INTERHEALTH CANADA (UK) LIMITED

Company number

04789206

Status

Active

Incorporation

2003-06-05

Last accounts made up

2023-12-31

Account category

GROUP

Primary SIC

86101

Hubs

UK Healthcare

Accounting basis

UK adopted international accounting standards

Reporting scope

Consolidated (group)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Group's financial statements are prepared on the assumption that the Group will continue to operate in the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. This assumption is based on the Director's assessment, including the following facts: With the start of operations in 2020, the Żywiec Hospital successfully transitioned from the construction phase to the operational phase of the Public-Private Partnership project. The Public-Private Partnership (PPP) Agreement with the Żywiec County is a 32-year concession for the provision of services, effective from the first disbursement of investment loans in February 2019. The pandemic situation completely disrupted the business assumption of the Project - causing a postponement in the implementation of the planned activities, as well as forced liquidity shortages and negotiations with the bank on the restructuring of the loan repayment schedule. After a difficult pandemic period, the economic situation of the project has improved since 2023. The Company is reliant on the Group for financial support, which is not guaranteed. The Group has submitted an application to their bank for an increase in their working capital facility; and is currently in discussions with the Polish Healthcare Authorities to improve their timing profile for payments due from them, both of which are not guaranteed. Therefore, this indicates that a material uncertainty exists which may cast significant doubt on the Group and Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include the adjustments that would be required should the going concern basis of preparation no longer be appropriate. The Directors consider that the funding will be forthcoming and therefore the going concern basis of preparation is deemed appropriate.”

Subsidiaries

• Interhealth Care Services (UK) Limited · 100% held · England · Consulting Services
• Interhealth Canada (Zywiec) s.p z o.o. · 100% held · Poland · Holding company
• ICZ Healthcare s.p z o.o. · 100% held · Poland · Hospital services
• ICZ Properties s.p z o.o. · 100% held · Poland · Property holding and construction

Significant events

• “The losses incurred during the pandemic resulted in the need for additional liquidity and working capital financing, in 2021 the necessary additional financing was obtained from BGK Bank in the form of a revolving loan up to PLN 7 million, which was then increased to PLN 10 million in May 2022 and to PLN 18 million in December 2023. In December 2023, BGK Bank's credit committee approved the reported breaches of key financial ratios (historical and forecast DSCR, i.e., debt coverage ratio). The Group has been exempted from the requirement to achieve the assumed indicators in 2023 and 2024. As a result of understanding the causes of liquidity problems, BGK Bank accepted the use of funds from the Debt Service Reserve Account (DSRA) to repay the principal and interest installment in June 2024, at the same time calling for it to be supplemented by the end of September 2024. As at the date of preparation of these financial statements, the situation of settlements with the NFZ is expected to be resolved by March 2025 when an increase in the Polish healthcare budget will allow for an increase in the Interhealth Canada Zywiec group (ICZ) base contracts which will end the over-use of the over-execution reimbursement method that has caused lengthy payment delays. In view of the above, the ICZ Group submitted an application to BGK Bank for: (i) continued use by ICZ Properties of funds from the Debt Service Provision Account and (ii) increase of ICZ Healthcare's working capital facility by PLN 18 million.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers