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Company registration number: 00803095

P & A J Cattee (Wholesale) Ltd.

Financial Statements

for the Year Ended 30 November 2023

 

P & A J Cattee (Wholesale) Ltd.

Contents

Company Information

1

Strategic Report

2 to 5

Directors' Report

6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 11

Profit and Loss Account and Statement of Retained Earnings

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15 to 24

 

P & A J Cattee (Wholesale) Ltd.

Company Information

Directors

Mr G A Tims

Mr J Cattee

Mr P Cattee

Mrs A J Cattee

Company secretary

Mrs A J Cattee

Registered office

11 Manchester Road
Walkden
Manchester
M28 3NS

Auditors

BK Plus Audit Limited
Chartered Certified Accountants and Statutory Auditors
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

P & A J Cattee (Wholesale) Ltd.

Strategic Report for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

Principal activity

The principal activity of the company is pharmaceutical wholesalers.

Fair review of the business

The company continues to supply our associated pharmacy company by wholesale of P/POM & OTC medication (and products) on a daily basis. We are still operating a daily delivery service to all the group's pharmacies, and this will become easier as we move into our new purpose built unit, the introduction of automation, and shift patterns will ensure that the company is able to support our pharmacy teams (and in turn patients) better. The company has embarked on a plan to close satellite depots and move into the purpose built unit. In doing this, not only do we have better visibility and recording of stock, but we also can goods in/goods out more stock, and easier. This reduces complexity of dropping/delivering stock to multiple locations to be unpacked, checked in, repacked and dispatched.

The company is still focused on purchasing medication either direct from manufacturer, or in bulk (or both) to guarantee a better price than purchasing direct to our group pharmacies from wholesalers who will apply their own margin.

Quantitative measures in terms of business performance and profitability are important to shareholders and provide assurances as to the continuing stability of the organisation. Basic KPI's (Key Performance Indicators) which the company bases financial evaluations upon are gross profit, net profit and staff cost based.

Gross profit has decreased from 13% in 2022 to 12% in 2023, and turnover has increased by 17% from £55.9m in 2022 to £65.7m in 2023. The centralised warehouse sells the majority of goods to other group companies and continues to seek opportunities to improve the margin through effective stock buying despite the current economic climate.

Staff remain the greatest asset, but also the highest cost to the company, amounting to £1.6m in 2022 and £1.9m 2023.

Net profit before tax is a KPI. Company shareholders will note that a profit before tax as a percentage of turnover has decreased from 7% in 2022 to 5% in 2023. It is not anticipated that there will be any significant reduction in profit percentages during the forthcoming year.

This was an interim year, as the new warehouse was being commissioned, leading to increased costs in the short term before we consolidate all sites into one.

 

P & A J Cattee (Wholesale) Ltd.

Strategic Report for the Year Ended 30 November 2023

Other costs are not significant to the profitability of the company and so are not deemed sufficient KPI's.

At the year end the company remains in a healthy position with net assets totalling £26m.

Principal risks and uncertainties

The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and group company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is low given the significant bank reserves held that are deemed sufficient to meet the company's future trading requirements.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

 

P & A J Cattee (Wholesale) Ltd.

Strategic Report for the Year Ended 30 November 2023

Section 172(1) statement

Our planning is designed to have a long-term beneficial impact on the company and contribute to its future success through improving quality, operating within budgetary controls and in line with our regulatory targets. this requires us to consider the long term in all of our strategic decisions at board level.

Our employees are fundamental to the success of our company. we aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in how we operate.

We aim to act responsibly and fairly in how we engage with suppliers. the company has oversight of the procurement processes and receives regular updates on any matters of significance. the company is very much focused on its customers, and the directors commit considerable time, effort and resources into understanding and responding to the needs of customers. the directors also seek to build strong relationships with other stakeholders in the areas where we operate.

As a wholesale pharmaceutical company, the directors understand the impact of the company's operations on the businesses it serves and the environment, and attribute performance to behaving as a responsible business.

