Registration number:
PCT Healthcare (Holdings) Limited
for the Year Ended 30 November 2023
PCT Healthcare (Holdings) Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
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 |
|
Auditors |
|
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 |
Metric |
Unit of |
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)
|
Approved by the
......................................... |
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:
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
......................................... |
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.
......................................
For and on behalf of
7 Waterside Court
Merseyside
WA9 1UA
PCT Healthcare (Holdings) Limited
Consolidated Profit and Loss Account for the Year Ended 30 November 2023
Note |
2023 |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating (loss)/profit |
( |
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Loss before tax |
( |
( |
|
Tax on loss |
( |
( |
|
Loss for the financial year |
( |
( |
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
( |
|
Minority interests |
( |
( |
|
( |
( |
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) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
891,710 |
891,710 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3,875 |
3,875 |
|
Capital redemption reserve |
114,287 |
114,287 |
|
Other reserves |
10,477,130 |
10,477,130 |
|
Profit and loss account |
5,591,431 |
12,807,352 |
|
Equity attributable to owners of the company |
16,186,723 |
23,402,644 |
|
Minority interests |
2,572,503 |
2,931,757 |
|
Shareholders' funds |
18,759,226 |
26,334,401 |
Approved and authorised by the
......................................... |
PCT Healthcare (Holdings) Limited
(Registration number: 06399469)
Balance Sheet as at 30 November 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3,875 |
3,875 |
|
Capital redemption reserve |
114,287 |
114,287 |
|
Profit and loss account |
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
......................................... |
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 |
|
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
( |
( |
At 30 November 2023 |
|
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Merger reserve |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
At 1 December 2021 |
|
|
|
|
|
|
|
Prior period adjustment |
- |
- |
- |
( |
( |
- |
( |
At 1 December 2021 (As restated) |
|
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
( |
( |
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 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
At 30 November 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 December 2021 |
|
|
|
|
Prior period adjustment |
- |
- |
( |
( |
At 1 December 2021 (As restated) |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
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) |
|
Cash flows from operating activities |
|||
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Changes in fair value of investment property |
|
( |
|
Loss on disposal of tangible assets |
|
|
|
Loss/(profit) from sales of investment properties |
|
( |
|
Profit on disposal of intangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Decrease in provisions |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
- |
|
|
Proceeds from sale of intangible assets |
|
|
|
Acquisition of investment properties |
- |
( |
|
Proceeds from sale of investment properties |
|
|
|
Acquisition of subsidiary undertakings |
- |
( |
|
Net cash flows from investing activities |
( |
( |
PCT Healthcare (Holdings) Limited
Consolidated Statement of Cash Flows for the Year Ended 30 November 2023
Note |
2023 |
(As restated) |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Repayment of bank borrowing |
( |
- |
|
Repayment of other borrowing |
( |
( |
|
Interest on preference shares |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 December |
|
|
|
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
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 |
|
|
The analysis of the group's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
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 |
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Investment properties fair value adjustments |
|
( |
(Profit)/loss on disposal of intangible fixed assets |
( |
( |
Gain/(loss) from investment property |
|
( |
Loss on disposal of property, plant and equipment |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2023 |
(As restated) |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on preference shares |
|
|
Interest expense on other finance liabilities |
|
|
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Management staff |
|
|
Administrative staff |
|
|
Other staff |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
47,000 |
69,000 |
Other fees to auditors |
||
All other assurance services |
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
- |
|
UK corporation tax adjustment to prior periods |
( |
( |
(105,253) |
722,052 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
2023 |
(As restated) |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
Tax decrease from other short-term timing differences |
- |
( |
Total tax charge |
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Intangible assets |
Group
Goodwill |
|
Cost or valuation |
|
At 1 December 2022 |
|
Disposals |
( |
At 30 November 2023 |
|
Amortisation |
|
At 1 December 2022 |
|
Amortisation charge |
|
Amortisation eliminated on disposals |
( |
At 30 November 2023 |
|
Carrying amount |
|
At 30 November 2023 |
|
At 30 November 2022 |
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
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 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
( |
- |
( |
Transfers |
- |
( |
- |
( |
( |
At 30 November 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 December 2022 |
|
|
|
- |
|
Charge for the year |
|
|
|
- |
|
Eliminated on disposal |
- |
( |
( |
- |
( |
At 30 November 2023 |
|
|
|
- |
|
Carrying amount |
|||||
At 30 November 2023 |
|
|
|
|
|
At 30 November 2022 |
|
|
|
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Investment properties |
Group
2023 |
|
At 1 December |
|
Disposals |
( |
Transfer from tangible fixed assets |
|
Fair value adjustments |
( |
At 30 November |
|
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.
Investments |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 December 2022 |
|
Provision |
|
At 1 December 2022 |
|
Carrying amount |
|
At 30 November 2023 |
|
At 30 November 2022 |
|
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 (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
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 |
At 30 November 2022 |
|
891,710 |
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Finished goods and goods for resale |
|
|
- |
- |
Debtors |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Trade debtors |
|
|
- |
- |
Amounts owed by group undertakings |
- |
- |
|
|
Other debtors |
|
|
- |
- |
Prepayments and accrued income |
|
|
|
- |
|
|
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
- |
- |
|
|
- |
- |
Creditors |
Group |
Company |
||||
Note |
2023 |
(As restated) |
2023 |
(As restated) |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
Amounts owed to group undertakings |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accruals and deferred income |
|
|
|
|
|
Directors current accounts |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
|
Other non-current financial liabilities |
|
|
|
|
|
|
|
|
|
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Provisions for liabilities |
Group
Deferred tax |
NHS reimbursement |
Total |
|
At 1 December 2022 |
|
|
|
Increase (decrease) in existing provisions |
|
( |
|
At 30 November 2023 |
|
|
|
|
The NHS reimbursement provision is to cover clawback of over-reimbursement received in previous financial years.
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 £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,750 |
|
2,750 |
|
|
1,125 |
|
1,125 |
|
|
1,352,000 |
|
1,352,000 |
|
|
17,571,350 |
|
17,571,350 |
|
|
|
|
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: |
Preference C shares have the following rights, preferences and restrictions: |
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.
Minority interests |
The minority interests relate to:
The 8% ordinary shares held in subsidiary company PCT Healthcare Limited
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
- |
|
- |
Other borrowings |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
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.
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 |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
PCT Healthcare (Holdings) Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
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 |
|
|
( |
|
Mr G A Tims |
||||
Loan |
|
- |
( |
|
2022 |
At 1 December 2021 |
Repayments to director |
At 30 November 2022 |
Mr P Cattee |
|||
Loan |
|
( |
|
Mr G A Tims |
|||
Loan |
|
( |
|
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).