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Registration number: 06399469

PCT Healthcare (Holdings) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2023

 

PCT Healthcare (Holdings) Limited

Contents

Company Information

1

Strategic Report

2 to 6

Directors' Report

7 to 8

Statement of Directors' Responsibilities

9

Independent Auditor's Report

10 to 13

Consolidated Profit and Loss Account

14

Consolidated Balance Sheet

15

Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19 to 20

Notes to the Financial Statements

21 to 39

 

PCT Healthcare (Holdings) Limited

Company Information

Directors

Mr P Cattee

Mr G A Tims

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 & Statutory Auditors
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

PCT Healthcare (Holdings) Limited

Strategic Report for the Year Ended 30 November 2023

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

Principal activity and business review

The principal activity of the company is a holding company.

The principal activities of the group during the year were those of retail pharmacy, pharmaceutical wholesale and property rental.

In the current year the company has sought to consolidate in reaction to the financial constraints that the pharmacy sector faces.

The entire company has now been rebranded as Peak Pharmacy, and all pharmacies have had an OTC overhaul, driving margin and sales from an OTC perspective.

The pharmacy branch network covers the South Yorkshire, Derbyshire, Milton Keynes, Lancashire, Merseyside, Greater Manchester and Midlands areas, now stretching down to Worcestershire.

This year the company has successfully relocated to its new site, Horizon located at J29A on the M1.

The build was a success and the automation was installed, and testing commenced within the timescales that we and external shareholders agreed.

The 'Go Live' date for the company to start to unlock the benefits of a fully automated Hub and Spoke system for our pharmacies commenced in April 2024, with a 6 month roll out planned for all branches to be 'on boarded'.

The introduction of large-scale automation from a dedicated site will transform the way that the company provides services to patients in several ways.

• The assembly of more than 50% of prescriptions will be fully automated with significant risk reduction in dispensing processes.

• Resource will be released in branch to dedicate to customer care, service delivery and development.

• Stock control will be more effectively managed.

• All operational teams will operate from a specifically designed single site.

 

PCT Healthcare (Holdings) Limited

Strategic Report for the Year Ended 30 November 2023

With changing legislation, the company will also have the capacity to provide assembly and fulfilment for other pharmacy groups in future years.

The company also continues to develop and grow teams, we have added a new CFO to our Senior Leadership Team, and we continue to look at innovative ways in which Pharmacy can adapt what we do, and improve our patients journeys.

Following on from last year, the company has actively been recruiting pharmacists to ensure stability across the business. The NLW increase this year has been challenging, but the company is committed to, and established a plan to ensure salary division amongst colleagues internally and their various roles.

Both prescription volume and service levels continue to grow in line with expectation and performance is considered satisfactory under difficult trading conditions, both inside and outside the sector.

Given the plans outlined above the company remains optimistic that those contractors in the network who continue to develop services and premises and invest to meet the challenges of the future will ultimately be identified as preferred providers by both local and central commissioning bodies.

The company is committed to actively work in partnership with independent commissioning boards in the promotion of additional healthcare services.

Qualitative measures relating to "improvements in service" are important measures of performance to the company and community, however these are difficult to measure. Quantitative measures in terms of business performance and profitability are important to shareholders and provide assurances as to the continuing stability of the organisation.

Financial key performance indicators

Basic KPI's (Key Performance Indicators) on which the company bases financial evaluations are gross profit, net profit and staff cost based. There is a direct link between profitability and branch staffing levels, which is reflected in the budgeting process.

Gross profit has decreased slightly from 31% in 2022 to 30% in 2023.

Staffing remains the greatest asset, but also the largest cost to the company, amounting to £32.3m in 2022 and £34.4m in 2023.Staff costs as a percentage of turnover were 18% in 2022 and 17% in 2023 and as a percentage of gross profit 57% in 2022 and 2023.

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

Net profit before tax is considered a KPI. PBIT cover (being Profit before interest, depreciation, exceptional items and tax over net interest costs) was 6 in 2022 and 3 in 2023. Company shareholders will note that the net profit before depreciation, exceptional items and tax as a percentage of turnover has decreased from 4% in 2022 to 3% in 2023. EBITDA (Earnings before interest, tax, depreciation and amortisation) was £7.9m in 2023 compared to £8.4m in 2022. In the forthcoming year the company expects profitability to be maintained.

The company has a strong balance sheet with net assets of £18.8m and bank balances of £4.9m at the year end.
 

