Company registration number 01768840 (England and Wales)
PCT HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PCT HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
Mrs A J Cattee
Mr J Cattee
Mr P Cattee
Mr G A Tims
Secretary
Mrs A J Cattee
Company number
01768840
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
PCT HEALTHCARE LIMITED
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 - 27
PCT HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
During the current year, the company has once again continued to react to the challenging financial constraints that the sector has experienced.
There have been 6 branch disposals during the year, with no more planned, and 1 ‘merge and closure’ with the company.
The company is only looking at strategic pharmacy acquisitions going forwards if they are in proximity to pharmacies already within the estate.
The company has now completed the building and installation of its Hub and Spoke offering and now has all branches onboarded. We continue to see the % of workload sent to the Hub increase on a monthly basis.
Sending more work to the Hub creates capacity and opportunities for pharmacy colleagues to deliver alternate tasks, which is in line with Governments requirements around providing more services within community pharmacy to create capacity elsewhere within primary care.
The improved accuracy of prescription assembly using automation also prioritises patient safety, and we continue to look at ways in which we are reducing staff pressures and workload on pharmacy colleagues.
The increase in NLW v the remuneration for the dispensing of medication continues to create challenges within staff recruitment, therefore involving automation in this process offers a more sustainable (and accurate) solution for our patients.
Prescription numbers within the business have grown, but the introduction of a new system for patients and staff alike does appear to be showing challenges.
We are confident however that this will be addressed going forwards, and we must not underestimate the size of the task at hand when implementing the changes we have made for patients and pharmacy colleagues alike, and we must now embed these systems and focus on customer care going forwards.
The delivery of services continues to expand, we are confident that the company will continue to monitor its overheads diligently to navigate through the financial challenges the sector faces as we await the new CPCF.
The company is committed to actively working in partnership with local clinical commissioning groups in the promotion of these services.
The company has refinanced post year end and moved lender to HSBC. Whilst this decision was not a small undertaking, we believe that the cost of borrowing and the flexibility around disposals and acquisitions will support the company with its strategy going forwards.
Principal risks and uncertainties
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for the company's operations and to finance them.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
PCT HEALTHCARE LIMITED
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, EBITDA and staff costs as a % of turnover. There is a direct link between profitability and branch staffing levels, which is reflected in the budgeting process.
Gross profit percentage has increased from 28% in 2023 to 29% in 2024.
Staff remain the greatest asset, but also the largest cost to the company, amounting to £34.1m in 2024 and £32.5m in 2023. Staff costs as a percentage of turnover were 19% in 2024 and 18% in 2023.
Company shareholders will note that the company made a loss before tax of £6.2m and earnings before interest, tax and depreciation (EBITDA) was £1.8m.
In the forthcoming year the company expects profitability to improve as a result of the new CPCF from April 2025. The roll out of hub and spoke will allow more time in branch to develop service delivery which should increase revenues going forward. In addition, there were also a number of significant one-off costs in the year (£0.6m) as the business re-organised, which will not be repeated in 2025.
The company had a net bank deficit of £2.8m and net assets of £24.0m at the year end, whilst the group had a net bank deficit, before bank loans, of 0.7m that was within the overall facility of £3.0m.
Section 172 (1) statement
Our planning is designed to have a long-term beneficial impact on the company and contribute to its future success through improving quality, operating within budgetary controls and in line with our regulatory targets. This requires us to consider the long term in all of our strategic decisions at board level.
Our employees are fundamental to the success of our company. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in how we operate.
We aim to act responsibly and fairly in how we engage with suppliers. The company has oversight of the procurement processes and receives regular updates on any matter 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 an independent pharmacy chain, the directors understand the impact of the company's operations on the communities it serves and the environment, and attribute performance to behaving as a responsible business.
The director's intention is to behave responsibly and ensure that management operates in a responsible manner, operating within the high standards of conduct and good governance required for a business in our sector. All of our people are expected to act within the regulatory framework dictated by our sector. Our reputation is important and the reputational impact of decisions made by the directors are always considered.
As a company, our intention is to behave responsibly toward our shareholders and to treat them fairly and equally, so they too may benefit from the company's success.
Section 172 (1) of the Companies act 2006 requires directors of the company to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the interests of the stakeholders, including customers, suppliers and the wider community in which it operates. In doing this, Section 172 requires each director to have regard to the above matters.
PCT HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Mr P Cattee
Director
29 July 2025
PCT HEALTHCARE LIMITED
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.
