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Life UK Holdco Limited (Alliance Medical UK)

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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 1
Life UK Holdco Limited
Annual Report and
Financial Statements
For the year ended 30 September 2020
Company number 10478866
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 2
DIRECTORS
M D Chapman
H A D Marsh
P P Van Der Westhuizen
S B Viranna (resigned 17 January 2020)
INDEPENDENT AUDITORS
Deloitte LLP
Four Brindley Place
Birmingham
B1 2HZ
BANKERS
Barclays
1 Churchill Place
Canary Wharf
London
E14 5HP
REGISTERED OFFICE
Iceni Centre
Warwick Technology Park
Warwick
Warwickshire
CV34 6DA
United Kingdom
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 3
STRATEGIC REPORT
PRINCIPAL ACTIVITY AND REVIEW OF THE YEAR
The principal activity of the Company during the year is as a holding company.
REVIEW OF THE BUSINESS
The key performance indicator of the Company is:
2020
2019
£000
£000
Loss before taxation
(4,301)
(2,183)
RESULTS AND DIVIDENDS
The loss for the year amounted to £4,301,000 (2019: loss of £2,183,000). The increase in losses in the year is due to
foreign exchange costs as a result of a weakening GBP value against the Euro, impacting the revaluation of the external
loans held in Euros. Dividends totalling £nil were paid in the period (2019: £nil). Net assets as at the end of the year
totalled £532,117,000 (as at 2019: £536,418,000).
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
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, after taking into consideration the
funding facilities available to subsidiary undertakings, there are sufficient funds available to subsidiary undertakings
to support sustainable planned growth and expansion.
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 4
STRATEGIC REPORT (continued)
SECTION 172(1) STATEMENT
In performing their duties under section 172, the directors of Life UK Holdco 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 5
STRATEGIC REPORT (continued)
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.
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.
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 6
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.
Approved by the board on 23 December 2020 and signed on its behalf by:
H A D Marsh
Director
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 7
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 through investments.
DIRECTORS AND THEIR INTERESTS
The Directors of the Company who were in office during the period and up to the date of signing the financial
statements were as follows:
P P Van Der Westhuizen
M D Chapman
H A D Marsh
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.
DIVIDENDS
During the year a dividend of £nil was paid to shareholders (30 September 2019: £nil). Since year end no dividends
have been proposed.
POLITICAL DONATIONS
During the period the company made donations totalling £nil (2019: £nil).
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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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 8
DIRECTORS’ REPORT (continued)
The external debt used to provide funding for the Alliance Medical Group companies (of which this company is a
parent company) sit within these financial statements 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 financial
statements on a going concern basis.
FINANCIAL RISK MANAGEMENT
The principal risks and uncertainties facing the Company and the potential impact and mitigation are summarised in
the Strategic Report.
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.
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 9
DIRECTORS’ REPORT (continued)
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 misstatement 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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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 10
DIRECTORS’ REPORT (continued)
STATEMENT OF DISCLOSURE OF INFORMATION TO 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
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 11
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 101 “Reduced Disclosure
Framework”. 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 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.
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.
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 12
Independent auditor’s report to the members of Life UK Holdco Limited
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Life UK Holdco 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 101 “Reduced Disclosure Framework” 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;
the statement of accounting policies; and
the related notes 1 to 13.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (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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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 13
Independent auditor’s report to the members of Life UK Holdco Limited (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.
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.
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 14
Independent auditor’s report to the members of Life UK Holdco Limited (continued)
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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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 15
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 on ordinary activities before taxation and the loss for the financial
period stated above and its historical cost equivalent.