 

PCT Healthcare (Holdings) Limited

Strategic Report for the Year Ended 30 November 2023

Funding

During the current year, the directors have completed a re-financing deal with the Group's banker. This secures funding for the next 5 years and gives the group the opportunity to consolidate and grow.

 

Section 172(1) statement

Our planning is designed to have a long-term beneficial impact on the group 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 our strategic decisions at board level.

Our employees are fundamental to the success of our group. 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 group has oversight of the procurement processes and receives regular updates on any matter of significance. The group 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 an independent pharmacy chain, the directors understand the impact of the group's operations on the communities it serves and the environment, and attribute 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 group, our intention is to behave responsibly toward our shareholders and to treat them fairly and equally, so they too may benefit from the group's success.

Section 172 (1) of the Companies Act 2006 requires the directors of the group 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 interest 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 all of the above matters.

 

PCT Healthcare (Holdings) Limited

Strategic Report for the Year Ended 30 November 2023

Engagement with employees

The group 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. An annual staff survey is also undertaken to collect feedback and used by the senior leadership team to create tangible plans to improve employee engagement.

Engagement with suppliers, customers and other relationships

The group 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. PCT Healthcare (Holdings) Limited 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 appropriate.

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

The company's store estate has grown through acquisitions in the previous year, increasing overall usage. The company's upgrade programme continues to ensure that boilers, fridges, lights, air conditioning, where replaced, are more efficient than previous.

Emissions and energy consumption

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

Name and
description

Metric
and / or KPI

Unit of
measurement

2023

2022

Total energy use

Number of employees

kWh (000s)

6,236

5,830

Total emissions

Number of employees

CO2e (000s)

1,352

1,235

     

7,588

7,065

 

PCT Healthcare (Holdings) Limited

Strategic Report for the Year Ended 30 November 2023

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 0.90% (2022 - 0.80%).

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

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

   
     
 

PCT Healthcare (Holdings) Limited

Directors' Report for the Year Ended 30 November 2023

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

Directors of the group

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

Mr P Cattee

Mr G A Tims

Mrs A J Cattee - Company secretary and director

Financial instruments

Business risks

The main risks to the business are namely the reliance on the government and NHS which provide both the majority of business and control of the drug tariff prices paid, and activities of the major competitors within the locality.

The aim is to mitigate the risks of the business as much as possible through active involvement in policy making processes, and by ensuring good relations with the doctors' surgeries, proximity to the doctors' surgeries, developing and maintaining good customer relations and by monitoring purchasing costs constantly.

Financial risks

The company's principal financial instruments comprise bank balances, bank loans and overdrafts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for 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 managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

In respect of loans these comprised loans from the directors and loans from financial institutions. The interest rate on the loans from financial institutions was variable but the repayments were fixed. The company managed the liquidity risk by ensuring there were sufficient funds to meet the payments. No interest is currently being charged by the directors on their loan accounts.

The majority of trade debtors represent amounts owed by the NHS. Other trade debtors are managed closely in respect of credit and cash flow risk.

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

 

PCT Healthcare (Holdings) Limited

Directors' Report for the Year Ended 30 November 2023

Employment of disabled persons

The company's employment policies are fair and equitable and consistent with the skills and abilities of the employees and the needs of the company's business. If any employee becomes disabled, the objective is the continued provision of suitable employment either in the same or an alternative position with alternative training if necessary.

Employee involvement

Information on matters of concern to employees is given through internal bulletins and website which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. Arrangements exist to consult and discuss with employees on matters likely to affect their interests.

Future developments

The company will continue to adopt measures to ensure that the Group remains profitable and financially stable despite the pharmacy market being a difficult sector to operate in.

Important non adjusting events after the financial period

Since the year end the company has sold 13 investment properties for a consideration totalling £3.8m, sold 4 pharmacy contracts and closed 2 pharmacy branches.

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is 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

   
     
 

PCT Healthcare (Holdings) Limited

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 group and the company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

PCT Healthcare (Holdings) Limited

Independent Auditor's Report to the Members of PCT Healthcare (Holdings) Limited

Opinion

We have audited the financial statements of PCT Healthcare (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 30 November 2023 and of the group's loss 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 group 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 group'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.

