Company registration number 10843182 (England and Wales)
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
COMPANY INFORMATION
Director
Mr S Rai
Secretary
Mr D Kaplan
Company number
10843182
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 (KEGWORTH) LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Income statement
7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) 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

The business has continued to develop and increase the capacity available at the site. This development has continued post year end. As a result of the ongoing improvements turnover has increased by 22.5% to £6.18m from £5.04m in 2022.

 

Gross profit has fallen marginally from 36.02 % in 2022 to 35.94% in 2023.

 

Net profit for the year after tax is £943k compared to £852k in 2022.

Principal risks and uncertainties

The group's banking facilities are arranged such that the company relies on the support of the group although the level of this support is materially unchanged from 2022. Group results are such that the ongoing support is robust.

Development and performance

The company continues to have a policy of continual training for its staff and to encourage employee participation in its development of care homes.

Key performance indicators

The company has previously introduced a monthly reporting package which has allowed a more detailed analysis of the monthly results. This has been continued throughout 2023.

 

This has helped with the monitoring of of wages, occupancy and EBITDA generation as previously but an additional emphasis is now put on cash generation.

On behalf of the board

Mr S Rai
Director
22 November 2024
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) 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 residential care services.

Results and dividends

The results for the year are set out on page 7.

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:

 

 

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
On behalf of the board
Mr S Rai
Director
22 November 2024
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
- 4 -
Opinion

We have audited the financial statements of Rushcliffe Independent Hospitals (Kegworth) 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:

Basis for opinion

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.

Other information

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:

RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED (CONTINUED)
- 5 -
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:

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, tax legislation and payroll 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 (KEGWORTH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED (CONTINUED)
- 6 -

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 or 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 company.

 

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.

Use of our 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 (KEGWORTH) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
6,181,236
5,043,429
Cost of sales
(3,959,407)
(3,226,863)
Gross profit
2,221,829
1,816,566
Administrative expenses
(1,028,859)
(750,908)
Other operating income
4,226
-
0
Operating profit
4
1,197,196
1,065,658
Interest receivable and similar income
6
5,502
-
0
Interest payable and similar expenses
7
(1,978)
-
0
Profit before taxation
1,200,720
1,065,658
Tax on profit
8
(257,707)
(212,721)
Profit for the financial year
943,013
852,937

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

RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
943,013
852,937
Other comprehensive income
-
-
Total comprehensive income for the year
943,013
852,937
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
4,998,930
4,814,224
Current assets
Stocks
10
388
250
Debtors
11
682,730
489,748
Cash at bank and in hand
1,448,878
874,371
2,131,996
1,364,369
Creditors: amounts falling due within one year
12
(6,355,040)
(6,348,897)
Net current liabilities
(4,223,044)
(4,984,528)
Total assets less current liabilities
775,886
(170,304)
Provisions for liabilities
Deferred tax liability
13
174,647
171,470
(174,647)
(171,470)
Net assets/(liabilities)
601,239
(341,774)
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
601,238
(341,775)
Total equity
601,239
(341,774)

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 10843182 (England and Wales)
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1
(1,194,712)
(1,194,711)
Year ended 30 November 2022:
Profit and total comprehensive income
-
852,937
852,937
Balance at 30 November 2022
1
(341,775)
(341,774)
Year ended 30 November 2023:
Profit and total comprehensive income
-
943,013
943,013
Balance at 30 November 2023
1
601,238
601,239
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
1
Accounting policies
Company information

Rushcliffe Independent Hospitals (Kegworth) 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:

 

 

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 profit on ordinary activities before taxation of £1,200,720 (2022: £1,065,658). The statement of financial position details net current liabilities of £4,223,044 (2022: £4,984,528) and net assets of £601,239 (2022: liabilities of £341,774). The associated company, Rushcliffe Care Limited, has confirmed that it will provide the company with adequate cash resources, via Rushcliffe Independent Hospitals Limited, the immediate parent company, to finance its trading and other obligations during the course of the twelve months from the date of approval of the financial statements.

 

The associated company meets its day to day working capital requirements through the overdraft facility, which 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 (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for nursing and residential care services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Fixtures and fittings
15% on reducing balance
Computers
15% on reducing balance

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Financial instruments
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.

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.

RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 13 -
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.

1.7
Taxation

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

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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Services provided
6,181,236
5,043,429
2023
2022
£
£
Other revenue
Interest income
5,502
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
6,800
6,000
Depreciation of owned tangible fixed assets
108,666
106,879
Operating lease charges
-
2,395
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
89
72
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,172,731
2,598,295
Social security costs
272,847
187,993
Pension costs
62,047
42,223
3,507,625
2,828,511
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,462
-
0
Other interest income
40
-
0
Total income
5,502
-
0
7
Interest payable and similar expenses
2023
2022
£
£
Other interest
1,978
-
0
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
254,530
211,595
Deferred tax
Origination and reversal of timing differences
3,177
1,126
Total tax charge
257,707
212,721

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 (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
8
Taxation
(Continued)
- 16 -

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

2023
2022
£
£
Profit before taxation
1,200,720
1,065,658
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
276,286
202,475
Tax effect of expenses that are not deductible in determining taxable profit
605
542
Group relief
(34,517)
-
0
Permanent capital allowances in excess of depreciation
(2,319)
(2,845)
Depreciation on assets not qualifying for tax allowances
14,475
11,423
Short term timing difference
3,177
1,126
Taxation charge for the year
257,707
212,721
9
Tangible fixed assets
Freehold land and buildings
Assets under construction
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 December 2022
4,607,558
297,119
253,247
31,161
5,189,085
Additions
-
0
271,333
22,039
-
0
293,372
At 30 November 2023
4,607,558
568,452
275,286
31,161
5,482,457
Depreciation and impairment
At 1 December 2022
264,685
-
0
99,774
10,402
374,861
Depreciation charged in the year
79,116
-
0
26,322
3,228
108,666
At 30 November 2023
343,801
-
0
126,096
13,630
483,527
Carrying amount
At 30 November 2023
4,263,757
568,452
149,190
17,531
4,998,930
At 30 November 2022
4,342,873
297,119
153,473
20,759
4,814,224

Lloyds Bank plc holds a debenture 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. Lloyds Bank plc also hold a 1st Legal Charge over the Commercial Freehold Property.

RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
10
Stocks
2023
2022
£
£
Raw materials and consumables
388
250
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
599,350
419,132
Other debtors
8,049
-
0
Prepayments and accrued income
75,331
70,616
682,730
489,748
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
123
33
Trade creditors
144,881
109,412
Amounts owed to group undertakings
5,650,634
5,778,990
Corporation tax
139,285
101,995
Other taxation and social security
116,611
48,175
Other creditors
257,233
82,436
Accruals and deferred income
46,273
227,856
6,355,040
6,348,897
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
174,647
171,470
RUSHCLIFFE INDEPENDENT HOSPITALS (KEGWORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
13
Deferred taxation
(Continued)
- 18 -
2023
Movements in the year:
£
Liability at 1 December 2022
171,470
Charge to profit or loss
3,177
Liability at 30 November 2023
174,647
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,047
42,223

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
16
Ultimate controlling party

The immediate parent undertaking is Rushcliffe Independent Hospitals 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 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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