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Registered number: NI633472










ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
REGISTERED NUMBER: NI633472

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,043
6,837

Investment property
 5 
4,000,000
4,000,000

  
4,004,043
4,006,837

Current assets
  

Debtors: amounts falling due within one year
 6 
94,754
54,224

Cash at bank and in hand
 7 
158,551
193,906

  
253,305
248,130

Creditors: amounts falling due within one year
 8 
(139,671)
(115,928)

Net current assets
  
 
 
113,634
 
 
132,202

Total assets less current liabilities
  
4,117,677
4,139,039

Creditors: amounts falling due after more than one year
 9 
(3,544,112)
(3,350,610)

  

Net assets
  
573,565
788,429


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
573,365
788,229

  
573,565
788,429


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




Nicola McGregor
Martin Pitt
Director
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ulster Independent Clinic (Rushmere House) Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 245 Stranmillis Road, Belfast, BT9 5JH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value whether it is rented within or externally from the group,  determined annually and arrived at by the director on an open market value basis by reference to market evidence of transaction prices for similar properties and advice from external valuers for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Page 3

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Financial instruments are recognised in the Company's Balance sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 May 2023
8,467



At 30 April 2024

8,467



Depreciation


At 1 May 2023
1,630


Charge for the year on owned assets
2,794



At 30 April 2024

4,424



Net book value



At 30 April 2024
4,043



At 30 April 2023
6,837

Page 6

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
4,000,000



At 30 April 2024
4,000,000


Comprising


Cost
2,719,888

Annual revaluation surplus/(deficit):


2021
1,280,112

At 30 April 2024
4,000,000

Investment property comprises Rushmere House, Belfast. The 2024 fair value of the investment property has been arrived at by the directors on an open market basis by reference to market evidence of transaction prices for similar properties and advice from Osborne King at 31st January 2022.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,719,888
2,719,888

Accumulated depreciation and impairments
(115,867)
(57,933)

2,604,021
2,661,955


6.


Debtors

2024
2023
£
£


Trade debtors
48,623
-

Other debtors
12,091
21,572

Prepayments and accrued income
34,040
32,652

94,754
54,224


Page 7

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
158,551
193,906

158,551
193,906



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
34,766
41,756

Other taxation and social security
14,488
5,817

Other creditors
15,386
22,176

Accruals and deferred income
75,031
46,179

139,671
115,928



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
3,544,112
3,350,610

3,544,112
3,350,610


Long term loans owed to group undertakings are repayable on demand following notice of one year and one day and are subject to interest rates of 0.5% per annum above Bank of England base rate.


10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
158,551
193,907




Financial assets measured at fair value through profit or loss comprise bank and cash at hand.
Page 8

 
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Related party transactions

Ulster Independent Clinic (Rushmere House) Limited is a wholly owned subsidiary of Ulster Independent Clinic Limited, a company incorporated in Northern Ireland. The company's registered office is 245 Stranmillis Road, Belfast, BT9 5JH.
The company has taken advantage of the exemption included within FRS102 not to disclose transactions between group companies on the basis that it is a wholly owned subsidiary and consolidated financial statements of the group are available to the public.


12.


Controlling party

The ultimate controlling party is Ulster Independent Clinic Limited by virtue of its shareholding in the company.



13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 30 October 2024 by Michael Fitch (Senior statutory auditor) on behalf of UHY Hacker Young Fitch.


Page 9