Company registration number 03475720 (England and Wales)
CONSORT HEALTHCARE (DURHAM) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSORT HEALTHCARE (DURHAM) LIMITED
COMPANY INFORMATION
Directors
John Gordon
Mark Knight
Steven McGhee
Josh Bond
Secretary
Infrastructure Managers Limited
Company number
03475720
Registered office
8th Floor
6 Kean Street
London
WC2B 4AS
Independent Auditors
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
Bankers
Royal Bank of Scotland Plc
Level 5
135 Bishopsgate
London
EC2M 3UR
Solicitors
Dentons UK and Middle East LLP
9 Haymarket Square
Edinburgh
EH3 8RY
CONSORT HEALTHCARE (DURHAM) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditors' report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
CONSORT HEALTHCARE (DURHAM) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their Strategic report of Consort Healthcare (Durham) Limited ("the Company") for the year ended 31 December 2024.

Principal objectives and strategies

On 31 March 1998, Consort Healthcare (Durham) Limited, entered into a 30 year Private Finance Initiative ("PFI") concession contract with County Durham and Darlington NHS Foundation Trust (the "Trust") to design, build, finance and operate the non-clinical aspects of the new University Hospital of North Durham.

On 3rd April 2001, the Company handed over the hospital to the Trust and commenced the provision of non-clinical services for which it has been receiving income from the Trust. The contract is in year 2 7 of its term and expires in Ma rch 2028.

Review of the business

The results for the year are set out on page 9.

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

As the project approaches expiry, scheduled March 2028, the Company’s directors have commenced engagement with County Durham and Darlington NHS Foundation Trust (“Trust”) to agree the contractual standards the facility should be measured against. As is common with complex projects of this nature, there is an increased risk of commercial disputes arising from differences in interpretation of deliverables, performance standards, or contract close-out procedures.

While management is actively working with the relevant stakeholders to reach a satisfactory resolution, the potential for formal claims or legal proceedings cannot be ruled out. Any such disputes may result in financial costs, reputational impact, or delays in settlement of final payments.

At the balance sheet date, the company are aware of a potential a commercial dispute related to the contractual interpretation of construction requirements. Discussions with the Trust are ongoing, and no formal legal claim has been issued. As the outcome and financial impact of these discussions remain uncertain, no provision has been made in these accounts. The directors will continue to monitor the situation and assess the need for recognition or disclosure in future reporting periods.

Future developments

The directors intend for the business to continue to operate in line with the financial forecasting model and contractual terms and do not envisage and strategic changes.

Financial Instruments

Due to the nature of the Company's business, the financial risks the directors consider relevant to the Company is credit, cash flow, liquidity and contractual relationships. The credit risk is not considered significant as the client is a quasi governmental organisation.

Many of the cash flows risks are addressed by means of contractual provisions. The Company's liquidity risk is principally managed through financing by means of long-term borrowings.

Contractual Relationships

The Company operates within a contractual relationship with its primary customer, County Durham and Darlington NHS Foundation Trust. Impairment of this relationship could have an impact upon the Company and lead to a breach of contract. Consequently, to manage this risk, the Company's directors has regular meetings with County Durham and Darlington NHS Foundation Trust, including discussions on performance, project processes, future plans and customer requirements. Performance risk is largely passed down to the service providers under the terms of the sub-contracts.

Going Concern

These financial statements have been prepared on the going concern basis for the reasons set out in the Accounting Policies.

CONSORT HEALTHCARE (DURHAM) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key Performance Indicators

The directors believe that analysis using key performance indicators for the Company is not necessary or appropriate for an understanding of the performance or position of the Company.

Climate Change

The directors recognise that it is important to disclose their view of the impact of climate change on the company. The company's key operational contracts are long-term and with a small number of known counterparties. In most cases, the cashflows from these contracts can be predicted with reasonable certainty for at least the medium-term. Having considered the company's operations, its contracted rights and obligations and forecast cash flows, there is not expected to be a significant impact upon the company's operational or financial performance arising from climate change.

