Company registration number 07105160 (England and Wales)
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
COMPANY INFORMATION
Director
Mr S Rai
Secretary
Mr D Kaplan
Ms S L Wilkinson
Company number
07105160
Registered office
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
Auditor
HSKSG Audit Limited
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
Business address
Epinal Way Care Centre
Hospital Way
Loughborough
Leicestershire
LE11 3GD
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Income statement
6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The director presents the strategic report for the year ended 30 November 2023.
Review of the business
During the year ended 30 November 2023 the company remained a holding company of Rushcliffe Independent Hospitals (Kegworth) Limited and Rushcliffe Independent Hospitals (Aberavon) Limited. The company does not trade.
Principal risks and uncertainties
With the company not trading directly, it is relying on the trading performance of its subsidiary companies, as well as other group companies, to generate sufficient profits and cash to fund its overheads. The trading results of these companies are comfortably sufficient to cover these small amounts.
Development and performance
With this business not carrying on a trade the measurement of the performance can only be based on running costs of the company.
Expenses are in line with the 2022 accounts with minimal variance.
Key performance indicators
No key performance indicators are maintained as this is a holding company only.
Other performance indicators
There are no non financial key performance indicators maintained as this is a holding company only.
Mr S Rai
Director
22 November 2024
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
The director presents his annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of holding land for future development.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr S Rai
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr S Rai
Director
22 November 2024
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
- 3 -
Opinion
We have audited the financial statements of Rushcliffe Independent Hospitals Limited (the 'company') for the year ended 30 November 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 30 November 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.
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's 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 director's 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 financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the 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 or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We considered the nature of the company's business and its control environment. We also enquired of management about their identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework in which the company operates and identified key laws and regulations that:
- Had a direct effect on the determination of material amounts and disclosures in the financial statements, which included the Companies Act 2006 and tax legislation; and
- Did not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate.
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how / where fraud might occur in the financial statements.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
- 5 -
In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of accounting adjustments and journal entries, assessed whether accounting estimates were reasonable and accurate and reviewed the accounting records for any significant and unusual transactions.
In addition, our procedures to respond to the risks identified included:
- Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;
- Performing analytical procedures to identify any unusual or unexpected variances that may indicate risks of material misstatement due to fraud;
- Enquiring of management about any instances of non-compliance with laws and regulations and any instances of known or suspected fraud; and
- Reviewing the latest available Care Quality Commission inspection reports for the hospital operated by the trading subsidiary.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Philip Handley FCA
Senior Statutory Auditor
For and on behalf of HSKSG Audit Limited
26 November 2024
Chartered Accountants
Statutory Auditor
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
(7,456)
(6,768)
Exceptional item
3
(2,220)
(4,800)
Operating loss
4
(9,676)
(11,568)
Amounts written off investments
6
(2,001,889)
-
Loss before taxation
(2,011,565)
(11,568)
Tax on loss
7
Loss for the financial year
(2,011,565)
(11,568)
The income statement has been prepared on the basis that all operations are continuing operations.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
£
£
Loss for the year
(2,011,565)
(11,568)
Other comprehensive income
-
-
Total comprehensive income for the year
(2,011,565)
(11,568)
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
9
250,000
250,000
Investments
10
1,021,712
3,023,601
1,271,712
3,273,601
Current assets
Debtors
12
5,650,876
5,779,221
Creditors: amounts falling due within one year
13
(9,427,840)
(9,546,509)
Net current liabilities
(3,776,964)
(3,767,288)
Net liabilities
(2,505,252)
(493,687)
Capital and reserves
Called up share capital
14
1
1
Profit and loss reserves
(2,505,253)
(493,688)
Total equity
(2,505,252)
(493,687)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 22 November 2024
Mr S Rai
Director
Company registration number 07105160 (England and Wales)
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1
(482,120)
(482,119)
Year ended 30 November 2022:
Loss and total comprehensive income
-
(11,568)
(11,568)
Balance at 30 November 2022
1
(493,688)
(493,687)
Year ended 30 November 2023:
Loss and total comprehensive income
-
(2,011,565)
(2,011,565)
Balance at 30 November 2023
1
(2,505,253)
(2,505,252)
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
1
Accounting policies
Company information
Rushcliffe Independent Hospitals Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE.
