ACCOUNTS - Final Accounts preparation

HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED - Company Information

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Registered number: 04197973

HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

COMPANY INFORMATION

Directors	Mr A. T. S. Parry
	Mr A. W. Hopps


Company secretary	Pario Limited


Registered number	04197973


Registered office	Unit 18 Riversway Business Village
	Navigation Way
	Ashton-on-Ribble
	Preston
	PR2 2YP


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of income and retained earnings	7
Balance sheet	8
Notes to the financial statements	9 - 17


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to 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.

Principal activity

The principal activity of the Company is to act as a parent Company with a single subsidiary, Healthsource (Bromley) Limited. The subsidiary Company's principal activities are to provide new hospital equipment and its replacement and ongoing maintenance to the Princess Royal University Hospital and other sites under the control of King's College Hospital NHS Foundation Trust for a period of 30 years under the Government's Private Finance initiative ('PFI').
On 22 March 2002, the subsidiary Company signed the formal PFI contracts relating to its part of the overall PFI scheme, together with the related equity and loan facilities agreements, to enable it to perform its obligations. The hospital opened on 24 March 2003.

Results and dividends

The profit for the year, after taxation, amounted to £200,000 (2022 - £200,000).

Dividends of £200,000 (2022 - £200,000) were paid during the year and the directors have not recommended a final dividend to be paid (2022 - £Nil).

Directors

The directors who served during the year were:

Mr A. T. S. Parry

Mr A. W. Hopps

Page 1


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

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

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end date, economies and financial markets have continued to be affected by the global uncertainties. The Company's subsidiary earns income from a PFI contract with King's College Hospital NHS Foundation Trust which matures 2032. The Directors have assessed the impact and risk of the current market conditions on the Company and do not believe these to be material in nature. Details of the Directors' going concern assessment are included in note 2.4.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr A. T. S. Parry

Director

Date: 20 December 2023

Page 2


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

Opinion

We have audited the financial statements of Healthsource (Bromley) Holdings Limited (the 'Company') for the year ended 31 March 2023, which comprise the statement of income and retained earnings, the balance sheet and the related notes, 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 March 2023 and of its profit 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 financial statements are 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 other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 3


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 1, 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.

Page 4


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED (CONTINUED)

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.

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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;

∙Assessing the reasonableness of interest receivable and payable recognised in the period based on contractual terms and obligations and the requirement of accounting standards;

∙Reviewing and challenging the underlying assumptions and valuation methodology used for the valuation of the Company's group loans including assessing the reasonableness of valuation inputs and assumptions in the context of market available data to assess for indicators of management bias;

∙Reviewing the tax provisions of the Company with the assistance of our independent tax specialists; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Page 5


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED (CONTINUED)

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 auditors' 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.

Mark Nelligan FCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

Date: 20 December 2023

Page 6


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2023

	2023	2022
Note	£	£


Income from fixed assets investments		200,000	200,000
Interest receivable and similar income	5	129,212	129,212
Interest payable and similar expenses	6	(129,212)	(129,212)
Profit before tax		200,000	200,000
Tax on profit	7	-	-
Profit after tax		200,000	200,000



Profit for the year		200,000	200,000
Dividends declared and paid	8	(200,000)	(200,000)
Retained earnings at the end of the year		-	-

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 9 to 17 form part of these financial statements.

Page 7


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED REGISTERED NUMBER:04197973

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Investments	9		100,000		100,000
Current assets
Debtors: amounts falling due after more than one year	10	1,000,000		1,000,000
Debtors: amounts falling due within one year	10	123,584		123,584
		1,123,584		1,123,584
Creditors: amounts falling due within one year	11	(123,584)		(123,584)
Net current assets			1,000,000		1,000,000
Total assets less current liabilities			1,100,000		1,100,000
Creditors: amounts falling due after more than one year	12		(1,000,000)		(1,000,000)
Net assets			100,000		100,000

Capital and reserves
Called up share capital	14	100,000	100,000
Shareholders' funds		100,000	100,000

The Company's financial statements have been prepared in accordance with the 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 by:

Mr A. T. S. Parry

Director

Date: 20 December 2023

The notes on pages 9 to 17 form part of these financial statements.

Page 8


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Healthsource (Bromley) Holdings Limited is a private Company, limited by shares, incorporated in England and Wales, registered number 04197973. The registered office is Unit 18 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP.

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 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).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from the standard.

2.3

Financial Reporting Standard 102 - reduced 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 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cardale PFI Investments Limited as at 31 March 2023 and these financial statements may be obtained from the registered office at 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

Page 9


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.4

Going concern

The financial statements have been prepared on a going concern basis. The Company's subsidiary is profitable and generates sufficient cash from operations to meet its liabilities as they fall due. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business including the global uncertainties. In doing so the Directors have considered the subsidiary Company’s business model and availability of cash resources. The Directors have prepared projected cash flow information for at least twelve months from the date of their approval of these financial statements. On the basis of this cash flow information, the Directors consider that the subsidiary Company will continue to operate within the long term facility currently agreed. In addition, during the operational phase of the project, sufficient cash flow is projected to be generated to allow the subsidiary Company to continue to meet its liabilities as they fall due for payment.
The subsidiary company’s senior loan is repayable by 31 December 2028 and is supported by the future cash flows from a PFI contract with King's College Hospital NHS Trust Foundation which matures 2032. Furthermore, the Directors acknowledge that the subsidiary Company has Swaps which are out of the money. However it is not the intention of management to close out these instruments before their maturity date and the required cash flows to service the swaps are built into forward cash flow models supporting management’s going concern assessment.Having undertaken this assessment the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

2.5

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.

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.

Page 10


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.7

Financial instruments

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

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

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

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

Impairment of financial assets

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

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

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

Financial liabilities

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

Page 11


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.7

Financial instruments (continued)

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

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

2.8

Creditors

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

2.9

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.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources.
Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the actual results.
Critical areas of judgement
The Company makes judgements in applying its accounting policies as described below:
The recoverability of the Company’s loan receivable balance and the ability of the Company to repay its loan payable balance is dependent upon the performance of the Company’s subsidiaries and the receipt of unitary income by said subsidiaries in accordance with PFI contracts to which said companies are party.
The accounting for PFI service concession contracts requires estimation of service margins, finance debtors, tangible assets, interest rates and associated amortisation profiles which is based on forecasted results and models of the PFI contract.
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 if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2023	2022
	No.	No.

Directors	2	2

During the year, no director received any emoluments (2022 - £Nil)

5.	Interest receivable
		2023	2022
		£	£

Other interest receivable

129,212

6.	Interest payable and similar expenses
		2023	2022
		£	£

Other loan interest payable

129,212

Page 13


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Taxation

		2023	2022
		£	£

	Current tax on profits for the year	-	-
	Total current tax	-	-

Page 14


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.Taxation (continued)

	Factors affecting tax charge for the year
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2022 -19%).

Factors that may affect future tax charges

The Chancellor of the Exchequer announced an increase in the corporation tax rate from 19% to 25% with effect from 1 April 2023.

8.	Dividends
		2023	2022
		£	£

Dividends paid

200,000

9.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2022	100,000
	At 31 March 2023	100,000

The Company holds 100% of the ordinary £1 shares and 100% of the Borrower Subordinated Unsecured Loan Notes 2032 in Healthsource (Bromley) Limited, a Company incorporated and registered in England and Wales and engaged in providing hospital equipment and related services.The Notes are unsecured and bear interest at 11.5% per annum compounded. The Notes are repayable in units of £50,000 when permitted by the terms of the Bank borrowings documentation, and have a final redemption date of 31 December 2032.

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Healthsource (Bromley) Limited

Unit 18 Riversway Business Village, Navigation Way,
Ashton-on-Ribble, Preston, PR2 2YP.

Providing hospital equipment and related services under the Government's Private Finance Initiative (''PFI'').

Ordinary

100%

Page 15


HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

10.	Debtors
		2023	2022
		£	£

Due after more than one year
Amounts owed by group undertakings	1,000,000	1,000,000

					2023	2022
					£	£

Due within one year
Amounts owed by group undertakings	123,584	123,584

11.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

	Amounts owed to group undertakings	123,584	123,584

12.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

	Amounts owed to group undertakings	1,000,000	1,000,000

The Subordinated Unsecured Loan Notes 2032 were acquired on 16 June 2017 by Cardale Infrastructure Investments Limited, the Company's immediate parent Company. The Notes are unsecured and bear interest at 11.5% per annum compounded. The Notes are repayable in units of £50,000 when permitted by the terms of the Bank borrowings documentation, and have a final redemption date of 31 December 2032.
The principal amount of £1,000,000 is repayable after more than five years (2022 - £1,000,000).

13.	Financial instruments
	Financial assets held that are debt instruments measured at amortised cost amounted to £1,123,584 (2022 - £1,123,584). Financial liabilities held that are debt instruments measured at amortised cost amounted to £1,123,584 (2022 - £1,123,584).

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HEALTHSOURCE (BROMLEY) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

14.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100,000 (2022 - 100,000) Ordinary shares of £1.00 each	100,000	100,000

15.	Related party transactions
	The Company has taken advantage of FRS102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.

16.	Controlling party

The Company is under the control of Cardale Infrastructure Investments Limited which is the immediate parent Company.
The ultimate parent undertaking and controlling party is Cardale PFI Investments Limited. Consolidated financial statements are available from the registered office at 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

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