2020
2019
Notes
£000
£000
Administrative expenses excluding exceptional items
(1,549)
(114)
Exceptional costs
4
-
(1,661)
Total administrative expenses
(1,549)
(1,775)
OPERATING LOSS BEFORE INTEREST AND TAXATION
(1,549)
(1,775)
Interest payable
5
(12,111)
(9,712)
Interest receivable
5
9,359
9,304
LOSS BEFORE TAX
(4,301)
(2,183)
Tax on loss
6
-
-
LOSS FOR THE FINANCIAL YEAR
(4,301)
(2,183)
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 16
BALANCE SHEET Company registered number: 10478866
As at 30 September 2020
2020
2019
Notes
£000
£000
FIXED ASSETS
Investments
7
533,951
533,951
533,951
533,951
NON CURRENT ASSETS
Debtors falling due after more than one year
8
279,705
279,503
279,705
279,503
CURRENT ASSETS
Debtors
8
76,793
55,113
Cash and cash equivalents
164
1
76,957
55,114
CREDITORS: amounts falling due within one year
9
(44)
(35,376)
Derivative financial instruments
9
(710)
(922)
NET CURRENT ASSETS
76,203
18,816
TOTAL ASSETS LESS CURRENT LIABILITIES
889,859
832,270
CREDITORS: amounts falling due after more than one year
9
(357,742)
(295,852)
NET ASSETS
532,117
536,418
CAPITAL AND RESERVES
Called up share capital
10
539,141
539,141
Profit and loss account
(7,024)
(2,723)
TOTAL SHAREHOLDERS’ FUNDS
532,117
536,418
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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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 17
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2020
Called up
share
capital
Profit
and loss
account
Total
Shareholders’
funds
£000
£000
£000
At 1 October 2018
539,141
(540)
538,601
Loss for the year and total comprehensive expense
-
(2,183)
(2,183)
At 30 September 2019
539,141
(2,723)
536,418
Loss for the year and total comprehensive expense
-
(4,301)
(4,301)
At 30 September 2020
539,141
(7,024)
532,117
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Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 18
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 principle 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 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 as
modified by financial instruments recognised at fair value. The Company has applied FRS 101 “Reduced Disclosure
Framework” for these financial statements.
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.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 19
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
3. ACCOUNTING POLICIES (continued)
The external debt used to provide funding for the Alliance Medical Group companies (of which this company is a
parent company) sit within these financial statements 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 financial
statements on a going concern basis.
Standards and interpretations effective in the current period
In the current financial year, the company has adopted the following new and revised Standards, Amendments and
Interpretations. Their adoption has not had a significant impact on the comparative amounts reported in these
Financial Statements or the current year’s results:
IFRS 16: Leases (effective from 01 October 2019)
The Company adopted IFRS 16 “Leases” on 1 October 2019 using the modified retrospective approach, resulting in
no adjustments to the prior year comparatives. IFRS 16 superseded the previous lease guidance, including IAS 17:
“Leases” and related interpretations. IFRS 16 requires all leases, except where exemptions are applied, to be
recognised on the Balance Sheet as a lease liability with a corresponding right-of-use asset presented within
property, plant and equipment.
As a result of the transition to IFRS 16, there were no adjustments to the company’s financial position due to there
being no leases captured by the change in standard.
Basis of consolidation
Group financial statements have not been prepared as permitted by Section 401 of the Companies Act 2006, as the
Company is a wholly owned subsidiary of Life Healthcare Group Holdings Limited, a company incorporated in South
Africa, from whose registered office Group financial statements may be obtained. Therefore these financial
statements present information about the Company and not about its Group.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 20
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
3. ACCOUNTING POLICIES (continued)
Exemptions
As a qualifying entity the company has taken advantage of the following disclosure exemptions under FRS 101:
The requirements of paragraph 45(b) and 46-52 of IFRS 2 “Share Based Payment”;
The requirements of IFRS 7 “Financial Instruments: Disclosures”;
The requirements of paragraphs 91-99 of IFRS 13 “Fair Value Measurement”;
The requirement in paragraph 38 of IAS 1 “Presentation of Financial Statements” to present comparative
information in respect of:
o Paragraph 79(a)(iv) of IAS 1 “Presentation of Financial Statements”;
o Paragraph 73(e) of IAS 16 “Property, Plant and Equipment”; and
o Paragraph 118(e) of IAS 38 “Intangible Assets”;
The requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40C, 40D, 111 and 134-136 of IAS
1 “Presentation of Financial Statements”;
The requirements of IAS 7 “Statement of Cash Flows”;
The requirements of paragraphs 30 and 31 of IAS 8 “Accounting Policies, Changes in Accounting Estimates
and Errors”; and
The requirements in IAS 24 “Related Party Disclosures” to disclose related party transactions entered into
between two or more members of a group, provided that any subsidiary which is a party of the transaction
is wholly owned by such a member.
This information is included in the consolidated financial statements of Life Healthcare Group Holdings Limited as at
September 2020.
Exceptional items
The Company classifies certain one-off charges and credits that have a material impact on the Company’s financial
results as exceptional items. These are disclosed separately to provide further understanding of the financial
performance of the company.
Functional and presentation currency
The Company’s functional and presentation currency is the pound sterling.
Fixed asset investments
Investments in subsidiary undertakings are stated at cost less provision for impairment.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 21
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
3. ACCOUNTING POLICIES (continued)
Going concern
In determining the appropriate basis of preparation of financial statements, the Directors are required to consider
whether the Company can continue in operational existence for the foreseeable future.
It is the director’s responsibility to assess the appropriateness of the going concern basis annually. In order to satisfy
themselves that the company should be treated as a going concern, a number of reviews/steps were carried out.
As can be seen from the balance sheet the company is in a net asset position as at 30 September 2020, and also as at
the prior period (as at 30 September 2019), suggesting the company itself is in a strong position.
This company holds the external debt facilities which are utilised by the Alliance Medical Group. One of these facilities
is falling due for repayment within the next 12 months, with an amount drawn of €37,154k (converted to £33,838k).
Currently the company does not have enough cash to repay this facility in full, and it also cannot be certain that it will
be able to refinance this loan. The other facilities are not due for repayment or refinance until either March 2023 or
March 2025. The directors therefore need to consider the ability of the company to repay this debt within the next
12 months should it be required to do so.
Life UK Holdco does have undrawn facilities in the region of £80m, which it could draw to repay this facility if
refinancing isn’t available.
The directors have also decided to carry out a detailed cash forecast, using a bottom up approach from each region
within the Alliance Medical Group. This cash forecast also takes into account the impacts of Covid on the current and
future cash projections of the group, and they have been prepared in a prudent manner. These cash forecasts show
that after considering day to day working capital cash requirements, the Group remains cash self-sufficient and has
excess cash that would also be able to repay the external facility falling due within the next 12 months.
As a result of the above, the directors are satisfied that the Life UK Holdco can be treated as a going concern.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 22
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
3. ACCOUNTING POLICIES (continued)
Impairment of assets
The carrying amounts of assets are reviewed at each balance sheet date to determine whether there is any indication
of impairment. If any such indication exists, the asset’s recoverable amount is estimated to determine the amount of
impairment loss.
For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis
unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the
case, recoverable amount is determined for the cost generating unit (“CGU”) to which the asset belongs to. An asset’s
recoverable amount is the higher of the asset’s, or CGU’s, fair value less costs to sell and its value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset.
Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount. An impairment loss is recognised in profit or loss in the period in which it
arises.
Deferred taxation
The deferred taxation charge takes into account taxation deferred due to timing differences between the treatment
of certain items for taxation and accounting purposes.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date where transactions or events that result in an obligation to pay more, or a right to pay less, tax in the future
have occurred at the balance sheet date, with the expectation that the Directors consider that it is more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can
be deducted. Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the
periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date.
Financial instruments
The Company classifies financial instruments, or their component parts, on initial recognition as financial assets,
financial liabilities or equity instruments according to the substance of the contractual arrangements entered into.
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting
all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct
issue costs. All financial instruments are initially recognised at fair value. After initial recognition, loans and
receivables, including short-term receivables, and financial liabilities, including trade payables, are carried at
amortised cost, as reduced by appropriate allowances for estimated irrecoverable amounts.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of transaction or at the contracted rate
if the transaction is covered by a forward foreign currency contract. Monetary assets and liabilities denominated in
foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken
to the profit and loss account.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown
in equity as a deduction from the proceeds received.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 23
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
3. ACCOUNTING POLICIES (continued)
Share-based payments
The company has awarded a number of equity shares to employees that may be redeemed once certain vesting
conditions are met. As these awards will therefore be settled in cash they fall to be accounted for as cash settled
awards in line with section IFRS 2 concerning "Share Based Payments". The fair value of the award is determined at
the end of each reporting period using an appropriate fair value pricing methodology, and within the financial
statements the estimated liability is accrued over the expected vesting period, with the resulting movement being
reflected in staff costs, or administrative expenses when the individual is no longer employed by the group. Where
the amount recognised in the profit and loss account is a credit then this is recorded within other gains.