This report was approved by the board of directors on 4 September 2025 and signed on behalf of the board by:

Steven McGhee
Director
4 September 2025
CONSORT HEALTHCARE (DURHAM) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and the audited financial statements of Consort Healthcare (Durham) Limited ("the Company") for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

The profit for the financial year, after taxation, amounted to £6,267,088 (2023: profit of £8,639,683).

The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company's activities in the coming financial year.

Ordinary dividends were paid amounting to £12,075,000 (2023: £12,952,760). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of approval of the financial statements were as follows:

Bryan Acutt
(Resigned 23 April 2024)
John Gordon
Mark Knight
Steven McGhee
(Appointed 29 January 2024)
Josh Bond
(Appointed 23 April 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditors

The independent auditors, PricewaterhouseCoopers LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's S trategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the D irectors' report. It has done so in respect of key performance indicators, principal risks and uncertainties, going concern, climate change and financial instruments.

Statement of disclosure to auditors

In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

- they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

CONSORT HEALTHCARE (DURHAM) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
This report was approved by the board of directors on 4 September 2025 and signed by order of the board by:
Chris Richardson
For and on behalf of Infrastructure Managers Limited
Secretary
4 September 2025
CONSORT HEALTHCARE (DURHAM) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law).

Under company law, directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently;

- state whether applicable United Kingdom Accounting Standards, comprising FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

They are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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.

The financial statements were approved and signed by the director and authorised for issue on 4 September 2025

Steven McGhee

Director

CONSORT HEALTHCARE (DURHAM) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF CONSORT HEALTHCARE (DURHAM) LIMITED
- 6 -
Report on the audit of the financial statements
Opinion

In our opinion, Consort Healthcare (Durham) Limited's financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law); and

- have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the Statement of financial position as at 31 December 2024; the Statement of comprehensive income and the Statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the c ompany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

CONSORT HEALTHCARE (DURHAM) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF CONSORT HEALTHCARE (DURHAM) LIMITED (CONTINUED)
- 7 -

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Strategic and Directors' report s, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic and Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and the Directors' r eport for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic and Directors' reports.

Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements

As explained more fully in the Directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as the y determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 auditors' 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.

CONSORT HEALTHCARE (DURHAM) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBER OF CONSORT HEALTHCARE (DURHAM) LIMITED (CONTINUED)
- 8 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Enquiries of management around known or suspected instances of non-compliance with laws and regulations, claims and litigation, and instances of fraud;

- Understanding of management's controls designed to prevent and detect irregularities;

- Review of board minutes;

- Challenging management on assumptions and judgements made in their significant accounting estimates;

- T esting journal entries to assess whether any appeared unusual, in particular any affecting revenue and distributable reserves;

- Reviewing financial statement disclosures and testing to supporting documentation, where appropriate, to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

- we have not obtained all the information and explanations we require for our audit; or

- adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

- certain disclosures of directors' remuneration specified by law are not made; or

- the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Kelly Macfarlane (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
4 September 2025
CONSORT HEALTHCARE (DURHAM) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
20,680,690
18,845,029
Cost of sales
(14,339,876)
(10,372,500)
Gross profit
6,340,814
8,472,529
Administrative expenses
(1,008,418)
(1,105,568)
Operating profit
4
5,332,396
7,366,961
Interest receivable and similar income
6
4,586,222
5,111,982
Interest payable and similar expenses
7
(366,534)
(434,435)
Profit before taxation
9,552,084
12,044,508
Taxation on profit
8
(3,284,996)
(3,404,825)
Profit for the financial year
6,267,088
8,639,683

All the activities of the company are from continuing operations.

The notes on pages 12 to 21 form part of these financial statements.

