Company registration number:
P & A J Cattee (Wholesale) Ltd.
for the Year Ended 30 November 2023
P & A J Cattee (Wholesale) Ltd.
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
P & A J Cattee (Wholesale) Ltd.
Company Information
Directors |
Mr G A Tims Mr J Cattee Mr P Cattee Mrs A J Cattee |
Company secretary |
Mrs A J Cattee |
Registered office |
|
Auditors |
|
P & A J Cattee (Wholesale) Ltd.
Strategic Report for the Year Ended 30 November 2023
The directors present their strategic report for the year ended 30 November 2023.
Principal activity
The principal activity of the company is pharmaceutical wholesalers.
Fair review of the business
The company continues to supply our associated pharmacy company by wholesale of P/POM & OTC medication (and products) on a daily basis. We are still operating a daily delivery service to all the group's pharmacies, and this will become easier as we move into our new purpose built unit, the introduction of automation, and shift patterns will ensure that the company is able to support our pharmacy teams (and in turn patients) better. The company has embarked on a plan to close satellite depots and move into the purpose built unit. In doing this, not only do we have better visibility and recording of stock, but we also can goods in/goods out more stock, and easier. This reduces complexity of dropping/delivering stock to multiple locations to be unpacked, checked in, repacked and dispatched.
The company is still focused on purchasing medication either direct from manufacturer, or in bulk (or both) to guarantee a better price than purchasing direct to our group pharmacies from wholesalers who will apply their own margin.
Quantitative measures in terms of business performance and profitability are important to shareholders and provide assurances as to the continuing stability of the organisation. Basic KPI's (Key Performance Indicators) which the company bases financial evaluations upon are gross profit, net profit and staff cost based.
Gross profit has decreased from 13% in 2022 to 12% in 2023, and turnover has increased by 17% from £55.9m in 2022 to £65.7m in 2023. The centralised warehouse sells the majority of goods to other group companies and continues to seek opportunities to improve the margin through effective stock buying despite the current economic climate.
Staff remain the greatest asset, but also the highest cost to the company, amounting to £1.6m in 2022 and £1.9m 2023.
Net profit before tax is a KPI. Company shareholders will note that a profit before tax as a percentage of turnover has decreased from 7% in 2022 to 5% in 2023. It is not anticipated that there will be any significant reduction in profit percentages during the forthcoming year.
This was an interim year, as the new warehouse was being commissioned, leading to increased costs in the short term before we consolidate all sites into one.
P & A J Cattee (Wholesale) Ltd.
Strategic Report for the Year Ended 30 November 2023
Other costs are not significant to the profitability of the company and so are not deemed sufficient KPI's.
At the year end the company remains in a healthy position with net assets totalling £26m.
Principal risks and uncertainties
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and group company loans. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is low given the significant bank reserves held that are deemed sufficient to meet the company's future trading requirements.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
P & A J Cattee (Wholesale) Ltd.
Strategic Report for the Year Ended 30 November 2023
Section 172(1) statement
Our planning is designed to have a long-term beneficial impact on the company and contribute to its future success through improving quality, operating within budgetary controls and in line with our regulatory targets. this requires us to consider the long term in all of our strategic decisions at board level.
Our employees are fundamental to the success of our company. we aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in how we operate.
We aim to act responsibly and fairly in how we engage with suppliers. the company has oversight of the procurement processes and receives regular updates on any matters of significance. the company is very much focused on its customers, and the directors commit considerable time, effort and resources into understanding and responding to the needs of customers. the directors also seek to build strong relationships with other stakeholders in the areas where we operate.
As a wholesale pharmaceutical company, the directors understand the impact of the company's operations on the businesses it serves and the environment, and attribute performance to behaving as a responsible business.
The director's intention is to behave responsibly and ensure that management operates in a responsible manner, operating within the high standards of conduct and good governance required for a business in our sector. all of our people are expected to act within the regulatory framework dictated by our sector. Our reputation is important and the reputational impact of decisions made by the directors are always considered.
As a company, our intention is to behave responsibly toward our shareholders and to trat them fairly and equally, so they too may benefit from the company's success.
S172 (1) of the Companies Act 2006 requires directors of the company to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the interests of the stakeholders, including customers, suppliers and the wider community in which it operates. In doing this, section 172 requires each director to have regard to the above matters.
Engagement with employees
The company places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the company. this is achieved through formal and informal meetings, internal bulletins and the company website. Employees are consulted regularly on a wide range of matters likely to affect their interests.
P & A J Cattee (Wholesale) Ltd.
Strategic Report for the Year Ended 30 November 2023
Engagement with suppliers, customers and other relationships
The company aims to act responsibly and fairly in how it engages with suppliers and customers and has policies in place for entering and maintaining relationships to ensure that it treats all suppliers and customers fairly.
Non-financial and sustainability information
Energy and carbon report
We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. P & A J Cattee (Wholesale) Ltd. supports these recommendations and are committed to disclosing the relevant information which can be found below.
Metrics and targets
The company has continued to improve efficiency and minimise fuel consumption within its warehouses.
During the previous year an electric vehicle scheme was launched for high mileage employees and this will be rolled out further in future years. Reviews of van mileage have been carried out regularly with adjustments made to schedules where required.
Work has been completed during the year on the building of a new warehouse facility which will be fully operational in 2024. This will consolidate existing warehouse facilities in to one building, built with energy efficient measures in mind.
