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Alliance Medical Acquisitionco Limited

Annual Report & Financial Statements 2020 Page 1

Alliance Medical Acquisitionco Limited

Annual Report &

Financial Statements

For the year ended 30 September 2020

Company number 06412789

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Alliance Medical Acquisitionco Limited

Annual Report & Financial Statements 2020 Page 2

DIRECTORS

H A D Marsh

M D Chapman

P P Van Der Westhuizen

S B Viranna (resigned 17 January 2020)

INDEPENDENT AUDITORS

Deloitte LLP

Four Brindleyplace

Birmingham

B1 2HZ

BANKERS

NatWest Bank plc

1 Town Hall Building

Banbury

Oxon

OX16 8JS

REGISTERED OFFICE

Iceni Centre

Warwick Technology Park

Warwick

Warwickshire

CV34 6DA

United Kingdom

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Alliance Medical Acquisitionco Limited

Annual Report & Financial Statements 2020 Page 3

STRATEGIC REPORT

PRINCIPAL ACTIVITY

The principal activity of the Company during the year is the provision of funding to fellow subsidiary undertakings of

the Company’s parent, Alliance Medical Group Limited.

REVIEW OF THE BUSINESS

As stated above the main focus of this company is provide funding as necessary around the Alliance Medical Group.

The company does hold investments in some of the group companies and has various intercompany loans depending

on the funding needs of the group. The company has continued to provide this support throughout this financial year.

The key performance indicators of the Company are:

Year to 30

September 2020

Year to 30

September 2019

£000

Operating loss

(0.3)

Net assets

113,864

115,717

The company does not consider there to be any other key performance indicators relevant to the business.

RESULTS AND DIVIDENDS

The loss for the year amounted to £1,853,000 (year to 30 September 2019: loss of £3,291,000), the majority of this

loss relates to the discounting of contingent consideration payable as well as amortisation of loan setup fees. During

the year a dividend of £nil was paid (2019: £nil).

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STRATEGIC REPORT (continued)

MANAGEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES

The Company’s Directors recognise the importance of sound risk management to the success of operations and

accordingly set policies to mitigate the risks. The principal risks and uncertainties facing the Company and the

potential impact and mitigation are summarised below.

Risk Category

Potential Impact

Mitigation

Exchange rate risk

including economic

risk following

referendum decision

to leave the European

Union

Reduced profitability as a result

of instability in the Sterling to

Euro exchange rate

Hedging via a portion of a parent undertaking’s

borrowings being denominated in Euros.

Liquidity risk

Withdrawal of funding

Liquidity risk is managed at the Group level and

includes regular monitoring of, and reporting

compliance with, bank covenants both

prospectively and retrospectively;

Applying cash collection targets throughout the

Group;

Regular cash flow forecasting, with action taken if

needed to re-time flows.

Counterparty credit

risk

A fellow subsidiary undertaking

may not satisfy its contractual

obligations in meeting its inter-

company liabilities

Counterparty credit risk is mitigated by ensuring

that loans to fellow subsidiaries contribute to the

long term success of the Group.

CAPITAL MANAGEMENT

The primary objective of the Company’s capital management is to ensure that, there are sufficient funds available to

subsidiary undertakings to support sustainable planned growth and expansion, by utilising the funding facilities

available.

To maintain or adjust the capital structuring, the company may review the utilisation of bank funding facilities, hedging

instruments and intergroup borrowings from its subsidiary undertakings.

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Annual Report & Financial Statements 2020 Page 5

STRATEGIC REPORT (continued)

SECTION 172(1) STATEMENT

In performing their duties under section 172, the directors of Alliance Medical Acquisitionco Limited have had regard

to the matters set out in section 172(1) as follows:

The directors’ approach

The Group operates on a decentralised basis, with the Board having established an organisational structure with

clear reporting procedures, lines of responsibility and delegated authority. The Board is ultimately accountable to

the Company’s shareholders for setting the Company’s strategy and for overseeing its financial and operational

performance in line with the parent company’s strategic objectives. Implementation of the Company’s strategic

objectives, as determined and overseen by the Board, is delegated to the local senior management teams within

each region, who are also responsible for the day to day operational management of their businesses.