The director's intention is to behave responsibly and ensure that management operates in a responsible manner, operating within the high standards of conduct and good governance required for a business in our sector. all of our people are expected to act within the regulatory framework dictated by our sector. Our reputation is important and the reputational impact of decisions made by the directors are always considered.

As a company, our intention is to behave responsibly toward our shareholders and to trat them fairly and equally, so they too may benefit from the company's success.

S172 (1) of the Companies Act 2006 requires directors of the company to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the interests of the stakeholders, including customers, suppliers and the wider community in which it operates. In doing this, section 172 requires each director to have regard to the above matters.

Engagement with employees

The company places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the company. this is achieved through formal and informal meetings, internal bulletins and the company website. Employees are consulted regularly on a wide range of matters likely to affect their interests.

 

P & A J Cattee (Wholesale) Ltd.

Strategic Report for the Year Ended 30 November 2023

Engagement with suppliers, customers and other relationships

The company aims to act responsibly and fairly in how it engages with suppliers and customers and has policies in place for entering and maintaining relationships to ensure that it treats all suppliers and customers fairly.

Non-financial and sustainability information

Energy and carbon report

We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. P & A J Cattee (Wholesale) Ltd. supports these recommendations and are committed to disclosing the relevant information which can be found below.

Metrics and targets

The company has continued to improve efficiency and minimise fuel consumption within its warehouses.

During the previous year an electric vehicle scheme was launched for high mileage employees and this will be rolled out further in future years. Reviews of van mileage have been carried out regularly with adjustments made to schedules where required.

Work has been completed during the year on the building of a new warehouse facility which will be fully operational in 2024. This will consolidate existing warehouse facilities in to one building, built with energy efficient measures in mind.

Emissions and energy consumption

Summary of greenhouse gas emissions and energy consumption for the year ended 30 November 2023:

Name and
description

Metric

Unit of
measurement

2023

2022

Total energy use

Number of employees

kWh (000s)

928

980

Total emissions

Number of employees

CO2e (000s)

188

193

         

Intensity ratio

Intensity ratio (tCO2e/employees)

The intensity ratio based on total Scope 1, 2 & 3 emissions (location based) against number of employees. During the year ended 30 November 2023 this was 2.50% (2022 - 2.50%).

Approved by the Board on 28 August 2024 and signed on its behalf by:

.........................................
Mr P Cattee
Director

   
     
 

P & A J Cattee (Wholesale) Ltd.

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr G A Tims

Mr J Cattee

Mr P Cattee

Mrs A J Cattee - Company secretary and director

Dividends

During the year interim dividends paid totalled £108,160 (2022 £108,160). The directors do not recommend the payment of a final dividend.

Future developments

The company has no plans to change its current trading activities and expects to remain profitable for the foreseeable future.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors BK Plus Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 28 August 2024 and signed on its behalf by:

.........................................
Mr P Cattee
Director

   
     
 

P & A J Cattee (Wholesale) Ltd.

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

 

P & A J Cattee (Wholesale) Ltd.

Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.

Opinion

We have audited the financial statements of P & A J Cattee (Wholesale) Ltd. (the 'company') for the year ended 30 November 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. 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).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

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 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 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

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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.

 

P & A J Cattee (Wholesale) Ltd.

Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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.

 

P & A J Cattee (Wholesale) Ltd.

Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.


the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify any unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

 

P & A J Cattee (Wholesale) Ltd.

Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

......................................
Darren Leigh FCCA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor

7 Waterside Court
St. Helens
Merseyside
WA9 1UA

28 August 2024

 

P & A J Cattee (Wholesale) Ltd.

