Company registration number SC275419 (Scotland)
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
John Cavill
Kirsty O'Brien
Stewart Small
Carl Dix
Secretary
Infrastructure Managers Limited
Company number
SC275419
Registered office
2nd Floor, Drum Suite
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants & Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Bankers
Royal Bank of Scotland Plc
36 St Andrew's Square
Edinburgh
EH2 2YB
Solicitors
CMS Cameron McKenna LLP
Mitre House
160 Aldersgate Street
London
EC1A 4DD
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
Notes to the financial statements
11 - 19
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and the financial statements of Stobhill Healthcare Facilities (Holdings) Limited ("the Company") for the year ended 31 December 2023.

Principal activities

The Company acts as a holding Company to Stobhill Healthcare Facilities Limited. The principal activity of Stobhill Healthcare Facilities Limited is the provision of a hospital building and associated facilities management for NHS Greater Glasgow & Clyde.

Results and dividends

The results for the year are set out on page 8.

 

The profit for the financial year, after taxation, amounted to £nil (2022: £35,639).

 

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

Ordinary dividends were paid amounting to £nil (2022: £35,639). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of approval of the financial statements were as follows:

John Cavill
Kirsty O'Brien
Stewart Small
Carl Dix
(Appointed 2 February 2023)
John Wrinn
(Resigned 2 February 2023)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditors

The auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditors

In the case of each director in office at the date the Directors' Report is approved:

 

•    so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

•    they have taken all the 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.

 

Key performance indicators

In its role as a holding company there are no key performance indicators for the directors to monitor. However, from a group point of view the performance of the investment is assessed every six months by testing the cash resources against the bank lending covenants. The key indicator being the debt service cover ratio. The investment has been compliant with the covenants laid out in the Group loan agreement.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Climate change

The directors recognise that it is important to disclose their view of the impact of climate change on the company. As a holding company, the company itself does not trade. The company's subsidiary holds key operational contracts which are long-term and with a small number of known counterparties. In most cases, the cashflows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the operations, their contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the operational or financial performance arising from climate change.

 

Going concern

These financial statements have been prepared on the going concern basis for the reasons set out in the Accounting Policies.

Small companies exemption

This report has been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006. Exemption has also been taken from the requirement to prepare a Strategic Report.

This report was approved by the board of directors on 16 May 2024 and signed by order of the board by:
Mike Forrest
For and on behalf of Infrastructure Managers Limited
Secretary
16 May 2024
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual 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 prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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 the financial statements, the directors are required to:

 

 

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.

 

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.

 

 

The financial statements were approved and signed by the director and authorised for issue on 16 May 2024

 

 

 

 

Carl Dix

Director                        

 

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Report on the Audit of the Financial Statements
Opinion

In our opinion, Stobhill Healthcare Facilities (Holdings) Limited's financial statements:

 

 

 

 

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the Statement of Financial Position as at 31 December 2023; the Statement of Comprehensive Income and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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 financial statements are authorised for issue.

 

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.

 

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company's ability to continue as a going concern.

 

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

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors' report

In our opinion, based on the work undertaken in the course of the audit the information given in the directors' report for the year ended 31 December 2023 is consistent with the financial statements; and has been prepared in accordance with applicable legal requirements.

 

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we do not identify any material misstatements in the Directors' Report.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.

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 an auditors' 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.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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.

 

Based on our understanding of the company and industry, we identified that the principal risks of non­ compliance with laws and regulations related to Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

 

 

 

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

Other required reporting

 

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

 

 

 

 

 

We have no exceptions to report arising from this responsibility.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

Entitlement to exemptions

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 auditors' 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.

Paul Cheshire (Senior Statutory Auditor)
For and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
16 May 2024
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Income from shares in group undertakings
5
-
0
35,639
Interest receivable from group undertakings
5
281,491
265,270
Interest payable and similar expenses
6
(281,491)
(265,270)
Profit before taxation
-
0
35,639
Tax on profit
7
-
0
-
0
Profit for the financial year
-
0
35,639

This income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 19 form part of these financial statements.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
9
2,040,056
2,040,056
Current assets
Debtors: amounts falling due within one year
11
229,309
89,018
Creditors: amounts falling due within one year
12
(229,309)
(89,018)
Net current assets
-
0
-
0
Total assets less current liabilities
2,040,056
2,040,056
Creditors: amounts falling due after more than one year
13
(2,009,994)
(2,009,994)
Net assets
30,062
30,062
Capital and reserves
Called up share capital
14
30,062
30,062

The notes on pages 11 to 19 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 16 May 2024 and are signed on its behalf by:
Carl Dix
Director
Company registration number SC275419 (Scotland)
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Called up share capital
Profit and loss reserve
Total
Notes
£
£
£
Balance at 1 January 2022
30,062
-
0
30,062
Year ended 31 December 2022:
Profit and total comprehensive income for the financial year
-
35,639
35,639
Dividends
8
-
(35,639)
(35,639)
Balance at 31 December 2022
30,062
-
0
30,062
Year ended 31 December 2023:
Profit and total comprehensive income for the financial year
-
-
0
-
0
Balance at 31 December 2023
30,062
-
0
30,062

The notes on pages 11 to 19 form part of these financial statements.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Stobhill Healthcare Facilities (Holdings) Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom and is registered Scotland. The registered office is located at 2nd Floor, Drum Suite, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN.

