HEALTHCARE SUPPORT (NEWCASTLE) FINANCE PLC

Company number

05314236

Status

Active

Incorporation

2004-12-15

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

64999

Hubs

UK Fintech

Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“The Directors have a reasonable expectation that the Majority Creditors will no: exercise their rights if Events of Default occur in future to require repayment of the outstanding borrowings for a period of at least 12 months from the date of approval of the financial statements, however this is not guaranteed as there remains a large degree of uncertainty around the ongoing issues with the project and impact these could have on service failure points and deductions. There are however Standstill Agreements in place between the Trust and the SPV which mitigates the risk of any service failure points breaches under the Finance Documents. It is expected settlement agreements will be executed in the next few months thus reducing this risk even further however this is not guaranteed. As such, the Company is dependent on the Majority Creditors not exercising their rights to demand repayment of amounts owed following the existence of future events of default. which is not guaranteed. This indicates the existence of a material uncertainty which may cast significant doubt on the Company's ability to continue as a going concern and therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Significant events

• “Following the balance sheet date, a settlement agreement was executed between all concerned parties which wiped clean all historic service failure points and financial deductions relating to performance issues that gave rise to the Events of Default under the Finance Documents which were formally waived and deemed remedied by the bond and loan lenders (the "Majority Creditors").”
• “The required replacement Parent Company Guarantee was agreed by all parties and executed during the year to 31 December 2024. Therefore, as at the date of approval of these financial statements, the Event of Default in this respect is now deemed remedied under the Finance Documents.”
• “The SPV group company entered into a settlement agreement on 20 August 2025 which wiped clean historic performance service failure points and deductions and waived historic Events of Default relating to performance issues under the project and finance documents.”
• “The SPV group company also entered into a Bond Commutation transaction with their senior creditors on 20 August 2025 whereby the guarantee provided by Syncora Guarantee Inc in respect of the index-linked secured bonds issued by the Company was terminated and Syncora Guarantee Inc was releasec from certain of its related obligations under financing agreements related to the Project and the coupon payable on the index-linked secure bonds issued by the Company was increased from 2.1870% to 2.3495%.”
• “Additionally, due to the passage of time between the balance sheet date and signing date, the Directors are aware of two technical events of default under the finance documents that remair unwaived, these however are not deemed to impact the going concern of the Company.”

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