The Board cultivates strong relationships with key stakeholders so that it is well placed and sufficiently informed to

take their considerations into account when making decisions where appropriate in order to discharge their legal

obligations and to pursue the Company’s strategic objectives. Our purpose is to create long-term value for

stakeholders and in order to do this, we need to understand our stakeholders and what matters to them.

Maintaining our licence to operate

In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the

Companies Act 2006. These general duties include a duty to promote the success of the Company, and specifically to

act in a way that the Director considers, in good faith, would be most likely to promote the success of the Company

for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to:

Board oversight and Decision making

The board meets on a regular basis to review performance, including:

- Clinical governance and quality measures

- Human resource implications

- Operational delivery

- Financial performance

- Progress towards strategic objectives

Key decisions are taken in these meetings, being those which are material or of strategic importance to the Group.

These decisions are made in line with a Delegation of Authority as set by the Board of the ultimate parent company,

Life Healthcare Group Holdings Limited (“Life Healthcare”). For decisions that do fall outside the Delegation of

Authority, a recommendation is made by the Board to the appropriate sub-committee of Life Healthcare Group for

further consideration.

Examples of key decisions taken during the year include:

Approval of 2021 budget

The board approved the final budget for the 12 months to September 2021, in September 2020, subject to the final

approval of the Life Healthcare Group Board. The budget was based on business plans and targets for each main

area of the Group, including any investments needed to fulfil these.

Capital investment in additional CT scanners

During the year the Company acquired additional CT scanners, in order to support various public healthcare

providers’ response to COVID-19, including within Nightingale Hospitals in England.

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Annual Report & Financial Statements 2020 Page 6

STRATEGIC REPORT (continued)

Key Stakeholders

As a healthcare provider, we have a large number of stakeholders, including patients, employees, regulators and

commissioners, customers and suppliers.

Having regard to the need to foster the Company’s business relationships with patients

Our patients are central to everything we do. The board receives regular updates on quality and compliance metrics

so that the quality of services provided can be closely monitored. Patient feedback, both positive and negative, is

essential for the development of our service and to ensure we are providing the best possible care for patients.

Having regard to the interests of the Company’s employees

The Company employs clinical staff and administrative teams to support them and enable their focus on patient

care.

The Company engages with employees through a number of channels, including the Employee Forum, operational

team briefings, regular communications from the UK MD and updates through the intranet.

The Directors monitor the results of regular staff surveys, so that the board is able to discuss human resourcing

matters with the interests of the employees at the centre. Engaging with our employees enables us to create an

inclusive culture and a positive working environment.

Having regard to the need to foster the Company’s business relationships with Regulators & Commissioners

As a provider of healthcare services, it is essential our services are provided in line with local regulator &

commissioners needs. The Board will consider the requirements of regulators & commissioners when making

decision on resource allocations.

Having regard to the need to foster the Company’s business relationships with Customers

A close working relationship with our customers, who are predominantly public healthcare providers, helps us to

better understand their needs. Our teams use their significant experience in providing high quality healthcare

services to constantly refine what we do to provide continuous improvement in our service offering.

With respect to long term decisions

All major decisions are reviewed and validated by the directors at regular board meetings with all key decisions

supported by detailed briefings identifying main issues, main recommendations, and alternatives considered and

the likely long term impact on the company in respect of value creation, its environmental and community effect

and any implications for key stakeholders.

With respect to high standards of business conduct

We acknowledge the responsibility we have to our local community in which we operate and given our global

presence, our duty to act on an international scale. The vast majority of our workforce is drawn from local residence

generating wealth in the areas we operate as well as bolstering employment opportunities.

