CONSORT HEALTHCARE (EDINBURGH ROYAL INFIRMARY) LIMITED

• ⚠

  Material uncertainty over going concern

  The company has been in dispute with its client NHS Lothian ("NHSL") regarding performance scores for the period December 2020 onwards. The company accepted that the threshold for a Serious Issue Event under the Project Agreement of 48 deficiency points incurred in a rolling 12-month period was breached. Under the provisions of this Serious Issue Event, NHSL has the option to terminate the contract. The contract with NHSL is the sole contract that the company has to generate revenue. The company remains actively engaged with NHSL to try and agree resolutions that do not involve the early termination of the contract. The Serious Issues Event also gives rise to an Event of Default which gives the lenders the option to require repayment of the outstanding debt. There are currently insufficient funds to repay the debt and no alternative financing in place should this arise.

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

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The company has been in dispute with its client NHS Lothian ("NHSL") regarding performance scores for the period December 2020 onwards. The company accepted that the threshold for a Serious Issue Event under the Project Agreement of 48 deficiency points incurred in a rolling 12-month period was breached. Under the provisions of this Serious Issue Event, NHSL has the option to terminate the contract. The contract with NHSL is the sole contract that the company has to generate revenue. The company remains actively engaged with NHSL to try and agree resolutions that do not involve the early termination of the contract. The Serious Issues Event also gives rise to an Event of Default which gives the lenders the option to require repayment of the outstanding debt. There are currently insufficient funds to repay the debt and no alternative financing in place should this arise.”

Group structure

1. CONSORT HEALTHCARE (EDINBURGH ROYAL INFIRMARY) LIMITED · parent
   1. Consort Healthcare (Edinburgh Royal Infirmary) Finance Limited 100% · United Kingdom

Significant events

• “The Company had breached the Serious Issue Event threshold under the Project Agreement in a prior year, however, the Directors continue to seek resolution of this event. The project has continued to perform in line with model forecasts, with the results for the year detailed in the Directors' report.”
• “During the year the Company did breach this ratio, which was an Event of Default under the Loan Facilities Agreement.”

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.

• Turnover

  -28.7%

  £23,462,458 → £16,718,256

• Cash

  -22%

  £52,934,164 → £41,280,226

• Net assets

  +3.4%

  £83,474,821 → £86,293,302

• Employees

  —

  Not reported

• Operating profit

  -324.8%

  £4,003,737 → -£9,001,378

• Profit before tax

  -89.3%

  £15,727,542 → £1,675,224

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