Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
COMPANY INFORMATION
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
CONTENTS
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The director presents her report and the financial statements for the year ended 31 December 2022.
The Group has closely monitored the performance of the business during the year together with it's technical advisors and the contract has been carried out in line with expectations. The Group, during the coming year, will continue with the provision and maintenance of social and healthcare centres in Tenterden and Margate for Kent County Council.
The directors who served during the year were:
The directors are responsible for preparing the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £419k (2021 - £332k).
The Group paid interim dividends of £550k (2021 - £200k) during the year. The director does not recommend a final dividend to be paid (2021 - £nil).
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Group has net liabilities of £1,625k (2021 - £3,142k restated) which includes the fair value of the interest rate swap of £738k (2021 - £3,313k), the fair value of the RPI swap of £2,491k (2021 - £2,114k), and cash of £2,456k (2021 - £2,578k).
The director has reviewed the future liquidity requirements and has considered the cash flow forecasts of the company as set out in the operational model, which show that the project will continue to operate profitably and be cash generative, operating well within its means. Based on this review, and the future business prospects of the Group, despite the current economic conditions (which include the impact of Covid-19, Brexit and the Ukraine war) the director believes the company will be able to meet its liabilities as they fall due and as such does not expect it to be significantly affected by these events. Further consideration has been included in the risks section of the Directors’ Report. The director is also mindful of the relationship with the local authority and ensures that this is carefully monitored and maintained. There have been no instances during the year, or since, of non-compliance of the Project Agreement, and a good working relationship with the local authority remains. Furthermore, the director closely monitors the performance of the Facilities Management contractor, ensuring they are able to continue to perform. Having regards to the above and after enquiries, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
The Group is subject to certain risks during the operational phase of the contract. These risks wherever possible have been mitigated by passing the risk down to sub-contractors or by using interest rate and retail price swap instruments.
Liquidity risk
The Group builds up sufficient cash balances to ensure it is able to meet it's loan obligations and other liabilities.
Credit risk
The Group's principal financial assets are it's long-term debtors. The director considers that credit risk is mitigated by the fact that Kent County Council is the Group's sole counterparty and debtor. The director considers that Kent County Council is a financially secure counterparty. Clauses in the concession agreement ensure that the Group will be sufficently compensated by Kent County Council in the event of default or voluntary termination.
Interest rate cash flow risk
The Group has in place hedging arrangements to eliminate risk from interest rate movements and fluctuations in retail price indices. In order to ensure stability of cash flows and hence manage interest rate risk, the Company has a policy of maintaining all of it's bank debt at a fixed rate.
Supplier risk
The main supplier to the SPV is in relation to the Facilities Management contract. The risks associated with this contract, such as the developments associated with the Ukraine war, are mitigated as it is on a fixed term at a fixed cost per annum, only increasing in line with inflation. Additionally the credit and performance risk of the Facilities Management contract supplier is monitored on a regular basis to ensure that the services are delivered on a continuing timely basis to the appropriate standard. Should service issues develop, the SPV would seek to resolve through contractual provisions and ultimately the SPV has the right to terminate the contract by serving notice and consequently putting in place an alternative contract supplier.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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 on
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
We have audited the financial statements of Integrated Care Solutions (East Kent) Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Equity 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).
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 Group 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.
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 Group's or the parent 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.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED (CONTINUED)
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.
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.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED (CONTINUED)
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 Group financial statements.
The extent to which the audit was considered 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the Responsible Individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the sector; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including Companies Act 2006, taxation legislation, data protection, anti-bribery and employment legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and • assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, along with discussing laws and regulations with those who are responsible for compliance. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
32 Portland Terrace
Tyne and Wear
NE2 1QP
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
REGISTERED NUMBER: 04885191
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
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 on 12 October 2023.
The notes on pages 13 to 26 form part of these financial statements.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
REGISTERED NUMBER: 04885191
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. There was no profit or loss in the year (2021: £nil).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Integrated Care Solutions (East Kent) Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, South Building, 200 Aldersgate Street, London, EC1A 4HD.
The Company's registered number is 04885191. The principal activities of the company are set out in the Director's report.
