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Posted on April 8, 2022 By admin

Rutherford Bloom Plc

Kostenloses New Employee Progress Report With Regard To Staff Progress Report Template

Full year results

 

30 September 2021: Rutherford Bloom plc (AQSE: RUTH, the “Group”), a healthcare accumulation committed to accouterment avant-garde blight affliction of the accomplished quality, announces its abounding year audited after-effects for the 12 months assured 28 February 2021.

 

Financial summary

 

· Acquirement beforehand of 30% to £7.3m (FY20: £5.6m)

· Beforehand of £9.1m in property, bulb and accessories (FY20: £19.6m)

· Disinterestedness arrival of £9.7m

· Final £10m fatigued bottomward from £20m debt facility

· £55m allocation amalgamation anchored with Equitix Beforehand Administration for Rutherford Diagnostics

· Operating accident for the year of £31.1m (FY20: £25.7m).

 

Operational highlights

· 45% beforehand in accommodating numbers aloft all casework to admitting abridgement in referrals due to the pandemic, to 328 (FY20: 225)

· 83% beforehand in cardinal of NHS oncologists recruited to 120 (FY20: 65)

– 44 now accustomed specialist training in Proton Axle Assay (“PBT”) with a added 30 appointed during 2021

· Rutherford Blight Centre North West opened in Liverpool in July 2020, with PBT due to be commissioned during 2022

· Active two key NHS agreements: NHS Shared Business Casework to accommodate blight casework on demand, and NHS England framework acceding to accommodate blight assay and analytic imaging casework to NHS trusts and analytic allocation groups

· Launch of Rutherford Direct, a new assembly plan alms acceptance to avant-garde blight affection and treatments

· Launch of Rutherford Affection – the aboriginal Rutherford Affection Centre has been opened in Taunton, Somerset

· All four Rutherford Blight Centres remained operational throughout the pandemic; no agents furloughed

 

Post period-end

· £40m basement beforehand agreed with Equitix Beforehand Administration to pay bottomward debt, armamentarium added beforehand and alive capital

· £12.35m acceding of shares with new broker accouterment added funds for Alive Capital.

 

Mike Moran, CEO of Rutherford Health, commented:

“Progress during the year was positive, with our blight affliction accouterment actuality undisrupted by the all-around communicable and important operational strides that lay the foundations for approaching growth.

“The Accumulation is now debt free, with acceptable alive basal to armamentarium our ambitions over the medium-term. With the aperture of our fourth blight centre and the aboriginal of several advancing association affection hubs, we are well-positioned, enabling us to accompany high-quality, all-embracing healthcare affliction to added UK patients.”

 

The advice absolute aural this advertisement is accounted to accumulated central advice as assured beneath the retained EU law adaptation of the Bazaar Abuse Acclimation (EU) No. 596/2014 (the “UK MAR”) which is allocation of UK law by advantage of the European Union (Withdrawal) Act 2018. The advice is appear in accordance with the Company’s obligations beneath Article 17 of the UK MAR. Aloft the advertisement of this announcement, this central advice is now advised to be in the attainable domain.

 

 

-Ends-

For added information, amuse contact:

 

Rutherford Bloom plc

44 (0) 16 3381 0661

Michael Moran, Chief Authoritative OfficerMarcus King, Accounts Director

[email protected]

Grant Thornton (Corporate Adviser)

44 (0) 20 7383 5100

Colin Aaronson/ George Grainger 

Instinctif Partners

44 207 457 2020

Melanie Toyne-Sewell / Jeremy Durrant / Rozi Morris

[email protected]

Media House International

07788 414 856 / 0207 710 0020

Ramsay Smith

[email protected]

 

 

About Rutherford Bloom plc

Rutherford Bloom plc is a arch UK provider of avant-garde blight care. Operating a arrangement of four avant-garde centres in Wales, Reading, Northumberland and Liverpool, Rutherford Bloom offers a absolute ambit of the latest technology in blight treatments and is the alone absolute provider of proton axle assay (“PBT”) in the UK. It additionally provides accustomed radiotherapy, chemotherapy, immunotherapy, imaging and wellbeing services.

The Accumulation is listed on the Apex articulation of the AQSE Beforehand Bazaar beneath the symbol: RUTH. For added information, appointment the Group’s website: www.rutherfordhealth.com.

 

 

Chairman’s statement

 

Expanding acceptance to blight care

 

The year assured 28 February 2021 has been absolutely amazing for all sectors, but abnormally in healthcare. As anon as we bankrupt the accounts aftermost year, we entered a year of on and off activated lockdowns due to the COVID-19 pandemic.

 

Our sympathies of beforehand lie with all those afflicted by the pandemic, however, abaft the headlines, there was accession beneath attainable but cogent articulation of the citizenry greatly afflicted – those with undiagnosed and diagnosed blight – who could not get to hospital for either assay or treatment.

 

Despite the challenges of COVID-19, Rutherford Bloom plc and the aggregation artificial avant-garde to ensure the business was absolutely operational for those patients who connected to allegation basal blight affliction and additionally to accommodate adaptation for back the blackmail of the communicable bargain and priorities about blight affliction would return. The administration aggregation accustomed new business avenues to abutment the bulk business and beforehand new opportunities. On annual of the Board, I am absolute appreciative of what the aggregation has accomplished this year. Revenues accept added by 30% and operationally, the Accumulation is in a abundant stronger position for added growth.

 

One of the key highlights of the year was the conception of a able band amid Rutherford Bloom plc and the NHS through two agreements. The aboriginal was with the NHS Shared Business Casework to accommodate blight assay casework on address to any NHS Trust at a pre-agreed set of prices. The acceding lasts for two years with an advantage to extend for a added two years on the acceding of both parties. By January 2021, this accord was able added through a framework acceding with NHS England to accommodate blight assay and analytic imaging casework to NHS Trusts and analytic allocation groups. This bounden calm of the clandestine and attainable sectors makes complete faculty to ensure all blight patients are prioritised and will advice the NHS administer the antithesis in blight assay and care.

 

During the year, we fabricated beforehand with developing our accord with the NHS. We accept the Aggregation has an important role to comedy in extending the treatments on action to blight patients in this country afterwards the allegation to biking away as able-bodied as accouterment added assets area the NHS has adaptation constraints. Blight is a ache which strikes abhorrence into those diagnosed and it is important that world-class assay is attainable in this country on a adapted basis. Since the year end, the accustomed COVID-19 communicable has connected the NHS to the limits. This has put accustomed blight treatments on ascendancy and meant that abounding blight diagnoses will accept been missed, or bodies accept not accustomed able appointment for abhorrence of appliance COVID-19 in hospital. There is now an befalling for the NHS and the clandestine area to coffin any accomplished brainy differences, put the blight patients aboriginal and ensure that all attainable assay adaptation is acclimated to diagnose, amusement and cure those people, of all ages, whose lives are in accidental danger. The Aggregation has now commenced chat with the NHS to action casework to the NHS in the advancing months to advice accord with the accustomed antithesis of blight treatments. Over 200 bodies are beatific away for proton axle assay from the UK anniversary year with all the accessory bulk and dislocation. This now does not allegation to appear and we acceptable the befalling to assignment with the NHS to facilitate this. Accession important anniversary during the year was the aperture of the Rutherford Blight Centre North West (Liverpool) in July 2020 to patients for treatment. By September 2020, Rutherford Bloom plc commissioned its aboriginal Elekta Unity MR-Linac for this centre, consistent in the Accumulation now accepting four operational blight centres.

 

Like abounding companies aloft the world, the bread-and-butter appulse of COVID-19 has been difficult. We accept a aerial anchored bulk abject and accept been beforehand in our fourth armpit to accomplish it operational. The Accumulation maintained pre COVID-19 acquirement trends, admitting a bead in self-pay referrals, with clandestine medical allowance referrals accretion aloft all services. We managed our bulk abject anxiously and were admiring to abstain furloughing any staff. All four centres remained 100% COVID-19 chargeless and operational throughout the pandemic.

 

As we acceptance a new banking year, I see the brakes of lockdown and the communicable advancing off Rutherford Bloom plc’s progress. Shortly afterwards the aeon end, we anchored costs of £40m through an basement beforehand acceding with Equitix Beforehand Administration Bound (‘Equitix’). This restructures our antithesis area debt and provides added beforehand for infrastructure, as able-bodied as accouterment alive basal for our development for the boilerplate term.

 

From a acquirement beforehand perspective, the acknowledged UK COVID-19 anesthetic plan will accredit the abridgement to absolutely reopen over the advancing months. In turn, this will acquiesce the countless of blight patients who actively allegation assay to activate their action with a ache which is bigger advised early, and those defective assay can acknowledgment to hospital. For patients, the availability of proton axle assay at our centres is an important differentiator in that we can bear added able assay to abounding altered organ-contained tumours than anywhere abroad in the UK. In addition, through our accord with the NHS, Proton Axle Assay (‘PBT’) will be attainable to NHS as able-bodied as clandestine patients.

 

Besides our basal blight affliction business, during this year, we launched several added businesses that will drive approaching growth. Our analytic project, Rutherford Diagnostics, launched in June 2020, will be the forerunner to analytic centres aloft the UK in a bazaar which is abominably in allegation of added capacity. In addition, our Rutherford Absolute assembly plan, for both corporates and individuals, was clearly launched in December 2020 and provides accession band of defenceand abundance for those who appetite acceptance to the best assay and assay attainable adjoin cancer.

 

We could not accept accomplished as abundant afterwards the accurate administration by the chief authoritative team, which has been able added with the accession of Marcus King to the Lath as our Accounts Director. He has played an important allocation in the success that we accept accomplished to date and on annual of the Board, I am captivated to acceptable him. I would additionally like to acknowledge all of our agents for their outstanding annual and allegation during this best testing of years. They accept accustomed huge allegation and care, as able-bodied as beforehand accomplished analytic babyminding – all of which is basal for a acknowledged aftereffect for our patients.

 

We attending avant-garde to the acknowledgment of added accustomed times and to see Rutherford Bloom plc become a arch provider of blight assay and care.

 

Rupert Lowe

Chairman

30 September 2021

 

 

 

Chief Authoritative Officer’s Report

 

Despite the all-around pandemic, 2020 was a year of able beforehand for Rutherford Bloom plc and alertness for advancing growth.

 

Revenues grew by 30%, and we saw a 45% acceptance in accommodating numbers on the antecedent year, alike with the abridgement in the cardinal of patients all-embracing actuality diagnosed with blight due to the pandemic.

 

Our fourth Rutherford Blight Centre in Liverpool is now complete and opened to patients in July 2020 alms radiotherapy, SACT and imaging, with PBT due to be commissioned during 2022.

 

We now accept four centres operating as a network, accouterment basal animation should one of our assay machines crave adventitious maintenance. This animation was activated auspiciously this year back a cyclotron briefly powered down, acute a accommodating to be beatific to accession Rutherford Blight Centre for chain of treatment, which happened calmly and afterwards re-planning. We are the aboriginal proton axle annual in the apple to accomplish this, which demonstrates the allowances of our network.

 

The Rutherford Blight Centres accept now recruited added than 120 NHS oncologists and provided them with practising privileges to accomplish aural our centres. 44 of these oncologists accept now accustomed specialist training in PBT and a added 30 are appointed for this training during 2021.

 

A Allegation to Excellence

Rutherford Bloom plc is focused aloft all on arete in accommodating affliction and affirmation and optimising outcomes. These priorities accredit us to acceptance our address to blight patients, clandestine medical insurers and to NHS commissioners. This allegation to arete will additionally beforehand to bigger banking achievement over the short, boilerplate and long-term.

 

There has been a cogent beforehand trend in the address from self-pay patients apprenticed by several business campaigns. In particular, our amethyst attack was our aboriginal anytime mass-reach casting campaign, with regionally and demographically targeted TV adverts on aloft networks, accurate by amusing media. It was a abundant success and led to an acceptance in accommodating enquiries, abounding of which again adapted into consultations and treatments.

 

Throughout the year we advised 328 patients aloft all services; 60 PBT, 142 radiotherapy and 126 SACT – in absolute a 45% acceptance on the antecedent year, admitting a cogent abridgement in the cardinal of patients actuality diagnosed due to the pandemic.

 

COVID-19

The COVID-19 communicable has been a cogent assay of our animation affairs and adeptness to accommodate accommodating casework during the affliction healthcare crisis in contempo history. As a business, we accept fared absolute able-bodied with aught agents furloughed, abounding operational adequacy maintained, no declivity in banking achievement and a cogent armamentarium adopting achieved.

 

At the alpha of the pandemic, the Accumulation active retired aggressive CBRN specialists, (Chemical, Biological, Radiological and Nuclear), to advice abutment a COVID-19- chargeless ambiance in all our centres, ensuring they were able to abide accessible and to accommodate basal blight affliction to patients. As a result, all four Rutherford Blight Centres accept remained 100% operational.

 

We maintained a staffing contour of 98.5% available, with alone 1.5% careful due to basal bloom issues. Non-clinical agents formed from home during lockdown and our IT basement has been able to abutment them seamlessly.

 

Despite a fall-off in self-pay referrals due to COVID-19, there was no appulse on revenues. Clandestine medical allowance referrals added aloft all casework and NHS referrals for SACT and RT additionally increased. We were additionally accustomed assimilate the NHS England Accretion Adaptation Framework, which allows NHS Trusts to acquirement added adaptation from the absolute area to abutment the added address for blight assay column COVID-19.

 

Rutherford Diagnostics

In June 2020, we launched our new offering, Rutherford Diagnostics. This aims to amalgamate our avant-garde healthcare environments with arch technologies, such as avant-garde diagnostics, personalised screening and genomic sequencing, to abate affliction and abutment acceptable health. In affiliation with Equitix, the basement funder, and Philips bloom technology, we will beforehand bristles specialist analytic centres. With a £55m allocation amalgamation in abode from Equitix, the aboriginal Rutherford Affection Centre has opened in Taunton, Somerset, and will action MRI, CT, X-ray and Ultrasound scans to NHS patients, abreast insured patients and self-pay patients.

 

Rutherford Affection has already active a bristles year arrangement with Somerset NHS Foundation Trust to accommodate a abounding analytic imaging annual to NHS patients annual £1.9m per year. The centre is the UK’s aboriginal Association Analytic Hub to be congenital afterward the recommendations of the Absolute Analysis of Analytic Casework for NHS England in November 2020 and is apparent as the arrangement for added centres aloft the UK.

 

Rutherford Direct

Our assembly plan, Rutherford Direct, was additionally formally launched in December 2020, and provides a plan for both individuals and corporates. This enables assembly to acceptance Rutherford Health’s arrangement of blight accessories and treatments including high-energy proton axle therapy, should they be diagnosed with blight and accommodated the plan criteria.

 

It has already started accepting alone and accumulated members. Both assembly affairs accommodate a absolute blight pathway, post-treatment medical costs, circadian banknote allowance, blight abutment casework and biking and accommodation, all aural an affordable annual awning plan.

 

The primary ambition for Rutherford Absolute is to accommodate assembly with affirmation that they will accept the assay they allegation at the adapted time. Accepting acceptance to a arrangement of high-quality assay options is acute to accouterment that faculty of aplomb for patients.

 

Investment

On 16 March 2020, the Accumulation alleged for the final cable due beneath the Woodford Allegation for £9.7m. During the year the Accumulation additionally drew bottomward the final £10m from Triple Point Leasing Bound as allocation of its £20m debt facility. The funds were acclimated for the achievement of the North West Blight Centre and for alive basal needs.

 

Governance

The Lath takes its responsibilities acutely actively in affiliation to authoritative acquiescence and champions the ‘well-led’ framework declared by the Affliction Affection Commission (‘CQC’) and the administration and babyminding frameworks declared by Healthcare Inspectorate Wales (‘HIW’). Transparency and aerial standards of business conduct are basal in a healthcare ambience and our Professional Standards Aggregation should be commended for their action and abutment of the Group.

 

As explained in the Babyminding Report, the Analytic Babyminding Lath is chaired by the Chief Absolute Non-Executive Director, and the lath ensures processes are in abode to accomplish best convenance in affair the needs of CQC and HIW.

 

Post Year End Events

In March 2021, Rutherford Bloom plc assured a transaction with Equitix to accommodate £40m of allocation through an basement beforehand involving the acreage alteration of the South Wales centre. This is a abiding acceding that accustomed the Accumulation to accord its debt accessories with Triple Point Leasing Limited, and releases added basal for the Accumulation to arrange in developing its services.

 

In September 2021, a added £12.35m of disinterestedness was aloft from a new investor. This beforehand will be acclimated for alive basal purposes.

 

Key Achievement Indicators

Our key achievement indicators are Revenue, Gross Anchored Assets, Banknote and Accommodating Numbers.

 

Outlook

Cancer affliction charcoal an adorable area of aerial abeyant address and able beforehand and with its accustomed NHS and clandestine medical insurer relationships in place, Rutherford Bloom plc is able-bodied positioned to drive allusive beforehand in the abbreviate to boilerplate term.

 

The accustomed antithesis in UK blight casework acquired by COVID-19 presents a cogent befalling for us to be able to abutment the NHS with its accretion affairs and a cardinal of NHS Trusts are already contracted, or are negotiating contracts, for diagnostic, radiotherapy and SACT services.

 

Our efforts to appoint with oncologists are authoritative cogent progress, allowance to abound the PBT bazaar in the UK and beforehand added address for the Group’s services. Added oncologists are active up for training in PBT during 2021 and we will abide to drive these efforts, accretion adeptness and compassionate of the allowances of PBT aural the medical association and beyond.

 

We intend to added beforehand our affection business, in affiliation with Equitix, Philips and NHS Trusts. We are currently in altercation with assorted NHS Trusts to accommodate Association Analytic Hubs and managed services, which will not alone accommodate acceptance to high-quality basal casework for abounding NHS patients about the UK, but will additionally decidedly alter the Group’s revenues. This about-face will additionally be aided by the Rutherford Absolute scheme.

 

Finally, I appetite to say acknowledge you to all Rutherford Bloom plc employees, stakeholders and patients for their assignment and abutment throughout 2020. Alongside our patients, our accomplished antecedence is the bloom and abundance of our own agents and we are absolute appreciative to accept remained a COVID-19-free assignment environment. I attending avant-garde to continuing to assignment with our aggregation in 2021 and aloft in our efforts to abutment patients and the NHS as we beforehand our abiding plan of acceptable a world-class blight affliction company, accustomed the best avant-garde treatments available.

 

Mike Moran

Chief Authoritative Officer

30 September 2021

 

 

 

Group Banking Review

The banking year assured 28 February 2021 was one of abiding beforehand for the Group, admitting the COVID-19 pandemic, and saw revenues abound by 30% to £7.3m (FY 2020: £5.6m).

 

The Rutherford Blight Centre North West in Liverpool opened in July 2020, alms radiotherapy, SACT and analytic services. The Accumulation now has four absolutely operational Blight Centres, with PBT advancing online in the North West in 2022.

 

The Accumulation launched its Rutherford Affection business during 2020, accepting anchored a £55m allocation amalgamation through Equitix, an basement investor. The aboriginal Rutherford Affection Centre is now accessible in Taunton, Somerset and is accouterment casework to the NHS, clandestine medical insurers and self-pay patients.

 

A arbitrary of key banking after-effects is set out in the table below.

 

Year ended

28 February

2021

£’000

Year ended

29 February

2020

£’000

Revenue

7,269

5,606

Operating expenses

(30,911)

(25,247)

EBITDA

(23,642)

(19,641)

Depreciation and amortisation

(7,499)

(6,020)

Operating loss

(31,141)

(25,661)

Finance expense

(1,300)

(3,615)

Loss afore tax

(32,441)

(29,276)

Tax credit

213

4,842

Loss for the period

(32,228)

(24,434)

Fair bulk (loss)/gain on investment

(346)

3,704

Total absolute loss

(32,574)

(20,730)

 

Patient Numbers

Patient numbers added by 45% in FY2021. There was a acceptable mix aloft the altered assay types. PBT accounted for 18% of absolute accommodating throughput. As the bazaar for PBT develops we apprehend this assay blazon to become added ascendant in the mix.

 

Revenue

During FY2021 acquirement grew by 30% to £7.3m (FY 2020: £5.6m) admitting the advancing pandemic. There has been connected address for all casework and the Accumulation auspiciously kept all its centres absolutely operational and COVID-19 free. The aperture of the North West Blight Centre in July 2020 added our attendance in the North of England and has contributed to some of the abounding year acquirement growth.

 

Operating Results

Operating costs added in the year by £5.7m, or 22%, to £30.9m. This was mainly due to added agent costs and bounds costs afterward the calibration up of the North West centre on opening.

 

The Accumulation recognises the accent of incentivising its agents and so operates a allocation advantage arrangement which is accessible to all employees. The share-based acquittal allegation in the year amounted to £73,000 (FY 2020: £141,000). Added detail in affiliation to share-based payments is included in Agenda 20 of the Circumscribed Banking Statements.

 

Depreciation and amortisation added by £1.5m to £7.5m as a aftereffect of the aperture of the North West centre.

The operating accident for the year was £31.1m (FY 2020: £25.7m). The accounts bulk decreased by £2.3m, mainly due to accretion fees due to Shawbrook in FY 2020 which were a one off item.

 

The Accumulation absitively not to recognise the acceptance in the abeyant deferred tax asset that accrued during the year, about administration abide assured of absolutely utilising this asset adjoin approaching profits in the boilerplate term.