Critical accounting judgements and sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that
affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for
revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ
from those estimates. The following judgements have had the most significant effect on amounts recognised in the
financial statements.
The Company’s impairment test for investments is based on value in use which is calculated using a discounted cash
flow model, the cash flows for which are derived from the Company’s three year plan and do not include significant
capital expenditure that will enhance the performance of the cash generating unit being tested. The recoverable
amount is sensitive to the discount rate, the expected future cash inflows and the terminal growth rate.
Sources of estimation uncertainty
The directors have estimated an expected credit loss percentage when reviewing the receivables balances for any
potential provision being required. The expected credit loss percentage is based on the counter parties’ ability to
repay the debts, which is partly based on future cash flows of the Alliance Medical group. Any changes to the expected
credit loss percentage will have an impact on the level of the provision required, with an increase in the percentage
potentially leading to a provision being required, which currently is not the case.
4. PROFIT/(LOSS) BEFORE TAX
(a) This is stated after charging:
2020
2019
£000
£000
Exceptional costs – guarantee fees
-
1,661
Valuation of C shares
-
114
Audit fees for the audit of these financial statements
6
8
Tax compliance fees
5
5
During the period the ultimate parent company, Life Healthcare Group (Pty) Ltd, charged Life UK Holdco £1,786,000
(2019: £1,661,000) for guarantee fees. These are a charged to Life Holdco for the use of the parent company
balance sheet in order to obtain and guarantee the external loans.
Auditors’ remuneration for statutory audit services of £5,500 (2019: £8,000) as well as tax fees £5,000 (2019: £5,000)
was borne by a fellow group company.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 24
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
4. PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAX (continued)
A charge relating to the valuation of C shares of £nil has been incurred during the year (2019: £114,000).
There were no staff, other than Directors, during the period. The Directors have neither received nor waived any
emoluments in respect of their services to the Company during the year. The Directors of the Company are also, or
have also been, Directors of one of more of the other companies in the Group. These directors do not believe that it
is practicable to apportion their emoluments between their services as Directors of the Company and their services
as Directors of other companies in the Group.
As part of the acquisition of the Alliance Medical Group by the Life Healthcare Group certain C shares were issued in
Life UK Healthcare Limited, a subsidiary of the company in exchange for future employee services. These fall to be
accounted for as shared based payments. As the awards are cash settled by the company the liability is revalued at
the balance sheet date and the charge accrued over the expected vesting period. The charge is then allocated into
those companies that have received the employment services in respect of those awards. A charge relating to the
valuation of C shares of £nil has been incurred during the year (2019: £114,000).
5. NET FINANCE COSTS
2020
2019
£000
£000
Interest payable on bank loans
(8,597)
(8,948)
Fair value adjustment on derivative financial instruments
680
(698)
Fees and charges
(1)
(1)
Foreign exchange on loans to group undertakings
-
(65)
Foreign exchange on external loans
(3,956)
-
Amortisation of loan setup fees
(237)
-
Interest payable
(12,111)
(9,712)
Interest receivable from group undertakings
8,346
8,752
Foreign exchange on loans to group undertakings
1,013
-
Foreign exchange on external loans
-
552
Interest receivable
9,359
9,304
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 25
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 30 September 2020
6. TAX ON LOSS
(a) Tax on loss
There is no charge for taxation in the period.
(b) Factors affecting the tax for the period
The tax assessed for the period differs from that resulting from applying the standard rate of corporation tax in
the UK of 19% (2019: 19%). The differences are explained below:
2020
2019
£000
£000
Loss before tax
(4,301)
(2,183)
Loss at the standard rate of 19% (2019:19%)
(817)
(415)
Effects of:
Expenses not deductible for tax purposes
-
338
Group relief claimed for no consideration
(804)
77
Transfer pricing adjustment
(13)
-
Total tax for the year/period (note 6 (a))
-
-
(c) Factors affecting current and future tax charges
In the Spring Budget 2020, the Government announced that from 1 April 2020 the corporation tax rate would remain
at 19% (rather than reducing to 17%, as previously enacted). This new law was substantively enacted on 17 March
2020. As the proposal to keep the rate at 19% was substantively enacted prior to the balance sheet date, its effects
are included in these financial statements.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 26
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 30 September 2020
7. INVESTMENTS
Subsidiary
Undertakings
£000
Cost at 1 October 2019 and 30 September 2020
533,951
Impairment at 1 October 2019 and 30 September 2020
-
Net book value at 30 September 2020
533,951
Net book value at 30 September 2019
533,951
The investment represents the holding in Life UK Healthcare Limited, the shares held are in the form of ordinary
shares. All other holdings in subsidiaries are held indirectly and have been held throughout the financial year, except
as noted below.
Name
Country of
incorporation
Effective %
ownership
Principal activities
Life UK Healthcare Limited
England
(A)
100
Holding company
*Alliance Medical Group Limited
England
(A)
100
Holding company
* Alliance Medical Acquisitionco Limited
England
(A)
100
Finance Services
*Alliance Medical Holdings Limited
England
(A)
100
Management services
*Alliance Medical Leasing Limited
England
(A)
100
Finance Services
*Alliance Medical Limited
England
(A)
100
Medical diagnostic imaging services and
parent of English operating subsidiaries
*Alliance Medical Radiopharmacy Limited
England
(A)
100
Production of PET radio pharmaceuticals
*Alliance Medical Molecular Imaging
Limited
England
(A)
100
Production of PET radio pharmaceuticals
*Alliance Diagnostic Services Limited
England
(A)
100
Medical diagnostic imaging services
*Lodestone Patient Care Limited
England
(A)
100
Holding company
*Life Molecular Imaging Limited
England
(A)
100
Development and production of PET
radiopharmaceuticals
*European Scanning Centre (Harley Street)
Limited
England
(Y)
100
Medical diagnostic imaging services
*European Scanning Centre LLP (Harley Street)
England
(Y)
84.5
Medical diagnostic imaging services
*European Scanning Centre LLP 2 (Harley Street)
England
(Y)
92.5
Medical diagnostic imaging services
*European Scanning Centre LLP MSK (Harley
Street)
England
(Y)
97
Medical diagnostic imaging services
*European Scanning Centre LLP (Manchester)
England
(Y)
98.5
Medical diagnostic imaging services
*European Scanning Centre LLP (Cardiff)
England
(Y)
100
Medical diagnostic imaging services
*Alliance Medical Italia S.r.l.
Italy
(B)
100
Management services and parent of
Italian operating subsidiaries
*Alliance Medical S.r.l.
Italy
(B)
100
Medical diagnostic imaging services
*Urology Diagnostic S.r.l.
Italy
(B)
100
Medical diagnostic imaging services
*Alliance Medical Diagnostic S.r.l.
Italy
(B)
100
Medical diagnostic imaging services
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 27
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
7. INVESTMENTS (continued)
Name
Country of
incorporation
Effective %
ownership
Principal activities
*Radioterapia Aurelia S.r.l.
Italy
(B)
67
Medical diagnostic imaging services
*Opportunity srl
Italy
(C)
100
Medical diagnostic imaging services
*Laboratorio Albaro srl
Italy
(C)
100
Medical diagnostic imaging services
*Il Centro srl Diagnostica e Terapia Medica
Italy
(D)
100
Medical diagnostic imaging services
*Centro Polispecialistico valli Stura e Orba
Scrl
Italy
(E)
100
Medical diagnostic imaging services
*Imed srl
Italy
(V)
100
Medical diagnostic imaging services
*Centro Diagnostico Castellano srl
Italy
(V)
100
Medical diagnostic imaging services
*Centro di Radiologia srl
Italy
(W)
100
Medical diagnostic imaging services
*Centro Alfa srl
Italy
(X)
100
Medical diagnostic imaging services
* Priamar srl
(1)
Italy
(Z)
100
Medical diagnostic imaging services
*Charter Medical Diagnostic Imaging
Limited
Ireland
(F)
100
Medical diagnostic imaging services
*Alliance Medical Diagnostic Imaging
Limited
Ireland
(F)
100
Management services and parent of
Irish operating subsidiaries
*Alliance Medical Diagnostic Imaging
(Northern Ireland) Limited
Ireland
(F)
100
Medical diagnostic imaging services
*Barringtons MRI Limited
Ireland
(G)
50
Medical diagnostic imaging services
*20/20 Imaging Limited
Ireland
(H)
33
Medical diagnostic imaging services
*Cork Community Imaging Limited
Ireland
(F)
100
Medical diagnostic imaging services
*BSM Diagnostica Gesellschaft mbH
Austria
(R)
100
Production of PET radio pharmaceuticals
*Tomovation GmbH
Germany
(I)
100
Medical diagnostic imaging services
*Alliance Medical GmbH
Germany
(I)
100
Medical diagnostic imaging services and
parent of German operating subsidiaries
*Life Radiopharma f-con GmbH
Germany
(N)
100
Production of PET radio pharmaceuticals
*Life Radiopharma Bonn GmbH
Germany
(O)
100
Production of PET radio pharmaceuticals
*Life Radiopharma Berlin GmbH
Germany
(Q)
100
Production of PET radio pharmaceuticals
*Life Molecular Imaging GmbH
Germany
(S)
100
Development and production of PET
radio pharmaceuticals
*Alliance Medical BV
Holland
(J)
100
Medical diagnostic imaging services
*Life Radiopharma Warszawa SP Zoo
Poland
(P)
100
Production of PET radio pharmaceuticals
*Alliance-Servicos Diagnosticos por Imagen
Unipessoal LDA
Portugal
(K)
100
Dormant company
*Imagen Medical Digital Servicios
Diagnosticos S.A.
Spain
(L)
80
Medical diagnostic imaging services
*Alliance Medical La Rioja S.L.
Spain
(M)
100
Medical diagnostic imaging services
*Life Molecular Imaging SA
Switzerland
(T)
100
Development and production of PET
radio pharmaceuticals
*Life Molecular Imaging Inc
USA
(U)
100
Development and production of PET
radio pharmaceuticals
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 28
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
7. INVESTMENTS (continued)
*held indirectly
(1)
Acquired 31 December 2019
The registered offices of the investments are as follows:
(A) Iceni Centre, Warwick Technology Park, Warwick, Warwickshire, CV34 6DA, UK
(B) Via G. Mameli 42/A, 20851, Lissone, Italy
(C) Via Paolo Boselli 32/6, 16146, Genova, Italy
(D) Piaza Dante 9/10, 16121, Genova, Italy
(E) Via Vallecalda 45, 16013, Campo Ligure, Italy
(F) Portal House, Loughmore Avenue, Raheen Business Park, Limerick, Ireland
(G) Barringtons Hospital, Georges Quay, Limerick Ireland
(H) 82 North Main Street, Bandon, Co. Cork, Ireland
(I) Westring 168, 44575 Castrop-Rauxel, Germany
(J) PO Box 1768, NL-3800 BT Amersfoot, Netherlands
(K) Avda. Antonio Augusto de Aguilar, 150-5 Dto. 1050-022 Lisboa, Portugal
(L) Calle Illa, Num. 52 Planta Bajo. 08202 Sabadell, Barcelona, Spain
(M) Avda. Portugal, Num. 23 Planta 1, Despacho 2, 26001 Logrono, Spain
(N) Nic.-Aug.-Otto-Str. 7a, D-12489, Berlin, Germany
(O) Spessartstr. 9, D-53119 Bonn, Germany
(P) Ul. Szeligowska 3, PL-05-850 Szeligi, Poland
(Q) Max-Planck-Strabe 4, D-12489 Berlin, Germany
(R) Alser strasse 25, A-1080 Wien, Austria
(S) Tegeler Strasse 6-7, 13353 Berlin, Germany
(T) 13 Route de l’Ecole, 1753 Matran, Switzerland
(U) C/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, New Castle
County, USA.