Principal activities
The principal activity of the company continued to be that of retail pharmacy.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. 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
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the company. This is achieved through formal and informal meetings, internal bulletins and the company website. Employees are consulted regularly on a wide range of matters likely to affect their interests.
Business relationships
The company aims to act responsibly and fairly in how it engages with suppliers and customers and has policies in place for entering and maintaining relationships to ensure that it treats all suppliers and customers equitably.
Post reporting date events
Since the year end the company has sold one pharmacy branch for £0.2m and acquired one pharmacy branch for £0.1m.
PCT HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
Future developments
The company will continue to evolve as we see fit to work within the sector. The current CPCF is only for one year, and therefore the focus of the company is to ensure continuity of service to patients until we have foresight of what the next contract will look like. The company will continue to explore its Hub and Spoke offering for the estate and ensure that we are maximising the ability of assembling prescriptions at our central hub, creating capacity with the pharmacy teams to focus on alternative tasks, and developing further services. The company has set ambitious but achievable timescales to ensure that the entire estate can unlock the benefits of an automated Hub & Spoke system within 6 months of going live (in April 2024) to leave value added task time in branch to promote services. The desire of NHSE is to migrate more work away from the GP network, and community Pharmacy is to play a part in supporting with this work – It is therefore imperative that we free up time from dispensing at a local level to support within this.
The ability for the company to have better visibility on its purchases from wholesalers needs to be unlocked with the central assembly of prescriptions, as this improves cash flow, as well as reducing risk across the estate.
The company will continue to develop colleagues internally to ensure that we are promoting opportunities both internally, as well as creating a better patient experience.
Energy and carbon report
The company has continued to improve efficiency and minimise fuel consumption within its warehouses.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
4,851,088
5,037,972
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
99.90
102.80
- Fuel consumed for owned transport
474.10
519.80
574.00
622.60
Scope 2 - indirect emissions
- Electricity purchased
423.30
393.70
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
62.60
92.10
Total gross emissions
1,059.90
1,108.40
Intensity ratio
Tonnes CO2e per full-time employee
0.8
0.7
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.
PCT HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
Measures taken to improve energy efficiency
The electric vehicle scheme continues for high mileage employees and this will be rolled out further in future years. Reviews of van mileage have been carried out regularly with adjustments made to schedules when required.
Work was completed on the building of a new warehouse facility that is now fully operational in 2024. This has increased consumption in the short term as we were operating from additional warehouses. During 2024 all operations have been consolidated in to one building built with energy efficient measures in mind.
The store estate has reduced during the year and the company's upgrade programme continues to ensure that boilers, fridges, lights and air conditioning, were replaced, are more efficient than previous.
An increase in requirements for at home patient deliveries has increased fuel usage in the year, which resulted in implementation of delivery hubs reducing mileage and vans on the road.
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
PCT HEALTHCARE LIMITED
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.
PCT HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PCT HEALTHCARE LIMITED
- 8 -
Opinion
We have audited the financial statements of PCT Healthcare Limited (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 loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
PCT HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PCT HEALTHCARE LIMITED (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.
PCT HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PCT HEALTHCARE LIMITED (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
PCT HEALTHCARE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
178,629,485
182,001,105
Cost of sales
(127,066,438)
(130,343,131)
Gross profit
51,563,047
51,657,974
Administrative expenses
(57,736,729)
(56,312,474)
Other operating income
12,480
441,728
Operating loss
5
(6,161,202)
(4,212,772)
Interest receivable and similar income
9
2,831
13,048
Interest payable and similar expenses
10
(67,278)
(174,187)
Loss before taxation
(6,225,649)
(4,373,911)
Tax on loss
11
(500,573)
(116,769)
Loss for the financial year
(6,726,222)
(4,490,680)
Retained earnings brought forward
19,925,526
24,416,206
Retained earnings carried forward
13,199,304
19,925,526
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 13 to 27 form part of these financial statements.
PCT HEALTHCARE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
19,395,836
26,758,883
Tangible assets
14
14,613,431
14,524,260
Investments
15
891,728
891,728
34,900,995
42,174,871
Current assets
Stocks
17
9,451,304
9,554,200
Debtors
18
57,638,692
51,700,435
Cash at bank and in hand
640,530
3,491,324
67,730,526
64,745,959
Creditors: amounts falling due within one year
19
(76,192,600)
(73,757,718)
Net current liabilities
(8,462,074)
(9,011,759)
Total assets less current liabilities
26,438,921
33,163,112
Provisions for liabilities
Provisions
21
364,240
864,240
Deferred tax liability
22
2,112,371
1,610,340
(2,476,611)
(2,474,580)
Net assets
23,962,310
30,688,532
Capital and reserves
Called up share capital
24
285,876
285,876
Other reserves
25
10,477,130
10,477,130
Profit and loss reserves
25
13,199,304
19,925,526
Total equity
23,962,310
30,688,532
The notes on pages 13 to 27 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 01768840 (England and Wales)
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
1
Accounting policies
Company information
PCT Healthcare Limited 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.