2.Accounting policies
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 financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. There was no profit or loss in the year (2021: £nil).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In preparing the separate financial statements of the Parent company, advantage has been taken of the following disclusure exemptions available to qualifying entities:
∙the requirements of Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group has net liabilities of £1,625k (2021 - £3,142 restated) which includes the fair value of the interest rate swap of £738k (2021 - £3,313k), the fair value of the RPI swap of £2,491k (2021 - £2,114k), and cash of £2,456k (2021 - £2,578k).
The director has reviewed the future liquidity requirements and has considered the cash flow forecasts of the company as set out in the operational model, which show that the project will continue to operate profitably and be cash generative, operating well within its means. Based on this review, and the future business prospects of the Group, despite the current economic conditions (which include the impact of Covid-19, Brexit and the Ukraine war) the director believes the company will be able to meet its liabilities as they fall due and as such does not expect it to be significantly affected by these events. Further consideration has been included in the risks section of the Directors’ Report. The director is also mindful of the relationship with the local authority and ensures that this is carefully monitored and maintained. There have been no instances during the year, or since, of non-compliance of the Project Agreement, and a good working relationship with the local authority remains. Furthermore, the director closely monitors the performance of the Facilities Management contractor, ensuring they are able to continue to perform. Having regards to the above and after enquiries, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
The Group is an operator of a PFI contract, the underlying asset is not deemed to be an asset of the Group under FRS 102, because the risks and rewards of ownership as set out in that standards are deemed to lie principally with the authority.
During the construction phase of the project, all attributable expenditure was included in amounts recoverable on contracts and turnover. Upon becoming operational, the costs were transferred to the finance debtor. During the operational phase, income is allocated between interest receivable and the finance debtor using a project specific interest rate. The remainder of the PFI unitary charge income is included within turnover in accordance with FRS 102. The Group recognised income in respect of the services provided as it fulfils it's contractual obligations in respect of those services and in line with the fair value of the consideration receivable in respect of those services. Major maintenance costs are recognised on a contractual basis and the revenue in respect of these services is recognised when these services are performed.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of it's financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the group becomes party to the contractual provisions of the instrument.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group has entered into variable to fixed rate interest swaps and RPI swap to manage its exposure to interest rate cash flow risk on its variable rate debt and inflation rate risk respectively. These derivatives are measured at fair value at each reporting date. To the extent the hedge is effective; movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in the profit or loss for the period.
Costs relating to lifecycle expenditure are expensed to the profit and loss account.
a. Key sources of estimation uncertainty Financial asset interest rate - The financial asset interest income is based on the WACC of the project and is applied to the carrying value of the financial asset on a quarterly basis. The interest rate used throughout the project life is 7.50%. Service margin - After the property is constructed, the Group provides property management services. The remuneration for these services is recognised at cost plus an estimated mark up for profit on property management services. b. Critical judgements Concession arrangements - The concession arrangements undertaken by the Group are considered to fall within the scope of section 34 of FRS 102 "Service Concession Arrangements", as described in the turnover accounting policy note. This judgement has been based on a consideration of the nature and terms of the agreements.
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
8.Taxation (continued)
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Other reserves
Profit and loss account
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INTEGRATED CARE SOLUTIONS (EAST KENT) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Group has restated the results for 31 December 2020 and 31 December 2021 as a result of a change in policy for capitalisation of lifecycle. Historically 30% of lifecycle costs have been capitalised, however the director has taken the decision to change this which has resulted in a retrospective adjustment. This has resulted in adjustments in 2020 to the finance debtor of £(617)k, the UCCA of £82k, the corporation tax debtor of £101k, and ultimately a net impact on reserves of £(434)k. In 2021 the adjustment to restate the results has resulted in an adjustment to the finance debtor of £36k, the UCCA of £(98)k, the corporation tax debtor of £11k, and ultimately a net impact on reserves of £(51)k.
The Company's immediate parent company is Kent Vanwall Limited, a company incorporated in England and Wales.
The Company's ultimate parent and controlling entity is Equitix Fund 1 LP.
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