Registered number: 13458429
FOR THE YEAR ENDED 31 DECEMBER 2024
PAM HEALTHCARE LIMITED
COMPANY INFORMATION
PAM HEALTHCARE LIMITED
CONTENTS
PAM HEALTHCARE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the strategic report for the period ended 31 December 2024.
The Directors are pleased with the overall performance of the Group during the year.
Turnover for the year was £62.6 million (year ended 31 December 2023: £51.8 million), and adjusted earnings before interest, depreciation, and amortisation (EBITDA) for the year was £5.9 million (year ended 31 December 2023: £4.8 million). This growth reflects further expansion in our Occupational Health, Wellness, and Physiotherapy businesses, as well as overseas growth into the Irish market.
The acquisition of Corporate Health Ireland was fully integrated during the year and continues to perform strongly. With a full twelve months of trading, it has contributed significantly to both revenue and EBITDA growth. The Board continues to see strategic and growth opportunities within the Irish occupational health market, supported by the expansion into mental health and other complementary service offerings.
Additionally, the acquisition of Connect Physio Services in 2023 was fully integrated, resulting in increased EBITDA and margins within our Physiotherapy and Ergonomic divisions.
PAM Healthcare remains committed to expanding non-occupational health services, with a particular focus on neurodiversity. This service line experienced a 41.9% growth in 2024. The Board continues to see mental health services as a key growth market for the Group.
The Group has also invested in its Academy, establishing a new training facility. The Board remains focused on recruiting and training the best professionals to deliver the highest quality services to our customers.
Furthermore, the Group has continued investing in its operational platform, which supports and enhances the services provided to our clients. We are confident that the investments made during 2024 will facilitate material margin expansion in 2025.
The Directors believe that the Group is well-positioned to capitalise on the ongoing expansion of the occupational health markets in the UK and Ireland. The Group remains committed to serving our customers, improving worker health, and supporting the transition of sick employees back to work. The acquisitions completed in 2024 and strategic investments undertaken during the year underpin these core objectives and the long-term strategic growth of the business
Turnover for the year was £62.6 million (year ended 31 December 2023: £51.8 million), and adjusted earnings before interest, depreciation, and amortisation (EBITDA) for the year was £5.9 million (year ended 31 December 2023: £4.8 million). This growth reflects further expansion in our Occupational Health, Wellness, and Physiotherapy businesses, as well as overseas growth into the Irish market.
The acquisition of Corporate Health Ireland was fully integrated during the year and continues to perform strongly. With a full twelve months of trading, it has contributed significantly to both revenue and EBITDA growth. The Board continues to see strategic and growth opportunities within the Irish occupational health market, supported by the expansion into mental health and other complementary service offerings.
Additionally, the acquisition of Connect Physio Services in 2023 was fully integrated, resulting in increased EBITDA and margins within our Physiotherapy and Ergonomic divisions.
PAM Healthcare remains committed to expanding non-occupational health services, with a particular focus on neurodiversity. This service line experienced a 41.9% growth in 2024. The Board continues to see mental health services as a key growth market for the Group.
The Group has also invested in its Academy, establishing a new training facility. The Board remains focused on recruiting and training the best professionals to deliver the highest quality services to our customers.
Furthermore, the Group has continued investing in its operational platform, which supports and enhances the services provided to our clients. We are confident that the investments made during 2024 will facilitate material margin expansion in 2025.
The Directors believe that the Group is well-positioned to capitalise on the ongoing expansion of the occupational health markets in the UK and Ireland. The Group remains committed to serving our customers, improving worker health, and supporting the transition of sick employees back to work. The acquisitions completed in 2024 and strategic investments undertaken during the year underpin these core objectives and the long-term strategic growth of the business
The group is exposed to risk by the current economic conditions in the United Kingdom and globally in a number of ways. Our colleagues are our most important resource, and the Group continues to invest in benefits and packages that enable the Group to remain an attractive employer during a period where the cost of living has increased. The Group has reviewed its pricing to ensure that we can continue to operate successfully whilst remaining an attractive employer in a market where the pool of qualified employees remains a limiting factor to the scope and scale of services offered to our customers.
The Group considers that it has limited foreign exchange risk as the Company largely trades in the UK and has limited currency exposure.
The Group considers that it has limited foreign exchange risk as the Company largely trades in the UK and has limited currency exposure.
Page 1
PAM HEALTHCARE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group’s financial KPI’s are turnover, gross profit and margin and adjusted EBITDA. The Directors are pleased to illustrate growth in all business units in both revenue and EBITDA.
* EBITDA is reported before revenues and expenses that the Directors consider to be exceptional and non-recurring in nature.
* EBITDA is reported before revenues and expenses that the Directors consider to be exceptional and non-recurring in nature.
Non financial KPIs focus on utilisation, volume analysis, health and safety, compliance and customer satisfaction metrics.
Utilisation is focused on both Employee and Associate resources. The Group delivered utilisation of 83% over the full year.
The average number of full time equivalent employees grew from 785 to 852 during the year. The growth in employees was in all business units and support further expansion in our core markets.
Utilisation is focused on both Employee and Associate resources. The Group delivered utilisation of 83% over the full year.
The average number of full time equivalent employees grew from 785 to 852 during the year. The growth in employees was in all business units and support further expansion in our core markets.
Page 2
PAM HEALTHCARE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The 172(1) Statement requires directors to disclose how they have met their duties under section 172 of the Companies Act 2006 and which would most likely promote the success of the Company for the benefit of its stakeholders. During the year the Directors have had regard to the following matters when performing their duties under section 172:
• The likely consequence of any decision in the long term;
• The interests of the Company’s employees;
• The need to foster the Company’s business relationships with suppliers, customers and others;
• The impact of the Company’s operations on the community and the environment;
• The desirability of the Company maintaining a reputation for high standards of business conduct; and
• The need to act fairly as between members of the Company.
The Board ensures that it addresses the s172 requirements by allocating responsibility for specific areas to senior management, Board meetings, and the use of budgeting and reforecasting.
Key stakeholders are identified during board meetings. The culture that the Group strives for drives open communication with colleagues and other key stakeholders. The board receives monthly reports from senior management, including strategic updates, financial performance, business updates, regulatory updates, legal matters, risks and opportunities, client updates and team updates. Actions resulting from discussion of these reports are agreed and then shared with stakeholders as appropriate.
• The likely consequence of any decision in the long term;
• The interests of the Company’s employees;
• The need to foster the Company’s business relationships with suppliers, customers and others;
• The impact of the Company’s operations on the community and the environment;
• The desirability of the Company maintaining a reputation for high standards of business conduct; and
• The need to act fairly as between members of the Company.
The Board ensures that it addresses the s172 requirements by allocating responsibility for specific areas to senior management, Board meetings, and the use of budgeting and reforecasting.
Key stakeholders are identified during board meetings. The culture that the Group strives for drives open communication with colleagues and other key stakeholders. The board receives monthly reports from senior management, including strategic updates, financial performance, business updates, regulatory updates, legal matters, risks and opportunities, client updates and team updates. Actions resulting from discussion of these reports are agreed and then shared with stakeholders as appropriate.
Long term consequences of decisions
The Group’s operating model reflects its determination to share success with its stakeholders and to grow in a responsible, sustainable way. Whilst a key consideration, the Group considers sustainability to exist beyond environmental impact to cover the societal implications of what we do as a Group. Our services focus on the improvement of the health and wellbeing of our customers, and our focus remains on improving and increasing the scope of this model. Our colleagues remain a fundamental part of our operating model, and the retention and recruitment of talent is key to our success. The Directors strive for a balance between growth through acquisition, organic growth, cashflow and liquidity considerations, performance and reward, culture at work, diversity and inclusion, wellbeing and equal pay.
The interests of the company’s employees
The Group is built on a foundation of employees delivering on our commitment to give clients the reason to choose the Group to provide services, providing the highest levels of service whilst delivering value for money, and to be the best we can be everyday. As a result, the long term consequences of any decision made by the directors are considered with the interests of employees.
The company’s relationships with suppliers, customers and others
The Directors aim to continuously deliver a high quality service to clients. Acknowledging that the Group operates in a competitive sector, we provide a high level of service whilst striving to deliver value for money through the provision of sector based insight that enables our customers to benchmark and through diversification of our services.
Impact on communities and the environment
The Group is committed to manage its activities and estates to promote environmental sustainability, conserve and enhance natural resources, prevent environmental pollution and bring about a continual improvement in its environmental performance.
The Group’s operating model is centred around improving the health and wellbeing of our customers’ employees. The Group offers flexible solutions on how this is delivered, allowing for provision of our services in person or remotely. Our ability to deliver healthcare services remotely directly reduces our environmental impact through the reduction of travel.
The Group’s operating model reflects its determination to share success with its stakeholders and to grow in a responsible, sustainable way. Whilst a key consideration, the Group considers sustainability to exist beyond environmental impact to cover the societal implications of what we do as a Group. Our services focus on the improvement of the health and wellbeing of our customers, and our focus remains on improving and increasing the scope of this model. Our colleagues remain a fundamental part of our operating model, and the retention and recruitment of talent is key to our success. The Directors strive for a balance between growth through acquisition, organic growth, cashflow and liquidity considerations, performance and reward, culture at work, diversity and inclusion, wellbeing and equal pay.
The interests of the company’s employees
The Group is built on a foundation of employees delivering on our commitment to give clients the reason to choose the Group to provide services, providing the highest levels of service whilst delivering value for money, and to be the best we can be everyday. As a result, the long term consequences of any decision made by the directors are considered with the interests of employees.
The company’s relationships with suppliers, customers and others
The Directors aim to continuously deliver a high quality service to clients. Acknowledging that the Group operates in a competitive sector, we provide a high level of service whilst striving to deliver value for money through the provision of sector based insight that enables our customers to benchmark and through diversification of our services.
Impact on communities and the environment
The Group is committed to manage its activities and estates to promote environmental sustainability, conserve and enhance natural resources, prevent environmental pollution and bring about a continual improvement in its environmental performance.
The Group’s operating model is centred around improving the health and wellbeing of our customers’ employees. The Group offers flexible solutions on how this is delivered, allowing for provision of our services in person or remotely. Our ability to deliver healthcare services remotely directly reduces our environmental impact through the reduction of travel.
Page 3
PAM HEALTHCARE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Maintaining high standards of business conduct
The Directors are responsible for setting high standards of business conduct, to ensure that the Group’s commitments are met. The Group abides by the Modern Slavery Statement and is committed to ensuring that its business dealings are carried out in compliance with the relevant laws and regulations.
The board consists of directors representing both institutional and employee shareholders in order to make sure that members are treated fairly.
Engagement with customers
Understanding the requirements of our customers and how their demands change allows for the Group to deliver a bespoke solution to individual customer needs. The health and wellbeing of our customers’ employees is intrinsic to their long term success.
The Group utilises expertise in its’ workforce and through the supply chain to provide high quality healthcare services. The Group routinely deploys customer specific management information and maintains regular contact to build stronger client relationships and allow the Group to continue to tailor its approach.
Engagement with employees
Retention and recruitment of colleagues is fundamental to the success of the Group and delivery of the Group’s operating model. The pool of qualified employees is a limiting factor to the scope and scale of the services the Group offers. The Group has invested in colleague benefits and packages to remain an attractive employer, and continues to do so.
The Group engages actively with all colleagues through routine performance appraisal, which enables conversation around career development and opportunities, whilst ensuring that the Group maintains an excellent quality of service to our customers.
Engagement with suppliers
The Group’s suppliers contribute to the success of the Group, and the Directors’ recognise the importance of building and maintaining robust, long term relationships to ensure the best experience for our customers.
Engagement with shareholders
The Group has a responsibility to deliver long term, sustainable growth whilst maximising returns for its shareholders. All Group shareholders are represented on the Board and therefore directly contribute to Board meetings.
The Directors are responsible for setting high standards of business conduct, to ensure that the Group’s commitments are met. The Group abides by the Modern Slavery Statement and is committed to ensuring that its business dealings are carried out in compliance with the relevant laws and regulations.
The board consists of directors representing both institutional and employee shareholders in order to make sure that members are treated fairly.
Engagement with customers
Understanding the requirements of our customers and how their demands change allows for the Group to deliver a bespoke solution to individual customer needs. The health and wellbeing of our customers’ employees is intrinsic to their long term success.
The Group utilises expertise in its’ workforce and through the supply chain to provide high quality healthcare services. The Group routinely deploys customer specific management information and maintains regular contact to build stronger client relationships and allow the Group to continue to tailor its approach.
Engagement with employees
Retention and recruitment of colleagues is fundamental to the success of the Group and delivery of the Group’s operating model. The pool of qualified employees is a limiting factor to the scope and scale of the services the Group offers. The Group has invested in colleague benefits and packages to remain an attractive employer, and continues to do so.
The Group engages actively with all colleagues through routine performance appraisal, which enables conversation around career development and opportunities, whilst ensuring that the Group maintains an excellent quality of service to our customers.
Engagement with suppliers
The Group’s suppliers contribute to the success of the Group, and the Directors’ recognise the importance of building and maintaining robust, long term relationships to ensure the best experience for our customers.
Engagement with shareholders
The Group has a responsibility to deliver long term, sustainable growth whilst maximising returns for its shareholders. All Group shareholders are represented on the Board and therefore directly contribute to Board meetings.
This report was approved by the board and signed on its behalf.
Page 4
PAM HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £3,510,355 (2023 - profit £570,726).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
Page 5
PAM HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 13th August 2024, Chris Rigg was appointed as the CEO of Pam Group. Chris brings a wealth of experience and the Board is looking forward to working with Chris to realise our plans. Chris replaces Jim Murphy, the CEO and Founder.
Our colleagues are our most important resource, and the Group continues to invest in benefits, packages and training that enable the Group to remain an attractive employer. The training is offered via our Pam Academy. The Group has reviewed it’s pricing, and does so annually, to ensure that we can continue to operate successfully whilst remaining an attractive employer in a market where the pool of qualified employees remains a limiting factor to the scope and scale of services offered to our customers.
The Group continues to invest in acquisitions that enable to Group to enhance and increase the scope of our services to our customers. In 2025, the Group has acquired The Healthy Employee Ltd, a Wellbeing Services provider. The Directors’ are confident that this acquisition, as with previous acquisitions, will complement the services that Pam Healthcare offers to it’s customers.
The Group continues to invest in acquisitions that enable to Group to enhance and increase the scope of our services to our customers. In 2025, the Group has acquired The Healthy Employee Ltd, a Wellbeing Services provider. The Directors’ are confident that this acquisition, as with previous acquisitions, will complement the services that Pam Healthcare offers to it’s customers.
The Group continues to invest in digital technology to support the business and provide a competitive advantage, with an objective of delivering cost efficiencies or expanded provision of services to our customers.
Retention and recruitment of colleagues is fundamental to the success of the Group and delivery of the Group’s operating model. The pool of qualified employees is a limiting factor to the scope and scale of the services the Group offers. The Group has invested in colleague benefits and packages to remain an attractive employer, and continues to do so.
The Group engages actively with all colleagues through routine performance appraisal, which enables conversation around career development and opportunities, whilst ensuring that the Group maintains an excellent quality of service to our customers.
The Group engages actively with all colleagues through routine performance appraisal, which enables conversation around career development and opportunities, whilst ensuring that the Group maintains an excellent quality of service to our customers.
The Directors aim to continuously deliver a high-quality service to clients. Acknowledging that the Group operates in a competitive sector, we provide a high level of service whilst striving to deliver value for money through the provision of sector-based insight that enables our customers to benchmark, and through diversification of our services.
The Group’s suppliers contribute to the success of the Group, and the Directors’ recognise the importance of building and maintaining robust, long-term relationships to ensure the best experience for our customers.
The Group’s suppliers contribute to the success of the Group, and the Directors’ recognise the importance of building and maintaining robust, long-term relationships to ensure the best experience for our customers.
Page 6
PAM HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
PAM Healthcare Limited and its subsidiaries are a ‘large unquoted company under the Streamlined Energy and Caron Reporting (SECR) regulations so must report annually on greenhouse gas emissions from Scope 1 and 2.
Methodology
The reporting period is the most recent financial year to 31 December 2024. This report has been compiled in line with the March 2019 BEIS ‘Environmental Reporting Guidelines: Including SECR guidance’ and the EMA methodology for SECR reporting. All measured emissions from activities which the organization has financial control over are included as required under The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Reporting) Regulations 2018, unless otherwise stated in the exclusions statement.
The carbon figures have been calculated using the BEIS 2023 carbon conversion factors for all fuels, other than the market-based electricity which has been taken from supplier information.
The intensity ratio of tonnes of CO2 equivalent (tCO2e) was chosen to correlate carbon emissions with financial performance, as PAM Healthcare Limited is a service-oriented business where financial throughput is a clear indicator of business activity.
The reporting period is the most recent financial year to 31 December 2024. This report has been compiled in line with the March 2019 BEIS ‘Environmental Reporting Guidelines: Including SECR guidance’ and the EMA methodology for SECR reporting. All measured emissions from activities which the organization has financial control over are included as required under The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Reporting) Regulations 2018, unless otherwise stated in the exclusions statement.
The carbon figures have been calculated using the BEIS 2023 carbon conversion factors for all fuels, other than the market-based electricity which has been taken from supplier information.
The intensity ratio of tonnes of CO2 equivalent (tCO2e) was chosen to correlate carbon emissions with financial performance, as PAM Healthcare Limited is a service-oriented business where financial throughput is a clear indicator of business activity.
Energy Efficiency Assessment and Action
In 2024, PAM Healthcare Limited continued its commitment to improving energy efficiency across its operations, building upon the comprehensive energy efficiency assessment undertaken in accordance with the Energy Saving Opportunity Scheme (ESOS) in 2023. This assessment comprised three in-depth energy audits, which provided valuable data to inform current and future energy efficiency initiatives.
Following these audits, several sites were identified as viable candidates for the full removal of gas consumption. This included a warehouse facility in Aintree and an office location in Glasgow. In addition, the phased retrofitting of double-glazed windows at our head office, Holly House in Warrington, which began in 2023, has progressed further in 2024 to support improved thermal efficiency and reduced heating demand.
In 2024, PAM Healthcare Limited continued its commitment to improving energy efficiency across its operations, building upon the comprehensive energy efficiency assessment undertaken in accordance with the Energy Saving Opportunity Scheme (ESOS) in 2023. This assessment comprised three in-depth energy audits, which provided valuable data to inform current and future energy efficiency initiatives.
Following these audits, several sites were identified as viable candidates for the full removal of gas consumption. This included a warehouse facility in Aintree and an office location in Glasgow. In addition, the phased retrofitting of double-glazed windows at our head office, Holly House in Warrington, which began in 2023, has progressed further in 2024 to support improved thermal efficiency and reduced heating demand.
Page 7
PAM HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The observed decrease in overall energy usage during this period can also be attributed to the ongoing rationalisation of our estate, with further site closures implemented in late 2022 and early 2023. These closures have led to a leaner operational footprint and correspondingly lower energy consumption.
In parallel, the way we operate our business is evolving. PAM Healthcare Limited is gradually transitioning from a property ownership model to one based on leasing. While this shift presents certain limitations—particularly in terms of direct control over heating infrastructure in some leased buildings—it also offers clear advantages. Notably, our newly leased properties are required to meet a minimum Energy Performance Certificate (EPC) rating of C, which is an improvement over several of our legacy owned properties that had lower ratings. This change supports our broader energy efficiency goals by ensuring a higher baseline of energy performance across our estate.
Furthermore, in 2024, PAM Healthcare Limited reaffirmed its commitment to sustainability by expanding the use of green energy tariffs for electricity supply across its active sites. As a result, market-based emissions are now significantly lower than location-based emissions, reflecting our proactive procurement of renewable electricity sources.
Looking forward, the company intends to evaluate additional energy efficiency measures, each subjected to rigorous cost-benefit analysis to determine viability and effectiveness. These forward-looking strategies are underpinned by insights gained from previous audits. PAM Healthcare Limited also remains dedicated to conducting further energy audits in future compliance cycles, enabling the continuous identification of key areas for energy performance enhancement.
In parallel, the way we operate our business is evolving. PAM Healthcare Limited is gradually transitioning from a property ownership model to one based on leasing. While this shift presents certain limitations—particularly in terms of direct control over heating infrastructure in some leased buildings—it also offers clear advantages. Notably, our newly leased properties are required to meet a minimum Energy Performance Certificate (EPC) rating of C, which is an improvement over several of our legacy owned properties that had lower ratings. This change supports our broader energy efficiency goals by ensuring a higher baseline of energy performance across our estate.
Furthermore, in 2024, PAM Healthcare Limited reaffirmed its commitment to sustainability by expanding the use of green energy tariffs for electricity supply across its active sites. As a result, market-based emissions are now significantly lower than location-based emissions, reflecting our proactive procurement of renewable electricity sources.
Looking forward, the company intends to evaluate additional energy efficiency measures, each subjected to rigorous cost-benefit analysis to determine viability and effectiveness. These forward-looking strategies are underpinned by insights gained from previous audits. PAM Healthcare Limited also remains dedicated to conducting further energy audits in future compliance cycles, enabling the continuous identification of key areas for energy performance enhancement.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 8
PAM HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAM HEALTHCARE LIMITED
We have audited the financial statements of PAM Healthcare Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 9
PAM HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAM HEALTHCARE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Page 10
PAM HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAM HEALTHCARE LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations and UK General Data Protection Regulation. We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to gain their understanding. Based on our understanding, our procedures involved enquiries of management, manual journal testing, cash book reviews for large and unusual transactions and challenging management on key accounting estimates and judgements. We tested a sample of revenue transactions recorded in the year and either side of the year end and carried out controls testing for evidence of fraud to determine whether recorded revenue was free of material mis-statement and in the correct period, as well as analytical review procedures, and procedures to obtain reasonable assurance that revenue was free from material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 11
PAM HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAM HEALTHCARE LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Drake House
Gadbrook Park
Cheshire
CW9 7RA
Date:
Page 12
PAM HEALTHCARE LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 13
PAM HEALTHCARE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 14
PAM HEALTHCARE LIMITED
REGISTERED NUMBER: 13458429
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Page 15
PAM HEALTHCARE LIMITED
REGISTERED NUMBER: 13458429
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 48 form part of these financial statements.
Page 16
PAM HEALTHCARE LIMITED
REGISTERED NUMBER: 13458429
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 48 form part of these financial statements.
Page 17