LANCASHIRE SCHOOLS SPC PHASE 3 LTD

1. LANCASHIRE SCHOOLS SPC PHASE 3 LTD 2011-10-17 → present
2. CATALYST EDUCATION (LANCASHIRE) PHASE 3 LIMITED 2009-01-12 → 2011-10-17

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

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company currently has £27,533,000 (2023: £28,362,000) of total debt. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that it should be able to operate within the level of its current facilities. On 17 December 2021, the Company notified legal claims relating to building defects against the Building Contractor. In February 2023, the Council notified its intention to make Deductions from the Monthly Unitary Payment as a consequence of alleged Unavailability of Areas and Service Performance Failures related to some alleged acoustics defects included in the claim against the Building Contractor. The Directors believe that any Deductions, including those associated with defects, should be recoverable from the Building Contractor and/or FM Contractor (together the "Sub-Contractors") but the level of the notified Deductions is higher than the amount immediately able to be passed on to the Sub-Contractors. A number of months' Deductions at this level may lead to the Company's insolvency before it is able to recover the full Deduction amounts from the Sub-Contractors via adjudication and/or legal proceedings. If the amounts were recovered the level of Deductions would still give rise to an Event of Default under the Project Agreement. As a result, the Senior Lender would have a legal right to full repayment of the senior debt. The Directors are in regular and continuing discussion with the lenders who are aware of the situation. The Directors do not presently expect that the Authority will make any Deductions relating to alleged construction defects from the Monthly Unitary Payment until 31 July 2025 or later and are keeping the situation, and any steps which they might take to mitigate the Company's potential exposure, under review. In addition to the above consideration, the Directors have reviewed the Company's projected profits and cash flows by reference to a financial model covering accounting periods up to September 2035. The Company has long-term contracts with the Council. As a consequence, the Directors believe that the Company is well placed to manage its remaining business risks successfully. After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.”

Significant events

• “On 17 December 2021, the Company notified legal claims relating to building defects against the Building Contractor.”
• “In February 2023, the Council notified its intention to make Deductions from the Monthly Unitary Payment as a consequence of alleged Unavailability of Areas and Service Performance Failures related to some alleged acoustics defects included in the claim against the Building Contractor.”

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

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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

• Turnover

  -0.9%

  £3,311,000 → £3,280,000

• Cash

  +3.9%

  £5,732,000 → £5,955,000

• Net assets

  -47.6%

  £977,000 → £512,000

• Employees

  —

  Not reported

• Operating profit

  -685.5%

  £83,000 → -£486,000

• Profit before tax

  -62,300%

  £1,000 → -£622,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers