Company registration number 13706625 (England and Wales)
RUSHCLIFFE CARE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
RUSHCLIFFE CARE GROUP LIMITED
COMPANY INFORMATION
Director
Mr S Rai
Secretary
Mr D Kaplan
Company number
13706625
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 CARE GROUP 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 CARE GROUP 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 credit facilities for the group rest with this company. During the period it made a loss of £2.01m (2022: £458k), attributable mainly to interest charges for these facilities.

Principal risks and uncertainties

Whilst the company is not trading directly it is relying on the trading performance of its subsidiaries to generate sufficient profits and cash to fund its overheads.

 

The subsidiary companies are mainly involved in the provision of care and whilst this sector is highly competitive the group has maintained good levels of occupancy and EBITDA, which showed an increase in 2023.

 

The company has access to a Revolving Credit Facility for managing working capital requirements. In addition to this the company is funded by a Facility term loan. Covenants apply to these funding arrangements and the financing arrangements are subject to an element of variable interest rate, which could impact upon cashflow. The company is reliant on the trading position of its subsidiaries to ensure that funds remain available to cover the associated credit costs of these facilities.

Key performance indicators

As this is a holding company no key performance indicators are maintained.

Section 172(1) statement

The director considers that he has acted in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172 (1) (a-f) of the Act) in the decisions taken during the period ended 30 November 2023.

 

Lenders

The company has a strong relationship with its lenders.

On behalf of the board

Mr S Rai
Director
22 November 2024
RUSHCLIFFE CARE GROUP 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 is that of a holding company managing its subsidiaries.

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
Future developments

After the year end the company renewed its existing banking facilities and secured an additional £10m of funding through a revolving facility. The total revolving credit facility of £13m is extended through to September 2026 and the term facility is extended to September 2027.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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.

RUSHCLIFFE CARE GROUP 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 CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RUSHCLIFFE CARE GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Rushcliffe Care Group 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 CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RUSHCLIFFE CARE GROUP LIMITED
- 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 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 CARE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RUSHCLIFFE CARE GROUP LIMITED
- 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 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, Health Inspectorate Wales and Ofsted inspection reports for the homes, hospitals and schools operated by the trading subsidiaries.

 

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 CARE GROUP LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
Year
Period
ended
ended
30 November
30 November
2023
2022
Notes
£
£
Turnover
3
-
-
Administrative expenses
(7,350)
(7,030)
Operating loss
4
(7,350)
(7,030)
Interest receivable and similar income
6
2,471
-
0
Interest payable and similar expenses
7
(2,007,005)
(451,284)
Loss before taxation
(2,011,884)
(458,314)
Tax on loss
8
-
0
-
0
Loss for the financial year
(2,011,884)
(458,314)

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

RUSHCLIFFE CARE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
Year
Period
ended
ended
2023
2022
£
£
Loss for the year
(2,011,884)
(458,314)
Other comprehensive income
-
-
Total comprehensive income for the year
(2,011,884)
(458,314)
RUSHCLIFFE CARE GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
9
90,000,002
90,000,002
Current assets
Debtors
11
26,497,500
27,000,000
Cash at bank and in hand
-
0
2,350,170
26,497,500
29,350,170
Creditors: amounts falling due within one year
12
(5,016,995)
(1,439,878)
Net current assets
21,480,505
27,910,292
Total assets less current liabilities
111,480,507
117,910,294
Creditors: amounts falling due after more than one year
13
(23,950,705)
(28,368,608)
Net assets
87,529,802
89,541,686
Capital and reserves
Called up share capital
15
90,000,000
90,000,000
Profit and loss reserves
(2,470,198)
(458,314)
Total equity
87,529,802
89,541,686
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 13706625 (England and Wales)
RUSHCLIFFE CARE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 27 October 2021
-
0
-
0
-
Period ended 30 November 2022:
Loss and total comprehensive income for the period
-
(458,314)
(458,314)
Issue of share capital
15
90,000,000
-
90,000,000
Balance at 30 November 2022
90,000,000
(458,314)
89,541,686
Year ended 30 November 2023:
Loss and total comprehensive income for the year
-
(2,011,884)
(2,011,884)
Balance at 30 November 2023
90,000,000
(2,470,198)
87,529,802
RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
1
Accounting policies
Company information

Rushcliffe Care Group 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
Reporting period

The company was incorporated on 27 October 2021 and the comparative period shows the results from this date to 30 November 2022, therefore the comparative values presented in the financial statements are not comparable. The period end was extended in order to align with the parent and other group companies.