 

The Company acts as a holding Company to Stobhill Healthcare Facilities Limited. The principal activity of Stobhill Healthcare Facilities Limited is the provision of a hospital building and associated facilities management for NHS Greater Glasgow & Clyde.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated financial statements, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

 

Stobhill Healthcare Facilities (Holdings) Limited is a 60% owned subsidiary of BIIF Holdco Limited and the results of Stobhill Healthcare Facilities (Holdings) Limited are included in the consolidated financial statements of BIIF Holdco Limited which are available from Cannon Place, 78 Cannon Street, London, EC4N 6AF.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash flow forecasts are prepared for the underlying investment looking over the expected life of the asset and so including the 12 month period from the date the financial statements are signed. In drawing up these forecasts, the directors have made assumptions based upon their view of the current and future economic conditions that will prevail over the forecast period.

 

The Company's cash flows are dependent on the performance of its investment. After reviewing the performance of the investment, which is done on a regular basis, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

 

In light of this, the directors continue to adopt the going concern basis of accounting in preparing the Company's annual financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

Other financial assets

Other financial instruments are subsequently measured at fair value, with any changes recognised in the Statement of Comprehensive Income, with the exception of hedging instruments in a designated hedging relationship.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

Derecognition of financial liabilities

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

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of assets

The carrying value of those assets recorded in the Company's Statement of Financial Position, at amortised cost less any impairment losses, could be materially reduced where circumstances exist which might indicate that an asset has been impaired and an impairment review is performed. Impairment reviews consider the fair value and/or value in use of the potentially impaired asset or assets and compare that with the carrying value of the asset or assets in the Statement of Financial Position. Any reduction in value arising from such a review would be recorded in the Statement of Comprehensive Income. Impairment reviews involve the significant use of assumptions. Consideration has to be given as to the price that could be obtained for the asset or assets, or in relation to a consideration of value in use, estimates of the future cash flows that could be generated by the potentially impaired asset or assets, together with a consideration of an appropriate discount rate to apply to those cash flows.

3
Auditors' remuneration
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Auditors' remuneration
(Continued)
- 15 -

The audit fee of £2,660 (2022: £2,490) was borne by the subsidiary company Stobhill Healthcare Facilities Limited.

 

4
Employees

The average number of persons employed by the Company during the financial year, including the directors, amounted to nil (2022: nil). The directors are not employed by the company and did not receive any remuneration during the year (2022: £nil).

5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
281,491
265,270
Income from fixed asset investments
Income from shares in group undertakings
-
0
35,639
281,491
300,909
Disclosed on the income statement as follows:
Income from shares in group undertakings
-
0
35,639
Interest receivable from group undertakings
281,491
265,270
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
281,491
265,270
6
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
281,491
265,270
7
Taxation on profit
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Taxation on profit
(Continued)
- 16 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
-
0
35,639
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
-
0
6,771
Tax effect of income not taxable in determining taxable profit
-
0
(6,771)
Taxation charge for the year
-
-

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.52% rate used above reflects 9 months of this new rate and 3 months of the previous rate of 19%.

8
Dividends
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
Ordinary Shares
Final paid
-
1.19
-
0
35,639
9
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10
30,062
30,062
Loans to subsidiaries
10
2,009,994
2,009,994
2,040,056
2,040,056
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
30,062
2,009,994
2,040,056
Carrying amount
At 31 December 2023
30,062
2,009,994
2,040,056
At 31 December 2022
30,062
2,009,994
2,040,056

Loans to participating interests - In July 2005 the Company loaned £1,512,200 to Stobhill Healthcare Facilities Limited under a subordinated debt agreement, with a further loan of £136,445 issued in April 2007. The interest rate on this loan is 13.25% per annum with the capital element being repaid by a one off payment in the year 2042. The Coupon on the principal amount accrues daily and is payable in cash on 30 September and 31 March each year. Interest not settled by cash on these dates is payable at the next payment date (30 September and 31 March), with interest of 13.25% per annum accruing on the unpaid amount. The investment sum was advanced under a subordinated loan agreement and is therefore unsecured, and would rank alongside ordinary creditors in the case of a winding up. Subordinated debt interest of £281,491 (2022: £265,270) was received from Stobhill Healthcare Facilities Limited during the year.

10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Stobhill Healthcare Facilities Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
2nd Floor, Drum Suite, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Stobhill Healthcare Facilities Limited
(2,502,091)
508,121
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
229,309
89,018
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Debtors
(Continued)
- 18 -

The amounts owed by Group undertakings are accrued coupon interest, bear interest at 13.25% per annum if they remain unpaid at the repayment dates of 30 March or 30 September, are unsecured and are repayable on demand.