CONSORT HEALTHCARE (DURHAM) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors: amounts falling due within one year
11
9,373,254
6,652,340
Debtors: amounts falling due after more than one year
11
31,499,233
44,102,705
Cash at bank and in hand
24,750,202
17,432,801
65,622,689
68,187,846
Creditors: amounts falling due within one year
12
(19,684,341)
(13,776,947)
Net current assets
45,938,348
54,410,899
Creditors: amounts falling due after more than one year
13
(3,116,078)
(4,127,682)
Provisions for liabilities
Deferred taxation
15
(5,522,901)
(7,175,936)
(5,522,901)
(7,175,936)
Net assets
37,299,369
43,107,281
Capital and reserves
Called up share capital
16
192,000
192,000
Share premium account
1,728,000
1,728,000
Profit and loss reserve
35,379,369
41,187,281
Total shareholders' funds
37,299,369
43,107,281

The notes on pages 12 to 21 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2025 and are signed on its behalf by:
Steven McGhee
Director
Company registration number 03475720 (England and Wales)
CONSORT HEALTHCARE (DURHAM) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Called up share capital
Share premium account
Profit and loss reserve
Total
Notes
£
£
£
£
Balance at 1 January 2023
192,000
1,728,000
45,500,358
47,420,358
Year ended 31 December 2023:
Profit for the financial year
-
-
8,639,683
8,639,683
Dividends
9
-
-
(12,952,760)
(12,952,760)
Balance at 31 December 2023
192,000
1,728,000
41,187,281
43,107,281
Year ended 31 December 2024:
Profit for the financial year
-
-
6,267,088
6,267,088
Dividends
9
-
-
(12,075,000)
(12,075,000)
Balance at 31 December 2024
192,000
1,728,000
35,379,369
37,299,369

The notes on pages 12 to 21 form part of these financial statements.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Consort Healthcare (Durham) Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom and is registered in England and Wales. The registered office is located at 8th Floor, 6 Kean Street, London, WC2B 4AS.

On 31 March 1998, Consort Healthcare (Durham) Limited, entered into a 30 year Private Finance Initiative ("PFI") concession contract with County Durham and Darlington NHS Foundation Trust (the "Trust") to design, build, finance and operate the non-clinical aspects of the new University Hospital of North Durham.

On 3rd April 2001, the Company handed over the hospital to the Trust and commenced the provision of non-clinical services for which it has been receiving income from the Trust. The contract is in year 2 7 of its term and expires in Ma rch 2028.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below and have been consistently applied to the years presented, unless otherwise stated.

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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches,

- Section 33 ‘Related Party Disclosures’: Not to disclose transactions with wholly owned members of a group.

The financial statements of the company are consolidated in the financial statements of Consort Healthcare (Durham) Holdings Limited. These consolidated financial statements are available from its registered office at 8th Floor, 6 Kean Street, London, WC2B 4AS.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

As the project approaches expiry, scheduled March 2028, the Company’s directors have commenced engagement with County Durham and Darlington NHS Foundation Trust (“Trust”) to agree the contractual standards the facility should be measured against. As is common with complex projects of this nature, there is an increased risk of commercial disputes arising from differences in interpretation of deliverables, performance standards, or contract close-out procedures.

While management is actively working with the relevant stakeholders to reach a satisfactory resolution, the potential for formal claims or legal proceedings cannot be ruled out. Any such disputes may result in financial costs, reputational impact, or delays in settlement of final payments.

At the balance sheet date, the company are aware of a potential a commercial dispute related to the contractual interpretation of construction requirements. Discussions with the Trust are ongoing, and no formal legal claim has been issued. As the outcome and financial impact of these discussions remain uncertain, no provision has been made in these accounts. The directors will continue to monitor the situation and assess the need for recognition or disclosure in future reporting periods.

In light of this, the Directors continue to adopt the going concern basis of accounting in preparing the Company's annual financial statements.

1.3
Turnover

Turnover represents the services' share of the management services income received by the Company for the provision of a PFI (Private Finance Initiative) asset to the customer. This income is received over the life of the concession period. Management service income is allocated between turnover, finance debtor interest and reimbursement of the finance debtor so as to generate a constant rate of return in respect of the finance debtor over the life of the contract.