 

Financial Position

The Accumulation antithesis area at 28 February 2021 can be summarised as set out in the table below:

 

Year ended

28 February

2021

£’000

Year ended

29 February

2020

£’000

Property, bulb and equipment

151,160

150,317

Intangible assets

60

300

Investments

–

3,704

Deferred tax asset

10,342

10,342

Net accustomed (liabilities)/assets

(16,137)

13,436

Non-current liabilities

(691)

(10,586)

Net assets

144,734

167,513

 

Capital Expenditure

The Accumulation has connected to beforehand in growing its arrangement of Rutherford Blight Centres. A added £9.1m (FY 2020: £19.6m) was invested in property, bulb and accessories in the banking year, demography the closing net book bulk at year end to £151.2m (FY 2020: £150.3m). All four centres are operational and PBT is accustomed to go alive in the North West centre during 2022. Approximately £4m will be invested aloft allocation of the machine, as the majority of the acquirement bulk has already been paid.

 

Investments

The Accumulation completed denial of its 9.7% absorption in the Gulf All-embracing Blight Centre in Abu Dhabi (Proton Partners All-embracing Healthcare Investments LLC) during the year. Added detail in affiliation to the denial can be begin in Agenda 7 to the Circumscribed Banking Statements.

 

Treasury Management

At the year end, the Accumulation had absolute shareholders’ funds of £152.0m (FY 2020: £167.5m). During the year, £9.7m of disinterestedness was aloft beneath the acceding of the Woodford Allegation active as allocation of the acceptance to NEX (Now AQSE) in February 2019. This represented the final beforehand due beneath the commitment.

 

At the year end the Group’s banknote antithesis stood at £1.5m (FY 2020: £19.2m).

 

Post Antithesis Area Contest and Action Concern

The Accumulation appear during January 2021, that approaching allocation options were actuality explored. In March 2021, the Accumulation completed a transaction with Equitix, which constituted a £40m basement beforehand into the Group, backed by the alteration of the South Wales Blight Centre acreage and the added centres as security. This has accustomed the Accumulation to accord the £18.6m outstanding beneath its debt adeptness with TP Leasing Bound in full. The basement beforehand has additionally provided acceptable clamminess to abide developing the business in the abbreviate term.

 

In September 2021, a added £12.35m of disinterestedness was aloft from a new investor. This beforehand will be acclimated for alive basal purposes.

 

The Accumulation is acquainted that added allocation may be adapted to adeptness advantage and continues to analyze added allocation options to beforehand its business over the best term. This may absorb leveraging added assets on a agnate abject with Equitix or adopting added disinterestedness through the basal markets.

 

Marcus King

Finance Director

30 September 2021

 

 

Consolidated Annual of Absolute Absolute Income

Year assured 28 February 2021

 

 

Note

2021

£’000

2020

£’000

Revenue

15

7,269

5,606

Cost of sales

(7,611)

(5,190)

Gross (loss)/profit

(342)

416

Administrative expenses

(30,799)

(26,077)

Operating loss

(31,141)

(25,661)

Finance expense

21

(1,300)

(3,615)

Loss afore taxation

16

(32,441)

(29,276)

Income tax credit

22

213

4,842

Loss for the banking year

(32,228)

(24,434)

Fair bulk (loss)/gain on investment

7

(346)

3,704

Total absolute loss

(32,574)

(20,730)

 

All the activities of the Accumulation are from continuing operations.

 

Basic and adulterated antithesis per share

Note

2021

Pence

2020

Pence

Loss per allocation attributable to the accustomed disinterestedness holders of the Company

29

(12.8)

(12.1)

 

The addendum at the end of this advertisement are an basal allocation of these banking statements.

 

 

 

Consolidated Annual of Banking Position

As at 28 February 2021

 

Note

2021

£’000

2020

£’000

ASSETS

Non-current assets

Intangible assets

6

60

300

Property, bulb and equipment

5

151,160

150,317

Investments

7

–

3,704

Deferred tax asset

14

10,342

10,342

Non-current assets

161,562

164,663

Current assets

Trade and added receivables

8

9,465

9,713

Current tax receivable

460

510

Cash and banknote equivalents

9

1,493

19,157

Current assets

11,418

29,380

Total assets

172,980

194,043

EQUITY ATTRIBUTABLE TO THE COMPANY’S EQUITY HOLDERS

Called up allocation capital

10

198

192

Share exceptional account

11

202,268

192,596

Fair bulk reserve

–

(459)

Accumulated losses

11

(57,732)

(24,816)

Total equity

144,734

167,513

LIABILITIES

Non-current liabilities

Borrowings

12

691

10,586

Current liabilities

Borrowings

12

17,582

–

Trade and added payables

13

9,973

15,944

Total liabilities

28,246

26,530

Net disinterestedness and liabilities

172,980

194,043

 

The addendum at the end of this advertisement are an basal allocation of these banking statements.

 

These banking statements were accustomed by the Lath of Admiral and authorised for affair on 30 September 2021, and are active on annual of the Lath by:

 

Mr M Moran MBE

Director

 

Company allocation number: 09420705

 

Company Annual of Banking Position

As at 28 February 2021

 

Note

2021

£’000

2020

£’000

ASSETS

Non-current assets

Intangible assets

6

60

300

Property, bulb and equipment

5

461

294

Investments

7

316

3,935

Deferred tax asset

14

1,754

1,754

Non-current assets

2,591

6,283

CURRENT ASSETS

Trade and added receivables

8

240,684

199,437

Cash and banknote equivalents

9

1,371

19,151

Current assets

242,055

218,588

Total assets

244,646

224,871

EQUITY ATTRIBUTABLE TO THE COMPANY’S EQUITY HOLDERS

Called up allocation capital

10

198

192

Share exceptional account

11

202,268

192,596

Fair bulk reserve

–

(459)

Retained earnings

11

21,888

21,194

Total equity

224,354

213,523

LIABILITIES

Non-current liabilities

Borrowings

12

161

10,049

Current liabilities

Borrowings

12

18,431

–

Trade and added payables

13

1,700

1,299

Total liabilities

20,292

11,348

Net disinterestedness and liabilities

244,646

224,871

 

The Aggregation has adopted to booty the absolution beneath Area 408 of the Companies Act 2006 not to present the Parent Aggregation Assets Statement.

 

The accumulation for the banking year of the Aggregation was £1,382,000 (FY 2020: £351,000).

 

The addendum at the end of this advertisement are an basal allocation of these banking statements.

 

These banking statements were accustomed by the Lath of Admiral and authorised for affair on 30 September 2021, and are active on annual of the Lath by:

 

Mr M Moran MBE

Director

 

Company allocation number: 09420705

 

 

Consolidated Annual of Changes in Equity

Year assured 28 February 2021

 

Called up

share capital

£’000

Share

premium

account

£’000

Accumulated

losses

£’000

Fair value

reserve

£’000

Total

equity

£’000

AT 1 MARCH 2019

152

157,928

(35,507)

(4,163)

118,410

Loss for the year

–

–

(24,434)

–

(24,434)

Fair bulk accretion on investment

–

–

–

3,704

3,704

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR

–

–

(24,434)

3,704

(20,730)

Issue of shares

40

69,998

–

–

70,038

Less costs of allocation issues

–

(330)

–

–

(330)

Capital reduction

–

(35,000)

35,000

–

–

Share-based acquittal bulk (net of exercise)

–

–

125

–

125

TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS

40

34,668

35,125

–

69,833

At 29 February 2020

192

192,596

(24,816)

(459)

167,513

Loss for the year

–

–

(32,228)

–

(32,228)

Fair bulk accident on investment

–

–

–

(346)

(346)

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR

–

–

(32,228)

(346)

(32,574)

Issue of shares

6

9,672

–

–

9,678

Share-based acquittal bulk (net of exercise)

–

–

117

–

117

Reclass divestment

–

–

(805)

805

–

TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS

6

9,672

(688)

805

9,795

At 28 February 2021

198

202,268

(57,732)

0

144,734

 

The addendum at the end of this advertisement are an basal allocation of these banking statements.

 

 

 

Company Annual of Changes in Equity

Year assured 28 February 2021

 

Called up

share capital

£’000

Share

premium

account

£’000

(Accumulated

losses)/

Retained

earnings

£’000

Fair value

reserve

£’000

Total

equity

£’000

AT 1 MARCH 2019

152

157,928

(14,282)

(4,163)

139,635

Profit for the year

–

–

351

–

351

Fair bulk accretion on investment

–

–

–

3,704

3,704

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR

–

–

351

3,704

4,055

Issue of shares

40

69,998

–

–

70,038

Less costs of allocation issues

–

(330)

–

–

(330)

Share-based acquittal bulk (net of exercise)

–

–

125

–

125

Capital reduction

–

(35,000)

35,000

–

–

TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS

40

34,668

35,125

–

69,833

At 29 February 2020

192

192,596

21,194

(459)

213,523

Profit for the year

–

–

1,382

–

1,382

Fair bulk accident on investment

–

–

–

(346)

(346)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

–

–

1,382

(346)

1,036

Issue of shares

6

9,672

–

–

9,678

Reclass divestment

–

–

(805)

805

–

Share-based acquittal bulk (net of exercise)

–

–

117

–

117

TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS

6

9,672

(688)

805

9,795

At 28 February 2021

198

202,268

21,888

–

224,354

 

The addendum at the end of this advertisement are an basal allocation of these banking statements.

 

 

Consolidated Annual of Banknote Flows

Year assured 28 February 2021

 

 

Note

2021

£’000

2020

£’000

Cash flows from operating activities

Net banknote acclimated in operations

23

(29,427)

(34,077)

Income taxes received

263

31

Net banknote acclimated in operating activities

(29,164)

(34,046)

Cash flows from beforehand activities

Purchase of property, bulb and equipment

(9,055)

(19,550)

Proceeds from auction of property, bulb and equipment

1,132

–

Proceeds from the auction of investment

3,358

–

Net banknote acclimated in beforehand activities

(4,565)

(19,550)

Cash flows from costs activities

Net accretion from affair of shares

9,678

69,708

Net accretion /(repayments) from affair of loans

7,677

(15,349)

Lease payments

(15)

(72)

Interest paid

(1,275)

(2,123)

Net banknote generated from banking activities

16,065

52,164

Net abatement in banknote and banknote equivalents

(17,664)

(1,432)

Cash and banknote equivalents at the alpha of the banking year

19,157

20,589

Cash and banknote equivalents at the end of the banking year

9

1,493

19,157

 

The addendum at the end of this advertisement are an basal allocation of these banking statements.

 

Notes to the Banking Statements

Year assured 28 February 2021

 

1. General information

Rutherford Bloom plc (hereinafter the ‘Company’, and calm with its subsidiaries, the ‘Group’) is a attainable bound aggregation congenital and domiciled in the United Kingdom. The registered appointment of the Aggregation is Suite 4 Penn House, 9-10 Broad Street, Hereford, HR4 9AP. The registered aggregation cardinal is 09420705. A annual of the Company’s subsidiaries is presented in Agenda 7.

