HEALTHCARE SUPPORT (NEWCASTLE) FINANCE PLC

• ⚠

  Material uncertainty over going concern

  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.

• ◆

  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

1. HEALTHCARE SUPPORT (NEWCASTLE) FINANCE PLC 2004-12-29 → present
2. HEALTH SUPPORT (NEWCASTLE) PLC 2004-12-15 → 2004-12-29

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that 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 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

1

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.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  —

  Not reported

• Employees

  —

  Not reported

• Profit before tax

  0%

  £40,000 → £40,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers