Company registration number 00803095 (England and Wales)
P & A J CATTEE (WHOLESALE) LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
P & A J CATTEE (WHOLESALE) LTD.
COMPANY INFORMATION
Directors
Mrs A J Cattee
Mr J Cattee
Mr P Cattee
Mr G A Tims
Secretary
Mrs A J Cattee
Company number
00803095
Registered office
11 Manchester Road
Walkden
Manchester
United Kingdom
M28 3NS
Auditor
BK Plus Audit Limited
7 Waterside Court
St. Helens
Merseyside
United Kingdom
WA9 1UA
Business address
Unit 6
Buttermilk Lane
Bolsover
Chesterfield
S44 6AE
P & A J CATTEE (WHOLESALE) LTD.
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of income and retained earnings
11
Balance sheet
12
Notes to the financial statements
13 - 22
P & A J CATTEE (WHOLESALE) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Principal activities
The principal activity of the company continued to be that of pharmaceutical wholesalers.
Review of the business
The company continues to supply our associated pharmacy company by wholesale of P/POM & OTC medication and products daily.
The company is now established in our new hub, Horizon located near Junction 29A of the M1.
The introduction of automation to our supply process has been challenging, but the company is pleased that the operation is performing efficiently now, and that both pharmacies and patient supply is being prioritised.
Additionally, the company is happy that the current shift patterns and hours of operation suit the business, with extended hours being required at busier periods in the year.
The introduction of third party assembly, and supply of P/POM & OTC medication to third parties permitted from October 2025 will mean that the company will need to readdress opening hours, and shift patterns. This is to ensure continuity of supply to our own Pharmacy estate within the Holding company, as well as Third Party Contractors.
The company has now closed all satellite depots and has worked hard with our regulators to ensure that we are a leader within the pharmacy wholesale sector. Additional costs were incurred during the year due to a period of dual running before consolidation took place.
Stock control, storage and distribution of pharmaceuticals is significantly improved being in one central location, and reduces the complexity previously associated with 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 pharmacies from wholesalers who will apply their own margin.
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 (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Development and performance
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 increased from 12% in 2023 to 13% in 2024, and turnover has decreased by 6% from £65.6m in 2023 to £61.5m in 2024. 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 £1.7m in 2023 and £1.9m in 2024.
Net profit before tax is a KPI. Company shareholders will note that the profit before tax as a percentage of turnover has decreased from 5% in 2023 to 2% in 2024. 2024 was a transitional year with additional costs incurred during dual running and ramping up the new warehouse for consolidation. It is not anticipated that there will be any significant reduction in profit percentages during the forthcoming year.
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 £26.9m (2023 - £26.2m).
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 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 fulfil this through listening forums and an open door policy.
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 directors' 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 towards our shareholders and to treat 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 the wider community in which it operates. In doing this, section 172 requires each director to have regard to the above matters.
P & A J CATTEE (WHOLESALE) LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Mr P Cattee
Director
29 July 2025
P & A J CATTEE (WHOLESALE) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £108,160. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs A J Cattee
Mr J Cattee
Mr P Cattee
Mr G A Tims
Business relationships
The company aims to act responsibly and fairly with suppliers and customers and has policies in place for entering and maintaining relationships to ensure that it treats all suppliers and customers equitably.
Post reporting date events
There are no significant post reporting date events.
Future developments
The company has no plans to change its current trading activities and expects to remain profitable for the foreseeable future.
P & A J CATTEE (WHOLESALE) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
Energy and carbon report
The company has continued to improve efficiency and minimise fuel consumption within its warehouses.
Our new warehouse facility went live during the year, and as a consequence, there was overlap as we ramped down the existing warehouses leading to increased consumption during the year. We expect consumption to reduce in 2025.
The horizon building was built with energy efficient measures in mind.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,676,649
1,198,337
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
76.80
91.90
- Fuel consumed for owned transport
61.40
59.40
138.20
151.30
Scope 2 - indirect emissions
- Electricity purchased
206.60
92.70
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
344.80
244.00
Intensity ratio
Tonnes CO2e per full-time employee
5.3
3.2
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full-time employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
Work was completed during the previous year on the building of a new warehouse facility that is now fully operational. The previous warehouse facilities have now been consolidated into one building, built with energy efficient measures in mind. We are exploring opportunities to reduce our consumption further by installing solar panels.
P & A J CATTEE (WHOLESALE) LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr P Cattee
Director
29 July 2025
P & A J CATTEE (WHOLESALE) LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
The directors are responsible 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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 MEMBER OF P & A J CATTEE (WHOLESALE) LTD.
- 8 -
Opinion
We have audited the financial statements of P & A J Cattee (Wholesale) Ltd. (the 'company') for the year ended 30 November 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 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.
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 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 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.
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 report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
P & A J CATTEE (WHOLESALE) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF P & A J CATTEE (WHOLESALE) LTD. (CONTINUED)
- 9 -
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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor'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.
From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
P & A J CATTEE (WHOLESALE) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF P & A J CATTEE (WHOLESALE) LTD. (CONTINUED)
- 10 -
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Darren Leigh FCCA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
United Kingdom
29 July 2025
P & A J CATTEE (WHOLESALE) LTD.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
61,519,426
65,650,632
Cost of sales
(53,366,556)
(57,511,675)
Gross profit
8,152,870
8,138,957
Administrative expenses
(7,185,340)
(4,740,331)
Operating profit
4
967,530
3,398,626
Interest receivable and similar income
7
4,729
Profit before taxation
972,259
3,398,626
Tax on profit
8
(243,075)
(785,674)
Profit for the financial year
729,184
2,612,952
Retained earnings brought forward
26,256,901
23,752,109
Dividends
9
(108,160)
(108,160)
Retained earnings carried forward
26,877,925
26,256,901
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 13 to 22 form part of these financial statements.
P & A J CATTEE (WHOLESALE) LTD.
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
557,639
353,815
Current assets
Stocks
11
8,733,805
7,875,494
Debtors
12
42,346,226
40,305,616
Cash at bank and in hand
150,625
1,382
51,230,656
48,182,492
Creditors: amounts falling due within one year
13
(24,781,376)
(22,204,457)
Net current assets
26,449,280
25,978,035
Total assets less current liabilities
27,006,919
26,331,850
Provisions for liabilities
Deferred tax liability
15
128,669
74,624
(128,669)
(74,624)
Net assets
26,878,250
26,257,226
Capital and reserves
Called up share capital
17
100
100
Capital redemption reserve
18
225
225
Profit and loss reserves
18
26,877,925
26,256,901
Total equity
26,878,250
26,257,226
The notes on pages 13 to 22 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
Mr P Cattee
Director
Company registration number 00803095 (England and Wales)
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
1
Accounting policies
Company information
P & A J Cattee (Wholesale) Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 11 Manchester Road, Walkden, Manchester, United Kingdom, M28 3NS. The principal place of business is Unit 6, Buttermilk Lane, Bolsover, Chesterfield, S44 6AE.
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.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of PCT Healthcare (Holdings) Limited. These consolidated financial statements are available from its registered office, 11 Manchester Road, Walkden, Manchester, United Kingdom, M28 3NS.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Furniture, fittings and equipment
10% and 25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.
1.7
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.
1.8
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.
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
As lessee
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying 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.
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
61,519,426
65,650,632
2024
2023
£
£
Other revenue
Interest income
4,729
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
271,843
69,382
Loss on disposal of tangible fixed assets
6,737
862
Operating lease charges
197,893
222,727
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
10,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
4
4
Sales, marketing and distribution
74
71
Total
78
75
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,722,014
1,581,462
Social security costs
151,482
126,331
Pension costs
32,397
29,390
1,905,893
1,737,183
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
4,729
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
189,030
755,856
Deferred tax
Origination and reversal of timing differences
54,045
29,818
Total tax charge
243,075
785,674
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
972,259
3,398,626
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
243,065
781,684
Tax effect of expenses that are not deductible in determining taxable profit
10
1,091
Permanent capital allowances in excess of depreciation
2,899
Taxation charge for the year
243,075
785,674
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
9
Dividends
2024
2023
£
£
Interim paid
108,160
108,160
10
Tangible fixed assets
Assets under construction
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
154,398
682,426
131,584
968,408
Additions
485,332
485,332
Disposals
(30,549)
(30,549)
Transfers
(154,398)
154,398
At 30 November 2024
1,322,156
101,035
1,423,191
Depreciation and impairment
At 1 December 2023
521,072
93,521
614,593
Depreciation charged in the year
264,305
7,538
271,843
Eliminated in respect of disposals
(20,884)
(20,884)
At 30 November 2024
785,377
80,175
865,552
Carrying amount
At 30 November 2024
536,779
20,860
557,639
At 30 November 2023
154,398
161,354
38,063
353,815
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
8,733,805
7,875,494
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,488,270
2,377,491
Corporation tax recoverable
801
Amounts owed by group undertakings
38,433,243
36,324,475
Other debtors
440,825
Prepayments and accrued income
1,424,713
1,162,024
42,346,226
40,305,616
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
45,671
206,275
Trade creditors
12,616,071
10,294,600
Amounts owed to group undertakings
11,209,501
11,416,484
Corporation tax
54
Other taxation and social security
162,418
44,304
Other creditors
4,819
3,546
Accruals and deferred income
742,842
239,248
24,781,376
22,204,457
14
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
45,671
206,275
Payable within one year
45,671
206,275
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
128,669
74,624
2024
Movements in the year:
£
Liability at 1 December 2023
74,624
Charge to profit or loss
54,045
Liability at 30 November 2024
128,669
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,397
29,390
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
18
Reserves
Capital redemption reserve
This reserve records the nominal value of the shares repurchased by the company.
Profit and loss reserves
This reserve records retained earnings and accumulated losses.
19
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee arrangement and therefore has a potential liability for the sum of £31,284,813. The directors consider it unlikely that this guarantee will be called upon.
The company is party to a debenture including a fixed charge over all present freehold and leasehold property, a first fixed charge over book and other debtors, chattels, goodwill and uncalled capital, both present and future and a first floating charge over all assets and undertakings, both present and future.
20
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
87,227
197,110
Years 2-5
76,323
163,550
163,550
360,660
P & A J CATTEE (WHOLESALE) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
21
Related party transactions
Transactions with related parties
The company has relied upon the exemptions to group companies preparing consolidated financial statements and has not disclosed inter company transactions.
During the year the company entered into the following transactions with related parties:
The company occupied premises owned by P & A J Cattee (Directors) Pension Scheme and by Mr P Cattee, director. Rent charged during the year in respect of these properties amounted £18,000 and £16,800, respectively (2023 £27,000 and £25,200).
During the year the company incurred recharges totalling £1,771,895 (2023 £1,554,561) from Connect Pharma Limited, 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 2024 was £624,766 (2023 £331,421). The loan in unsecured and interest free.
22
Ultimate controlling party
The company's immediate and ultimate parent undertaking and controlling party is PCT Healthcare (Holdings) Limited, incorporated in England and Wales.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
PCT Healthcare (Holdings) Limited
Smallest group
PCT Healthcare (Holdings) Limited
PCT Healthcare (Holdings) Limited consolidated financial statements are available upon request from its registered office, 11 Manchester Road, Walkden, Manchester, United Kingdom, M28 3NS.
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