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 company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
PCT Healthcare Limited is a wholly owned subsidiary of PCT Healthcare (Holdings) Limited and the results of PCT Healthcare Limited are included in the consolidated financial statements of PCT Healthcare (Holdings) Limited which are available from Companies House.
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.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.
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 at point of sale or 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.
1.4
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated impairment losses. goodwill is amortised over its useful life, which shall not exceed 10 years if a reliable estimate of the useful life cannot be made.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Short leasehold property
Straight line over the life of the lease
Fixtures, fittings and equipment
10% and 25% straight line
Improvements to property
10% 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.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.
1.9
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.
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.
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.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
1.12
Provisions
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by transfer of an economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss in the year that the company becomes aware of the obligation, and are measured at the best estimate as at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation, useful lives and residual values of plant, fixtures and equipment
The company estimates the useful lives and residual values of plant, fixtures and equipment in order to calculate depreciation charges. Changes in these estimates could result in changes being required to annual depreciation charges in the profit and loss account and the carrying values of plant, fixtures and equipment.
Amortisation, useful lives and residual values of intangible assets
The company estimates the useful lives and residual values of intangible assets in order to calculate amortisation charges. Changes in these estimates could result in changes being required to annual amortisation charges in the profit and loss account and the carrying values of intangible fixed assets.
Excess margins
The company is subject to review of certain income which may result in a clawback of revenues by the department of Health. In the directors' view there was a reduction in the provision required in the current year.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Pharmacy
178,629,485
182,001,105
2024
2023
£
£
Other revenue
Interest income
2,831
13,048
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
4
Exceptional item
2024
2023
£
£
Income
Group company loan written off
-
429,248
5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,951,645
1,862,229
Loss on disposal of tangible fixed assets
175,300
-
Amortisation of intangible assets
5,576,844
5,871,949
Impairment of intangible assets
702,943
Profit on disposal of intangible assets
(425,793)
(342,590)
Operating lease charges
3,193,931
3,430,506
6
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
54,000
39,500
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Pharmacists, counter staff and drivers
1,387
1,465
Administrative staff
68
42
Management staff
1
1
Total
1,456
1,508
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
30,925,904
29,759,372
Social security costs
2,589,836
2,237,530
Pension costs
569,188
531,879
34,084,928
32,528,781
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
99,713
98,365
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,801
Other interest income
2,831
7,247
Total income
2,831
13,048
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
60,454
171,492
Other interest on financial liabilities
6,824
2,695
67,278
174,187
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(755,856)
Adjustments in respect of prior periods
(1,458)
(105,253)
Total current tax
(1,458)
(861,109)
Deferred tax
Origination and reversal of timing differences
502,031
977,878
Total tax charge
500,573
116,769
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(6,225,649)
(4,373,911)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
(1,556,412)
(1,006,000)
Tax effect of expenses that are not deductible in determining taxable profit
2,058,443
1,983,878
Group relief
(755,856)
Under/(over) provided in prior years
(1,458)
(105,253)
Taxation charge for the year
500,573
116,769
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Goodwill
13
702,943
Recognised in:
Administrative expenses
702,943
-
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
13
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023
95,361,166
Disposals
(2,685,790)
At 30 November 2024
92,675,376
Amortisation and impairment
At 1 December 2023
68,602,283
Amortisation charged for the year
5,576,844
Impairment losses
702,943
Disposals
(1,602,530)
At 30 November 2024
73,279,540
Carrying amount
At 30 November 2024
19,395,836
At 30 November 2023
26,758,883
More information on impairment movements in the year is given in note 12.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
14
Tangible fixed assets
Short leasehold property
Plant and machinery under construction