Having regard to the need to act fairly as between members of the company

The ultimate parent undertaking is Life Healthcare Group Holdings Limited, incorporated in South Africa. The board

at South Africa level are represented within Life UK Holdco Ltd and its subsidiaries as mutual directors sit on both

boards. As a result the directors are fully aligned with its shareholders.

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Annual Report & Financial Statements 2020 Page 7

STRATEGIC REPORT (continued)

Having regard to the need to foster the Company’s business relationships with Suppliers

The company has good relationships with its key suppliers and often works in partnership with them to deliver

innovative solutions to better benefit other stakeholders.

Having regard to the need to foster the Company’s business impacts on the environment

The Company recognises the serious threat posed by climate change and the urgent need for meaningful action. As

part of their improvement plans, our businesses seek to reduce their GHG emissions over time through more

efficient use of electricity, fuel and heat, and by increasing the proportion of renewable energy where commercially

viable.

FUTURE DEVELOPMENTS

The Directors continue to seek opportunities to enhance shareholder value through investments.

Approved by the board on 23 December 2020 and signed on its behalf by:

H A D Marsh

Director

Iceni Centre

Warwick Technology Park

Warwick

CV34 6DA

United Kingdom

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Annual Report & Financial Statements 2020 Page 8

DIRECTORS’ REPORT

The Directors present their report together with the audited financial statements for the year ended 30 September

2020.

FUTURE DEVELOPMENTS

The Directors continue to seek opportunities to enhance shareholder value by providing suitable finance to Group

companies for the foreseeable future.

DIRECTORS AND THEIR INTERESTS

The Directors of the Company who were in office during the year and up to the date of signing the financial statements

were as follows:

H A D Marsh

M D Chapman

P P Van Der Westhuizen

No Director is beneficially interested in the share capital of the Company.

DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE

During the year and at the date of approval of the financial statements there were insurance cover for Directors’ and

Officers’ liability as permitted under section 232 (2) of the Companies Act 2006. These are third party indemnity policy

and it’s a Global policy arranged by the company’s Ultimate Parent and controlling party, Life Healthcare Group

Holdings Limited.

EMPLOYEE INVOLVEMENT

The Company itself do not employ any staff members other than the directors themselves. The wider Group attaches

considerable importance to the involvement of its employees and has continued to keep them informed on matters

affecting them as employees and on the various factors affecting the performance of the Group. Employees are

consulted on issues directly affecting them wherever practicable, and senior managers and employee representatives

from all areas of the business meet to discuss issues. In some areas of the business, employee surveys are undertaken,

using an independent third party, and the results are shared with employees and are used to drive changes as

required, and also outline the impact economic and financial factors on the company’s performance. Some senior

management are also involved in a share scheme to further encourage their involvement in the company’s success.

EQUALITY

The wider Group is committed to ensuring that recruitment practices promote equality of opportunity in line with the

2010 Equality Act in the UK and relevant legislation in other regions in which the Group operates. The Group treats

all applicants fairly regardless of their sex, sexual orientation, marital status, race, colour, nationality, ethnic or nation

origin, religion, age, disability and union membership status. The Group ensures that no requirement or condition is

imposed without justification, which could disadvantage an individual on any of the above grounds.

The Group continues to be supportive of the employment of disabled persons. Applications for employment from

disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event

an existing member of staff becomes disabled, it is the Group’s policy to provide continued employment wherever

practicable in the same or alternative positions and appropriate training is arranged. It is the policy of the Group that

the training, career development and promotion of disabled employees should, as far as possible, be identical to that

of other employees.

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Annual Report & Financial Statements 2020 Page 9

DIRECTORS’ REPORT (continued)

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

For further detail on the business relationships of the group, please refer to the Section 172 statement in the strategic

report shown on pages 5 to 7.

POLITICAL DONATIONS

The Company made £nil (2019: £nil) political donations during the year.

