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Company registration number: 06473541

PCT Healthcare (Properties) Limited

Filleted Financial Statements

for the Year Ended 30 November 2023

 

PCT Healthcare (Properties) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

PCT Healthcare (Properties) Limited

Company Information

Directors

Mrs A J Cattee

Mr G A Tims

Mr P Cattee

Mr 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

 

PCT Healthcare (Properties) Limited

(Registration number: 06473541)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,355,883

10,064,312

Investment property

5

36,938,764

23,288,764

 

39,294,647

33,353,076

Current assets

 

Debtors

6

237,718

698,350

Cash at bank and in hand

 

1,055,318

71,708

 

1,293,036

770,058

Creditors: Amounts falling due within one year

7

(20,518,961)

(13,124,855)

Net current liabilities

 

(19,225,925)

(12,354,797)

Total assets less current liabilities

 

20,068,722

20,998,279

Provisions for liabilities
Deferred tax

(316,661)

-

Net assets

 

19,752,061

20,998,279

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

19,751,061

20,997,279

Shareholders' funds

 

19,752,061

20,998,279

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

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

   
     
 

PCT Healthcare (Properties) 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

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss.

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

Going concern

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 August 2024 was Darren Leigh FCCA, who signed for and on behalf of BK Plus Audit Limited.

Revenue recognition

Turnover comprises rents and similar income receivable during the year, net of value added tax, where applicable.

 

PCT Healthcare (Properties) Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses 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

Properties under construction

Not depreciated

Fixtures fittings and equipment

10% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

PCT Healthcare (Properties) Limited

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

4

Tangible assets

Properties under construction
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2022

10,025,000

97,205

10,122,205

Additions

6,302,007

2,400,520

8,702,527

Transfers

(16,327,007)

-

(16,327,007)

At 30 November 2023

-

2,497,725

2,497,725

Depreciation

At 1 December 2022

-

57,893

57,893

Charge for the year

-

83,949

83,949

At 30 November 2023

-

141,842

141,842

Carrying amount

At 30 November 2023

-

2,355,883

2,355,883

At 30 November 2022

10,025,000

39,312

10,064,312

5

Investment properties

2023
£

At 1 December

23,288,764

Disposals

(300,000)

Transfer property under construction completed during the year

16,327,007

Fair value adjustments

(2,377,007)

At 30 November

36,938,764

The investment properties have been valued at their market value based on valuations by W T Gunson Chartered Surveyors as at 30 November 2023.

Impairment of investment property

The amount of impairment loss included in profit or loss is £2,827,007 (2022 - £Nil).

 

PCT Healthcare (Properties) Limited

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

14,583

14,682

Amounts owed by group undertakings

9

1,000

33,898

Other debtors

 

222,135

649,770

   

237,718

698,350

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

208,580

1,740,026

Amounts owed to group undertakings

9

20,257,731

9,869,599

Taxation and social security

 

-

44,353

Other creditors

 

52,650

1,470,877

 

20,518,961

13,124,855

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £39,720,000 (2022 - £33,461,733).

 

PCT Healthcare (Properties) Limited

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

9

Related party transactions

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

Loans to related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

1,000

32,898

33,898

Repaid

-

(32,898)

(32,898)

At end of period

1,000

-

1,000

2022

Parent
£

Subsidiary
£

Total
£

At start of period

1,000

23,857

24,857

Advanced

-

9,041

9,041

At end of period

1,000

32,898

33,898

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

Loans from related parties

2023

Subsidiary
£

Total
£

At start of period

9,869,599

9,869,599

Advanced

10,388,132

10,388,132

At end of period

20,257,731

20,257,731

2022

Subsidiary
£

Total
£

At start of period

11,517,510

11,517,510

Repaid

(1,647,911)

(1,647,911)

At end of period

9,869,599

9,869,599

Terms of loans from related parties

The loan is interest free and repayable on demand.
 

 

PCT Healthcare (Properties) Limited

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

10

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.

 

11

Non adjusting events after the financial period

Since the year end the company has sold 13 investment properties for a total consideration of £3.8m.