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Registered number: 08539732










PERSON CENTRED SOFTWARE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
PERSON CENTRED SOFTWARE LIMITED
 
 
COMPANY INFORMATION


Directors
A Coles (resigned 22 September 2023)
C J Woolley 
G Porter 
J Jardevall (appointed 1 June 2024)
S Harris (resigned 20 September 2023)
J Papworth (resigned 10 January 2024)




Registered number
08539732



Registered office
Saxon House
3 Onslow Street

Guildford

Surrey

GU1 4SY




Independent auditor
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

United Kingdom

EC2Y 5AU





 
PERSON CENTRED SOFTWARE LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9 - 10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 28


 
PERSON CENTRED SOFTWARE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
This annual report that follows includes the financial statements of Person Centred Software Limited, a wholly-owned subsidiary company of Connected Care Holdings Limited which prepares financial statements in accordance with FRS 102.

Business review
 
The principal activity Person Centred Software Limited is a software solution for the care sector as processes move toward digitalisation of care and away from paper record keeping.  Person Centred Software’s main software, mCare, is the key product in the Connected Care package the group provides.  The ultimate parent that produces the consolidated statutory accounts for the group is Connected Care Holdings Limited.
Person Centred Software operates in the care sector which is currently under economic pressure across the United Kingdom.  However, Person Centred Software Limited still continues to demonstrate strong financial performance by providing a strong digital product at a time when the UK government still has a focus on supporting care homes to move to digital.
This year Person Centred Software Limited’s software, mCare, has been the key product in the Connected Care package and it has been supported in the expansion of offerings by the acquisitions by the Parent company of DepenSys Limited, ResHub Limited, Red Crier Publications Limited and KareInn Limited.  The mCare product is now offered alongside other digital products that will support care homes in providing a beneficial offering to their customers and allowing their staff to spend more time providing quality care over non-customer facing activities. 
As a result of this we have seen a customer growth of 25%, alongside a revenue growth of 43%. This growth is expected to continue into the next financial year.


This report was approved by the board and signed on its behalf.



C J Woolley
Director

Date: 16 December 2024

Page 1

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company during the year was the development of business and domestic software.

Results and dividends

The profit for the year, after taxation, amounted to £2,198,116 (2023 - loss £471,055).

Directors

The directors who served during the year were:

A Coles (resigned 22 September 2023)
C J Woolley 
G Porter (appointed 1 June 2024)
S Harris (resigned 20 September 2023)
J Papworth (resigned 10 January 2024)
A Coles (resigned 20 September 2023)
S Harris (resigned 22 September 2023)
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company has also purchased and maintained throughout the period directors’ and officers’ liability insurance in respect of itself and its directors

Page 2

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

On 1 June 2024 a decision was made by the directors of Panecea Group Limited, the parent company, to conduct the trade of fellow subsidiaries PGL PCSL Limited, PGL AEHL Limited and PGL OWL Limited and their subsidiary companies through Person Centred Software Limited. PGL PCSL Limited, PGL AEHL Limited and PGL OWL Limited and their subsidiaries ceased to trade on 1 June 2024

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C J Woolley
Director

Date: 16 December 2024

Page 3

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERSON CENTRED SOFTWARE LIMITED
 

Opinion


We have audited the financial statements of Person Centred Software Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 31 May 2024 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's 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 financial statements are 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.


Page 4

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERSON CENTRED SOFTWARE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


We have nothing to report in this regard.


Opinion on other matters 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 the 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 or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 2, 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.


Page 5

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERSON CENTRED SOFTWARE LIMITED (CONTINUED)


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:

• Enquiry of management around actual and potential litigation and claims;
• Performing audit work over the risk of management override of controls, including testing of journal entries
   and other adjustments for appropriateness, evaluating the business rationale of significant transactions
   outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance and management;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
  with applicable laws and regulations. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 6

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PERSON CENTRED SOFTWARE LIMITED (CONTINUED)


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 2006Our 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.





