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REGISTERED NUMBER: 05887194 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RENAISSANCE HEALTHCARE LIMITED

RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountant's Report 8

RENAISSANCE HEALTHCARE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: M H A Attia
M F A A Bsihiri





SECRETARY: I Chakroune





REGISTERED OFFICE: 88 Crawford Street
London
W1H 2EJ





REGISTERED NUMBER: 05887194 (England and Wales)





ACCOUNTANT: Cameron Baum Hollander Limited
Chartered Accountants
88 Crawford Street
London
W1H 2EJ

RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,687,232 2,688,518

CURRENT ASSETS
Debtors 5 400,664 640,066
Cash at bank 33,133 48,345
433,797 688,411
CREDITORS
Amounts falling due within one year 6 2,632,255 2,626,017
NET CURRENT LIABILITIES (2,198,458 ) (1,937,606 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

488,774

750,912

CREDITORS
Amounts falling due after more than one year 7 - (53,000 )

PROVISIONS FOR LIABILITIES (377,653 ) (377,653 )
NET ASSETS 111,121 320,259

CAPITAL AND RESERVES
Called up share capital 8 4,308,673 4,308,673
Share premium 9 499 499
Retained earnings 9 (4,198,051 ) (3,988,913 )
SHAREHOLDERS' FUNDS 111,121 320,259

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)

BALANCE SHEET - continued
31 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 11 November 2024 and were signed on its behalf by:





M H A Attia - Director


RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Renaissance Healthcare Limited 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
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

The financial statements are prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") as adapted by Section 1A of FRS 102, the Companies Act 2006.

The financial statements are prepared in Sterling which is the functional currency of the company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Fixtures and fittings, and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised to write off the cost of assets less their residual values over their useful lives as follows:

Fixtures and fittings33% reducing balance
Equipment33% reducing balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

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.

RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases in which substantially all the risks and rewards of ownership are transferred by the lessor are classified as finance leases.

Tangible fixed assets acquired under finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments and are depreciated over the shorter of the lease term and their useful lives. The capital element of the lease obligation is recorded as a liability and the interest element of the finance lease rentals is charged to the profit and loss account on an annuity basis.

Each lease payment is apportioned between the liability and finance charges using the effective interest method.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of future minimum lease payments.

Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates
and value added taxes.

Rental income is recognised in the period that it relates to.

Short leasehold investment property
Short leasehold investment property is initially measured at cost on acquisition and subsequently at fair value as at each accounts date. Changes in fair value are recognised in the income statement.

Tangible fixed assets includes short leasehold investment property which is leased by the company until June 2026.

Under the Landlord and Tenant Act 1954 the company is legally entitled to renew its lease for a new 15 year term from 2026 to 2041. It is expected to to enforce that right.

The short leasehold investment property has been valued at its fair value as at 31 December 2020 by the directors of the company. This valuation is based upon estimated discounted future cash flows, both incoming and outgoing, over the period of the head lease with its landlord and the extended period available under the Landlord and Tenant Act 1954.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,684,285 97,617 13,089 2,794,991
DEPRECIATION
At 1 January 2023 - 97,617 8,856 106,473
Charge for year - - 1,286 1,286
At 31 December 2023 - 97,617 10,142 107,759
NET BOOK VALUE
At 31 December 2023 2,684,285 - 2,947 2,687,232
At 31 December 2022 2,684,285 - 4,233 2,688,518

Short leasehold investment property relates to a property which is leased by the company until June 2026.

Under the Landlord and Tenant Act 1954 the company is legally entitled to renew its lease for a new 15 year term from 2026 to 2041. It is expected to to enforce that right.

The short leasehold investment property has been valued at its fair value as at 31 December 2021 by the directors of the company. This valuation is based upon estimated discounted future cash flows, both incoming and outgoing, over the period of the head lease with its landlord and the extended period available under the Landlord and Tenant Act 1954.

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors (124,000 ) 116,000
Prepayments and accrued income 174,664 174,066
50,664 290,066

Amounts falling due after more than one year:
Other debtors 350,000 350,000

Aggregate amounts 400,664 640,066

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 50,648 38,436
Amounts owed to group undertakings 2,363,710 2,363,710
Tax 2,500 2,500
Other creditors 100,164 100,291
Directors' current accounts 24,960 16,640
Accrued expenses 90,273 104,440
2,632,255 2,626,017

RENAISSANCE HEALTHCARE LIMITED (REGISTERED NUMBER: 05887194)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans - 1-2 years - 53,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,308,673 Redesignated ordinary shares
of £1 each 1 4,308,673 4,308,673

9. RESERVES

Included in retained earnings are unrealised gains on the revaluation of investment properties of £1,924,857 and a related deferred tax provision of £380,278

10. RELATED PARTY DISCLOSURES

At the year end the company owed £2,363,710 (2021: £2,363,710) to its controlling undertaking.

11. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Saudi Health Investment Company, registered office King Fahad Road (Siteen street), P O Box 51141, Jeddah 21463, Saudi Arabia.

CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RENAISSANCE HEALTHCARE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Renaissance Healthcare Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Renaissance Healthcare Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Renaissance Healthcare Limited and state those matters that I have agreed to state to the Board of Directors of Renaissance Healthcare Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Renaissance Healthcare Limited and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Renaissance Healthcare Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Renaissance Healthcare Limited. You consider that Renaissance Healthcare Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Renaissance Healthcare Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Cameron Baum Hollander Limited
Chartered Accountants
88 Crawford Street
London
W1H 2EJ


11 November 2024