12
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
137,585
53,411
Accruals and deferred income
91,724
35,607
229,309
89,018

The amounts owed to Group undertakings are accrued coupon interest, bear interest at 13.25% per annum if they remain unpaid at the repayment dates of 30 March or 30 September, are unsecured and are repayable on demand.

 

13
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,205,996
1,205,996
Accruals and deferred income
803,998
803,998
2,009,994
2,009,994

In July 2005 the Company borrowed £1,512,200 under a subordinated debt agreement from Stobhill Holdco Limited and PFI Infrastructure Finance Limited, with a further loan of £136,445 issued in April 2007. The interest rate on this loan is 13.25% per annum with the capital element being repaid by a one off payment in the year 2042. The Coupon on the principal amount accrues daily and is payable in cash on 30 September and 31 March each year. Interest not settled by cash on these dates is payable at the next payment date (30 September and 31 March), with interest of 13.25% per annum accruing on the unpaid amount. The investment sum was advanced under a subordinated loan agreement and is therefore unsecured, and would rank alongside ordinary creditors in the case of a winding up.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
2,009,994
2,009,994
14
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
30,062
30,062
30,062
30,062
STOBHILL HEALTHCARE FACILITIES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Called up share capital
(Continued)
- 19 -

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

15
Related party transactions

The following disclosures are with entities in the group that are not wholly owned:

 

Stobhill Holdco Limited own 40% of the share capital and loan stock in Stobhill Healthcare Facilities (Holdings) Limited. During the year Stobhill Holdco Limited received interest of £112,596 (2022: £106,108) in respect of loan stock held. Interest outstanding at the year end totalled £91,724 (2022: £35,607) in respect of loan stock held. The balance of the loan stock held as at 31 December 2023 was £803,998 (2022: £803,998).

 

PFI Infrastructure Finance Limited holds 60% of the share capital and 60% of the loan stock in Stobhill Healthcare Facilities (Holdings) Limited. The company received interest of £168,895 (2022: £159,162). Interest outstanding at the year end totalled £137,585 (2022: £53,411). The balance of the loan stock as at 31 December 2023 was £1,205,996 (2022: £1,205,996).

 

During the year Infrastructure Managers Limited, a fellow group company, provided management services to Stobhill Healthcare Facilities (Holdings) Limited.

16
Ultimate controlling party

The share capital of Stobhill Healthcare Facilities (Holdings) Limited is held in the proportions of: PFI Infrastructure Finance Limited 60% and Stobhill Holdco Limited 40%, the share capital of which is held by Equitix Infrastructure 4 Limited. Each of these Companies are registered in England and Wales.

The ultimate parent and controlling entity of Equitix Infrastructure 4 Limited is Equitix Fund IV LP. Equitix Fund IV LP is owned by a number of investors, with no one investor having individual control.

 

The ultimate parent and controlling entity of PFI Infrastructure Finance Limited is BIIF LP. BIIF LP is owned by a number of investors, with no one investor having individual control.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300John CavillKirsty O'BrienStewart SmallCarl DixJohn WrinnInfrastructure Managers Limitedfalse0SC2754192023-01-012023-12-31SC275419bus:Director12023-01-012023-12-31SC275419bus:Director22023-01-012023-12-31SC275419bus:Director32023-01-012023-12-31SC275419bus:Director42023-01-012023-12-31SC275419bus:CompanySecretaryDirector12023-01-012023-12-31SC275419bus:Director52023-01-012023-12-31SC275419bus:CompanySecretary12023-01-012023-12-31SC275419bus:RegisteredOffice2023-01-012023-12-31SC275419bus:Agent12023-01-012023-12-31SC2754192023-12-31SC2754192022-01-012022-12-31SC275419core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC275419core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC2754192022-12-31SC275419core:WithinOneYear2023-12-31SC275419core:WithinOneYear2022-12-31SC275419core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC275419core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC275419core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC275419core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC275419core:ShareCapital2023-12-31SC275419core:ShareCapital2022-12-31SC275419core:ShareCapital2021-12-31SC275419core:RetainedEarningsAccumulatedLosses2021-12-31SC275419core:RetainedEarningsAccumulatedLosses2022-12-31SC275419core:RetainedEarningsAccumulatedLosses2023-12-31SC275419core:UKTax2023-01-012023-12-31SC275419core:UKTax2022-01-012022-12-31SC275419core:Non-currentFinancialInstruments2023-12-31SC275419core:Non-currentFinancialInstruments2022-12-31SC275419core:CurrentFinancialInstruments2023-12-31SC275419core:CurrentFinancialInstruments2022-12-31SC275419bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC275419bus:FRS1022023-01-012023-12-31SC275419bus:Audited2023-01-012023-12-31SC275419bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP