Company registration number 06473541 (England and Wales)
PCT HEALTHCARE (PROPERTIES) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PCT HEALTHCARE (PROPERTIES) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PCT HEALTHCARE (PROPERTIES) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,126,861
2,355,883
Investment property
4
35,858,764
36,938,764
Investments
5
1
37,985,626
39,294,647
Current assets
Debtors
7
236,073
237,718
Cash at bank and in hand
1,868,001
1,055,318
2,104,074
1,293,036
Creditors: amounts falling due within one year
8
(14,460,328)
(20,518,961)
Net current liabilities
(12,356,254)
(19,225,925)
Total assets less current liabilities
25,629,372
20,068,722
Provisions for liabilities
(528,429)
(316,661)
Net assets
25,100,943
19,752,061
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
25,099,943
19,751,061
Total equity
25,100,943
19,752,061
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 06473541 (England and Wales)
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
PCT Healthcare (Properties) 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
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 (Properties) Limited is a wholly owned subsidiary of PCT Healthcare (Holdings) Limited and the results of PCT Healthcare (Properties) Limited are included in the consolidated financial statements of PCT Healthcare (Holdings) Limited which are available from 11 Manchester Road, Walkden, Manchester, 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 rents and similar income receivable during the year, net of value added tax, where applicable.
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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:
Fixtures and fittings
10% straight line
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
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in the fair value are recognised in profit and loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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
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.
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2023
2,497,725
Additions
23,591
At 30 November 2024
2,521,316
Depreciation and impairment
At 1 December 2023
141,842
Depreciation charged in the year
252,613
At 30 November 2024
394,455
Carrying amount
At 30 November 2024
2,126,861
At 30 November 2023
2,355,883
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 December 2023
36,938,764
Additions
3,727,507
Disposals
(5,600,000)
Revaluations
792,493
At 30 November 2024
35,858,764
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 November 2024 by W T Gunson Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
-
Additions
1
At 30 November 2024
1
Carrying amount
At 30 November 2024
1
At 30 November 2023
-
6
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
Sawley Investments Limited
11 Manchester Road, Walkden, Manchester, England, M28 3NS
Ordinary
100.00
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,545
14,583
Amounts owed by group undertakings
20,470
1,000
Other debtors
212,058
222,135
236,073
237,718
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
37,932
208,580
Amounts owed to group undertakings
12,776,281
20,257,731
Other creditors
1,646,115
52,650
14,460,328
20,518,961
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report was unqualified.
Senior Statutory Auditor:
Darren Leigh FCCA
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
29 July 2025
10
Financial commitments, guarantees and contingent liabilities
The total amount of contingencies not included in the balance sheet is £31,284,813 (2023 - £39,720,000).
11
Events after the reporting date
Since the year end the company has sold 5 investment properties for a total consideration of £1.5m.
12
Parent company
The company's immediate 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