 

PCT Healthcare (Holdings) Limited

Independent Auditor's Report to the Members of PCT Healthcare (Holdings) Limited

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 9, 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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;

 

PCT Healthcare (Holdings) Limited

Independent Auditor's Report to the Members of PCT Healthcare (Holdings) Limited

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the retail and wholesale pharmaceutical sector;

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 the 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 a 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;

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 statements, 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.

 

PCT Healthcare (Holdings) Limited

Independent Auditor's Report to the Members of PCT Healthcare (Holdings) Limited

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

 

PCT Healthcare (Holdings) Limited

Consolidated Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

(As restated)

2022
£

Turnover

3

199,770,952

182,159,286

Cost of sales

 

(139,974,021)

(125,416,304)

Gross profit

 

59,796,931

56,742,982

Administrative expenses

 

(65,383,992)

(57,932,759)

Other operating income

4

1,890,427

1,861,183

Operating (loss)/profit

5

(3,696,634)

671,406

Other interest receivable and similar income

6

58,048

8,267

Interest payable and similar expenses

7

(3,199,789)

(1,854,199)

Loss before tax

 

(6,838,375)

(1,174,526)

Tax on loss

11

(736,800)

(1,205,352)

Loss for the financial year

 

(7,575,175)

(2,379,878)

Profit/(loss) attributable to:

 

Owners of the company

 

(7,215,921)

(1,960,952)

Minority interests

 

(359,254)

(418,926)

 

(7,575,175)

(2,379,878)

The group has no recognised gains or losses for the year other than the results above.

 

PCT Healthcare (Holdings) Limited

(Registration number: 06399469)
Consolidated Balance Sheet as at 30 November 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

12

31,187,524

39,160,973

Tangible assets

13

17,198,330

23,524,355

Investment property

14

38,938,764

25,288,764

Other financial assets

16

891,710

891,710

 

88,216,328

88,865,802

Current assets

 

Stocks

17

17,429,694

17,510,754

Debtors

18

23,456,222

23,792,189

Cash at bank and in hand

19

4,867,255

4,994,347

 

45,753,171

46,297,290

Creditors: Amounts falling due within one year

20

(61,107,044)

(83,891,104)

Net current liabilities

 

(15,353,873)

(37,593,814)

Total assets less current liabilities

 

72,862,455

51,271,988

Creditors: Amounts falling due after more than one year

20

(52,132,304)

(23,558,715)

Provisions for liabilities

21

(1,970,925)

(1,378,872)

Net assets

 

18,759,226

26,334,401

Capital and reserves

 

Called up share capital

23

3,875

3,875

Capital redemption reserve

24

114,287

114,287

Other reserves

24

10,477,130

10,477,130

Profit and loss account

24

5,591,431

12,807,352

Equity attributable to owners of the company

 

16,186,723

23,402,644

Minority interests

25

2,572,503

2,931,757

Shareholders' funds

 

18,759,226

26,334,401

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

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

   
     
 

PCT Healthcare (Holdings) Limited

(Registration number: 06399469)
Balance Sheet as at 30 November 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

15

69,202,321

69,202,321

Current assets

 

Debtors

18

11,430,325

11,000,325

Creditors: Amounts falling due within one year

20

(25,834,580)

(51,059,842)

Net current liabilities

 

(14,404,255)

(40,059,517)

Total assets less current liabilities

 

54,798,066

29,142,804

Creditors: Amounts falling due after more than one year

20

(51,905,160)

(23,344,349)

Net assets

 

2,892,906

5,798,455

Capital and reserves

 

Called up share capital

23

3,875

3,875

Capital redemption reserve

24

114,287

114,287

Profit and loss account

24

2,774,744

5,680,293

Shareholders' funds

 

2,892,906

5,798,455

The company made a loss after tax for the financial year of £2,905,549 (2022 - loss of £1,683,212).

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

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

   
     
 

PCT Healthcare (Holdings) Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 December 2022

3,875

114,287

10,477,130

12,807,352

23,402,644

2,931,757

26,334,401

Loss for the year

-

-

-

(7,215,921)

(7,215,921)

(359,254)

(7,575,175)

At 30 November 2023

3,875

114,287

10,477,130

5,591,431

16,186,723

2,572,503

18,759,226

Share capital
£

Capital redemption reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 December 2021

3,875

114,287

10,477,130

17,269,489

27,864,781

3,350,683

31,215,464

Prior period adjustment

-

-

-

(2,501,185)

(2,501,185)

-

(2,501,185)

At 1 December 2021 (As restated)

3,875

114,287

10,477,130

14,768,304

25,363,596

3,350,683

28,714,279

Loss for the year

-

-

-

(1,960,952)

(1,960,952)

(418,926)

(2,379,878)

At 30 November 2022

3,875

114,287

10,477,130

12,807,352

23,402,644

2,931,757

26,334,401

 

PCT Healthcare (Holdings) Limited

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

3,875

114,287

5,680,293

5,798,455

Loss for the year

-

-

(2,905,549)

(2,905,549)

At 30 November 2023

3,875

114,287

2,774,744

2,892,906

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 December 2021

3,875

114,287

9,864,690

9,982,852

Prior period adjustment

-

-

(2,501,185)

(2,501,185)

At 1 December 2021 (As restated)

3,875

114,287

7,363,505

7,481,667

Loss for the year

-

-

(1,683,212)

(1,683,212)

At 30 November 2022

3,875

114,287

5,680,293

5,798,455

 

PCT Healthcare (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

(As restated)

2022
£

Cash flows from operating activities

Loss for the year

 

(7,575,175)

(2,379,878)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

9,585,930

9,840,431

Changes in fair value of investment property

14

2,377,007

(2,161,456)

Loss on disposal of tangible assets

862

140,082

Loss/(profit) from sales of investment properties

22,038

(88,648)

Profit on disposal of intangible assets

(342,590)

(26,229)

Finance income

6

(58,048)

(8,267)

Finance costs

7

3,199,789

1,854,199

Income tax expense

11

736,800

1,205,352

 

7,946,613

8,375,586

Working capital adjustments

 

Decrease/(increase) in stocks

17

81,060

(433,746)

Decrease/(increase) in trade debtors

18

335,967

(5,635,115)

(Decrease)/increase in trade creditors

20

(713,628)

583,902

Decrease in provisions

21

(250,000)

(913,204)

Cash generated from operations

 

7,400,012

1,977,423

Income taxes received/(paid)

 

105,253

(722,054)

Net cash flow from operating activities

 

7,505,265

1,255,369

Cash flows from investing activities

 

Interest received

58,048

8,267

Acquisitions of tangible assets

(12,017,659)

(14,655,751)

Proceeds from sale of tangible assets

 

-

34,289

Proceeds from sale of intangible assets

 

745,923

286,229

Acquisition of investment properties

 

-

(370,794)

Proceeds from sale of investment properties

 

277,962

553,648

Acquisition of subsidiary undertakings

 

-

(4,269,981)

Net cash flows from investing activities

 

(10,935,726)

(18,414,093)

 

PCT Healthcare (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

(As restated)

2022
£

Cash flows from financing activities

 

Interest paid

 

(2,610,818)

(920,928)

Proceeds from bank borrowing draw downs

 

6,538,267

-

Repayment of bank borrowing

 

(280,000)

-

Repayment of other borrowing

 

(290,000)

(290,000)

Interest on preference shares

 

(54,080)

(108,160)

Net cash flows from financing activities

 

3,303,369

(1,319,088)

Net decrease in cash and cash equivalents

 

(127,092)

(18,477,812)

Cash and cash equivalents at 1 December

 

4,994,347

23,472,159

Cash and cash equivalents at 30 November

 

4,867,255

4,994,347

 

PCT Healthcare (Holdings) Limited

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

These financial statements were authorised for issue by the Board on 28 August 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.

Summary of disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such advantage has been taken of the following reduced disclosures available under 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) No disclosure has been given for the aggregate remuneration of key management personnel.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £2,905,549 (2022 - loss of £1,683,212).

 

PCT Healthcare (Holdings) Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

In assessing the validity of the going concern basis for a period of at least twelve months from the date of approval of these financial statements, the Directors have considered profit and loss and cash flow forecasts they have prepared for the period ended 30 November 2025. In doing so they have considered the level of bank facilities available to the Group, and compliance with bank covenant tests both during the period and for the period ahead. In October 2023, the company entered into a £40m Facilities Agreement with its Bankers until October 2028.

Having considered the Group’s financial forecasts and investment and financing commitments, the Directors believe that the Group has sufficient current and future cash reserves and facilities available for them to meet their liabilities including finance obligations whilst in compliance with its banking covenants for at least twelve months from the date of signing these financial statements.

Having considered the above, the Directors conclude that it is appropriate to adopt the going concern basis of accounting because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Group to continue as a going concern. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

PCT Healthcare (Holdings) Limited

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

Prior period adjustments

The comparatives have been restated to correctly reflect the interest on the Preference C shares.

This has resulted in an increase in long term liabilities of £2,970,999, an increase in loss of £469,814 and a reduction in retained profit and loss reserves of £2,501,185 in the 2022 comparative amounts.

Revenue recognition

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods are recognised either at the point of sale or when the company has delivered the 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

Straight line over the lease

Fixtures & equipment

10% & 25% straight line

Motor vehicles

25% reducing balance

Improvements to property

10% straight line

Properties under construction

Not depreciated

Plant and machinery not in use

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

PCT Healthcare (Holdings) Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are measured at the lower of cost and net realisable value, 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 group 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 and subsequently measured at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost..

 

PCT Healthcare (Holdings) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

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 or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The pension costs charged in the financial statements represents the contributions payable by the company during the year.

 

PCT Healthcare (Holdings) Limited

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

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods.

The following judgements, estimates and assumptions have the most significant effect on the amounts recognised in the financial statements.

Depreciation, useful lives and residual values of plant, fixtures and equipment
The company estimates the useful lives and residual values of plant, fixtures and equipment in order to calculate depreciation charges. Changes in these estimates could result in changes being required to annual depreciation charges in the profit and loss account and the carrying values of plant, fixtures and equipment.

Amortisation, useful lives and residual values of intangible assets
The company estimates the useful lives and residual values of intangible assets in order to calculate amortisation charges. Changes in these estimates could result in changes being required to annual amortisation charges in the profit and loss account and the carrying values of intangible fixed assets.

Excess margins
The company is subject to review of certain income which may result in a clawback of revenues by the Department of Health. In the directors' view there was a reduction in the provision required in the current year.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

199,770,952

182,159,286

The analysis of the group's turnover for the year by class of business is as follows:

2023
£

2022
£

Pharmacy

199,770,952

182,159,286

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

199,770,952

182,159,286

 

PCT Healthcare (Holdings) Limited

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

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Rental income and management charges

1,890,427

1,861,183

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,015,814

1,911,993

Amortisation expense

7,570,116

7,928,438

Investment properties fair value adjustments

2,377,007

(2,161,456)

(Profit)/loss on disposal of intangible fixed assets

(342,590)

(26,229)

Gain/(loss) from investment property

22,038

(88,648)

Loss on disposal of property, plant and equipment

862

140,082

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

5,801

3,797

Other finance income

52,247

4,470

58,048

8,267

7

Interest payable and similar expenses

2023
£

(As restated)

2022
£

Interest on bank overdrafts and borrowings

2,507,015

1,148,542

Interest on preference shares

588,971

577,974

Interest expense on other finance liabilities

103,803

127,683

3,199,789

1,854,199

 

PCT Healthcare (Holdings) Limited

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

8

Staff costs

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

2023
£

2022
£

Wages and salaries

31,481,753

29,549,958

Social security costs

2,363,861

2,299,595

Pension costs, defined contribution scheme

561,269

508,864

34,406,883

32,358,417

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

2023
No.

2022
No.

Management staff

4

4

Administrative staff

42

50

Other staff

1,536

1,450

1,582

1,504

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

98,365

98,131

In respect of the highest paid director:

2023
£

2022
£

Remuneration

88,490

88,490

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

47,000

69,000

Other fees to auditors

All other assurance services

12,150

16,000

 

PCT Healthcare (Holdings) Limited

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


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

-

741,590

UK corporation tax adjustment to prior periods

(105,253)

(19,538)

(105,253)

722,052

Deferred taxation

Arising from origination and reversal of timing differences

842,053

483,300

Tax expense in the income statement

736,800

1,205,352

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

The differences are reconciled below:

2023
£

(As restated)

2022
£

Loss before tax

(6,838,375)

(1,174,526)

Corporation tax at standard rate

(1,572,826)

(270,141)

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

2,414,879

1,374,122

(Decrease)/increase in UK and foreign current tax from adjustment for prior periods

(105,253)

104,986

Tax decrease from other short-term timing differences

-

(3,615)

Total tax charge

736,800

1,205,352

 

PCT Healthcare (Holdings) Limited

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

12

Intangible assets

Group

Goodwill
 £

Cost or valuation

At 1 December 2022

110,394,478

Disposals

(550,000)

At 30 November 2023

109,844,478

Amortisation

At 1 December 2022

71,233,505

Amortisation charge

7,570,116

Amortisation eliminated on disposals

(146,667)

At 30 November 2023

78,656,954

Carrying amount

At 30 November 2023

31,187,524

At 30 November 2022

39,160,973

 

PCT Healthcare (Holdings) Limited

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

13

Tangible assets

Group

Properties
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties and plant and machinery under construction

Total
£

Cost or valuation

At 1 December 2022

14,172,904

17,201,536

115,079

10,025,000

41,514,519

Additions

-

3,890,560

-

8,137,888

12,028,448

Disposals

-

(110,637)

(11,490)

-

(122,127)

Transfers

-

(2,750,000)

-

(13,577,007)

(16,327,007)

At 30 November 2023

14,172,904

18,231,459

103,589

4,585,881

37,093,833

Depreciation

At 1 December 2022

8,366,435

9,610,060

13,669

-

17,990,164

Charge for the year

475,764

1,504,598

35,453

-

2,015,815

Eliminated on disposal

-

(99,848)

(10,628)

-

(110,476)

At 30 November 2023

8,842,199

11,014,810

38,494

-

19,895,503

Carrying amount

At 30 November 2023

5,330,705

7,216,649

65,095

4,585,881

17,198,330

At 30 November 2022

5,806,469

7,591,476

101,410

10,025,000

23,524,355

 

PCT Healthcare (Holdings) Limited

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

14

Investment properties

Group

2023
£

At 1 December

25,288,764

Disposals

(300,000)

Transfer from tangible fixed assets

16,327,007

Fair value adjustments

(2,377,007)

At 30 November

38,938,764


Investment properties have been valued by W T Gunson Chartered Surveyors at their fair values based on market values as at 30 November 2023.

Valuation of new warehouse adjusted by £2,827,007, the directors are confident that this is a short term impact based on current warehousing values and will increase in future years.

15

Investments

Company

2023
£

2022
£

Investments in subsidiaries

69,202,321

69,202,321

Subsidiaries

£

Cost or valuation

At 1 December 2022

69,205,483

Provision

At 1 December 2022

3,162

Carrying amount

At 30 November 2023

69,202,321

At 30 November 2022

69,202,321

 

PCT Healthcare (Holdings) Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

PCT Healthcare Ltd

Ordinary shares

92%

92%

P & AJ Cattee (Wholesale) Ltd

Ordinary shares

100%

100%

PCT Healthcare (Properties) Ltd

Ordinary shares

100%

100%

Grasmere Leigh Ltd

Ordinary shares

92%

92%

W R Evans Healthcare Ltd

Ordinary shares

100%

100%

The Manor Drug Company (Nottingham) Ltd

Ordinary shares

100%

100%

Sawley Investments Ltd

Ordinary shares

100%

100%

Jayne A Hibbard Ltd

Ordinary shares

92%

92%

DFM Newco Ltd

Ordinary shares

92%

92%

Notmy Holdings Ltd

Ordinary shares

92%

92%

C.G. Murray & Son Ltd

Ordinary shares

92%

92%

B. Payne & Son Ltd

Ordinary shares

92%

92%

Shires Group Holdings Ltd

Ordinary shares

92%

92%

Shires Pharmacies Ltd

Ordinary shares

92%

92%

 

PCT Healthcare (Holdings) Limited

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

16

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

891,710

891,710

At 30 November 2023

891,710

891,710

Carrying amount

At 30 November 2023

891,710

891,710

At 30 November 2022

891,710

891,710

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Finished goods and goods for resale

17,429,694

17,510,754

-

-

18

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

17,146,334

17,725,891

-

-

Amounts owed by group undertakings

-

-

11,000,325

11,000,325

Other debtors

3,186,828

3,306,314

-

-

Prepayments and accrued income

3,123,060

2,759,984

430,000

-

23,456,222

23,792,189

11,430,325

11,000,325

 

PCT Healthcare (Holdings) Limited

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

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

64,150

64,222

-

-

Cash at bank

4,803,105

4,930,125

-

-

4,867,255

4,994,347

-

-

20

Creditors

   

Group

Company

Note

2023
£

(As restated)

2022
£

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

26

11,640,000

33,751,733

11,640,000

33,751,733

Trade creditors

 

30,859,531

29,190,399

-

-

Amounts owed to group undertakings

 

-

-

13,826,113

16,950,785

Social security and other taxes

 

798,726

675,167

-

-

Other creditors

 

