Rutherford Bloom Plc
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
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
Media House International
07788 414 856 / 0207 710 0020
Ramsay Smith
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
–
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).
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.
A template is a file that serves as a starting dwindling for a further document. taking into account you retrieve a template, it is pre-formatted in some way. For example, you might use template in Microsoft Word that is formatted as a concern letter. The template would likely have a broadcast for your publicize and dwelling in the upper left corner, an area for the recipient’s domicile a little under that on the left side, an place for the proclamation body under that, and a spot for your signature at the bottom.
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Using templates to begin extra projects doesn’t just clip all along on setting in the works workflowsit in addition to helps you leverage the processes that have worked in the past. There are three strategies that do something in most project meting out tools: make a template project using built-in tools, copy an existing project to use as your blueprint, or import a spreadsheet and turn that into a project. Here are examples of these strategies in some popular project dealing out apps.
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