THE NEW VICTORIA HOSPITAL LIMITED

• ⚠

  Insolvency history on file

  Companies House holds prior insolvency events for this company. Detail and outcome on the official register.

• ◆

  Material uncertainty over going concern

  We draw attention to the going concern accounting policy on note 2.3 and the wording contained in the 'Reserves and Going Concern' section of the Trustees' Annual Report, both of which indicate that there is a significant uncertainty on the charitable company's ability to repay bank financing due for repayment in November 2024. This material uncertainty casts significant doubt on the charitable company's ability to continue as a going concern beyond December 2024. Our opinion is not modified in respect of this matter. The Trustees have prepared, reviewed and formally approved detailed trading and cash flow projections covering the period beyond 31 December 2025. The Trustees are committed to the business transformation plan integral to these projections, and to ensuring that adequate funding is in place to meet the Bank's requirement for loan repayment in full in November 2025, if necessary, through refinancing. Based on these projections and the bank facility documentation for the increased funding, the Trustees believe, to the best of their belief and knowledge, that the Charity remains a going concern for at least the period to 31 December 2025 and, accordingly, these financial statements have been prepared on the going concern basis.

• ◆

  7 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

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

1. THE NEW VICTORIA HOSPITAL LIMITED 2007-03-26 → present
2. NEW VICTORIA HOSPITAL 2006 LIMITED 2006-08-11 → 2007-03-26

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Menzies LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to the going concern accounting policy on note 2.3 and the wording contained in the 'Reserves and Going Concern' section of the Trustees' Annual Report, both of which indicate that there is a significant uncertainty on the charitable company's ability to repay bank financing due for repayment in November 2024. This material uncertainty casts significant doubt on the charitable company's ability to continue as a going concern beyond December 2024. Our opinion is not modified in respect of this matter. The Trustees have prepared, reviewed and formally approved detailed trading and cash flow projections covering the period beyond 31 December 2025. The Trustees are committed to the business transformation plan integral to these projections, and to ensuring that adequate funding is in place to meet the Bank's requirement for loan repayment in full in November 2025, if necessary, through refinancing. Based on these projections and the bank facility documentation for the increased funding, the Trustees believe, to the best of their belief and knowledge, that the Charity remains a going concern for at least the period to 31 December 2025 and, accordingly, these financial statements have been prepared on the going concern basis.”

Significant events

• “At 31 March 2024, an agreement was in place with the Hospital's bankers, HSBC, granting forbearance of both loans and the overdraft facility until December 2024, making the loans short term creditors. However, a further agreement was received in December 2024, granting continued support of the Hospital in the form of forbearance on the loans and the overdraft facility until November 2025.”
• “£10.98m had been drawn down against the HSBC Loan facility 1 of £17.5m by the end of the financial year (2023 - £10.98m) and £23.96m had been drawn down against the HSBC Loan facility 2 of £24.1m by the end of the financial year (2023 - £24.1m).”
• “In January 2024, the MRI scanner received an extensive upgrade, bringing it in line with a brand-new MRI scanner.”
• “In February, Gill Welch, Director of Clinical. Services (DCS) retired from her position after 7 years at the Hospital. The Hospital celebrated her retirement with an afternoon event and thanked her for her significant contribution, support and hard work. The Hospital welcomed Carol Horsey, as the new Director of Clinical Services in the same month.”
• “The Hospital is currently in breach of its banking covenants as a result of delays in the delivery of the new trading facilities. HSBC remain supportive of the Hospital and the redevelopment project. Testing of the covenants has been deferred until November 2025.”

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

Filings

20

last 12 months

Capital events

0

last 24 months

Officers appointed

5

last 12 months

Officers resigned

7

last 12 months

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