GOING CONCERN

The Directors performs regular assessments on the going concern status of the Company. These assessments take

into consideration:

 current solvency of the Company;

 current liquidity position;

 available committed and uncommitted bank facilities;

 cash commitments for the next 12 months;

 bank covenants; and

 debt maturities.

As part of the assessments the board of directors has reviewed the Company budgets, forecasts, available cash

resources and unutilised facilities as well as the debt maturity profile. The forecasts for the Company have been

prepared, covering its future performance, capital and liquidity for a period of 12 months from the date of approval

of these financial statements including performing sensitivity analyses. The expected future cash flows were adjusted

to reflect the best estimate of the short and longer-term impact of the COVID-19 pandemic (the pandemic).

To ensure the Company has sufficient cash reserves, in addition to securing bank facilities at Life UK Holdco level,

management has implemented a number of mitigating actions which include cost and cash preservation levers across

the Group’s operations.

The external debt used to provide funding for the Alliance Medical Group companies (of which this company is a

subsidiary) sit outside of these financial statements (the external debt is recorded in Life UK Holdco Limited) and

include covenants that must be met at various measurement points as defined in the contract for these facilities.

These covenants are measured based on the results of the wider group- this being the group headed by Life Healthcare

Group Holdings Limited. Life Healthcare Group Holdings Limited is the ultimate parent undertaking and controlling

party of Alliance Medical Group limited. The wider group successfully refinanced this external debt during March 2020

and extended the Debt’s maturities. This wider Group is in a strong financial position with net debt to normalised

EBITDA as at 30 September 2020 at 2.96 times (2019: 1.96 times). Given the significant uncertainty caused by the

pandemic, the wider Group pre-emptively negotiated amended bank covenants for the period up to 31 March 2021

and continue to monitor prospective compliance with such covenants. In addition, banking facilities have been

increased and the wider Group’s committed undrawn bank facilities as at 30 September 2020 are R6.3 billion.

The Director’s assessments and sensitivity analysis show that the Company has sufficient accessible capital and

liquidity to continue to meet its obligations as they fall due and as a result it is appropriate to prepare these

consolidated financial statements on a going concern basis.

DIVIDENDS

During the period a dividend of £nil was paid (2019: £nil). There have been no dividends .proposed since the year end

FINANCIAL RISK MANAGEMENT

The principal risks and uncertainties facing the Company and the potential impact and mitigation are summarised in

the Strategic Report.

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DIRECTORS’ REPORT (continued)

ENERGY AND CARBON REPORTING

The Company recognises the serious threat posed by climate change and the urgent need for meaningful action. As

part of their improvement plans, our businesses seek to reduce their GHG emissions over time through more

efficient use of electricity, fuel and heat, and by increasing the proportion of renewable energy where commercially

viable.

Alliance Medical submitted its four-yearly ESOS2 Energy Consumption Report in December 2019. The report

provides greater visibility of our energy use across all our supply channels. Alliance Medical is also required to

submit a report in terms of government’s streamlined energy and carbon reporting (SECR) framework for the first

time this year, providing commentary on the practical changes undertaken to improve energy consumption and,

consequently, our environmental footprint. We are also busy transforming our car fleet scheme to introduce electric

vehicles.

Alliance Medical is particularly exposed to radioactive waste due to the nature of its business. We manage this

carefully, along with the control and disposal of general, infectious and hazardous medical waste. We comply with

international waste disposal guidelines and local in-country requirements throughout this process.

POST BALANCE SHEET EVENTS

The Covid pandemic is considered to remain a significant event after the balance sheet date, even though it has also

impacted the group in this financial year. The impact of Covid is still being felt across the globe within the healthcare

industry, including the countries that Alliance Medical Group operate in. Following the balance sheet date, a number

of European Countries, including the UK, has entered second national lock down. The effects of Covid are still felt

around the business, however volumes are almost back to 100% of pre-Covid levels and systems and protocols put in

place during wave 1 of the pandemic now mean that the business can continue to operate at a more effective level

during the ongoing Covid impacts. This is as well as opportunities taken as a result of the pandemic, have meant that

the directors do not believe that the effects of Covid post the balance sheet date lead to a material impact in the

numbers presented and therefore no adjustments are required.

