THE HOSPITAL COMPANY (OXFORD JOHN RADCLIFFE) HOLDINGS LIMITED

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have prepared cash flow forecasts covering a period of 12 months from the date of approval of these financial statements through to 30 June 2025 which indicate that, taking account of severe but plausible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period. ... Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.”

Group structure

1. THE HOSPITAL COMPANY (OXFORD JOHN RADCLIFFE) HOLDINGS LIMITED · parent
   1. The Hospital Company (Oxford John Radcliffe) Limited 100% · England and Wales · Operation of PFI concession

Significant events

• “On 15 January 2018 the Construction Contractor for the Company, Carillion Construction Limited ("CCL") and its Performance Guarantor, Carillion Plc ("Carillion") entered into compulsory liquidation. This resulted in the Group having financial responsibility for all construction defects identified that previously would have been the responsibility of CCL within the defect liability period under the Construction contract.”
• “In 2020, as a consequence of these additional forecast costs the Group notified the bank lenders (the "Lenders") that it was in breach of the financial covenants as set out in the Finance Documents.”
• “The March 2023 Operational Model update confirmed that all the requirements of the Facilities Agreement regarding the Restriction on Distributions have now been achieved. These defect rectification works were substantially completed in early 2023 and no façade defect costs (2023: £778,000 provided) are provided for at the balance sheet date (see note 15 for details), following their completion.”
• “In addition, on 20 July 2020 the Group received a Fire Safety Enforcement Notice ("Enforcement Notice") from Oxfordshire County Council Fire and Rescue Service in respect of fire safety defects in the building envelope. This notice explained that the Group had failed to comply with Fire Safety law and legally required the rectification of the defects within 2 and a half years of the notice. This was also a further specified Event of Default in the Finance Documents. The Enforcement Notice was lifted on 4 January 2023, within the timescale imposed by Oxfordshire County Council Fire and Rescue Service.”
• “The provision relates to anticipated costs for rectification of construction defects following the compulsory liquidation of Carillion Construction Limited that the Company was obligated to undertake. The rectifications works were programmed over a three year period and were substantially completed in 2023 and completed in 2024.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.