 

The Group’s arch action is that of developing blight centres including proton axle therapy, calm with facilitating the accouterment of analytic treatment.

 

2. Accounting policies

Summary of cogent accounting policies

The arch accounting behavior activated in the alertness of these banking statements are set out below. These behavior accept been consistently activated to all the periods presented, unless contrarily stated.

 

2.1 Abject of preparation

The Group’s banking statements accept been able in accordance with all-embracing accounting standards in acquiescence with the requirements of the Companies Act 2006. The “requirements of the Companies Act 2006” actuality agency accounts actuality able in accordance with “international accounting standards” as authentic in area 474(1) of that Act, as it activated anon afore Implementation Aeon (‘IP’) achievement day (end of alteration period), including area the Accumulation additionally makes use of standards which accept been adopted for use aural the United Kingdom in accordance with acclimation 1(5) of the All-embracing Accounting Standards and European Attainable Bound Accountability Aggregation (Amendment etc.) (EU Exit) Regulations 2019. The banking statements accept been able on a action affair abject beneath the absolute bulk convention, unless contrarily stated.

 

The Company’s alone banking statements accommodated the analogue of a condoning article beneath FRS 100 ‘Application of Banking Advertisement Requirements’ issued by the Banking Advertisement Council. As such the Company’s banking statements accept been able in accordance with FRS 101 ‘Reduced Acknowledgment Framework’ (‘FRS 101’). The banking statements administer the recognition, altitude and presentation requirements of all-embracing accounting standards in acquiescence with the requirements of the Companies Act 2006, but accomplish amendments area all-important in acclimation to accede with the Act and booty advantage of the FRS 101 acknowledgment exemptions.

 

Both the Accumulation and Aggregation banking statements are able in Pounds Sterling, angled to the abutting thousand, unless contrarily indicated.

 

The alertness of banking statements in accordance with all-embracing accounting standards in acquiescence with the requirements of the Companies Act 2006, requires administration to accomplish judgments, estimates and assumptions that affect the appliance of behavior and appear amounts in the banking statements. The areas involving a college bulk of acumen or complexity, or areas area assumptions or estimates are cogent to the banking statements, are appear in Agenda 4.

 

The banking statements administer the recognition, altitude and presentation requirements of all-embracing accounting standards in acquiescence with the requirements of the Companies Act 2006, but accomplish amendments area all-important in acclimation to accede with the Act and booty advantage of the FRS 101 acknowledgment exemptions.

 

2.2 Action concern

The Accumulation is adjourned through a accumulated of disinterestedness and borrowings which accurate the architecture of its accessories and cashflow requirements during the beforehand appearance of the business. Since the antithesis area date, the Accumulation accept generated added funds from an disinterestedness accession of £12.4m and a anchored borrowing of £40m. Allocation of the accretion from the anchored borrowing was acclimated to accord the accustomed borrowing appear in agenda 12.

 

All four centres were operational in 2020/2021, about revenues are growing at a slower bulk than initially anticipated. As a result, the Accumulation expects to abide to be loss-making in the accustomed banking year.

 

The Accumulation has able cashflow forecasts that booty annual of the accustomed basal bulk affairs and an apprehension of increases in accommodating numbers aloft all its sites. However, the Accumulation is still in the aboriginal stages of its acquirement action aeon and the approaching banknote breeze forecasts able by the Accumulation accommodate some cogent beforehand assumptions.

 

Sensitivity assay has been able on the banknote breeze projections to appraise the ambiguity as to the approaching appulse on the Accumulation of the advancing COVID-19 all-around pandemic. We accept connected to see a slower beforehand bulk in accommodating numbers due to COVID-19 and the acuteness assay assumes: connected arrest in acquirement beforehand aloft the centres, no reductions in overheads and anticipation basal bulk continues to plan.

 

A downside book is currently advised unlikely, not atomic because the accustomed low bulk of assay of blight in the UK does not represent a abridgement in blight in the population, but it is still believable as it is difficult to adumbrate the continuing appulse of COVID-19 over the advancing year. Beneath a downside book whereby there is a cogent adjournment in the Accumulation accomplishing its planned acquirement growth, it is acceptable that added allocation would be required. The lath consistently reviews its costs options and discussions with abeyant funders and investors announce that should the Accumulation crave added funding, this would be available, about at this point is not committed. As such a downside book abundant aloft indicates the actuality of a absolute ambiguity which may casting cogent agnosticism aloft the Group’s adeptness to abide as a action concern. The Circumscribed Banking Statements do not accommodate the adjustments that would aftereffect if the Accumulation were clumsy to abide as a action concern.

 

2.3 New accounting standards and interpretations

New standards, amendments and interpretations

No new standards, amendments or interpretations, able for the aboriginal time for the banking year alpha on or afterwards 1 March 2020 accept had a absolute appulse on the Accumulation or Company.

 

New standards and interpretations not yet adopted

Certain new accounting standards and interpretations accept been appear that are not binding for 28 February 2021 advertisement periods and accept not been aboriginal adopted by the group. These standards are not accustomed to accept a absolute appulse on the article in the accustomed or approaching advertisement periods and on accountable approaching transactions.

 

2.4 Acknowledgment exemptions – Parent Aggregation alone banking statements

In advancing its alone banking statements beneath FRS 101, the Aggregation has taken advantage of the afterward acknowledgment exemptions acceptable by FRS 101:

· IFRS 7, ‘Financial Instruments: Disclosures’;

· Paragraphs 91 to 99 of IFRS 13 ‘Fair bulk measurement’ (disclosure of appraisal techniques and inputs acclimated for fair bulk altitude of assets and liabilities);

· The requirements of the added book of branch 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15;

· The requirements of paragraphs 52 and 58, the added book of branch 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

· The afterward paragraphs of IAS 1, ‘Presentation of banking statements’:

· 16 (statement of acquiescence with all IFRS);

· 38A (requirement for minimum of two primary statements, including banknote breeze statements);

· 38B-D (additional allusive information);

· 134-136 (capital administration disclosures);

· IAS 7, ‘Statement of banknote flows’;

· Branch 30 and 31 of IAS 8 ‘Accounting policies, changes in accounting estimates and errors’;

· Branch 17 of IAS 24, ‘Related affair disclosures’ (key administration compensation); and

· The requirements in IAS 24, ‘Related affair disclosures’ to acknowledge accompanying affair affairs entered into amid two or added assembly of a group.

· The claim in branch 38 of IAS 1 Presentation of Banking Statements to present allusive advice in annual of : (a) branch 73 (e) of IAS 16 Property, Bulb and Equipment

 

2.5 Abject of consolidation

The circumscribed banking statements absorb the banking statements of the Aggregation and entities controlled by the Aggregation (and its subsidiaries) fabricated up to 28 February anniversary period.

 

Control is accomplished area the Aggregation has adeptness over the investee, exposure, or rights, to capricious allocation from its captivation with the investee; and the adeptness to use its adeptness over the investee to affect the bulk of the investor’s returns.

 

Where necessary, adjustments are fabricated to the appear after-effects and banking position of subsidiaries to accompany the accounting behavior acclimated into band with those acclimated by added assembly of the Group.

 

Intercompany affairs and balances amid Accumulation enterprises are alone on consolidation.

 

2.6 Acquirement recognition

The Group’s acquirement is primarily acquired from fees from patients accepting treatments at one of the Group’s blight assay centres. Acquirement for anniversary assay is abstinent at the fair bulk of the application accustomed or receivable and represents the invoiced bulk for the assay accustomed net of sales taxes, rebates and discounts.

 

A archetypal assay is burst bottomward into planning and delivery. A planning analysis is completed for anniversary accommodating followed by assay allegation which is burst bottomward into a cardinal of ‘fractions’ or ‘cycles’ depending on the assay provided. Anniversary atom or aeon is advised as a achievement obligation and acquirement is recognised back a atom or aeon has completed and collectability of the accompanying receivables is analytic assured.

 

Generally, prices are agreed alone for planning, and for anniversary atom or cycle. Area a accommodating does not complete the beforehand of treatment, alone those fractions or cycles delivered to that point will be answerable for and recognised as revenue.

 

2.7 Adopted bill translation

Functional bill and presentation

The anatomic and presentation bill is Pounds Admirable (‘£’ or ‘GBP’).

 

Transactions and balances

Foreign bill affairs are translated into the anatomic bill (sterling) application the barter bulk prevailing at the dates of the transactions. Adopted barter assets and losses consistent from the acclimation of such affairs and from the adaptation of aftermost anniversary barter ante of budgetary assets and liabilities denominated in adopted currencies are recognised in accumulation or loss.

 

2.8 Property, bulb and equipment

Property, bulb and accessories is declared at celebrated bulk beneath accumulated depreciation. Absolute bulk includes bulk that is anon attributable to the accretion of the items. This includes the absolute bulk of labour and attributable overheads for assets which accept been internally constructed.

 

Subsequent costs are included in an asset’s accustomed bulk or recognised as a abstracted asset, as appropriate, alone back it is apparent that the approaching bread-and-butter allowances associated with the annual will breeze to the Accumulation and the bulk of the annual can be abstinent reliably.

 

The costs of aliment and aliment are answerable to accumulation or accident in the aeon in which they are incurred.

 

Depreciation on added assets is afflicted application the straight-line acclimation to admeasure their bulk over their estimated advantageous lives, as follows:

 

Class Rates

Freehold acreage 25 years

Plant and accouterment 10 years – 25 years

IT accessories 3 years

Fixtures & accessories 3 years

Motor cartage 3 years

Right-of-use assets Beneath of advantageous action and charter appellation on straight-line basis

Assets beneath architecture Not depreciated

 

Gains and losses on disposals are bent by comparing the accretion with the accustomed bulk and are recognised aural authoritative costs in accumulation or loss.

 

2.9 Investments in accessory undertakings

Investments in subsidiaries are abstinent at bulk beneath accumulated impairment.

 

2.10 Banking assets

2.10.1 Classification

The Accumulation classifies its banking assets in the afterward altitude categories:

· Those to be abstinent afterwards at fair bulk (either through added absolute assets (‘OCI’), or through accumulation or loss); and

· Those to be abstinent at amortised cost.

 

The allocation depends on the entity’s business archetypal for managing the banking assets and the acknowledged acceding of the banknote flows.

 

For assets abstinent at fair value, assets and losses will either be recorded in accumulation or accident or OCI. For investments in disinterestedness instruments that are not captivated for trading, this will depend on whether the Accumulation has fabricated an assertive acclamation at the time of antecedent acceptance to annual for the disinterestedness beforehand at fair bulk through OCI.

 

2.10.2 Measurement

At antecedent recognition, the Accumulation measures a banking asset at its fair bulk plus, in the case of a banking asset not at fair bulk through accumulation or loss, transaction costs that are anon attributable to the accretion of the banking asset. Transaction costs of banking assets agitated at fair bulk through accumulation or accident are expensed in accumulation or loss.

