Registration number:
for the
Year Ended 31 December 2024
Schoen Clinic UK Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Schoen Clinic UK Ltd
Company Information
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Directors |
A G Davey J C Nel |
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Company secretary |
S Findlay |
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Registered office |
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Auditors |
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Schoen Clinic UK Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is to act as a holding company and provide administrative services to the Schoen Clinic Group companies in the UK. These Group companies are (i) Schoen Clinic London Ltd and (ii) Newbridge Care Systems Limited.
Fair review of the business
The Schoen Clinic Group has grown in recent years and as a result, Schoen Clinic UK Ltd has increased in scale to support the Group companies. Following the sale of the orthopaedic hospital in London, Schoen Clinic UK is focusing on growth in the Mental Health sector.
Schoen Clinic UK Ltd generates revenue through levies for its services to the subsidiaries. Expenses incurred are primarily for personnel and administrative costs.
Key performance Indicators
Performance indicators play a key role in how Management and the Board monitor and manage Schoen Clinic UK Ltd and the Group companies. These performance indicators cover financial, operational, quality and risk metrics. These are monitored and reported on a monthly basis through the management accounts and quality dashboards and reviewed by the senior leadership team and Board.
For Schoen Clinic UK Ltd specifically, performance is measured in reference to the Group companies and their ability to pay management charges to appropriately cover costs.
Overall, the Directors are satisfied with the performance of Schoen Clinic UK Ltd during the financial year and are preparing for future growth of the Schoen Clinic Group in the UK.
Principal risks and uncertainties
Economic and competition risks of the subsidiaries
The Group companies are exposed to some economic and competition risks given the markets in which they operate.
The majority NHS funded sites within Newbridge Care Systems Limited, in York and Birmingham, are mainly subject to changes in NHS commissioning and service reconfiguration. The NHS is increasingly looking to keep mental health inpatient placements as local as possible, with out of area placements only being made if a patient requires a specialised service that cannot be provided locally. Whilst this presents an element of risk to the York and Birmingham sites (where a number of placements are from out of area), this risk is mitigated by the highly specialised services offered and the lack of capacity available at this level of acuity. In Birmingham, the risk is being further mitigated by the development of a private patient offering, thus diversifying the payor mix. In York, mitigation through service diversification has been implemented with CQC registration for these services approved in November 2024.
Schoen Clinic sites continue to actively participate in all partnerships with NHS Provider Collaboratives and has productive working relationships with these commissioners.
The private clinic in Chelsea is not subject to any NHS related commissioning risks.
Credit risk
Credit risks are mitigated through the management team overseeing and ensuring there are robust processes, knowledge and resources available in order to run the businesses and to avoid debt and shortfalls. Credit risks are deemed very low.
Schoen Clinic UK Ltd
Strategic Report for the Year Ended 31 December 2024
Approved by the
Director
Director
Schoen Clinic UK Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Results and dividends
The loss for the year, after taxation, amounted to £3,107,086 (2023 - £13,776,611).
Future developments
Future developments include work strengthening the corporate governance framework and key appointments of experienced senior Directors.
Information included in the Strategic Report
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
Disclosure of information to the auditors
Each director has taken 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. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Going concern
At the balance sheet date, the company had net current liabilities of £33,492,474 (2023 - £30,388,907) after making a loss for 2024 of £3,107,086 (2023 - £13,776,611).
The directors have considered the application of the going concern basis of accounting taking into consideration the current and projected UK Group trading performance which is expected to generate significant profit and cash flows over the next five years and beyond. The company obtained a letter of support from Schoen Klinik SE, its ultimate parent company, which consists of financial support to the company for the period of at least 12 months from the date of approval of financial statements. The Directors have also considered the financial ability of Schoen Klinik SE to support the company, Schoen Klinik SE has a strong balance sheet and significant liquidity headroom.
Based on these assumptions, the directors have no reason to believe that a material uncertainty exists that may cause significant doubt about the ability of the company to continue as a going concern or its ability to fulfil its financial obligations. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Director
Schoen Clinic UK Ltd
Statement of Directors' Responsibilities
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 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 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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. They are 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.
Schoen Clinic UK Ltd
Independent Auditor's Report to the Members of Schoen Clinic UK Ltd
Opinion
We have audited the financial statements of Schoen Clinic UK Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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 directors' 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard.
Schoen Clinic UK Ltd
Independent Auditor's Report to the Members of Schoen Clinic UK Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the set out on page , the directors are 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 directors 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.
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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
Schoen Clinic UK Ltd
Independent Auditor's Report to the Members of Schoen Clinic UK Ltd
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at 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 members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Schoen Clinic UK Ltd
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Exceptional items |
(2,867,312) |
(13,312,989) |
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Operating loss |
( |
( |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Loss before tax |
( |
( |
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Taxation |
- |
- |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Schoen Clinic UK Ltd
(Registration number: 10761642)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
Approved and authorised by the
Director
Director
Schoen Clinic UK Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 January 2024 |
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( |
( |
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Loss for the year |
- |
- |
( |
( |
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At 31 December 2024 |
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( |
( |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 January 2023 |
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( |
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Loss for the year |
- |
- |
( |
( |
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At 31 December 2023 |
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( |
( |
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
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.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Name of parent of group
These financial statements are consolidated in the financial statements of Schoen Klinik SE.
The financial statements of Schoen Klinik SE may be obtained from Schoen Klinik SE, Seestasse SA, 83209 Prien AM Chiemsee, Germany.
Exemption from preparing group accounts
The financial statements contain information about Schoen Clinic UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Schoen Klinik SE, a company incorporated in Germany.
