LANCASHIRE SCHOOLS SPC PHASE 2 LTD

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  Material uncertainty over going concern

  Directors are engaged in discussions with the Council and the Sub-Contractors to resolve the disputes and have reviewed the Company's projected profits and cash flows by reference to a financial model covering accounting periods up to September 2033. If discussions are successful and Deductions remain at pre-dispute levels, Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. However, if the Senior Lender exercises its right to full repayment of the senior debt or if Deductions associated with defects continue at a level similar to or greater than the level between October 2025 and June 2026, there is a material uncertainty which may cast significant doubt upon the Company's ability to continue as a going concern due to the risk of insolvency and, in particular, insufficient funds to repay the full senior debt when it falls due.

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  Going-concern uncertainty disclosed

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. LANCASHIRE SCHOOLS SPC PHASE 2 LTD 2011-10-17 → present
2. CATALYST EDUCATION (LANCASHIRE) PHASE 2 LIMITED 2007-08-09 → 2011-10-17

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Johnston Carmichael LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Directors are engaged in discussions with the Council and the Sub-Contractors to resolve the disputes and have reviewed the Company's projected profits and cash flows by reference to a financial model covering accounting periods up to September 2033. If discussions are successful and Deductions remain at pre-dispute levels, Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. However, if the Senior Lender exercises its right to full repayment of the senior debt or if Deductions associated with defects continue at a level similar to or greater than the level between October 2025 and June 2026, there is a material uncertainty which may cast significant doubt upon the Company's ability to continue as a going concern due to the risk of insolvency and, in particular, insufficient funds to repay the full senior debt when it falls due.”

Significant events

• “On 25 August 2021, the Company issued a legal claim relating to building defects against the Building Contractor ahead of the expiry of the limitation period under the Building Contract.”
• “In October 2025, the Council notified its intention to make Deductions from the Monthly Unitary Payment ("MUP") as a consequence of alleged Unavailability of Areas related to some alleged fire defects, including some alleged defects included in the claim against the Building Contractor.”
• “In March 2026, an Event of Default occurred in respect of the Senior Debt Service Cover Ratio ("SDSCR") due to the Deductions and high costs incurred by the Company relating to the dispute with the Council and Sub-Contractors leading to a material uncertainty which may cast significant doubt upon the Company's ability to continue as a going concern.”

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

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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