TIDM73GD
RNS Number : 2768J
Transform Schools (N.Lanarks)FdgPLC
16 December 2015
Company Registration No.
5358471
Transform Schools (North
Lanarkshire) Funding plc
Unaudited Interim Accounts
For the Six Months to 30
June 2015
Transform Schools (North Lanarkshire) Funding plc
Unaudited Interim Accounts
Six Month Period to 30 June 2015
Contents Page
Interim Management Report 1
Condensed Income Statement 2
Condensed Statement of Financial Position 3
Notes to the Condensed Financial Statements 4
Transform Schools (North Lanarkshire) Funding plc
Interim Management Report
Six Month Period to 30 June 2015
Principal activities and business review
The Company's principal activity is the financing of a Private
Finance Initiative (PFI) concession contract with North Lanarkshire
Council.
The Directors expect the activities to continue on this
basis.
Key performance indicators (KPIs)
The key performance indicator is that the Company is able to
service the funding requirements through interest and capital
repayments. This is achieved through the successful operation of
Transform Schools (North Lanarkshire) Limited's PFI concession
contract and that it's net cash flow is in line with or better than
forecast. The directors can report that the company was able to
meet all of its funding requirements during the first six months of
the year.
Principal risks and uncertainties
The Company recognises that effective risk management is
fundamental to achieving its business objectives in order to meet
its commitments in financing the PFI contract. Risk management
contributes to the success of the business by identifying
opportunities and anticipating risks in order to improve business
performance and fulfil the Company's contractual obligations.
The directors do not consider that potential risks and
uncertainties have changed since the publication of the annual
report for the year ended 31 December 2014.
Going Concern
The directors have a reasonable expectation that the Company
will be able to settle its liabilities as they fall due for the
foreseeable future and therefore it is appropriate to prepare these
financial statements on the going concern basis.
Transform Schools (North Lanarkshire) Funding plc
Condensed Income Statement
Six Month Period to 30 June 2015
Six months Six months
ended ended
30 June 30 June
2015 2014
(Unaudited) (Unaudited)
Notes GBP'000 GBP'000
Interest receivable and
similar income 2 4,901 4,952
Interest payable and similar
charges 2 (4,901) (4,952)
Profit on ordinary activities
before taxation - -
Taxation on profit on ordinary
activities 3 - -
Profit for the financial
year 8 - -
All activities are derived from continuing operations in the
United Kingdom.
Condensed Statement of Other Comprehensive Income
The Company had no recognised gains or losses during the six
months to 30 June 2015 or the preceding year other than the
reported profit shown above; consequently no statement of other
comprehensive income is presented.
Transform Schools (North Lanarkshire) Funding plc
Condensed Statement of Financial Position
At 30 June 2015
31 December
2014
30 June
2015 (Unaudited) (Audited)
Notes GBP'000 GBP'000
Current assets
Debtors: amounts falling
due within one year 4 8,454 8,544
Debtors: amounts falling
due after more than one
year 4 177,360 174,458
185,814 183,002
Current liabilities
Creditors: amounts falling
due within one year 5 (8,454) (8,544)
Net current assets 177,360 174,458
Creditors: amounts falling
due after more than one
year 6 (177,310) (174,408)
Net assets 50 50
Capital and reserves
Called-up share capital 7 50 50
Profit and loss account 8 - -
Shareholders' funds 9 50 50
Condensed Statement of Changes in Equity
The Company had no movement in equity during the six months to
30 June 2015 or the preceding year other than the reported profit;
consequently no statement of changes in equity is presented.
Transform Schools (North Lanarkshire) Funding plc
Notes to the Condensed Set of Financial Statements
For the Six Month Period to 30 June 2015
1. Accounting policies
The principal accounting policies of the Company are detailed in
the annual audited financial statements. The same accounting
policies and methods of computation are following in the interim
financial statements as compared with the latest audited financial
statements.
Basis of preparation
The interim accounts have been prepared in accordance with
applicable law and United Kingdom accounting standards and under
the historical cost convention.
Following transition to FRS102 from 1 January 2015, the interim
accounts have been prepared in accordance with FRS104. It is
expected that transition will have no impact on the results
reported for the year ending 31 December 2014, or for the six month
period ending 30 June 2015.
Cashflow
In the annual audited financial statements, the Company has
taken advantage of the exemption available under FRS102 and not
prepared a cash flow statement as it is presented in the
consolidated accounts of Consort Healthcare (Blackburn) Holdings
Limited. Consequently, no cashflow statement is presented for the
six month period to 30 June 2015.
2. Net interest receivable
Six months Six months
ended ended
30 June 30 June
2015 2014
(Unaudited) (Unaudited)
GBP'000 GBP'000
Interest receivable on loan
to Transform 4,901 4,952
Schools (North Lanarkshire)
Limited
Interest and fees payable
on bonds and loan (4,901) (4,952)
- -
3. Taxation
The results for the six month period to 30 June 2015 do not give
rise to a tax charge (six month period to 30 June 2014:
GBPnil).
Transform Schools (North Lanarkshire) Funding plc
Notes to the Condensed Set of Financial Statements
For the Six Month Period to 30 June 2015
4. Debtors
31 December
2014
30 June
2015 (Unaudited) (Audited)
GBP'000 GBP'000
Amounts owing from Transform Schools
(North Lanarkshire) Limited 185,814 183,002
Due within one year 8,454 8,544
Due after one year 177,360 174,458
185,814 183,002
5. Creditors: amounts falling due within one year
31 December
2014
30 June
2015 (Unaudited) (Audited)
GBP'000 GBP'000
Index-linked secured bonds 3,916 4,022
Index-linked bank secured term
loan 3,261 3,210
Accrued interest 1,277 1,312
8,454 8,544
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