268,197

Other creditors

 

2,312,020

2,165,499

Accrued expenses

 

40,056

-

 

16,688,426

12,284,279

Due after one year

 

Loans and borrowings

12

1,061,379

4,749,686

In 2020, £2,000,000 was included in other creditors as deferred consideration on the acquisition of the Celsus Group. This amount was repaid by investors in 2021, but the creditor has not yet been repaid by Lucess Bidco Limited. Therefore £2,000,000 remains as a creditor, but owed to investors rather than the previous owners.

Interest accrues on this balance at 4% per annum, compounded, and an interest charge of £80,000 has been included in 2023. Total interest accrued as at 31 December 2023 is £240,000 (2022 - £160,000).

 

12

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,208,558

796,199

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,061,379

4,749,686

 

Lucess Bidco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

13

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £9,671 (2022 - £29,463).

 

14

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

15

Non adjusting events after the financial period

Following the year end, the Company has agreed amended terms on their Mezzanine Facility with their banking partner, TC Global Finance Originations Limited. As part of this restatement the termination date has been extended to 31 March 2026 with amended interest rates that step up over time between 5.5% to 11%.

In addition to the refinancing of the Companies' Mezzanine facility, the Company has issued shareholder loan notes to the sum of £750,000 with a repayment date falling 10 years after the initial drawdown of 28 May 2024. These loans incur interest at a margin of 4% per annum.

 

16

Parent and ultimate parent undertaking

The company's immediate parent is Lucess Midco Limited, incorporated in England and Wales.

 The ultimate parent is Lucess InvestCo Limited, incorporated in England and Wales.

There is considered to be no single controlling party of Lucess InvestCo Limited