TIDM68LD
RNS Number : 2674J
Consort Healthcare (Blackburn) Fund
16 December 2015
Company Registration No.
4546286
Consort Healthcare (Blackburn)
Funding plc
Unaudited Interim Accounts
For the Six Months to 30
June 2015
Consort Healthcare (Blackburn) Funding plc
Unaudited Interim Accounts
Six Month Period to 30 June 2015
Contents Page
Interim Management Report 1
Condensed Income Statement 2
Condensed Statement of Financial Position 3
Notes to the Condensed Financial Statements 4
Consort Healthcare (Blackburn) Funding plc
Interim Management Report
Six Month Period to 30 June 2015
Principal activities and business review
The Company's principal activity is the financing of the
operation of a 38 year Private Finance Initiative (PFI) contract
for the East Lancashire Hospitals National Health Service carried
out by Consort Healthcare (Blackburn) Limited.
The Directors expect the activities to continue on this
basis.
Key performance indicators (KPIs)
The Company assesses its performance based on the financial
performance in the period of the fellow subsidiary of Consort
Healthcare (Blackburn) Holdings Limited, Consort Healthcare
(Blackburn) Limited. The directors consider the performance of
Consort Healthcare (Blackburn) Limited for the first six months of
the year to be satisfactory.
Principal risks and uncertainties
The Company recognises that effective risk management is
fundamental to achieving its business objectives in order to meet
its commitments in financing the PFI contract. Risk management
contributes to the success of the business by identifying
opportunities and anticipating risks in order to improve business
performance and fulfil the Company's contractual obligations.
The directors do not consider that potential risks and
uncertainties have changed since the publication of the annual
report for the year ended 31 December 2014.
Going concern
The company is reliant on the operations of its fellow
subsidiary Consort Healthcare (Blackburn) Limited to be able to
meet its liabilities as they fall due. Due to the downgrade of the
monoline insurer of the listed bond, the European Investment Bank
has exercised a clause in the loan agreement and applied an
additional interest charge to the loan.
The Directors have reviewed the cash flow forecast and they
believe that Consort Healthcare (Blackburn) Limited will be able to
finance the additional interest out of future cashflows. Taking
into account reasonable possible risks in operations to Consort
Healthcare (Blackburn) Limited and the fact that the obligations of
Consort Healthcare (Blackburn) Limited's sole customer are
underwritten by the Secretary of State for Health, the Directors
have a reasonable expectation that the Company will be able to
settle its liabilities as they fall due for the foreseeable future
and therefore it is appropriate to prepare these financial
statements on the going concern basis.
Consort Healthcare (Blackburn) Funding plc
Condensed Income Statement
Six Month Period to 30 June 2015
Six months Six months
ended ended
30 June 30 June
2015 2014
(Unaudited) (Unaudited)
Notes GBP'000 GBP'000
Interest receivable and
similar income 2 3,177 3,451
Interest payable and similar
charges 2 (3,177) (3,451)
Profit on ordinary activities
before taxation - -
Taxation on profit on ordinary
activities 3 - -
Profit for the financial
year 8 - -
All activities are derived from continuing operations in the
United Kingdom.
Condensed Statement of Other Comprehensive Income
The Company had no recognised gains or losses during the six
months to 30 June 2015 nor in the preceding year other than the
reported profit shown above; consequently no statement of other
comprehensive income is presented.
Consort Healthcare (Blackburn) Funding plc
31 December
2014
30 June
2015 (Unaudited) (Audited)
Notes GBP'000 GBP'000
Current assets
Debtors: amounts falling
due within one year 4 4,521 4,721
Debtors: amounts falling
due after more than one
year 4 106,243 106,880
Cash at bank and in hand 2 2
110,766 111,603
Current liabilities
Creditors: amounts falling
due within one year 5 (4,516) (4,716)
Net current assets 106,250 106,887
Creditors: amounts falling
due after more than one
year 6 (106,193) (106,830)
Net assets 57 57
Capital and reserves
Called-up share capital 7 50 50
Profit and loss account 8 7 7
Shareholders' funds 9 57 57
Condensed Statement of Changes in Equity
The Company had no movement in equity during the six months to
30 June 2015 or the preceding year other than the reported profit;
consequently no statement of changes in equity is presented.
Consort Healthcare (Blackburn) Funding plc
1. Accounting policies
The principal accounting policies of the Company are detailed in
the annual audited financial statements. The same accounting
policies and methods of computation are followed in the interim
financial statements as compared with the latest audited financial
statements.
Basis of preparation
The interim accounts have been prepared in accordance with
applicable law and United Kingdom accounting standards and under
the historical cost convention.
Following transition to FRS102 from 1 January 2015, the interim
accounts have been prepared in accordance with FRS104. It is
expected that transition will have no impact on the results
reported for the year ending 31 December 2014, nor for the six
month period ending 30 June 2015.
Cashflow
In the annual audited financial statements, the Company has
taken advantage of the exemption available under FRS102 and not
prepared a cash flow statement as it is presented in the
consolidated accounts of Consort Healthcare (Blackburn) Holdings
Limited. Consequently, no cashflow statement is presented for the
six month period to 30 June 2015.
2. Net interest receivable
Six months Six months
ended ended
30 June 30 June
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
Interest receivable on inter-company
loan to Consort 3,177 3,451
Healthcare (Blackburn) Limited
Interest payable on bond
and loan (3,177) (3,451)
- -
3. Taxation
The results for the six month period to 30 June 2015 do not give
rise to a tax charge (six month period to 30 June 2014:
GBPnil).
Consort Healthcare (Blackburn) Funding plc
4. Debtors
31 December
2014
30 June
2015 (Unaudited) (Audited)
GBP'000 GBP'000
Unpaid called up share capital owing
from Consort Healthcare (Blackburn)
Holdings Limited 50 50
Amounts owing from Consort Healthcare
(Blackburn) Limited 110,709 111,546
Prepayments and accrued income 5 5
110,764 111,601
Due within one year 4,521 4,721
Due after one year 106,243 106,880
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