As well as the above there are ongoing discussions between the UK and the EU in relation to a trade deal following

the UKs exit from the EU effective from 1 January 2021. Currently there are no details regarding the likelihood or the

contents of such a deal. As a result it cannot be estimated what impacts Brexit will have on the Company and

therefore no changes have been made to these financial statements.

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DIRECTORS’ REPORT (continued)

AUDITORS

Each of the persons who is a director at the date of approval of this report confirms that:

 so far as the director is aware, there is no relevant audit information of which the Company's auditors are

unaware; and

 the director has taken all the steps that he/she ought to have taken as a director in order to make

himself/herself aware of any relevant audit information and to establish that the company's auditors are aware

of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act

2006.

Deloitte LLP have expressed their willingness to continue in office as auditors and appropriate arrangements have

been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board on 23 December 2020 and signed on its behalf by:

H A D Marsh

Director

Iceni Centre

Warwick Technology Park

Warwick

CV34 6DA

United Kingdom

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STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting

Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the

financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company

and of the profit or loss of the company for that period. In preparing the financial statements, the directors are

required to:

 select suitable accounting policies and then apply them consistently;

 state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

 make judgements and accounting estimates that are reasonable and prudent; and

 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible

for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection

of fraud and other irregularities.

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Annual Report & Financial Statements 2020 Page 13

Independent auditor’s report to the members of Alliance Medical Acquisitionco Limited

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Alliance Medical Acquisitonco Limited (the ‘company’):

 give a true and fair view of the state of the company’s affairs as at 30 September 2020 and of its loss for

the year then ended;

 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the

UK and Republic of Ireland”; and

 have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:

 the profit and loss account;

 the balance sheet;

 the statement of changes in equity; and

 the related notes 1 to 16.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom

Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in

the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable

law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit

of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of

the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we

have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are required by ISAs (UK) to report in respect of the following matters where:

 the directors’ use of the going concern basis of accounting in preparation of the financial statements is

not appropriate; or

 the directors have not disclosed in the financial statements any identified material uncertainties that

may cast significant doubt about the company’s ability to continue to adopt the going concern basis of

accounting for a period of at least twelve months from the date when the financial statements are

authorised for issue.

We have nothing to report in respect of these matters.

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Independent auditor’s report to the members of Alliance Medical Acquisitionco Limited

Report on the audit of the financial statements (continued)

Other information

The directors are responsible for the other information. The other information comprises the information included

in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the

financial statements does not cover the other information and, except to the extent otherwise explicitly stated in

our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial statements or our

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material

misstatement in the financial statements or a material misstatement of the other information. If, based on the

work we have performed, we conclude that there is a material misstatement of this other information, we are

required to report that fact.

We have nothing to report in respect of these matters.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine is necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue

as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website

at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Independent auditor’s report to the members of Alliance Medical Acquisitionco Limited

Report on the audit of the financial statements (continued)

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 the information given in the strategic report and the directors’ report for the financial year for which the

financial statements are prepared is consistent with the financial statements; and

 the strategic report and the directors’ report have been prepared in accordance with applicable legal

requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the

audit, we have not identified any material misstatements in the strategic report or the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

 adequate accounting records have not been kept, or returns adequate for our audit have not been

received from branches not visited by us; or

 the financial statements are not in agreement with the accounting records and returns; or

 certain disclosures of directors’ remuneration specified by law are not made; or

 we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members

those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the

company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Gallimore, FCA (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

Birmingham, United Kingdom

December 2020

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Annual Report & Financial Statements 2020 Page 16

PROFIT AND LOSS ACCOUNT

for the year ended 30 September 2020

The Company’s activities all derive from continuing operations.