Emissions and energy consumption
Summary of greenhouse gas emissions and energy consumption for the year ended 30 November 2023:
Name and |
Metric |
Unit of |
2023 |
2022 |
Total energy use |
Number of employees |
kWh (000s) |
928 |
980 |
Total emissions |
Number of employees |
CO2e (000s) |
188 |
193 |
Intensity ratio
Intensity ratio (tCO2e/employees)
|
Approved by the
......................................... |
P & A J Cattee (Wholesale) Ltd.
Directors' Report for the Year Ended 30 November 2023
The directors present their report and the financial statements for the year ended 30 November 2023.
Directors of the company
The directors who held office during the year were as follows:
Dividends
During the year interim dividends paid totalled £108,160 (2022 £108,160). The directors do not recommend the payment of a final dividend.
Future developments
The company has no plans to change its current trading activities and expects to remain profitable for the foreseeable future.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors BK Plus Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
......................................... |
P & A J Cattee (Wholesale) Ltd.
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
P & A J Cattee (Wholesale) Ltd.
Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.
Opinion
We have audited the financial statements of P & A J Cattee (Wholesale) Ltd. (the 'company') for the year ended 30 November 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
P & A J Cattee (Wholesale) Ltd.
Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
P & A J Cattee (Wholesale) Ltd.
Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
• |
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and |
• |
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
• |
we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
|
• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
|
• |
performed analytical procedures to identify any unusual or unexpected relationships; |
• |
tested journal entries to identify any unusual transactions; |
• |
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
• |
investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
|
• |
agreeing financial statement disclosures to underlying supporting documentation; |
• |
reading the minutes of meetings of those charged with governance; |
P & A J Cattee (Wholesale) Ltd.
Independent Auditor's Report to the Members of P & A J Cattee (Wholesale) Ltd.
• |
enquiring of management as to actual and potential litigation and claims; and |
• |
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
|
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
7 Waterside Court
Merseyside
WA9 1UA
P & A J Cattee (Wholesale) Ltd.
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar charges |
- |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
23,752,109 |
20,598,051 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
26,256,901 |
23,752,109 |
P & A J Cattee (Wholesale) Ltd.
(Registration number: 00803095)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
P & A J Cattee (Wholesale) Ltd.
Statement of Changes in Equity for the Year Ended 30 November 2023
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 December 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 November 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 December 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 November 2022 |
100 |
225 |
23,752,109 |
23,752,434 |
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Buttermilk Lane
Bolsover
Chesterfield
S44 6AE
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) Disclosure in respect of share based payments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of Key management personnel.
Going concern
The financial statements have been prepared on a going concern basis.
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises revenue when the company has delivered goods to the customer.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets, less their residual value, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
10% and 25% straight line |
Motor vehicles |
25% reducing balance |
Assets under construction |
Not depreciated |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the sale.
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received , net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Other interest receivable and similar income |
2023 |
2022 |
|
Other finance income |
- |
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
- |
|
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 company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
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 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Total tax charge |
|
|
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Assets under construction |
Total |
|
Cost or valuation |
||||
At 1 December 2022 |
|
|
- |
|
Additions |
|
- |
|
|
Disposals |
- |
( |
- |
( |
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 |
|
|
- |
|
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
|
|
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
- |
|
Prepayments and accrued income |
|
|
|
Corporation tax |
|
- |
|
|
|
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
- |
|
|
|
|
Bank overdrafts |
( |
( |
(204,893) |
4,689,735 |
Creditors |
Note |
2023 |
2022 |
|
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 |
|
|
|
Corporation tax |
- |
619,136 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 December 2022 |
|
|
Additional provisions |
|
|
At 30 November 2023 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Reserves |
Profit and loss account
This reserve records retained earnings and accumulative losses
Capital redemption reserve
This reserve records the nominal value of the shares repurchased by the company
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Contingent liabilities |
The company is party to a cross guarantee arrangement. The company is potentially liable for £39,720,000. The directors do not consider it likely that this guarantee will be called upon.
The company is party to a debenture including fixed charge over all present freehold, leasehold property: first fixed charge over book and other debtors, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertakings both present and future.
Related party transactions |
The company is under the control of Mr P Cattee and members of his close family.
The company has relied upon the exemptions to group companies preparing consolidated financial statements and has not disclosed inter company transactions.
Summary of transactions with other related parties
Rent charged during the year in respect of these properties amounted to £27,000 and £25,200, respectively (2022: £27,000 and £25,200).
During the year the company incurred recharges totalling £1,554,561 (2022 £846,590) to Connect Pharma Ltd, a company in which Mr J Cattee was materially interested as a majority shareholder and director. The amount due to this company as at 30 November 2023 was £331,421 (2022 £124,683).
Loans to related parties
2023 |
Subsidiary |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2022 |
Subsidiary |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
Terms of loans to related parties
P & A J Cattee (Wholesale) Ltd.
Notes to the Financial Statements for the Year Ended 30 November 2023
Loans from related parties
2023 |
Parent |
Subsidiary |
Total |
At start of period |
|
|
|
Advanced |
- |
( |
( |
At end of period |
|
|
|
|
2022 |
Parent |
Subsidiary |
Total |
At start of period |
|
|
|
Advanced |
- |
|
|
At end of period |
|
|
|
|
Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is