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REGISTERED NUMBER: 08174128 (England and Wales)















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: Dr A Y M J Al-Memar
Dr O J F Foster





REGISTERED OFFICE: 1 College Fields
16 Prince George's Road
London
London
SW19 2PT





REGISTERED NUMBER: 08174128 (England and Wales)





ACCOUNTANTS: Sampson Fielding Ltd
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 1,131,098 121,006
Investments 5 156,250 156,250
1,287,348 277,256

CURRENT ASSETS
Debtors 6 1,854,352 2,482,192
Cash at bank and in hand 51,900 100,895
1,906,252 2,583,087
CREDITORS
Amounts falling due within one year 7 1,236,345 1,153,668
NET CURRENT ASSETS 669,907 1,429,419
TOTAL ASSETS LESS CURRENT LIABILITIES 1,957,255 1,706,675

CREDITORS
Amounts falling due after more than one year 8 (866,798 ) (132,413 )

PROVISIONS FOR LIABILITIES (44,687 ) -
NET ASSETS 1,045,770 1,574,262

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 1,043,770 1,572,262
SHAREHOLDERS' FUNDS 1,045,770 1,574,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 19th September 2024 and were signed on its behalf by:




Dr O J F Foster - Director



Dr A Y M J Al-Memar - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

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 35 (2022 - 41 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st January 2023 - 19,872 651,500
Additions 57,615 596,232 -
At 31st December 2023 57,615 616,104 651,500
DEPRECIATION
At 1st January 2023 - 19,872 643,711
Charge for year 11,523 91,170 5,896
At 31st December 2023 11,523 111,042 649,607
NET BOOK VALUE
At 31st December 2023 46,092 505,062 1,893
At 31st December 2022 - - 7,789

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 240,969 63,275 124,376 1,099,992
Additions 516,533 - 1,656 1,172,036
At 31st December 2023 757,502 63,275 126,032 2,272,028
DEPRECIATION
At 1st January 2023 193,455 40,638 81,310 978,986
Charge for year 31,084 8,174 14,097 161,944
At 31st December 2023 224,539 48,812 95,407 1,140,930
NET BOOK VALUE
At 31st December 2023 532,963 14,463 30,625 1,131,098
At 31st December 2022 47,514 22,637 43,066 121,006

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 - 31,555 31,555
Additions 466,023 - 466,023
At 31st December 2023 466,023 31,555 497,578
DEPRECIATION
At 1st January 2023 - 9,204 9,204
Charge for year 16,796 7,888 24,684
At 31st December 2023 16,796 17,092 33,888
NET BOOK VALUE
At 31st December 2023 449,227 14,463 463,690
At 31st December 2022 - 22,351 22,351

5. FIXED ASSET INVESTMENTS
Interest
in Other
associate investments Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 10 156,240 156,250
NET BOOK VALUE
At 31st December 2023 10 156,240 156,250
At 31st December 2022 10 156,240 156,250

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 1,098,792 1,613,872
Amounts owed by group undertakings 242,525 160,081
Amounts owed by participating interests 60,782 55,282
Other debtors 452,253 652,957
1,854,352 2,482,192

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts (see note 9) 369,584 64,558
Hire purchase contracts and finance leases 108,782 3,122
Trade creditors 410,255 629,980
Taxation and social security 129,751 177,956
Other creditors 217,973 278,052
1,236,345 1,153,668

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans (see note 9) 498,163 117,683
Hire purchase contracts and finance leases 368,635 14,730
866,798 132,413

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 189,759 -
Bank loans 179,825 64,558
369,584 64,558

Amounts falling due between two and five years:
Bank loans - 2-5 years 498,163 117,683

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