(V) Via Alfieri 13, 35125 Padova, Italy
(W) Via Zenson di Piave, 31100 Treviso, Italy
(X) Via Bellini 174, 41121 Modena, Italy
(Y) 68 Harley Street, London, W1G 7HE
(Z) Via Partigiani, 13/r - 17100 Savona, Italy
8. DEBTORS
a) Amounts falling due after more than one year
2020
2019
£000
£000
Amounts owed by Group undertakings
279,705
279,503
Amounts owed by Group undertakings falling due after more than one year comprises £33,698,000 (2019:
£31,834,000) which is unsecured, interest-bearing at Euribor plus a margin of 2.85% and which is repayable as agreed
between the parties in writing but not before 20 November 2025 unless otherwise agreed by both parties, and
£246,007,000 (2019: £247,669,000) which is unsecured, interest-bearing at LIBOR plus a margin of 2.2% and which is
repayable as agreed between the parties in writing, which is anticipated to be not before December 2022.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 29
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
8. DEBTORS (continued)
b) Amounts falling due within one year
2020
2019
£000
£000
Amounts owed by Group undertakings
76,793
55,113
Amounts owed by Group undertakings falling due within one year of £76,793,000 (2019: £55,113,000) are unsecured,
interest free and repayable on demand.
9. CREDITORS
a) Amounts falling due after more than one year
2020
2019
£000
£000
Liability in respect of share based payments
338
338
Bank loans
359,066
295,514
Unamortised issue costs
(1,662)
-
357,742
295,852
b) Amounts falling due within one year
2020
2019
£000
£000
Accrued charges
44
2,380
Bank loans
-
32,996
44
35,376
c) Bank loans
2020
2019
£000
£000
Repayment date
Interest rate
November 2020
LIBOR + 2.20%
-
62,500
November 2022
LIBOR + 2.50%
-
62,500
November 2020
Euribor + 2.00%
-
61,057
November 2022
Euribor + 2.30%
-
61,057
November 2022
LIBOR + 2.35%
-
48,400
March 2023
LIBOR + 1.80%
90,000
-
March 2025
LIBOR + 2.00%
90,000
-
March 2023
Euribor + 1.70%
62,614
-
March 2025
Euribor + 1.90%
62,614
-
March 2025
LIBOR + 1.70%
20,000
-
November 2021
Euribor + 1.10%
33,838
-
Total bank loans falling due after more than one year
359,066
295,514
November 2019
Euribor + 1.75%
-
32,996
Total bank loans
359,066
328,510
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 30
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
9. CREDITORS (continued)
d) Derivative financial instruments
2020
2019
£000
£000
Interest rate hedge
710
922
710
922
Two interest rate hedges have been taken out to hedge against the impact of changes of interest rates on the external
loans. The first of these was taken out on 27th September 2018 for a principal amount of £50,000,000, this expires on
27th September 2021. The second was taken out on 6th February 2019 for a principal amount of £25,000,000, this
expires on 8th February 2021.
10. CALLED UP SHARE CAPITAL
2020
2020
2019
2019
No.
£000
No.
£000
Ordinary shares of 1p each
Authorised
53,914,070,400
539,141
53,914,070,400
539,141
Allotted, called up and fully paid
53,914,070,400
539,141
53,914,070,400
539,141
There are no restrictions on the payment of dividends and the repayment of capital.
11. RELATED PARTY TRANSACTIONS
As disclosed in notes 4 and 7 to the financial statements, the company has liabilities in respect of the C shares held by
key management in Life UK Healthcare Limited, a subsidiary of the company. As at 30 September 2020 the total
liability due to key management was £338,000 (2019: £338,000) and the charge recognised was £nil (2019: £114,000).
12. PARENT UNDERTAKINGS
The immediate parent company is Life Healthcare International Proprietary Limited and the ultimate parent
undertaking is Life Healthcare Group Holdings Limited. The largest and smallest group, for which group financial
statements are drawn up and which include this company is Life Healthcare Group Holdings Limited, registered in
South Africa. The financial statements can be obtained by writing to the Group Secretary at Oxford Manor, 21 Chaplin
Road, Illovo, Gauteng, South Africa, 2196, its registered address.
DocuSign Envelope ID: 9D7A5DA1-F796-4980-8DF2-A662BBB520E4
Life UK Holdco Limited
Annual Report & Financial Statements 2020 Page 31
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2020
13. 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 misstatement 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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Completed 27 March 2021

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