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

65,650,632

55,890,635

Cost of sales

 

(57,511,675)

(48,472,051)

Gross profit

 

8,138,957

7,418,584

Administrative expenses

 

(4,740,331)

(3,392,852)

Operating profit

4

3,398,626

4,025,732

Other interest receivable and similar income

5

-

381

Interest payable and similar charges

6

-

(1,310)

Profit before tax

 

3,398,626

4,024,803

Taxation

9

(785,674)

(762,585)

Profit for the financial year

 

2,612,952

3,262,218

Retained earnings brought forward

 

23,752,109

20,598,051

Dividends paid

 

(108,160)

(108,160)

Retained earnings carried forward

 

26,256,901

23,752,109

 

P & A J Cattee (Wholesale) Ltd.

(Registration number: 00803095)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

353,815

246,689

Current assets

 

Stocks

11

7,875,494

8,580,713

Debtors

12

40,305,616

34,764,346

Cash at bank and in hand

13

1,382

4,710,763

 

48,182,492

48,055,822

Creditors: Amounts falling due within one year

14

(22,204,457)

(24,505,271)

Net current assets

 

25,978,035

23,550,551

Total assets less current liabilities

 

26,331,850

23,797,240

Provisions for liabilities

15

(74,624)

(44,806)

Net assets

 

26,257,226

23,752,434

Capital and reserves

 

Called up share capital

17

100

100

Capital redemption reserve

18

225

225

Profit and loss account

18

26,256,901

23,752,109

Shareholders' funds

 

26,257,226

23,752,434

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr P Cattee
Director

   
     
 

P & A J Cattee (Wholesale) Ltd.

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 December 2022

100

225

23,752,109

23,752,434

Profit for the year

-

-

2,612,952

2,612,952

Dividends

-

-

(108,160)

(108,160)

At 30 November 2023

100

225

26,256,901

26,257,226

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 December 2021

100

225

20,598,051

20,598,376

Profit for the year

-

-

3,262,218

3,262,218

Dividends

-

-

(108,160)

(108,160)

At 30 November 2022

100

225

23,752,109

23,752,434

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Manchester Road
Walkden
Manchester
M28 3NS
England

The principal place of business is:
Buttermilk Lane
Bolsover
Chesterfield
S44 6AE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) Disclosure in respect of share based payments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of Key management personnel.

Going concern

The financial statements have been prepared on a going concern basis.

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises revenue when the company has delivered goods to the customer.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, less their residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% and 25% straight line

Motor vehicles

25% reducing balance

Assets under construction

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the sale.

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received , net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sale of goods

65,650,632

55,890,635

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

69,382

73,636

Loss/(profit) on disposal of property, plant and equipment

862

(6,062)

5

Other interest receivable and similar income

2023
 £

2022
 £

Other finance income

-

381

6

Interest payable and similar expenses

2023
 £

2022
 £

Interest expense on other finance liabilities

-

1,310

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

1,722,381

1,474,376

Social security costs

126,331

123,909

Pension costs, defined contribution scheme

29,390

25,477

1,878,102

1,623,762

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

4

4

Sales, marketing and distribution

71

78

75

82

8

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

10,500

10,500

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023


 

9

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

755,856

761,382

Deferred taxation

Arising from origination and reversal of timing differences

29,818

1,203

Tax expense in the income statement

785,674

762,585

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

3,398,626

4,024,803

Corporation tax at standard rate

781,684

764,713

Effect of expense not deductible in determining taxable profit (tax loss)

1,091

866

Tax increase/(decrease) from effect of capital allowances and depreciation

2,899

(2,994)

Total tax charge

785,674

762,585

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Assets under construction
 £

Total
£

Cost or valuation

At 1 December 2022

659,454

143,074

-

802,528

Additions

22,972

-

154,398

177,370

Disposals

-

(11,490)

-

(11,490)

At 30 November 2023

682,426

131,584

154,398

968,408

Depreciation

At 1 December 2022

464,377

91,462

-

555,839

Charge for the year

56,695

12,687

-

69,382

Eliminated on disposal

-

(10,628)

-

(10,628)