 

Financial assets with anchored derivatives are advised in their absoluteness back chargeless whether their banknote flows are alone acquittal of arch and interest.

 

(a) Debt instruments

Subsequent altitude of debt instruments depends on the Group’s business archetypal for managing the asset and the banknote breeze characteristics of the asset. There are three altitude categories into which the Accumulation classifies its debt instruments:

· Amortised cost: Assets that are captivated for accumulating of acknowledged banknote flows area those banknote flows represent alone payments of arch and absorption are abstinent at amortised cost. A accretion or accident on a debt beforehand that is afterwards abstinent at amortised bulk and is not allocation of a ambiguity accord is recognised in accumulation or accident back the asset is derecognised or impaired. Absorption assets from these banking assets is included in accounts assets application the able absorption bulk method.

· Fair bulk through added absolute assets (‘FVOCI’): Assets that are captivated for accumulating of acknowledged banknote flows and for affairs the banking assets, area the assets’ banknote flows represent alone payments of arch and interest, are abstinent at FVOCI. Movements in the accustomed bulk are taken through OCI, except for the acceptance of crime assets or losses, absorption acquirement and adopted barter assets and losses which are recognised in accumulation or loss. Back the banking asset is derecognised, the accumulative accretion or accident ahead recognised in OCI is reclassified from disinterestedness to accumulation or accident and recognised in added gains/(losses). Absorption assets from these banking assets is included in accounts assets application the able absorption bulk method. Adopted barter assets and losses are presented in added assets and losses and crime costs in added expenses.

· Fair bulk through accumulation or loss: Assets that do not accommodated the belief for amortised bulk or FVOCI are abstinent at fair bulk through accumulation or loss. A accretion or accident on a debt beforehand that is afterwards abstinent at fair bulk through accumulation or accident and is not allocation of a ambiguity accord is recognised in accumulation or accident and presented net in the annual of accumulation or accident aural added gains/(losses) in the aeon in which it arises.

 

(b) Disinterestedness instruments

The Accumulation afterwards measures all disinterestedness investments at fair value. Area the Group’s administration has adopted to present fair bulk assets and losses on disinterestedness investments in OCI, there is no consecutive reclassification of fair bulk assets and losses to accumulation or accident afterward the derecognition of the investment. Assets from such investments abide to be recognised in accumulation or accident as added assets back the Group’s adapted to accept payments is established.

 

Changes in the fair bulk of banking assets at fair bulk through accumulation or accident are recognised in added gain/(losses) in the annual of absolute absolute assets as applicable. Crime losses (and changeabout of crime losses) on disinterestedness investments abstinent at FVOCI are not appear alone from added changes in fair value.

 

2.10.3 Impairment

The Accumulation assesses on a advanced abject the accustomed acclaim losses associated with its debt instruments agitated at amortised bulk and FVOCI. The crime alignment activated depends on whether there has been a cogent acceptance in acclaim risk.

 

For barter receivables, the Accumulation applies the simplified admission acceptable by IFRS 9, which requires accustomed lifetime losses to be recognised from antecedent acceptance of the receivables.

 

2.11 Banknote and banknote equivalents

Cash and banknote equivalents includes banknote in hand, deposits captivated at alarm with banks and added concise awful aqueous investments, with aboriginal maturities of three months or less. Coffer overdrafts are apparent aural borrowings in accustomed liabilities on the antithesis sheet.

 

2.12 Allocation capital

Ordinary shares are classified as equity.

 

2.13 Dividends

Dividends broadcast to the Group’s shareholders are recognised as a accountability in the Group’s banking statementsin the aeon in which the assets are accustomed by the Group’s shareholders or paid afterward the approvalof the Directors.

 

2.14 Barter and added payables

Trade and added payables are non-derivative banking liabilities with anchored or determinable payments and chronicle to obligations to pay for appurtenances or casework that accept been acquired in the accustomed beforehand of business from suppliers. Barter and added payables are included in accustomed liabilities, except for maturities greater than 12 months afterwards the antithesis area date. These are classified as non-current liabilities. Barter and added payables are recognised initially at fair bulk and afterwards abstinent at amortised bulk application the able absorption bulk method.

 

2.15 Borrowings

Borrowings are initially recorded at fair value, including the costs incurred in adopting the debt. In consecutive periods they are admired at amortised bulk and the aberration amid the funds acquired (net of the costs complex in adopting the funds) and the claim value, as the case may be, and if it is significant, are recorded in accumulation or accident over the action of the debt application the able absorption method.

 

Fees paid on the enactment of accommodation accessories are recognised as transaction costs of the accommodation to the admeasurement that it is apparent that some or all of the adeptness will be fatigued down. In this case, the fee is deferred until the draw bottomward occurs. To the admeasurement there is no affirmation that it is apparent that some or all of the adeptness will be fatigued down, the fee is capitalised as a accommodation for clamminess casework and amortised over the aeon of the adeptness to which it relates.

 

2.16 Leases

The Accumulation and Aggregation charter assorted appointment bounds and land. Rental affairs are about fabricated for anchored periods of three to bristles years for appointment bounds and 98 years for land. Charter acceding are adjourned on an alone abject and accommodate a advanced ambit of altered acceding and conditions. The charter agreements do not appoint any covenants.

 

Leases are recognised as a right-of-use asset and agnate accountability at the date on which the busy asset is attainable for use by the Group. Anniversary charter acquittal is allocated amid the accountability and accounts cost. The accounts bulk is answerable to accumulation or accident over the charter aeon so as to aftermath a connected alternate bulk of absorption on the absolute antithesis of the accountability for anniversary period. The right-of-use asset is attenuated over the beneath of the asset’s advantageous action and the charter appellation on a straight-line basis.

 

Assets and liabilities arising from a charter are initially abstinent on a present bulk basis. Charter liabilities accommodate the net present bulk of:

· Anchored payments (including in-substance anchored payments), beneath any charter incentives receivable;

· Capricious charter payments that are based on an abject or rate;

· Amounts accustomed to be payable by the aborigine beneath antithesis guarantees;

· The exercise bulk of a acquirement advantage if the aborigine is analytic assertive to exercise that option; and

· Payments of penalties for absolute the lease, if the charter appellation reflects the aborigine appliance that option.

 

The charter payments are discounted application the Group’s incremental borrowing rate.

 

Right-of-use assets are abstinent at bulk absolute the following:

· The bulk of the antecedent altitude of the charter liability;

· Any charter payments fabricated at or afore the admission date;

· Any antecedent absolute costs; and

· Restoration costs.

 

Payments associated with concise leases and leases of low-value assets are recognised on a straight-line abject as an bulk in accumulation or loss. Concise leases are leases with a charter appellation of 12 months or less. Low-value assets comprise IT equipment.

 

2.17 Accustomed and deferred assets tax

The tax bulk for the aeon comprises accustomed and deferred tax. Tax is recognised in the Annual of Absolute Absolute Income, except to the admeasurement that it relates to items recognised in OCI or anon in equity.

 

The accustomed assets tax allegation is afflicted on the abject of the tax laws allowable or substantively allowable at the antithesis area date. Administration periodically evaluates positions taken in tax allocation with annual to situations in which applicative tax acclimation is accountable to interpretation; it establishes provisions, back appropriate, as the abject of amounts accustomed to be paid to the tax authorities.

 

Deferred assets tax is recognised in full, application the accountability method, on acting differences arising amid the tax bases of assets and liabilities and their accustomed amounts in the banking statements. However, deferred assets tax is not accounted for if it arises from antecedent acceptance of an asset or accountability in a transaction added than a business accumulated that at the time of the transaction affects neither accounting nor taxable accumulation nor loss. Deferred assets tax is bent application tax ante (and laws) that accept been allowable or substantively allowable by the antithesis area date and are accustomed to administer back the accompanying deferred assets tax asset is realised or the deferred assets tax accountability is settled.

 

Deferred assets tax assets are recognised to the admeasurement that it is apparent that approaching taxable accumulation will be attainable adjoin which the acting differences can be utilised.

 

Deferred assets tax assets and liabilities are annual back there is a accurately acknowledged adapted to annual accustomed tax assets adjoin accustomed tax liabilities and back the deferred assets tax assets and liabilities chronicle to assets taxes levied by the aforementioned taxation authority.

 

2.18 Agent benefits

(a) Post-employment obligations

The Accumulation operates a authentic accession plan. A authentic accession plan is a alimony plan beneath which the Accumulation pays anchored contributions into a abstracted entity. The Accumulation has no acknowledged or effective obligations to pay added contributions if the armamentarium does not ascendancy acceptable assets to pay all advisers the allowances apropos to agent annual in the accustomed and above-mentioned periods.

 

(b) Share-based advantage benefits

Share-based advantage allowances are provided to advisers via Rutherford Bloom plc’s Aggregation Allocation Advantage Plan.

 

The fair bulk of options accepted beneath the Aggregation Allocation Advantage Plan is recognised as an agent allowances bulk with a agnate acceptance in equity. The absolute bulk to be expensed is bent by advertence to the fair bulk of the options granted:

· Including any bazaar achievement altitude (e.g. the entity’s allocation price);

· Excluding the appulse of any annual and non-market achievement vesting altitude (e.g. profitability, sales beforehand targets and absolute an agent of the article over a authentic time period); and

· Including the appulse of any non-vesting altitude (e.g. the claim for advisers to save or ascendancy shares for a specific aeon of time).

 

The absolute bulk is recognised over the vesting period, which is the aeon over which all of the authentic vesting altitude are to be satisfied. At the end of anniversary period, the article revises its estimates of the cardinal of options that are accustomed to belong based on the non-market vesting and annual conditions. It recognises the appulse of the afterlight to aboriginal estimates, if any, in accumulation or loss, with a agnate acclimation to equity.

 

3. Banking accident factors

3.1 Banking accident factors

The Group’s operations may betrayal it to a array of banking risks that accommodate the bazaar risk, acclaim risk, operational accident and clamminess risk. The Group, through its Lath of Directors, seeks to absolute the adverse furnishings on the banking achievement of the Accumulation as follows:

 

(a) Bazaar risk

Market accident for the Accumulation encompasses all those bazaar accident factors that appulse the bulk of the Group’s assets and liabilities and the accustomed bulk in abject bill of the Group’s revenues and costs. The basal accident factors are bill risk, aggrandizement accident and absorption bulk risk. The Group’s behavior for managing these are as follows:

 

(i) Bill risk

The Accumulation is apparent to translational and transactional adopted barter accident as it operates in assorted currencies, including US Dollars and the Euro, which affect the administration and levels of alive capital.

 

Any arrangement in which the acclimation bulk is in antithesis of £100,000 and is bidding in a bill added than Sterling, or in which a calm bill acquittal bulk is afflicted application an barter bulk which has not been anchored and agreed in beforehand allegation be accustomed in beforehand by the Accounts Director.

 

Currency ambiguity action for specific ample projects or acquisitions in antithesis of £5m is agreed in beforehand by the Board.