Georgette Alicia Crisp BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
London, United Kingdom

30 December 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313).
Page 7

 
PERSON CENTRED SOFTWARE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,615,261
11,590,707

Cost of sales
  
(4,935,513)
(5,039,938)

Gross profit
  
11,679,748
6,550,769

Administrative expenses
  
(9,435,715)
(6,898,875)

Operating profit/(loss)
 5 
2,244,033
(348,106)

Interest receivable and similar income
 9 
11,400
17,409

Interest payable and similar expenses
 10 
(473)
-

Profit/(loss) before tax
  
2,254,960
(330,697)

Tax on profit/(loss)
 11 
(56,844)
(140,358)

Profit/(loss) for the financial year
  
2,198,116
(471,055)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 8

 
PERSON CENTRED SOFTWARE LIMITED
REGISTERED NUMBER: 08539732

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 12 
2,678,730
1,120,727

Investments
 13 
70,908
70,908

  
2,749,638
1,191,635

Current assets
  

Stocks
 14 
164,851
238,250

Debtors: amounts falling due after more than one year
 15 
285,761
1,552,855

Debtors: amounts falling due within one year
 15 
5,775,324
2,789,412

Cash at bank and in hand
 16 
407,675
416,216

  
6,633,611
4,996,733

Creditors: amounts falling due within one year
 17 
(6,016,089)
(5,172,457)

Total assets less current liabilities
  
 
 
3,367,160
 
 
1,015,911

  

Provisions for liabilities
  

Deferred taxation
 18 
(433,315)
(280,182)

  
 
 
(433,315)
 
 
(280,182)

  

Net assets
  
2,933,845
735,729

Page 9

 
PERSON CENTRED SOFTWARE LIMITED
REGISTERED NUMBER: 08539732
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 19 
1,800
1,800

Share premium account
 20 
948
948

Capital redemption reserve
 20 
70
70

Profit and loss account
 20 
2,931,027
732,911

  
2,933,845
735,729


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C J Woolley
Director
Date: 16 December 2024

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
PERSON CENTRED SOFTWARE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 June 2022
1,800
948
70
1,203,966
1,206,784


Comprehensive income for the year

Loss for the year
-
-
-
(471,055)
(471,055)
Total comprehensive income for the year
-
-
-
(471,055)
(471,055)



At 1 June 2023
1,800
948
70
732,911
735,729


Comprehensive income for the year

Profit for the year
-
-
-
2,198,116
2,198,116
Total comprehensive income for the year
-
-
-
2,198,116
2,198,116


At 31 May 2024
1,800
948
70
2,931,027
2,933,845


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The entity is a private company, limited by shares, incorporated in England and Wales. The registered office address is Saxon House, 3 Onslow Street, Guildford, Surrey, GU1 4SY.
The principal activity of the company during the year was the development of business and domestic software.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in £ sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Connected Care Holdings Limited as at 31 May 2024 and these financial statements may be obtained from Companies House.

Page 12

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.  Values are rounded to the nearest pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 15

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
-
50%
Plant and machinery
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 17

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies 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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 current and future periods.

Page 18

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Software rental
16,615,261
11,590,707

16,615,261
11,590,707


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,615,261
11,590,707

16,615,261
11,590,707



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Research & development charged as an expense
-
720,000

Depreciation of tangible fixed assets
616,143
197,897

Exchange differences
9,125
10,622

Defined contribution pension cost
137,181
116,008


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
15,500
15,200

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,140,722
3,495,954

Social security costs
531,247
361,018

Cost of defined contribution pension scheme
137,181
116,008

5,809,150
3,972,980


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
89
72



Directors
4
3

93
75


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
495,519
84,722

Company contributions to defined contribution pension schemes
13,234
8,655

508,753
93,377


During the year retirement benefits were accruing to 3 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £168,103 (2023 - £84,722).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,840 (2023 - £8,655).

The amount of the accrued lump sum in respect of the highest paid director at 31 May 2024 amounted to £NIL (2023 - £NIL).

Page 20

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
11,400
17,409


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
473
-


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(23,021)
(101,086)

Adjustments in respect of previous periods
(73,268)
-


(96,289)
(101,086)


Total current tax
(96,289)
(101,086)

Deferred tax


Origination and reversal of timing differences
153,133
241,444

Total deferred tax
153,133
241,444


Tax on profit/(loss)
56,844
140,358
Page 21

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
2,254,960
(330,697)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
563,740
(82,674)

Effects of:


Fixed asset timing differences
(5,309)
(50,896)

Expenses not deductible for tax purposes
44,832
48,820

Group relief
(352,298)
-

Adjustments to tax charge in respect of prior periods
(73,268)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(23,021)
(101,086)

