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Registered number: NI633472 ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 APRIL 2025
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED REGISTERED NUMBER: NI633472 BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,249 |  | 4,043
Investment property | 5 |  | 4,000,000 |  | 4,000,000
|  |  | 4,001,249 |  | 4,004,043
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 61,626 |  | 94,754 |
Cash at bank and in hand | 7 | 75,640 |  | 158,551 |
|  | 137,266 |  | 253,305 |
Creditors: amounts falling due within one year | 8 | (101,888) |  | (139,671) |
Net current assets |  |  | 35,378 |  | 113,634
Total assets less current liabilities |  |  | 4,036,627 |  | 4,117,677
Creditors: amounts falling due after more than one year | 9 |  | (3,739,371) |  | (3,544,112)
Net assets |  |  | 297,256 |  | 573,565
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 200 |  | 200
Profit and loss account |  |  | 297,056 |  | 573,365
|  |  | 297,256 |  | 573,565
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2025.
Nicola McGregor | Martin Pitt
Director | Director
The notes on pages 2 to 7 form part of these financial statements. Page 1
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Ulster Independent Clinic (Rushmere House) Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 245 Stranmillis Road, Belfast, BT9 5JH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 2
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Investment property
Investment property is carried at fair value whether it is rented within or externally from the group, determined annually and arrived at by the director on an open market value basis by reference to market evidence of transaction prices for similar properties and advice from external valuers for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 3
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost |
| At 1 May 2024 | 8,467
| At 30 April 2025 | 8,467
| Depreciation |
| At 1 May 2024 | 4,424
| Charge for the year on owned assets | 2,794
| At 30 April 2025 | 7,218
| Net book value |
| At 30 April 2025 | 1,249
| At 30 April 2024 | 4,043
Page 4
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 May 2024 | 4,000,000
| At 30 April 2025 | 4,000,000
| Comprising |
| Cost | 2,719,888
| Annual revaluation surplus/(deficit): |
| Annual revaluation surplus / (deficit) | 1,280,112
| At 30 April 2025 | 4,000,000
Investment property comprises Rushmere House, Belfast. The 2024 fair value of the investment property has been arrived at by the directors on an open market basis by reference to market evidence of transaction prices for similar properties and advice from Osborne King at 31st January 2022.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 2,719,888 | 2,719,888
|  | 2,719,888 | 2,719,888
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 10,327 | 48,623
| Other debtors | 7,991 | 12,091
| Prepayments and accrued income | 43,308 | 34,040
|  | 61,626 | 94,754
Page 5
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 75,640 | 158,551
|  | 75,640 | 158,551
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 53,833 | 34,766
| Other taxation and social security | 9,670 | 14,488
| Other creditors | 8,835 | 15,386
| Accruals and deferred income | 29,550 | 75,031
|  | 101,888 | 139,671
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 3,739,371 | 3,544,112
|  | 3,739,371 | 3,544,112
| Long term loans owed to group undertakings are repayable on demand following notice of one year and one day and are subject to interest rates of 0.5% per annum above Bank of England base rate.
10. | Related party transactions
| Ulster Independent Clinic (Rushmere House) Limited is a wholly owned subsidiary of Ulster Independent Clinic Limited, a company incorporated in Northern Ireland. The company's registered office is 245 Stranmillis Road, Belfast, BT9 5JH. The company has taken advantage of the exemption included within FRS102 not to disclose transactions between group companies on the basis that it is a wholly owned subsidiary and consolidated financial statements of the group are available to the public.
11. | Controlling party
The ultimate controlling party is Ulster Independent Clinic Limited by virtue of its shareholding in the company. Page 6
ULSTER INDEPENDENT CLINIC (RUSHMERE HOUSE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Auditors' information
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified. The audit report was signed on 29 October 2025 by Michael Fitch (Senior statutory auditor) on behalf of UHY Hacker Young Fitch.
Page 7