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, modified to include certain items at fair value, as disclosed in the relevant accounting policy. The principal accounting policies adopted are set out below.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Rushcliffe Care Holdings Limited. These consolidated financial statements are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The company has made a loss on ordinary activities before taxation of £2,011,565 (2022: £11,568). The statement of financial position details net current liabilities of £3,776,964 (2022: £3,767,288) and net liabilities of £2,505,252 (2022: £493,687). The associated group company, Rushcliffe Care Limited, has confirmed that it will provide the company with adequate cash resources to fund its trading and other obligations during the course of the twelve months from the date of approval of the financial statements.
The company meets its day to day working capital requirements through an intercompany loan from its associated company, Rushcliffe Care Limited. This loan is repayable on demand.
Given the above and that the associated company continues to make significant profits, it is on this basis that the director considers that the company will have sufficient cash resources available to fund its activities and other obligations during the course of the twelve months from the date of approval of the financial statements and it is therefore appropriate for the financial statements to be prepared on the going concern basis.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and 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 assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 12 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
3
Exceptional item
2023
2022
£
£
Expenditure
Loan written off
2,220
4,800
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,440
3,434
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
Amounts written off investments
2023
2022
£
£
Other gains and losses
(2,001,889)
-
7
Taxation
The main rate of corporation tax was 19% up to 31 March 2023 and 25% thereafter, which has resulted in an effective tax rate of 23.01% for the year ended 30 November 2023.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
7
Taxation
(Continued)
- 14 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(2,011,565)
(11,568)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
(462,861)
(2,198)
Tax effect of expenses that are not deductible in determining taxable profit
461,238
Unutilised tax losses carried forward
1,623
2,198
Taxation charge for the year
-
-
8
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Fixed asset investments
10
2,001,889
-
Recognised in:
Amounts written off investments
2,001,889
-
The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.
9
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
250,000
Investment property is included at fair value. Fair value has been determined by the director based upon the value the property had previously been marketed for, as assessed by an independent commercial estate agent, and adjusted for factors currently affecting the site.
The historical cost of investment property held at fair value was £507,696.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
1,021,712
3,023,601
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
3,023,601
Disposals
(1)
At 30 November 2023
3,023,600
Impairment
At 1 December 2022
-
Impairment losses
2,001,888
At 30 November 2023
2,001,888
Carrying amount
At 30 November 2023
1,021,712
At 30 November 2022
3,023,601
11
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rushcliffe Independent Hospitals (Aberavon) Limited
3rd Floor, Butt Dyke House, 33 Park Row, Nottingham NG1 6EE
Ordinary
100.00
Rushcliffe Independent Hospitals (Kegworth) Limited
3rd Floor, Butt Dyke House, 33 Park Row, Nottingham NG1 6EE
Ordinary
100.00
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,650,634
5,778,991
Prepayments and accrued income
242
230
5,650,876
5,779,221
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 16 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
9,417,184
9,540,328
Accruals and deferred income
10,656
6,181
9,427,840
9,546,509
14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
15
Financial commitments, guarantees and contingent liabilities
Lloyds Bank plc holds a debenture and mortgage over the assets of the company.
In addition Lloyds Bank plc hold in their favour an omnibus guarantee and set-off agreement for the company and for other companies within the group.
RUSHCLIFFE INDEPENDENT HOSPITALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
16
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.
17
Ultimate controlling party
The immediate parent undertaking is Rushcliffe Care Group Limited by virtue of its majority shareholding of the issued Ordinary share capital. The registered office is 3rd Floor Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE.
The ultimate controlling party is the director, S Rai, by virtue of his majority shareholding in the ultimate parent company Rushcliffe Care Holdings Limited.
Copies of the group accounts for the Rushcliffe Care Holdings Limited are available from Companies House. This is the only group that the company is consolidated into for this year.
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