There is no other comprehensive income or expenses other than those included above and therefore a statement of

comprehensive income has not been included in these financial statements.

There is no material difference between the loss before taxation and the loss for the financial periods stated above

and their historical cost equivalents.

Year

ended 30

September

2020

Year

ended 30

September

2019

Notes

£000

Administrative expenses

(312)

OPERATING LOSS

(312)

Interest receivable and similar income

11,527

10,126

Interest payable and similar charges

(13,068)

(13,417)

LOSS BEFORE TAXATION

(1,853)

(3,291)

Tax on loss

LOSS FOR THE FINANCIAL PERIOD

(1,853)

(3,291)

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Annual Report & Financial Statements 2020 Page 17

BALANCE SHEET Company registered number: 06412789

As at 30 September 2020

At 30

September

2020

At 30

September

2019

Notes

£000

FIXED ASSETS

Investments

140,542

CURRENT ASSETS

Debtors: amounts falling due within one year

225,758

213,116

Cash at bank and in hand

24,467

11,353

250,225

224,469

CREDITORS: amounts falling due within one year

(19,027)

(19,634)

NET CURRENT ASSETS

231,198

204,835

TOTAL ASSETS LESS CURRENT LIABILITIES

371,740

345,377

CREDITORS: amounts falling due after more than one year

(257,876)

(229,660)

NET ASSETS

113,864

115,717

CAPITAL AND RESERVES

Called up share capital

147,537

Profit and loss account

(33,673)

(31,820)

TOTAL SHAREHOLDERS’ FUNDS

113,864

115,717

The notes on pages 18 to 31 are an integral part of these financial statements.

These financial statements on pages 15 to 31 were approved by the Board of Directors on 23 December 2020 and

were signed on its behalf by:

H A D Marsh

Director

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Alliance Medical Acquisitionco Limited

Annual Report & Financial Statements 2020 Page 18

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 September 2020

Called up

capital

Profit

and loss

account

Total

Shareholders’

funds

£000

At 1 October 2018

147,537

(28,529)

119,008

Loss for the financial year

(3,291)

At 30 September 2019

147,537

(31,820)

115,717

Loss for the financial year

(1,853)

At 30 September 2020

147,537

(33,673)

113,864

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Alliance Medical Acquisitionco Limited

Annual Report & Financial Statements 2020 Page 19

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2020

1. GENERAL INFORMATION

The Company is a private company limited by shares and is incorporated in the United Kingdom under Companies Act

2006 and registered in England. The address of the registered office and principal place of business is shown on page

2. The principal activity of the Company is shown in the Strategic Report on page 3.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with applicable accounting standards in the United

Kingdom, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United

Kingdom and Republic of Ireland” (“FRS 102”) and the Companies Act 2006.

3. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material

in relation to the Company’s financial statements.

Basis of preparation

These financial statements have been prepared on a going concern basis under the historical cost convention.

Going Concern

The Directors performs regular assessments on the going concern status of the Company. These assessments take

into consideration:

 current solvency of the Company;

 current liquidity position;

 available committed and uncommitted bank facilities;

 cash commitments for the next 12 months;

 bank covenants; and

 debt maturities.

As part of the assessments the board of directors has reviewed the Company budgets, forecasts, available cash

resources and unutilised facilities as well as the debt maturity profile. The forecasts for the Company have been

prepared, covering its future performance, capital and liquidity for a period of 12 months from the date of approval

of these financial statements including performing sensitivity analyses. The expected future cash flows were adjusted

to reflect the best estimate of the short and longer-term impact of the COVID-19 pandemic (the pandemic).

To ensure the Company has sufficient cash reserves, in addition to securing bank facilities at Life UK Holdco level,

management has implemented a number of mitigating actions which include cost and cash preservation levers across

the Group’s operations.

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Alliance Medical Acquisitionco Limited

Annual Report & Financial Statements 2020 Page 20

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2020

3. ACCOUNTING POLICIES (continued)