REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Ascot Rehabilitation Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st December 2023 |
for |
Ascot Rehabilitation Ltd |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Ascot Rehabilitation Ltd |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
34 - 35 Clarges Street |
Mayfair |
London |
W1J 7EJ |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Balance Sheet |
31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Balance Sheet - continued |
31st December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Ascot Rehabilitation Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The financial statements are prepared in Pound Sterling which is the functional currency of the company and rounded to nearest pound. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. |
Services provided to patients are recognised as turnover according to the date when the treatments are provided. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
Going concern |
These financial statements have been prepared on the going concern basis, which presumes that the company is able to continue in operational existence for the foreseeable future. The company is reliant upon the continued support of its directors and fellow group companies. If this support was withdrawn, the company would be unable to continue in operational existence. Adjustments would then have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that may arise. The company is unable to quantify the effect of such adjustments on the financial statements. |
The directors believe that it is appropriate for the financial statements to be prepared on the going concern |
basis. |
The Company acts as guarantor as noted separately below. The directors believe that such support is in the best interest of the Company and it is appropriate for the financial statements to be prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in | Other |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st December 2023 | 156,250 |
NET BOOK VALUE |
At 31st December 2023 | 156,250 |
At 31st December 2022 | 156,250 |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 60,782 | 55,282 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts and finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts and finance leases |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31/12/23 | 31/12/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
In August 2021 the company obtained a loan from Funding Circle under the government backed Covid Recovery Loan Scheme. The loan is repayable by installments until July 2025. Interest is at a rate of 10.9%. |
In November 2023 the company obtained a loan from Funding Circle for £225,545. The loan is repayable by installments until November 2027. Interest is at a rate of 16.9%.The directors provided personal guarantees as security. |
In November 2023 the company obtained a loan from Iwoca Ltd for £310,000. The loan is repayable by installments until November 2027. Interest is at a rate of 1.9% per 30 days.The directors provided personal guarantees as security. |
Ascot Rehabilitation Ltd (Registered number: 08174128) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
10. | OTHER FINANCIAL COMMITMENTS |
The company acts as a guarantor to a lease agreement signed by a joint venture company (Sterling Healthcare Group Ltd) on 1st October 2020. That lease agreement covered the period from 1 October 2020 to 7 June 2047, with a rent of £189,688 per annum. |
The company signed a lease agreement in August 2021 for a property that it sub-leased to NAFS Health Consultancy & Training Ltd, a company that Ascot Rehabilitation Ltd is a shareholder. The lease ceased on 31 August 2023. The monthly rent was £495 per month. |
The company signed a property lease on 6 January 2023 for a property located at Aldrington Road (SW16). The lease commitment for the property is as set out below:- |
- £250,000 per annum from 16 April 2024 to 5 January 2028 |
- £270,000 per annum from 6 January 2028 to 5 January 2033 |
- £291,600 per annum from 6 January 2033 to 5 January 2038 |
- £314,928 per annum from 6 January 2038 to 5 January 2043 |