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
The preparation of the financial statements required management to make judgements, estimates and assumptions that effect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Impairment of investments and intercompany receivables
Investments are held at their carrying value. At each reporting date the company assesses whether an investment may be impaired. If any such indication exists, the company calculated the recoverable amount of the investment.
The directors have identified indicators of impairment during the year and accordingly have undertaken a detailed impairment review of the company’s investment in Newbridge Care Systems Limited, together with amounts due from group undertaking for that subsidiary. The review has been performed using a combination of estimated forecast cash flows derived from the detailed 5 year forecast plan for some sites (using EBITDA as a proxy for free cash flows) to determine value in use, and expected recoverable amounts from other sites based on the carrying values of net assets and liabilities that the directors can sell. Together these amounts represent expected cash flows that the company can recover from the assets.
In performing their review, a number of significant estimates and assumptions have been used, including a risk adjusted discount rate of 8%, which reflects the company’s cost of debt, expected annual fee uplifts of 5% and showing occupancy rates at York increasing steadily in FY25 with anticipated occupancy in FY26 of 75%, increasing to 88% by FY29. Average fee rates for service users have been estimated based on market rates, tailored for the complex nature of service users expected.
The forecasts used for York are prepared on the basis of trade continuing under the restructured service offering which took place during the year and EBITDA in year 5 is predicted to achieve £4.6m. Using these factors, the directors have demonstrated a recoverable amount of the investment and amounts due from intercompany totalling £49.6m with headroom of £11.5m.
The directors recognise however, that the critical judgements applied in arriving at this value in use are subject to estimation uncertainty that would result in substantial variations in the estimated value in use. As such, sensitivities have been applied to each key judgement to illustrate the impact on value in use. Some of the sensitivities applied, such as a reducing occupancy during the forecast period for York to 50% and remaining at that level into perpetuity would cause the assets to be impaired, however the directors believe such levels of low occupancy are unrealistic for an established trading business.
Sensitivities applied to average fee rate expectations cause more significant fluctuation in EBITDA, with a 10% reduction in average weekly fees, excluding additional complex care requirements, causing the assets to become impaired. The directors are comfortable the the average fee rates used in the impairment assessment and have been evidenced by residents accepted to the home after the balance sheet date.
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Going concern
At the balance sheet date, the company had net current liabilities of £33,492,474 (2023 - £30,388,907) after making a loss for 2024 of £3,107,086 (2023 - £13,776,611).
The directors have considered the application of the going concern basis of accounting taking into consideration the impact of current and projected UK Group trading performance which is expected to generate significant profit and cash flows over the next five years and beyond. The company obtained a letter of support from Schoen Klinik SE, its ultimate parent company, which consists of financial support to the company for the period of at least 12 months from the date of approval of financial statements. The Directors have also considered the financial ability of Schoen Klinik SE to support the company, Schoen Klinik SE has a strong balance sheet and significant liquidity headroom.
Based on these assumptions, the directors have no reason to believe that a material uncertainty exists that may cause significant doubt about the ability of the company to continue as a going concern or its ability to fulfil its financial obligations. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
Tax
The tax expense for the period comprises current and deferred tax.Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and
their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the
reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set
up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in subsidiaries are measured at cost less accumulated impairment losses.
The company assesses at each reporting date whether an investment may be impaired. If any such indication exists the company calculates the recoverable amount of the investment. The recoverable amount of an investment is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the investment is impaired and it is reduced to its recoverable amount through an impairment in profit and loss.
An impairment loss recognised for an investment is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.
Tangible 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
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
8% to 33% on cost |
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.
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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.
Financial instruments
Classification
Recognition and measurement
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.
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
|
Management charges |
|
|
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
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Operating loss |
Arrived at after charging:
|
2024 |
2023 |
|
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Depreciation expense |
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|
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Operating lease expense - property |
|
|
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Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
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|
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Exceptional items |
|
2024 |
2023 |
|
|
Impairment of amounts receivable from group undertaking |
2,867,312 |
13,312,989 |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest receivable from group undertakings |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest payable to group undertakings |
|
|
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
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Social security costs |
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|
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Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
- |
|
|
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Taxation |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Total tax credit |
( |
- |
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Furniture, fittings and equipment |
|
|
Cost |
|
|
At 1 January 2024 |
|
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Additions |
|
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At 31 December 2024 |
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Depreciation |
|
|
At 1 January 2024 |
|
|
Charge for the year |
|
|
At 31 December 2024 |
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Carrying amount |
|
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At 31 December 2024 |
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At 31 December 2023 |
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Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
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|
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Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 and at 31 December 2024 |
|
|
Provision |
|
|
At 1 January 2024 and at 31 December 2024 |
|
|
Carrying amount |
|
|
At 1 January and at 31 December 2024 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
|
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The registered office of all subsidiaries is 147 Chester Road, Streetly, Sutton Coldfield, B74 3NE.
The principal activity of all subsidiaries is
Schoen Clinic UK Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
|
2024 |
2023 |
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
21,076,199 |
8,440,086 |
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
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Trade creditors |
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|
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Amounts due to group undertakings |
|
|
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Social security and other taxes |
|
|
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Other creditors |
- |
|
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Accrued expenses |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
|
Reserves |
Share premium account
This reserve records the value paid in excess of the nominal value of the share capital of the company.
Profit and loss account
This reserve records retained earnings and accumulated losses attributable to the shareholders of the group company, Schoen Clinic UK Limited.
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Parent and ultimate parent undertaking |
The parent of the smallest group in which these financial statements are consolidated is Schoen Klinik SE, incorporated in Germany.
The address of Schoen Klinik SE is:
Schoen Klinik SE, Seestrasee SA, 83209 Prien AM Chiemsee, Germany