Renovo South Newton Limited 12408818 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision of specialist rehabilitation and care for those with acquired brain injuries and other neurological conditions. Digita Accounts Production Advanced 6.30.9574.0 true true 12408818 2023-01-01 2023-12-31 12408818 2023-12-31 12408818 bus:Consolidated 2023-12-31 12408818 core:RetainedEarningsAccumulatedLosses 2023-12-31 12408818 core:ShareCapital 2023-12-31 12408818 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12408818 core:BetweenTwoFiveYears 2023-12-31 12408818 core:WithinOneYear 2023-12-31 12408818 core:FurnitureFittingsToolsEquipment 2023-12-31 12408818 bus:SmallEntities 2023-01-01 2023-12-31 12408818 bus:Audited 2023-01-01 2023-12-31 12408818 bus:FilletedAccounts 2023-01-01 2023-12-31 12408818 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12408818 bus:RegisteredOffice 2023-01-01 2023-12-31 12408818 bus:Director1 2023-01-01 2023-12-31 12408818 bus:Director2 2023-01-01 2023-12-31 12408818 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12408818 core:FurnitureFittings 2023-01-01 2023-12-31 12408818 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 12408818 1 2023-01-01 2023-12-31 12408818 countries:EnglandWales 2023-01-01 2023-12-31 12408818 2022-12-31 12408818 core:RetainedEarningsAccumulatedLosses 2022-12-31 12408818 core:ShareCapital 2022-12-31 12408818 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12408818 core:FurnitureFittingsToolsEquipment 2022-12-31 12408818 2022-01-01 2022-12-31 12408818 2022-12-31 12408818 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12408818 core:BetweenTwoFiveYears 2022-12-31 12408818 core:WithinOneYear 2022-12-31 12408818 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 12408818

Prepared for the registrar

Renovo South Newton Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Renovo South Newton Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Renovo South Newton Limited

Company Information

Directors

A B Clegg

C B Richards

Registered office

2 Merchants Drive
Parkhouse
Carlisle
CA3 0JW

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Renovo South Newton Limited

(Registration number: 12408818)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

111,681

185,837

Current assets

 

Debtors

5

119,696

321,846

Cash at bank and in hand

 

10,898

85,360

 

130,594

407,206

Creditors: Amounts falling due within one year

6

(6,841,194)

(6,924,332)

Net current liabilities

 

(6,710,600)

(6,517,126)

Net liabilities

 

(6,598,919)

(6,331,289)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(6,598,920)

(6,331,290)

Total equity

 

(6,598,919)

(6,331,289)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 


C B Richards
Director

 

Renovo South Newton Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Merchants Drive
Parkhouse
Carlisle
CA3 0JW

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resource to continue in operational existence for the foreseeable future. Following the year end, the site from which the company trades has been sold, and the company is not providing any services at present. The directors are considering options for the company and in the interim period have received assurances from fellow group companies that they will continue to fund any ongoing costs. A loan from the ultimate parent company and other Intercompany balances with fellow group companies are expected to be formally waived in due course. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25-33% straight line

 

Renovo South Newton Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Renovo South Newton Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

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

 

Renovo South Newton Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2023

304,843

Additions

3,066

At 31 December 2023

307,909

Depreciation

At 1 January 2023

119,006

Charge for the year

77,222

At 31 December 2023

196,228

Carrying amount

At 31 December 2023

111,681

At 31 December 2022

185,837

 

5

Debtors

2023
 £

2022
 £

Trade debtors

-

214,035

Amounts owed by group undertakings

21,285

262

Other debtors

919

2,172

Prepayments

97,492

105,377

 

119,696

321,846

 

6

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

42,334

198,808

Amounts due to group undertakings

6,706,095

6,543,336

Social security and other taxes

11,889

33,278

Outstanding defined contribution pension costs

677

5,224

Other creditors

479

16,667

Accrued expenses

79,720

127,019

6,841,194

6,924,332

 

Renovo South Newton Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

7

Obligations under lease and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

907,500

907,500

Later than one year and not later than five years

-

1,062,000

907,500

1,969,500

 

8

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £16,980 (2022 - £24,948).

Contributions totalling £677 (2022 - £5,224) were payable to the scheme at the end of the year and are included in creditors.

 

9

Financial commitments, guarantees and contingencies

The company is bound by an intra-group cross guarantee in respect of shareholder debt with other members of the group headed by its ultimate parent undertaking, RN Holdings Limited, The total amounts of contingencies not included in the balance sheet is £43,511,562 (2022 - £39,397,954).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is South Newton Hospital Limited, incorporated in Jersey.

 The ultimate parent is RN Holdings Limited, incorporated in Jersey.

 The ultimate controlling party is Mr Mubashir Mukadam.

 

11

Non adjusting events after the financial period


In January 2025, the South Newton site, owned by the immediate parent company, from which the company trades has been sold and the company is not providing any services to the site at present.

 

12

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 May 2025 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.