At 30 November 2023

521,072

93,521

-

614,593

Carrying amount

At 30 November 2023

161,354

38,063

154,398

353,815

At 30 November 2022

195,077

51,612

-

246,689

11

Stocks

2023
 £

2022
 £

Finished goods and goods for resale

7,875,494

8,580,713

12

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,377,491

1,922,066

Amounts owed by group undertakings

23

36,324,475

31,099,187

Other debtors

 

440,825

-

Prepayments and accrued income

 

1,162,024

1,743,093

Corporation tax

 

801

-

   

40,305,616

34,764,346

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

13

Cash and cash equivalents

2023
 £

2022
 £

Cash on hand

1,382

1,498

Cash at bank

-

4,709,265

1,382

4,710,763

Bank overdrafts

(206,275)

(21,028)

(204,893)

4,689,735

14

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

19

206,275

21,028

Trade creditors

 

10,294,600

11,922,452

Amounts owed to group undertakings

23

11,416,484

11,433,570

Social security and other taxes

 

44,304

466,170

Other creditors

 

3,546

29,965

Accruals and deferred income

 

239,248

12,950

Corporation tax

 

-

619,136

 

22,204,457

24,505,271

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 December 2022

44,806

44,806

Additional provisions

29,818

29,818

At 30 November 2023

74,624

74,624

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £29,390 (2022 - £25,477).

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

18

Reserves

Profit and loss account

This reserve records retained earnings and accumulative losses

Capital redemption reserve

This reserve records the nominal value of the shares repurchased by the company

19

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Bank overdrafts

206,275

21,028

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

197,110

185,727

Later than one year and not later than five years

163,550

567,984

360,660

753,711

The amount of non-cancellable operating lease payments recognised as an expense during the year was £195,727 (2022 - £185,727).

21

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £1,081.60 per each Ordinary shares

 

108,160

 

108,160

         
 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

22

Contingent liabilities

The company is party to a cross guarantee arrangement. The company is potentially liable for £39,720,000. The directors do not consider it likely that this guarantee will be called upon.

The company is party to a debenture including fixed charge over all present freehold, leasehold property: first fixed charge over book and other debtors, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertakings both present and future.

23

Related party transactions

The company is under the control of Mr P Cattee and members of his close family.

The company has relied upon the exemptions to group companies preparing consolidated financial statements and has not disclosed inter company transactions.

Summary of transactions with other related parties

The company occupies premises owned by P & A J Cattee (Directors) Pension Scheme and by Mr P Cattee, director.

Rent charged during the year in respect of these properties amounted to £27,000 and £25,200, respectively (2022: £27,000 and £25,200).

During the year the company incurred recharges totalling £1,554,561 (2022 £846,590) to Connect Pharma Ltd, a company in which Mr J Cattee was materially interested as a majority shareholder and director. The amount due to this company as at 30 November 2023 was £331,421 (2022 £124,683).

 

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

31,099,187

31,099,187

Advanced

5,225,288

5,225,288

At end of period

36,324,475

36,324,475

2022

Subsidiary
£

Total
£

At start of period

19,669,829

19,669,829

Advanced

11,429,358

11,429,358

At end of period

31,099,187

31,099,187

Terms of loans to related parties

The loans are interest free and repayable on demand.
 

 

P & A J Cattee (Wholesale) Ltd.

Notes to the Financial Statements for the Year Ended 30 November 2023

Loans from related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

11,000,000

433,570

11,433,570

Advanced

-

(17,086)

(17,086)

At end of period

11,000,000

416,484

11,416,484

2022

Parent
£

Subsidiary
£

Total
£

At start of period

11,000,000

423,858

11,423,858

Advanced

-

9,712

9,712

At end of period

11,000,000

433,570

11,433,570

Terms of loans from related parties

The loans are interest free and repayable on demand.
 

24

Parent and ultimate parent undertaking

The company's immediate parent is PCT Healthcare (Holdings) Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is PCT Healthcare (Holdings) Limited. These financial statements are available upon request from Companies House.