1.4
Tangible assets

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

Freehold land and buildings
3 - 10 years
Plant and equipment
3 -10 years
Fixtures and fittings
3 -10 years
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.

All cash balances are unencumbered.

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.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors , cash and bank balances, are initially measured at transaction price including transaction costs and debtors 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 instruments are subsequently measured at fair value, with any changes recognised in the Statement of Comprehensive Income.

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 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 paymen ts 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. A m ounts 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.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

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 th r ough 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.

1.8
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 Statement of comprehensive income 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 Statement of comprehensive income, 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.

1.9
Finance debtor

The Company has taken the transition exemption in FRS102 Section 35.10(i) that allows the Company to continue the service concession arrangement accounting policies from previous UK GAAP.

The Company accounts for the concession asset based on the ability to substantially transfer all the risks and rewards of ownership to the customer, with this arrangement the costs incurred by the Company on the design and construction of the asset have been treated as a finance debtor within these financial statements.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of assets

The carrying value of those assets recorded in the Company's Statement of financial position, at amortised cost less any impairment losses, could be materially reduced where circumstances exist which might indicate that an asset has been impaired and an impairment review is performed. Impairment reviews consider the fair value and/or value in use of the potentially impaired asset or assets and compare that with the carrying value of the asset or assets in the Statement of financial position. Any reduction in value arising from such a review would be recorded in the Statement of comprehensive income. Impairment reviews involve the significant use of assumptions. Consideration has to be given as to the price that could be obtained for the asset or assets, or in relation to a consideration of value in use, estimates of the future cash flows that could be generated by the potentially impaired asset or assets, together with a consideration of an appropriate discount rate to apply to those cash flows.

Service concession contract

Accounting for the service concession contract and finance debtor requires estimation of service margin, finance debtor interest rates and associated amortisation profile which is based on projected trading results to the end of the contract.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
20,680,690
18,845,029

The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditors for the audit of the company's financial statements
11,414
10,440

Audit fees paid include £2,770 paid in respect of the audit of the Company's parent (2023: £2,660).

5
Employees
CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 17 -

The average number of persons employed by the Company during the financial year amounted to nil (2023: nil). The directors are not employed by the Company and receive remuneration from another company for their services as directors of this entity and a number of fellow subsidiaries. It is not possible to make an accurate apportionment of their remuneration in respect of each of the subsidiaries.

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
829,707
534,776
Interest received on finance debtor
3,756,515
4,577,206
4,586,222
5,111,982
7
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
366,534
434,435
8
Taxation on profit
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
4,938,031
4,585,311
Deferred tax
Origination and reversal of timing differences
(1,653,035)
(1,180,486)
Total taxation charge
3,284,996
3,404,825

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:

2024
2023
£
£
Profit before taxation
9,552,084
12,044,508
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
2,388,021
2,832,934
Tax effect of expenses that are not deductible in determining taxable profit
896,975
641,749
Effect of change in corporation tax rate
-
0
(69,858)
Taxation charge for the year
3,284,996
3,404,825
CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation on profit
(Continued)
- 18 -

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.52% rate used above in the prior year reflected 9 months of this new rate and 3 months of the previous rate of 19%.

9
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary Shares
Final paid
6.29
6.75
12,075,000
12,952,760
10
Tangible assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
8,290
45,489
36,083
89,862
Depreciation
At 1 January 2024 and 31 December 2024
8,290
45,489
36,083
89,862
Carrying amount
At 31 December 2024
-
0
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
-
0
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
694,026
264,806
Finance debtor
8,384,254
6,061,120
Prepayments and accrued income
294,974
326,414
9,373,254
6,652,340
2024
2023
Amounts falling due after more than one year:
£
£
Finance debtor
31,499,233
44,102,705
Total debtors
40,872,487
50,755,045
CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
14
1,011,604
899,589
Trade creditors
3,613,688
1,582,984
Amounts owed to Group undertakings
88,273
106,413
Corporation tax
1,236,701
2,303,189
Other taxation and social security
891,314
590,124
Other creditors
11,792,407
8,160,010
Accruals and deferred income
1,050,354
134,638
19,684,341
13,776,947