Unrelieved tax losses carried forward
-
326,194

Utilisation of losses
(97,832)
-

Total tax charge for the year
56,844
140,358


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Tangible fixed assets





Tenants improvements
Plant and machinery
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 June 2023
42,324
1,440,912
-
1,483,236


Additions
287,517
1,740,333
146,296
2,174,146



At 31 May 2024

329,841
3,181,245
146,296
3,657,382



Depreciation


At 1 June 2023
42,324
320,185
-
362,509


Charge for the year
76,012
540,131
-
616,143



At 31 May 2024

118,336
860,316
-
978,652



Net book value



At 31 May 2024
211,505
2,320,929
146,296
2,678,730



At 31 May 2023
-
1,120,727
-
1,120,727

Page 23

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2023
70,908



At 31 May 2024
70,908





14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
164,851
238,250


Page 24

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
-
1,501,030

Other debtors
-
51,825

Prepayments and accrued income
285,761
-

285,761
1,552,855


2024
2023
£
£

Due within one year

Trade debtors
1,837,954
1,319,208

Amounts owed by group undertakings
3,359,153
-

Other debtors
126,230
917,877

Prepayments and accrued income
451,987
552,327

5,775,324
2,789,412



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
407,675
416,216

Less: bank overdrafts
-
(2,289)

407,675
413,927


Page 25

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
2,289

Trade creditors
574,552
1,829,503

Amounts owed to group undertakings
2,990,747
2,363,228

Other taxation and social security
624,962
279,871

Other creditors
280,917
135,537

Accruals and deferred income
1,544,911
562,029

6,016,089
5,172,457


The bank overdraft is secured by the assets of the company.


18.


Deferred taxation




2024


£






At beginning of year
280,182


Charged to profit or loss
153,133



At end of year
433,315

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
433,315
280,182

433,315
280,182

Page 26

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,800,000 (2023 - 1,800,000) Ordinary shares of £0.001 each
1,800
1,800



20.


Reserves

Share premium account

The Share Premium account includes any premium received on the issue of share capital. Any transaction costs associated with the issuing of the shares are deducted from the share premium. Changes in share premium are set out in the Statement of changes in Equity. 
The total share premium balance was £948 as at 31 May 2024 after taking into account the legal,
administrative and arrangement costs associated with the issue of shares.

Profit and loss account

Changes in the reserves is set out in the Statement of Changes in Equity. 


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £137,181 (2023: £116,008). Contributions totalling £30,530 (2023: £70,123) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
60,345
90,000

Later than 1 year and not later than 5 years
105,604
-

Later than 5 years
271,553
-

437,502
90,000

Page 27

 
PERSON CENTRED SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

23.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102
Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly
owned subsidiary undertaking of the group.
During the year the company made payments of £20,554 (2023: £Nil) and received payments of £674,376 (2023: £Nil) to Cow Corner Investing Ltd, a company under common directorship. At the year end a balance of £Nil (2023: £Nil) was payable to Cow Corner Investing Ltd.


24.


Transactions with directors

During the year, the company made advances totaling £Nil (2023: £651,021) to S Harris, a former director, and received credits of £651,021 (2023: £Nil). Interest of £Nil (2023: £9,509) has been charged at commercial rates on overdrawn balances.
At the balance sheet date, S Harris, a former director, owed the company £9,609. In the prior year S Harris owed the company £660,330. The loan is unsecured, interest free and repayable on demand.


25.


Post balance sheet events

On 1 June 2024 a decision was made by the directors of Panecea Group Limited, the parent company, to conduct the trade of fellow subsidiaries PGL PCSL Limited, PGL AEHL Limited and PGL OWL Limited and their subsidiary companies through Person Centred Software Limited. PGL PCSL Limited, PGL AEHL Limited and PGL OWL Limited and their subsidiaries ceased to trade on 1 June 2024.


26.


Controlling party

The  parent company is Panecea Group Limited. The ultimate parent company is Connected Care Holdings Limited (formerly Project Polar Topco Limited). Connected Care Holdings Limited is a company registered in England and Wales with a registration number of 14247664 and a registered office of Saxon House, 3 Onslow Street, Guildford, Surrey, GU1 4SY. The consolidated financial statements of Connected Care Holdings Limited are available from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ. 
The ultimate controlling party is Cow Corner 1 GP LLP, by virtue of owning controlling share capital in Connected Care Holdings Limited, the ultimate parent company.

 
Page 28