 

As at 28 February 2021, the Accumulation captivated outstanding liabilities of $605,349 and €2,158,420 (2020: $6,824 and €8,408).

 

(ii) Aggrandizement risk

The Accumulation has acknowledgment to the inflationary aftereffect in countries in which it operates. This acknowledgment could affect the Group’s bulk and/or beforehand base. The Group’s bulk abject is mainly apparent to the aggrandizement ante and changes in bulk taxes in the UK.

 

No specific ambiguity of aggrandizement accident has been agitated out although any anticipation movement in aggrandizement forecasts is modelled aural the Group’s banking forecasts for adverse furnishings and to ensure able alive basal is attainable for operations.

 

(iii) Absorption bulk risk

Interest bulk accident arises primarily on the Group’s borrowings or on its beforehand of the banknote balances. In particular, absorption on the majority of the Group’s borrowings is afflicted by LIBOR.

 

The Accumulation affairs its operations through retained banknote affluence and, potentially, defalcation facilities. The action of the Accumulation is to adviser acknowledgment to absorption bulk accident and booty into annual abeyant movements in absorption ante as able-bodied as clamminess considerations back selecting methods of financing.

 

(b) Acclaim risk

Credit accident is the accident that a third affair ability abort to fulfil its achievement obligations beneath the acceding of a banking instrument. For banknote and banknote equivalents and barter and added receivables, acclaim accident represents the accustomed bulk on the antithesis sheet.

 

The Accumulation has three basal classes of Payor: Self-Pay Patients, Clandestine Medical Insurers and the NHS.

 

Private Medical Insurers and the NHS are accounted to be of low acclaim risk. There are almost few Clandestine Medical Insurers in the market, and accept acceptable acclaim ratings to abutment acclaim terms. The NHS is a state-backed institution. Acclaim acceding for Clandestine Medical Insurers and the NHS ambit from 30 to 60 days.

 

Self-pay patients inherently backpack a college accident profile, and the Accumulation accordingly insists on austere funds in beforehand afore any assay is delivered.

 

The Group’s business will be predominantly with companies with a low inherent bad debt risk. The Accumulation is accordingly absurd to booty out acclaim allowance in the accountable future.

 

The Accumulation will alone beforehand surplus funds in UK bank/building association deposits, denominated in Pounds Sterling. Furthermore, funds will alone be invested with Prudential Authoritative Ascendancy adapted UK banking institutions. In addition, alone banks or architecture societies accepting a satisfactory appraisement – at atomic a B brand (high quality/upper boilerplate grade/strong) – with Standard and Poors, Fitch and Moody’s will be selected.

 

(c) Operational risk

The Accumulation has abundant operational risks, alignment from ascendancy over coffer accounts to its processes for accustomed and acknowledging accommodating affliction centres to a adapted akin of quality, affirmation and on a adapted abject and assimilation and application of key personnel. A key risk, as for any Group, is the reputational accident that ability appear from poor execution, non-delivery or backward allegation of a high-profile action or aperture of acquaintance for acute data.

 

The Group’s Admiral consistently analysis controls over assertive aspects of the operations of the Group. In addition, the Admiral beforehand an operational accident register. The Lath attaches accent to beforehand adapted centralized controls to advice analyze banking accident and treasury administration implications.

 

(d) Clamminess risk

Liquidity accident is the accident of accident from not accepting acceptance to acceptable funds to accommodated both accustomed and abrupt banknote demands.

 

The Accumulation seeks to administer banking accident by ensuring that acceptable clamminess is attainable to accommodated accountable needs and by beforehand banknote assets cautiously as able-bodied as profitably. The Group’s alive basal address shows anticipation annual movements in alive basal and banknote for the afterward year.

 

The table beneath analyses the Group’s non-derivative banking liabilities into accordant ability groupings based on the absolute aeon at the antithesis area date to the acknowledged ability date. The amounts appear in the table are the acknowledged undiscounted banknote flows:

 

At 28 February 2021

Less than

1 year

£’000

Between

1 and 2 years

£’000

Between

2 and 5 years

£’000

Over

5 years

£’000

Trade payables and added payables

9,973

–

–

–

Borrowings

18,526

–

–

–

Lease liabilities

59

64

131

437

28,558

64

131

437

 

 

At 28 February 2020

Less than

1 year

£’000

Between

1 and 2 years

£’000

Between

2 and 5 years

£’000

Over

5 years

£’000

Trade payables and added payables

15,944

–

–

–

Borrowings

249

1,325

8,426

–

Lease liabilities

103

44

117

442

16,296

1,369

8,543

442

 

3.2 Basal management

The cold of the Accumulation in acceding of basal administration is to aegis its adaptation to abide as a action affair in acclimation to ensure bulk for its shareholders and accumulation for added holders of its net disinterestedness instruments and to beforehand an optimum basal anatomy and abate its cost.

 

Management commendations the basal of the Accumulation to comprise the issued allocation basal and retained earnings. Administration will use assets as the basal apparatus of managing and abiding surplus basal to shareholders and to accomplish such allocation as and back surplus basal is identified.

 

4. Critical accounting estimates and judgments

Estimates and judgments are always evaluated and are based on absolute acquaintance and added factors, including expectations of approaching contest that are believed to be reasonable beneath the circumstances.

 

4.1 Critical accounting estimates and assumptions

The Accumulation makes estimates and assumptions apropos the future. The consistent accounting estimates will, by definition, hardly according the accompanying absolute results. The estimates and assumptions that accept a cogent accident of causing a absolute acclimation to the accustomed amounts of assets and liabilities aural the abutting banking year are addressed below.

 

(a) Deferred taxation assets

As appear in Agenda 14, the Accumulation has recognised deferred taxation assets of £10,342,000 (2020: £10,342,000), and unrecognised deferred taxation assets of £7,350,705 (2020: £355,890) arising predominantly from unutilised trading losses.

 

The acceptance of deferred tax assets is accountable to estimations of the approaching attainable taxable profits that the admiral accede to be added acceptable than not to occur, based on the Group’s approaching forecasts over a reasonable aeon of time.

 

(b) Accustomed bulk of property, bulb and equipment

Property, Bulb and Accessories is capitalised at accretion bulk and attenuated over its advantageous bread-and-butter life. The useful bread-and-butter lives and antithesis ethics are reassessed annually. They are adapted back all-important to reflect accustomed estimates, based on abstruse advancement, approaching investments, bread-and-butter utilisation and the concrete action of the assets. See Agenda 2.7 for the bread-and-butter advantageous lives for anniversary chic of assets. Crime triggers are adjourned annually by the Admiral with estimates actuality fabricated to actuate the fair bulk of property, bulb and accessories at the antithesis area date. Fair bulk for this appraisal is advised to be the college of bulk in use (determined by a discounted banknote breeze model) or affairs bulk beneath bulk of auctioning (determined by a bazaar valuation). No triggers were articular at 28 February 2021.

 

5. Property, bulb and equipment

 

Group

Freehold

property

£’000

Plant &

machinery

£’000

IT

equipment

£’000

Fixtures &

fittings

£’000

Motor

vehicles

£’000

Right-of-use

assets

£’000

Assets

under

construction

£’000

Total

£’000

Cost

At 1 March 2019

4,262

70,542

1,915

751

11

889

63,530

141,900

Additions

9

–

451

139

–

45

18,906

19,550

Disposals

–

(501)

–

–

(11)

(168)

–

(680)

Transfer in/(out)

–

37,572

–

–

–

–

(37,572)

–

At 29 February 2020

4,271

107,613

2,366

890

–

766

44,864

160,770

Accumulated depreciation

At 1 March 2019

207

3,028

1,150

268

11

222

–

4,886

Charge for the year

131

4,856

438

213

–

141

–

5,779

On disposal

–

(36)

–

–

(11)

(165)

–

(212)

At 29 February 2020

338

7,848

1,588

481

–

198

–

10,453

Net book value

At 29 February 2020

3,933

99,765

778

409

–

568

44,864

150,317

At 28 February 2019

4,055

67,514

765

483

–

667

63,530

137,014

 

 

 

Group

Freehold

property

£’000

Plant &

machinery

£’000

IT

equipment

£’000

Fixtures &

fittings

£’000

Motor

vehicles

£’000

Right-of-use

assets

£’000

Assets

under

construction

£’000

Total

£’000

Cost

At 1 March 2020

4,271

107,613

2,366

890

–

766

44,864

160,770

Additions

–

3,986

754

82

–

136

4,097

9,055

Transfer in/(out)

–

20,380

–

–

–

–

(20,380)

–

Disposals

–

(1,081)

(29)

–

–

(143)

–

(1,253)

At 28 February 2021

4,271

130,898

3,091

972

–

759

28,581

168,572

Accumulated depreciation

At 1 March 2020

338

7,848

1,588

481

–

198

–

10,453

Charge for the year

147

6,073

555

215

–

269

–

7,259

On disposal

–

(201)

(2)

–

–

(97)

–

(300)

At 28 February 2021

485

13,720

2,141

696

–

370

–

Employee Weekly Status Report In Staff Progress Report Template

17,412

Net book value

At 28 February 2021

3,786

117,178

950

276

–

389

28,581

151,160

At 29 February 2020

3,933

99,765

778

409

–

568

44,864

150,317

 

Company

IT

equipment

£’000

Fixtures &

fittings

£’000

Right-of-use

assets

£’000

Total

£’000

Cost

At 1 March 2020

897

22

231

1,150

Additions

294

–

136

430

Disposals

(29)

–

(143)

(172)

At 28 February 2021

1,162

22

224

1,408

Accumulated depreciation

At 1 March 2020

770

16

70

856

Charge for the year

97

3

91

191

On disposal

(2)

–

(98)

(100)

At 28 February 2021

865

19

63

947

Net book value

At 28 February 2021

297

3

161

461

At 29 February 2020

127

6

161

294

 

 

6. Abstract assets

Group and Company

Intellectual property

£’000

Cost

At 1 March 2019

721

At 29 February 2020

721

Amortisation

At 1 March 2019

180

Charge for the Year

241

At 29 February 2020

421

Carrying amount

At 29 February 2020

300

At 28 February 2019

541

 

 

Group and Company

Intellectual property

£’000

Cost

At 1 March 2020

721

At 28 February 2021

721

Amortisation

At 1 March 2020

421

Charge for the year

240

At 28 February 2021

661

Carrying amount

At 28 February 2021

60

At 29 February 2020

300

 

Acquisition represents bookish acreage as allocation of insourcing the IT functions. The asset is actuality amortised over three years.

 

There is no added allegation to access abstract assets action forward.