Fixtures, fittings and equipment
Improvements to property
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
12,335,047
4,431,483
18,988,129
2,091,359
216,668
38,062,686
Additions
2,218,162
2,218,162
Disposals
(411,471)
(35,112)
(446,583)
Transfers
(4,431,483)
4,431,483
At 30 November 2024
12,335,047
25,226,303
2,091,359
181,556
39,834,265
Depreciation and impairment
At 1 December 2023
7,159,573
14,391,691
1,838,792
148,370
23,538,426
Depreciation charged in the year
475,227
1,206,776
252,567
17,075
1,951,645
Eliminated in respect of disposals
(241,138)
(28,099)
(269,237)
At 30 November 2024
7,634,800
15,357,329
2,091,359
137,346
25,220,834
Carrying amount
At 30 November 2024
4,700,247
9,868,974
44,210
14,613,431
At 30 November 2023
5,175,474
4,431,483
4,596,438
252,567
68,298
14,524,260
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
18
18
Other investments
891,710
891,710
891,728
891,728
16
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Grasmere Leigh Limited
England
Ordinary shares
100.00
TV Pharmacy Limited
England
Ordinary shares
100.00
Television Pharmacy Limited
England
Ordinary shares
100.00
Telepharm Limited
England
Ordinary shares
100.00
Freephone Pharmacy Limited
England
Ordinary shares
100.00
Roy Lamb Limited
England
Ordinary shares
100.00
The Concourse Pharmacy Limited
England
Ordinary shares
100.00
Andersons Investments Limited
England
Ordinary shares
100.00
St Paul's (HCC) Limited
England
Ordinary shares
100.00
R H Swinn Limited
England
Ordinary shares
100.00
Jayne A Hibbard Limited
England
Ordinary shares
100.00
Richard G Hardy Limited
England
Ordinary shares
100.00
DFM Newco Limited
England
Ordinary shares
100.00
Swift Chemists Limited
England
Ordinary shares
100.00
Notmy Holdings Limited
England
Ordinary shares
100.00
Medex Health Limited
England
Ordinary shares
100.00
K M Brennan (Chemist) Limited
England
Ordinary shares
100.00
C.G. Murray & Son Limited
England
Ordinary shares
100.00
B. Payne & Son Limited
England
Ordinary shares
100.00
Shires Group Holdings Limited
England
Ordinary shares
100.00
Shires Pharmacies Limited
England
Ordinary shares
100.00
All of the companies are dormant.
17
Stocks
2024
2023
£
£
Finished goods and goods for resale
9,451,304
9,554,200
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,747,925
14,749,308
Corporation tax recoverable
25,250
39,617
Amounts owed by group undertakings
38,078,480
32,897,214
Other debtors
4,415,993
2,483,260
Prepayments and accrued income
1,371,044
1,531,036
57,638,692
51,700,435
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
3,401,539
67,812
Trade creditors
17,067,147
20,354,060
Amounts owed to group undertakings
38,719,812
35,428,222
Taxation and social security
631,938
748,949
Other creditors
15,706,153
16,302,645
Accruals and deferred income
666,011
856,030
76,192,600
73,757,718
20
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
3,401,539
67,812
Payable within one year
3,401,539
67,812
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
21
Provisions for liabilities
2024
2023
£
£
364,240
864,240
The NHS Reimbursement provision is to cover clawback of over-reimbursement received in previous financial years.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
21
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions:
£
At 1 December 2023
864,240
Utilisation of provision
(500,000)
At 30 November 2024
364,240
22
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
2,240,284
1,924,360
Tax losses
(127,913)
(314,020)
2,112,371
1,610,340
2024
Movements in the year:
£
Liability at 1 December 2023
1,610,340
Charge to profit or loss
502,031
Liability at 30 November 2024
2,112,371
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
569,188
531,879
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.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
263,006
263,006
263,006
263,006
Ordinary B shares of £1 each
22,870
22,870
22,870
22,870
285,876
285,876
285,876
285,876
25
Reserves
Merger reserve
This reserve represents the premium arising on each share issued as part of a reorganisation on 15 March 2021.
Profit and loss reserves
This reserve records retained earnings and accumulated losses.
26
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 do not consider it likely 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.
27
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
2,768,027
2,749,697
Years 2-5
8,964,019
9,138,197
After 5 years
8,012,405
9,295,492
19,744,451
21,183,386
28
Events after the reporting date
Since the year end the company has sold one pharmacy branch for £0.2m and acquired one pharmacy branch for £0.1m.
PCT HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
29
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company does not disclose details of transactions with other group companies on the grounds that consolidated accounts are publicly available.
The amounts due to Mr G A Tims and Mr P Cattee at the balance sheet date were £1,404,295 and £14,054,119, respectively (2023 £1,711,282 and £14,342,313). The loans are interest free.
.
The company occupied premises owned by the P and A J Cattee pension scheme. Rent paid during the year in respect of these properties amounted to £12,000 (2023 £20,750).
30
Ultimate controlling party
The company's immediate and ultimate parent company 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
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