REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SUSSEX PRIMARY CARE LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SUSSEX PRIMARY CARE LIMITED |
SUSSEX PRIMARY CARE LIMITED (REGISTERED NUMBER: 11695322) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
SUSSEX PRIMARY CARE LIMITED (REGISTERED NUMBER: 11695322) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUSSEX PRIMARY CARE LIMITED (REGISTERED NUMBER: 11695322) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Sussex Primary Care Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
In preparation of the year end accounts the board is required to undertake an assessment as to whether the business will continue as a going concern. |
Sussex Primary Care Ltd (SPC) was incorporated by Sussex Community NHS Foundation Trust (SCFT) in 2018 to take on General Practices in Sussex to develop strong partnerships and influence within primary care; develop primary care at scale; and to develop opportunities for integration between primary care and community services with the ability to utilise resources more effectively. The first four years were a period of investment and growth whereas SPC is now in a period of consolidation and no further practices have been added. |
SPC made a further loss in 2023/24 of £1,749k (22/23: £1,061k) and had net liabilities of £5,085k as at 31 March 2024 (22/23: £3,336k). To date SPC has financed its deficit through loan funding agreed with its parent company, SCFT. |
In 2024/25 SPC is continuing to operate in a deficit position, however there has been notable improvement since 2023/24. Enhanced financial controls have led to significant reductions in temporary staffing costs and in central and corporate costs. SPC has set a target that the deficit should not exceed £750k in 2024/25. |
SPC had accessible cash of £319k at 31 March 2024 and, through the use of the available loan facility with its parent company, the balance is expected to remain sufficient to pay liabilities as they fall due throughout the period. The company is financed by intercompany interest free loans amounting to £5,325k at 31 March 2024 (22/23: £4,274k), with a further inter-company facility available as required. |
This going concern assessment is dependent on the company's ultimate parent undertaking SCFT not seeking repayment of the amounts currently due to the group and continuing to provide additional financial support during the period. SCFT has indicated that it does not intend to seek repayment of these amounts until SPC is independently financially sustainable. |
The SCFT board have agreed that the trust is a going concern, therefore these accounts have been prepared under a going concern basis. |
Turnover |
Revenue from NHS and Local Authority contracts |
Turnover is measured at the fair value of the consideration received or receivable for the delivery of healthcare and related services during the year, as well as the reimbursement of specific costs incurred and other income top-ups to support the delivery of services. The income is recognised at the point that the company becomes entitled to the income. |
Revenue from private income |
Turnover is measured at the fair value of the consideration received or receivable for the delivery of a service and is recognised at the point the service is provided. |
SUSSEX PRIMARY CARE LIMITED (REGISTERED NUMBER: 11695322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Financial instruments |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
Past and present employees are covered by the provision of the two NHS Pension Schemes. Both schemes are unfunded, defined benefit schemes that cover NHS employers, general practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. The scheme is not designed in a way that would enable employers to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as though it is a defined contribution scheme: the cost to the company is taken as equal to the employer's pension contributions payable to the scheme for the accounting period. The contributions are charged to operating expenses as and when they become due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
SUSSEX PRIMARY CARE LIMITED (REGISTERED NUMBER: 11695322) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | PARENT COMPANY |
The company is 100% owned by Sussex Community NHS Foundation Trust, Brighton General Hospital, Elm Grove, Brighton BN2 3EW. The company is included in the consolidated financial statements of Sussex Community NHS Foundation Trust, which is the smallest and largest group within which Sussex Primary Care Limited belongs. The consolidated financial statements can be obtained from https://sussexcommunity.nhs.uk/. |