230,797

771,644

-

-

Accruals and deferred income

 

1,524,395

2,868,615

368,467

357,324

Directors current accounts

 

16,053,595

16,633,546

-

-

 

61,107,044

83,891,104

25,834,580

51,059,842

Due after one year

 

Loans and borrowings

26

29,530,000

1,450,000

29,530,000

1,450,000

Other non-current financial liabilities

 

22,602,304

22,108,715

22,375,160

21,894,349

 

52,132,304

23,558,715

51,905,160

23,344,349

 

PCT Healthcare (Holdings) Limited

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

21

Provisions for liabilities

Group

Deferred tax
£

NHS reimbursement
£

Total
£

At 1 December 2022

264,632

1,114,240

1,378,872

Increase (decrease) in existing provisions

842,053

(250,000)

592,053

At 30 November 2023

1,106,685

864,240

1,970,925

The NHS reimbursement provision is to cover clawback of over-reimbursement received in previous financial years.

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £561,269 (2022 - £508,864).

23

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £0.01 each

275,000

2,750

275,000

2,750

Ordinary B shares of £0.01 each

112,500

1,125

112,500

1,125

Preference A shares of £1 each

1,352,000

1,352,000

1,352,000

1,352,000

Preference C shares of £1 each

17,571,350

17,571,350

17,571,350

17,571,350

 

19,310,850

18,927,225

19,310,850

18,927,225

 

PCT Healthcare (Holdings) Limited

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

Rights, preferences and restrictions

Preference A shares have the following rights, preferences and restrictions:
The Preference A shares have a right to a fixed cumulative preferential dividend at the rate of 8% per annum. They are non-voting and have no rights on winding up other than to be redeemed at par prior to any distribution to the ordinary shareholders.

Preference C shares have the following rights, preferences and restrictions:
The Preference C shares carry a fixed cumulative dividend (other than the payment of dividends in relation to the Preference A shares which shall have priority) at the rate of LIBOR/SONIA plus 2.15% per annum on the capital for the time being paid up other than to be redeemed at par prior to any distribution to the ordinary shareholders.

24

Reserves

The Group and Company's other reserves are as follows:

Profit and loss account
This reserve records retained earnings and accumulated losses.

Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.

Merger reserve
This reserve represents the premium arising on each share issued as part of a reorganisation on 15 March 2021.
 

25

Minority interests

The minority interests relate to:

The 8% ordinary shares held in subsidiary company PCT Healthcare Limited

26

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,370,000

-

28,370,000

-

Other borrowings

1,160,000

1,450,000

1,160,000

1,450,000

29,530,000

1,450,000

29,530,000

1,450,000

 

PCT Healthcare (Holdings) Limited

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

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,350,000

33,461,733

11,350,000

33,461,733

Other borrowings

290,000

290,000

290,000

290,000

11,640,000

33,751,733

11,640,000

33,751,733

Group

Bank borrowings

Bank borrowings are secured by fixed charges over the investments and book debts together with a floating charge over the other assets of the company.

The company has secured a new bank facility with a term of 5 years with the Group's bankers during the year.

27

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

2,946,807

2,755,152

Later than one year and not later than five years

9,301,747

9,102,028

Later than five years

9,295,492

10,163,558

21,544,046

22,020,738

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,626,233 (2022 - £3,321,408).

 

PCT Healthcare (Holdings) Limited

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

28

Related party transactions

Group

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments to director
£

At 30 November 2023
£

Mr P Cattee

Loan

14,615,277

28,080

(301,044)

14,342,313

         
       

Mr G A Tims

Loan

2,018,269

-

(306,987)

1,711,282

         
       

 

2022

At 1 December 2021
£

Repayments to director
£

At 30 November 2022
£

Mr P Cattee

Loan

14,916,320

(301,043)

14,615,277

       
     

Mr G A Tims

Loan

2,325,256

(306,987)

2,018,269

       
     

 

Dividends paid to directors

   

2023
£

 

2022
£

Mrs A J Cattee

       

Preference A shares

 

28,080

 

28,080

         

Mr P Cattee

       

Preference A shares

 

28,080

 

28,080

         

Other transactions with directors

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

The group occupied three properties owned by Mr P and Mrs A J Cattee and one property owned by the P & A J Cattee (Directors) Pension Scheme. Rent paid in respect of these properties amounted to £25,200 and £47,750, respectively (2022 £38,888 and £27,000).