 

7. Investments

 

Group

Other

investments

other than

loans

£’000

Fair value

At 1 March 2019

–

Fair bulk accretion on captivation in PPIHI LLC

3,704

At 29 February 2020

3,704

Carrying amount

At 29 February 2020

3,704

 

Group

Other

investments

other than

loans

£’000

Fair value

At 1 March 2020

3,704

Divestment of captivation in PPIHI LLC

(3,358)

Fair bulk acclimation aloft divestment

(346)

At 28 February 2021

–

Carrying amount

At 28 February 2021

–

At 29 February 2020

3,704

 

 

Company

Shares in

Group

undertakings

£’000

 Other investments

£’000

Total

£’000

Cost/Fair value

At 1 March 2019

137

–

137

Additions

94

–

94

Fair bulk assets on investment

–

3,704

3,704

At 29 February 2020

231

3,704

3,935

Carrying amount

At 29 February 2020

231

3,704

3,935

At 28 February 2019

137

–

137

 

 

Company

Shares in

Group

undertakings

£’000

 Other investments

other than

loans

£’000

Total

£’000

Cost/Fair value

At 1 March 2020

231

3,704

3,935

Additions

85

–

85

Divestment of captivation in PPIHILLC

–

(3,358)

(3,358)

Fair bulk acclimation aloft divestment

–

(346)

(346)

At 28 February 2021

316

–

316

Carrying amount

At 28 February 2021

316

–

316

At 29 February 2020

231

3,704

3,935

 

Subsidiaries, assembly and added investments

Details of the investments in which the Accumulation and the Parent Aggregation accept an absorption of 20% or added are as follows:

 

Name of subsidiary

Class of share

Percentage of

shares held

Principal activity

Rutherford Blight Affliction Limited

Ordinary

100

Medical convenance activities

Rutherford Affection Limited

Ordinary

100

Medical convenance activities

Rutherford Estates Limited

Ordinary

100

Development of property

Rutherford Innovations Limited

Ordinary

100

Development activity

Proton Partners All-embracing Limited

Ordinary

100

Dormant

Rutherford Infrastructures Limited

Ordinary

100

Development of property

Rutherford Estates Administration Limited

Ordinary

100

Property management

Rutherford Investments Canada Inc.

Ordinary

100

Investments

 

All subsidiaries are anon captivated by the Company. The subsidiaries’ registered offices are Suite 4 Penn House, 9-10 Broad Street, Hereford, HR4 9AP.

 

Other investments – Accumulation and Company

Other investments are classified as banking assets at FVOCI.

 

Other investments comprise of Nil (2020: £3,704,000) afterward the auction of the captivation in Proton Partners All-embracing Healthcare Investments LLC.

 

8. Barter and added receivables

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Trade debtors

3,823

591

–

–

Amounts due from accessory companies

–

–

236,972

195,815

Prepayments and accrued income

5,389

3,911

494

451

Other debtors

242

3,232

3,218

3,171

VAT recoverable

11

1,979

–

–

Total barter and added receivables

9,465

9,713

240,684

199,437

 

The debtor balances are apparent at their amortised bulk and there are no cogent differences with annual to their fair value. There were no accoutrement for crime fabricated during the year.

 

The accustomed amounts of the receivables are all denominated in Pounds Sterling. Amounts due from accessory companies are absorption chargeless and repayable on demand.

 

There were no accoutrement for crime fabricated during the year and there is no accounted appulse of applying Expanded Acclaim Accident (‘ECL’) alignment beneath IFRS 9 as in the above-mentioned year.

 

9. Banknote and banknote equivalents

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Cash at coffer and in hand

1,493

19,157

1,371

19,151

Net banknote and banknote equivalents

1,493

19,157

1,371

19,151

 

All balances were captivated at a banking academy with a acceptable acclaim rating.

 

10. Alleged up allocation capital

Issued, alleged up and absolutely paid:

 

Group and Company

Number of shares

£’000

Ordinary

shares

Growth

shares

Deferred

shares

Ordinary

shares

Growth

shares

Deferred

shares

Total

At 1 March 2019

152,701,897

–

–

152

–

–

152

Issued in year

39,794,600

–

–

40

–

–

40

At 29 February 2020

192,496,497

–

–

192

–

–

192

Issued in year

5,515,204

–

–

6

–

–

6

At 28 February 2021

198,011,701

–

–

198

–

–

198

 

On 11 March 2020, the Aggregation allotted 5,476,742 £0.001 Accustomed shares for £1.76 each.

 

On 27 May 2020 the Aggregation issued 38,462 £0.001 Accustomed shares for £1.00.

 

In all instances of issues of Accustomed shares, application was annoyed by cash.

 

11. Reserves

Share exceptional account

The allocation exceptional annual represents amounts aloft on the antecedent allocation of allocation basal in antithesis of the nominal bulk of the shares issued.

 

Retained earnings/(accumulated losses)

Retained earnings/(accumulated losses) represent the accumulated profits and losses of the Accumulation and Aggregation beneath any distributions made.

 

12. Borrowings

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Current

Loans

17,582

9,880

18,431

9,880

Lease Liabilities

59

103

43

80

Non-current

Lease liabilities

632

603

118

89

18,273

10,586

18,592

10,049

 

Loans

Current loans abide of one accommodation acceding (2020: one) alluring anchored absorption of 6.25% with a ability contour as follows:

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Repayable in:

Less than one year

18,526

249

18,526

498

One to two years

–

1,325

–

2,651

Two to bristles years

–

8,426

–

6,851

More than bristles years

–

–

–

–

Total repayable

18,526

10,000

18,526

10,000

Less: unamortised debt affair costs

(944)

(120)

(95)

(120)

Carrying value

17,582

9,880

18,431

9,880

 

The accustomed bulk of loans approximates to their fair value.

 

The accommodation was anchored by agency of blended debenture, anchored and amphibian accuse over all acreage and assets of the Aggregation and Group. This accommodation became repayable on address due to a agreement breach in February 2021 and was absolutely repaid in March 2021.

 

Leases

The Accumulation and Aggregation charter assorted appointment bounds and land. Rental affairs are about fabricated for anchored periods of three to ten years for appointment bounds and ten to 98 years for land. Charter acceding are adjourned on an alone abject and accommodate a advanced ambit of altered acceding and conditions. The charter agreements do not appoint any covenants, but busy assets may not be acclimated as aegis for borrowing purposes.

 

Lease liabilities are repayable as follows:

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Repayable in:

Less than one year

59

103

43

80

One to two years

64

44

46

28

Two to bristles years

131

117

71

61

More than bristles years

437

442

–

–

Total repayable

691

706

160

169

Carrying value

691

706

160

169

 

Included aural property, bulb and accessories are right-of-use assets with a net book bulk as follows:

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Freehold property

389

568

161

161

 

Additions to the Group’s right-of-use assets were £136,000 (2020: £45,000).

 

The abrasion accuse recognised in accumulation and accident on right-of-use assets are as follows:

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Freehold property

269

141

91

68

 

Details of accounts accuse expensed in accumulation and accident in annual of charter liabilities are appear in Agenda 21.

 

Details of costs apropos to concise leases, leases of low-value assets and capricious charter payments are accustomed in Agenda 16.

 

Details of absolute banknote address for leases in the Accumulation are accustomed in the Circumscribed Banknote Breeze Statement. The absolute banknote address for the Accumulation was £15,000 (2020: £72,000).

 

13. Barter and added payables

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Trade payables

2,886

13,123

789

402

Accrued expenses

6,260

1,987

699

408

VAT payable

–

–

–

24

Other creditors

827

834

212

465

9,973

15,944

1,700

1,299

 

All barter and added payables are classified as added banking liabilities captivated at amortised cost.

 

14. Deferred tax asset

The movement in deferred assets tax assets during the year is as follows:

 

Group

Accelerated

capital

allowances

£’000

Short-term

temporary

differences

£’000

Pension and

post-

retirement

benefits

£’000

Tax losses

carried

forward and

other

deductions

£’000

Total

£’000

At 1 March 2019

511

48

2

5,480

6,041

Current year acclaim to assets statement

456

68

–

3,777

4,301

At 29 February 2020

967

116

2

9,257

10,342

Current year (charge)/credit to assets statement

–

–

–

–

–

At 28 February 2021

967

116

2

9,257

10,342

 

The Accumulation has unrecognised deferred tax assets of £7,350,705 (2020: £355,890).

Kostenloses Monthly Progress Report Within Staff Progress Report Template

 

The Accumulation expects to utilise the assets added than 12 months afterwards the antithesis area date.

 

Company

Accelerated

capital

allowances

£’000

Short-term

temporary

differences

£’000

Pension and

post-

retirement

benefits

£’000

Tax losses

carried

forward and

other

deductions

£’000

Total

£’000

At 1 March 2019

146

–

4

1,635

1,785

Current year (charge) to assets statement

–

–

–

(31)

(31)

At 29 February 2020

146

–

4

1,604

1,754

Current year (charge)/credit to assets statement

–

–

–

–

–

At 28 February 2021

146

–

4

1,604

1,754

 

 

Deferred tax assets

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

To be recovered afterwards added than 12 months

10,342

10,342

1,754

1,754

 

Deferred tax is afflicted at 19%, the bulk essentially allowable at the antithesis area date. The Accounts Act 2021 added the UK bulk of Association Tax to 25% from 1 April 2023. The 25% bulk increases the Group’s recognised deferred tax asset to £13.6 actor and its unrecognised deferred tax asset to “9.6 million, and the Company’s recognised deferred tax asset to £2.3 actor and its unrecognised deferred tax asset to £0.1 million”.

 

15. Revenue

The Accumulation has recognised the afterward amounts apropos to acquirement in the Circumscribed Annual of Absolute Absolute Income:

 

2021

£’000

2020

£’000

Revenue from blight treatment

7,269

5,606

 

All revenues arose in the United Kingdom and from the arch action of the Group.

 

16. Accident afore taxation

Loss afore taxation is declared afterwards charging/(crediting):

 

2021

£’000

2020

£’000

Depreciation charges:

– Owned assets

6,990

5,638

– Right-of-use assets

269

141

Operating charter charges:

– Bulk apropos to low-value assets not on concise leases

12

12

Foreign barter gains

525

193

Employee annual costs (see Agenda 18)

10,997

10,115

 

17. Auditors’ remuneration

During the aeon the afterward casework were acquired from the Company’s auditor:

 

2021

£’000

2020

£’000

Fees payable for the analysis of the banking statements of the Company

42

32

Fees payable for the analysis of the banking statements of the subsidiaries

23

14

Other services

11

3

76

49

 

18. Agent annual expense

 

Group

Company

2021

£’000

2020

£’000

2021

£’000

2020

£’000

Wages and salaries

9,009

8,405

3,030

3,019

Social aegis costs

934

894

3,217

327

Other alimony costs – authentic contribution

952

825

344

307

Share-based payment

117

125

117

125

11,012

10,249

6,708

3,778

Less: capitalised labour costs

(15)

(134)

–

–

Employee annual expense

10,997

10,115

6,708

3,794

 

The boilerplate annual cardinal of bodies (including Authoritative Directors) active during the year was:

 

Group

Company

2021

No.

2020

No.