1.2
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 accounts 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 company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Rushcliffe Care Group Limited is a wholly owned subsidiary of Rushcliffe Care Holdings Limited and the results of Rushcliffe Care Group Limited are included in the consolidated financial statements of Rushcliffe Care Holdings Limited which are available from Companies House.

RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Going concern

The company has made a loss on ordinary activities before taxation of £2,011,884 (2022: £true458,314), however the statement of financial position details net current assets of £21,480,505 (2022: £27,910,292). The director has confirmed that he, along with the company's subsidiary company, Rushcliffe Care Limited, will provide the company with adequate cash resources to finance its obligations during the course of the twelve months from the date of approval of the financial statements.

 

After the year end, the existing banking facilities have been renewed, with an additional £10m revolving facility being received. The total revolving credit facility of £13m is extended to 30 September 2026 and the £24.5m term facility is extended to 30 September 2027.

 

The company meets its day to day working capital requirements through the overdraft facility, which is repayable on demand.

 

The company forecasts to operate well within these new facilities.

 

Given the above and that the subsidiary 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.

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

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

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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
Revenue
2023
2022
£
£
Interest income
2,471
-
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
3,675
4,500
RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
5
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,471
-
0
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
2,007,005
451,284
8
Taxation

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
(2,011,884)
(458,314)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
(462,954)
(87,080)
Group relief
462,954
87,080
Taxation charge for the year
-
-
9
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10
90,000,002
90,000,002
10
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Subsidiaries
(Continued)
- 16 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Rushcliffe Independent Hospitals Limited
3rd Floor, Butt Dyke House, 33 Park Row,
Nottingham, NG1 6EE
Ordinary shares
100.00
-
Rushcliffe Independent Hospitals (Aberavon) Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
Rushcliffe Independent Hospitals (Kegworth) Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
Rushcliffe Care Services Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
100.00
-
Rushcliffe Care Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
100.00
-
Rushcliffe Adult Care Holdings Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
100.00
-
Moorcourt Developments Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
Highbury House (Stourbridge) Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
Hayes & Old School House Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
Epinal Way Care Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
100.00
-
Rushcliffe Specialist Schools Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
100.00
-
Rushcliffe Specialist Schools (Mickleover) Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
Arleston View Limited
3rd Floor, Butt Dyke House, 33 Park Row,  Nottingham, NG1 6EE
Ordinary shares
0
100.00
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
26,497,500
27,000,000
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14
5,005,143
1,432,876
Amounts owed to group undertakings
2
2
Accruals and deferred income
11,850
7,000
5,016,995
1,439,878
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14
23,950,705
28,368,608
RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
13
Creditors: amounts falling due after more than one year
(Continued)
- 17 -

Term loan

During the prior period a Term loan for £27m was drawn down. The interest rate on this loan is 2% over the Bank of England Base Rate. This facility is repayable by instalments of £500k per quarter, commencing on 30 June 2023. The final repayment date is 30 September 2026.

Revolving Credit Facility

A Revolving Credit Facility for £3m was drawn down during the prior period, which has been increased by £10m after the year end to £13m. The margin payable on any loan utilisation under the facility is 2% above the Bank of England Base Rate. Each utilisation under the facility is repayable and capable of being redrawn at the end of each interest period. The final repayment date is 30 September 2027.

14
Loans and overdrafts
2023
2022
£
£
Bank loans
28,878,081
29,801,484
Bank overdrafts
77,767
-
0
28,955,848
29,801,484
Payable within one year
5,005,143
1,432,876
Payable after one year
23,950,705
28,368,608

The company's bank reserves the right to set off and hold first legal mortgages, life policies, mortgage debentures and guarantees over land and buildings.

 

Lloyds Bank plc holds a debenture and an omnibus guarantee and set off agreement for Rushcliffe Care Group and its subsidiaries.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90,000,000
90,000,000
90,000,000
90,000,000
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.

RUSHCLIFFE CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 18 -
17
Ultimate controlling party

The immediate parent undertaking is Rushcliffe Care Holdings Limited by virtue of its majority shareholding in 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 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 the year.

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