Other borrowings relates to subordinated loan stock of £1,011,604 (202 3: £899,589), further details of which can be found in note 14 . Amounts owed to group undertakings includes accrued subordinated loan stock interest of £83,232 (2023: £101,372) together with other trading balances of £5,041 (202 2: £5,041).

Other creditors includes Consortium relief payable of £6,101,693 (202 3: £1,516,382) and was previously categorised as Amounts owed to group undertakings in previous years' financial statements. The remaining other creditors balance relates to unitary charge which has been invoiced in advance, in line with the contract.

13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
14
3,116,078
4,127,682

14
Loans and overdrafts
2024
2023
£
£
Loans from Group undertakings
4,127,682
5,027,271
Payable within one year
1,011,604
899,589
Payable after one year
3,116,078
4,127,682

Loans from Group undertakings relates to a Coupon Bearing Investment Sum of £14,888,000 issued by the Company in March 1998 to its immediate parent company, Consort Healthcare (Durham) Holdings Limited. Until 31 March 2022 the investment bore a Coupon based on LIBOR plus a margin of 6% per annum and following that date the rate charged to new rate fixed at 8% per annum, as approved by the directors in the prior year. Payment of interest and repayment of capital falls due six monthly, payable in 31 March and 30 September each year. The final repayment is due in 2028. The Coupon on the principal amount accrues daily and is payable in cash also on 31 March and 30 September each year. Interest not settled on these dates is added to the principal and the Coupon accrued on this uplifted amount in the next interest period. The investment sum was advanced under a subordinated loan agreement and is secured by fixed and floating charges over the undertaking, property and rights of the Company.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,314,047
8,081,682
Short term timing differences
(791,146)
(905,746)
5,522,901
7,175,936
2024
Movements in the year:
£
Liability at 1 January 2024
7,175,936
Credit to profit or loss
(1,653,035)
Liability at 31 December 2024
5,522,901

The net deferred tax liability expected to reverse in 202 5 is £1,259,878 (202 4: £127,398). This primarily relates to the reversal of timing differences on capital allowances offset by other short term timing differences.

16
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 10p each
1,920,000
1,920,000
192,000
192,000

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.

17
Related party transactions

The Company is wholly owned by Consort Healthcare (Durham) Holdings Limited and has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures', that allows it not to disclose transactions with wholly owned members of a group.

The following disclosures are with entities in the group that are not wholly owned:

The Company paid £683,045 (202 3: £655,722) to BIIF Bidco Limited and its subsidiaries for the provision of two directors, a chairman and the provision of management services.

The Company paid £23,818 (202 3: £19,710) to PPP Equity PIP L.P. for the provision of 2 directors.

CONSORT HEALTHCARE (DURHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Ultimate controlling party

The immediate parent undertaking is Consort Healthcare (Durham) Holdings Limited.

The immediate parent undertaking is the smallest and largest group to consolidate these financial statements. Copies of Consort Healthcare (Durham) Holdings Limited consolidated financial statements can be obtained from the Company Secretary at 8th Floor, 6 Kean Street, London, WC2B 4AS.

The ultimate parent and controlling parties are considered to be BIIF L.P. and PPP Equity PIP L.P., in equal shares.

19
Auditors' liability limitation agreement

The directors have agreed with the company's auditors that the auditor's liability to damages for breach of duty in relation to the audit of the company's financial statements for the year to 31 December 202 4 should be limited to the greater of £5 million or 5 times the auditor's fees, and that in any event the auditor's liability for damages should be limited to that part of any loss suffered by the company as is just and equitable having regard to the extent to which the auditor, the company and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 14 January 202 5.

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