2021

No.

2020

No.

Managerial

50

47

17

19

Clerical

173

123

35

28

223

170

52

47

 

The cardinal of advisers in the Accumulation at 28 February 2021 was 215 (2020: 183).

 

19. Directors’ remuneration

The Directors’ accumulated accomplishment in annual of condoning casework was:

 

2021

£’000

2020

£’000

Remuneration

538

586

Company contributions to authentic accession alimony plans

27

32

565

618

 

Retirement allowances accrued to four (2020: four) Directors.

 

The accumulated allowance for the accomplished paid Director were £203,908 (2020: £183,655) and the alimony contributions for that Director were £22,000 (2020: £19,800).

 

20. Share-based acquittal benefits

Set out beneath is a arbitrary of options accepted beneath the plan:

 

2020/2021

2019/2020

Average

exercise price

of options

£

Number of

options

Average

exercise price

of options

£

Number of

options

As at 1 March

1.51

4,551,326

1.2

3,353,038

Granted

2.39

818,136

2.39

1,198,288

As at 29 February/28 February

1.64

5,369,462

1.51

4,551,326

 

No options vested in the year assured 28 February 2021 (2020: 1,496,007).

 

No options asleep during the year assured 28 February 2021 (2020: Nil). 406,306 options accomplished during the year due to leavers (2020: 606,620).

 

Share options at the end of the year accept the afterward accomplishment date and exercise prices:

 

Grant date

Expiry date

Exercise

price

£

2021

Number

2020

Number

6 March 2017

5 March 2027

1.0

1,474,529

1,568,437

1 September 2017

31 August 2027

1.15

143,345

154,139

24 April 2018

23 April 2028

1.5

367,730

451,383

21 May 2018

20 May 2028

1.5

249,327

249,327

1 June 2018

31 May 2028

1.5

38,858

38,858

24 September 2018

23 September 2028

2.0

119,943

127,931

14 June 2019

13 June 2029

2.39

954,939

1,132,747

20 July 2019

19 July 2029

2.39

18,000

19,500

31 August 2020

30 August 2030

2.39

787,481

–

 

2,393,732 of the outstanding options were exercisable as at 28 February 2021 (2020: 2,590,075).

 

The abounding boilerplate absolute acknowledged action of options at 28 February 2021 was seven years (2020: eight years).

 

The adjourned fair bulk at admission date of options accepted during the year assured 28 February 2021 was 22.96 pence per advantage (2020: 22.96 pence). The fair bulk at admission date is bent application the Black-Scholes Archetypal which takes into annual the exercise price, the appellation of the option, the allocation bulk at admission date and accustomed bulk animation of the basal share, the accustomed allotment yield, the certain absorption bulk for the appellation of the advantage and the correlations and volatilities of the associate accumulation companies.

 

The key archetypal inputs for options accepted during the year assured 28 February 2021 included:

 

Date of grant

31 Aug

2020

Expected vesting aeon (years)

3

Share bulk at date of admission (£)

1.76

Volatility (%)

33.3

Risk-free absorption bulk (%)

0.75

21. Accounts expense

 

2021

£’000

2020

£’000

Interest on coffer loans

1,217

2,063

Amortisation of debt fees

25

1,492

Lease liabilities

58

60

Total accounts expense

1,300

3,615

 

22. Assets tax credit

 

2021

£’000

2020

£’000

Current tax:

UK association tax

(227)

(246)

Adjustment in annual of above-mentioned years

14

(295)

Total accustomed tax

(213)

(541)

Deferred tax:

Impact of changes in tax law and rates

–

–

Origination and changeabout of acting differences

–

(4,378)

Adjustment in annual of above-mentioned years

–

77

Total deferred tax

–

(4,301)

Total tax credit

(213)

(4,842)

 

The tax on the Group’s accident afore tax differs from the abstract bulk that would appear application the tax bulk applicative to losses of the Accumulation as follows:

2021

£’000

2021

£’000

Loss afore tax

(32,441)

(29,276)

Notional acclaim at UK association tax bulk of 19% (2020: 19.%)

(6,163)

(5,562)

Tax furnishings of:

– Costs not deductible for tax purposes

566

64

– Adjustments due to changes in tax rates

(1,254)

537

– Added differences

(3)

355

– R&D expenditure

(241)

(168)

– Acclimation in annual of above-mentioned years

(94)

(218)

– Deferred tax asset not recognised/(recognition of ahead unrecognised)

6,976

150

Tax acclaim for the period

(213)

(4,842)

 

Factors that may affect approaching tax charges

Changes to the UK Association tax bulk were appear as allocation of the March 2021 budget. These included increases to the basal bulk from 19% to 25% from 1 April 2023. This change was not essentially allowable at the antithesis area date so deferred taxes accept been abstinent acclimated the 19% bulk and reflected in these Banking statements.

 

23. Banknote acclimated in operations

2021

£’000

2020

£’000

Loss afore assets tax

(32,441)

(29,276)

Adjustments for:

– Abrasion and amortisation

7,500

6,020

– Accounts costs

1,300

3,615

– (Profit)/Loss on auctioning of anchored assets

(180)

468

– Non-cash agent allowances bulk – share-based payments

117

125

Changes in alive capital

– Barter and added receivables

248

(2,798)

– Barter and added payables

(5,971)

(12,231)

Cash acclimated in operations

(29,427)

(34,077)

 

24. Reconciliation of liabilities arising from costs activities

At

1 March

2019

£’000

Cash

flows

£’000

Loan fees

(Non-cash)

£’000

At

29 February

2020

£’000

Non-current

Loans

23,737

(15,349)

1,492

9,880

Lease liabilities

778

(72)

–

706

Total liabilities arising from costs activities

24,515

(15,421)

1,492

10,586

 

 

At

1 March

2020

£’000

Cash

flows

£’000

Loan fees

(Non-cash)

£’000

At

28 February

2021

£’000

Current

Loans

9,880

7,677

25

17,582

Lease Liabilities

103

(44)

–

59

Non-current

Lease liabilities

603

29

–

632

Total liabilities arising from costs activities

10,586

7,662

25

18,273

 

 

25. Banking instruments by category

Group

At 28 February 2020

At amortised cost

£’000

FVOCI

£’000

Total

£’000

Assets as per antithesis sheet

Trade and added receivables excluding prepayments

5,802

–

5,802

Investments

–

3,704

3,704

Cash and banknote equivalents

19,157

–

19,157

24,959

3,704

28,663

 

At 28 February 2021

At amortised cost

£’000

FVOCI

£’000

Total

£’000

Assets as per antithesis sheet

Trade and added receivables excluding prepayments

4,076

–

4,076

Investments

–

–

–

Cash and banknote equivalents

1,493

–

1,493

5,569

–

5,569

 

At 28 February 2020

At amortised cost

£’000

Liabilities as per antithesis sheet

Borrowings

9,880

Lease liabilities

706

Trade and added payables excluding non-financial liabilities

15,944

26,530

 

At 28 February 2021

At amortised cost

£’000

Liabilities as per antithesis sheet

Borrowings

17,582

Lease liabilities

691

Trade and added payables excluding non-financial liabilities

9,973

28,246

 

Company

At 28 February 2020

At amortised cost

£’000

FVOCI

£’000

Total

£’000

Assets as per antithesis sheet

Trade and added receivables excluding prepayments

198,986

–

198,986

Investments

231

3,704

3,935

Cash and banknote equivalents

19,151

–

19,151

218,368

–

222,072

 

At 28 February 2021

At amortised cost

£’000

FVOCI

£’000

Total

£’000

Assets as per antithesis sheet

Trade and added receivables excluding prepayments

240,189

–

240,189

Investments

316

–

316

Cash and banknote equivalents

1,371

–

1,371

241,876

–

241,876

 

At 28 February 2020

At amortised cost

£’000

Liabilities as per antithesis sheet

Borrowings

9,880

Lease liabilities

169

Trade and added payables excluding non-financial liabilities

1,299

11,348

 

At 28 February 2021

At amortised cost

£’000

Liabilities as per antithesis sheet

Borrowings

18,432

Lease liabilities

160

Trade and added payables excluding non-financial liabilities

1,700

20,292

 

Credit Affection of Banking Assets

The Accumulation is apparent to acclaim accident from its operating activities (primarily for barter receivables and added receivables) and from its costs activities, including deposits with banks. The Group’s best acknowledgment to acclaim risk, due to the abortion of counterparties to accomplish their obligations as at 28 February 2021, and 28 February 2020, in affiliation to anniversary chic of accustomed banking assets, is the accustomed bulk of those assets as adumbrated in the antithesis sheets.

 

Trade Receivables

The Accumulation has three basal classes of Payor – Self Pay Patients, Clandestine Medical Insurers and the NHS. Clandestine Medical Insurers and the NHS are accounted to be of low acclaim risk. There are almost few Clandestine Medical Insurers in the market, and accept acceptable acclaim ratings to abutment acclaim terms. The NHS is a accompaniment backed institution. Acclaim acceding for Clandestine Medical Insurers and the NHS ambit from 30 to 60 days. Self pay patients inherently backpack a college accident profile, and the Accumulation accordingly insists on austere funds in beforehand afore any assay is delivered. The Group’s business will be predominantly with companies with a low inherent bad debt risk.

 

Cash and Banknote Equivalents

The Accumulation will alone beforehand surplus funds in UK bank/building association deposits, denominated in Pounds Sterling. All banknote is captivated in Barclays Coffer PLC.

 

26. Basal commitments

The Aggregation had £37,765,906 (2020: £43,684,077) of basal bulk apprenticed but not incurred at the year end.

 

27. Accompanying affair transactions

Group

Key administration compensation

The advantage paid or payable to key administration for agent casework is the aforementioned as Directors’ allowance as appear in Agenda 19.

 

Transactions with added accompanying parties

Two of the Group’s advisers are non-dependent accouchement of the Chief Authoritative Officer. The agent annual bulk appear in Agenda 18 includes £75,000 (2020: £66,000) paid to the accompanying employees.

 

Mike Moran had a baby shareholding in Proton Partners All-embracing Healthcare Investments LLC, and accustomed $44,131 in acquittal for these aloft divestment.

 

28. Ultimate authoritative party

There is no ultimate authoritative party.

 

29. Accident per share

2021

2020

Weighted boilerplate cardinal of accustomed shares acclimated as the denominator in artful basal antithesis per share

197,777,462

171,885,768

Total absolute bulk for the period

£(32,574,000)

£(20,761,000)

Basic and adulterated accident per allocation (pence)

16.5

12.1

 

30. Column antithesis area events

On 23 March 2021, the Accumulation completed an Basement transaction with Equitix Beforehand Administration Bound for £40,000,000. £18,432,000 of the accretion were acclimated to accord the outstanding accommodation adeptness with TP Leasing Limited.

 

In September 2021, a added £12.35m of disinterestedness was aloft from a new investor. This beforehand will be acclimated for alive basal purposes.

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