Company registration number 13969519 (England and Wales)
PCPF UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PCPF UK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PCPF UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
3,744,386
7,082,750
Current assets
Debtors
4
662,645
-
0
Cash at bank and in hand
125,465
552,695
788,110
552,695
Creditors: amounts falling due within one year
5
(300,294)
(750,000)
Net current assets/(liabilities)
487,816
(197,305)
Total assets less current liabilities
4,232,202
6,885,445
Creditors: amounts falling due after more than one year
6
-
0
(1,844,807)
Net assets
4,232,202
5,040,638
Capital and reserves
Called up share capital
7
1,324
561
Share premium account
11,148,676
5,605,054
Profit and loss reserves
(6,917,798)
(564,977)
Total equity
4,232,202
5,040,638
PCPF UK LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
K S O'Mahony
Director
Company Registration No. 13969519
PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

PCPF UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Portman House, 2 Portman Street, London, W1H 6DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 4 -
1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 5 -
1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
4
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,744,386
7,082,750
PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments (Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
7,082,750
Additions
3,021,850
At 31 December 2023
10,104,600
Impairment
At 1 January 2023
-
Impairment losses
6,360,214
At 31 December 2023
6,360,214
Carrying amount
At 31 December 2023
3,744,386
At 31 December 2022
7,082,750
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
263,257
-
0
Other debtors
42,196
-
0
305,453
-
0
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
357,192
-
0
Total debtors
662,645
-
0
PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
420
-
0
Amounts owed to group undertakings
293,802
750,000
Other creditors
6,072
-
0
300,294
750,000
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
1,844,807
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.01p each
9,059,374
5,605,614
906
561
Ordinary B shares of 0.01p each
4,181,250
-
418
-
13,240,624
5,605,614
1,324
561

During the year, 1,363,135 Ordinary A shares of 0.01p each were issued. The fair value of each share was equal to the issue price of £1. The company received cash of £1,363,135 towards the share capital issued.

 

There was a bonus issue of 2,090,625 Ordinary A Shares

 

During the year, 4,181,250 Ordinary B shares of 0.01p each were issued. The fair value of each share was equal to the issue price of £1. The company received cash of £4,181,250 towards the share capital issued.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions (Continued)
- 8 -
Purchases
Purchases
2023
2022
£
£
Key management personnel
-
273,315
Interest receivable
Interest payable
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
35,863
-
8,958
-
PCPF UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions (Continued)
- 9 -
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
1,844,807
Entities over which the entity has control, joint control or significant influence
293,803
750,000
Key management personnel
72
-

A commercial rate of interest was charged.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
263,257
-
Entities over which the entity has control, joint control or significant influence
357,192
-

A commercial rate of interest was charged.

9
Parent company

The parent company of PCPF UK Ltd is L&H Healthcare Services Limited and its registered office is Portman House, 2 Portman Street, London, W1H 6DU.

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