Registration number: 12405444

PWC Holdco 1 Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Consolidated Profit and Loss Account	8
Consolidated Balance Sheet	9
Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 24

PWC Holdco 1 Limited

Company Information

Directors

M Avillez Caldeira J V G Rosa

Registered office

12-18 Grosvenor Gardens 5th Floor London SW1W 0DH

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

PWC Holdco 1 Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is that of a holding company.The principal activity of the group is that of the provision of introductory services and domiciliary care services.

Fair review of the business

The results for the period, which are set out in the profit and loss account, show turnover of £28,246,000 (2024 - £30,325,000) and an operating profit before amortisation of £2,038,000 (2024 - £2,028,000). At 31 March 2025, the group had total assets less current liabilities of £16,169,000 (2024 - liabilities of £7,767,000). The directors consider the performance for the period and the financial position at the period end to be satisfactory.

Section 172 statement
The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Company has considered the long term-strategy of the business and consider that this strategy will continue to deliver long term success to the business and its stakeholders.

The Company is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about the employees that we take on in order to deliver the best value to service users while also maintaining an awareness of the environmental impact of the work done, and strive to reduce carbon footprint where possible.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers.In ensuring that all stakeholders are considered as part of every decision process, we believe we act fairly between all members of the Company.

Key performance indicators
As part of the management accounts, the directors use Key Performance Indicators (KPIs) to assist in the understanding and development, performance and the position of the business of the group. These include group turnover, gross profit and margin, operating profit and total equity.

Principal risks and uncertainties

The management of the business and the execution of the group’s strategy are subject to a number of risks. The key business risks and uncertainties affect the company are considered to relate to the continued provision of adequate government funding and the ongoing compliance with current and future legislation affecting the sector.

Financial instruments

Objectives and policies

The board constantly monitors the group’s trading results and revise the projections as appropriate to ensure that the group can continue to meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to the usual credit and cash flow risk associated with selling on credit and manages this through credit control procedures. Credit risk in respect of bank balances is safeguarded by using banks with high credit ratings. The group’s bank loans and intra-group borrowings are subject to price and liquidity risk as detailed in notes 16 and 17 to the financial statements.

Approved by the Board on 11 December 2025 and signed on its behalf by:

M Avillez Caldeira
Director

PWC Holdco 1 Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

M Avillez Caldeira

J V G Rosa

Employment of disabled persons

It is group policy to give fair consideration to the employment needs of disabled people and to comply with current legislation with regard to their employment. Wherever practicable, we continue to employ and promote the careers of existing employees who become disabled and to consider disabled persons for employment, subsequent training, career development and promotion on the basis of their aptitudes and abilities.

Environmental matters

The Group is considered to be exempt from the requirements to represent the information required under SECR disclosures, due to all subsidiary undertakings not needed to report at an individual level on the grounds of size and the parent entity being a low energy consumer during the year.

Employee involvement

The Directors recognise the importance of human resource practices to provide good communications and relations with employees, including providing them with information on matters of concern to them as employees.

Going concern

The Directors believe that the company is well placed to successfully manage its business risks and the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. See further details on going concern in note 2 to the financial statements.

Future developments

The external environment is expected to remain competitive going forwards.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 11 December 2025 and signed on its behalf by:

M Avillez Caldeira
Director

PWC Holdco 1 Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 the group, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PWC Holdco 1 Limited

Independent Auditor's Report to the Members of PWC Holdco 1 Limited

Opinion

We have audited the financial statements of PWC Holdco 1 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 Group and 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report and consolidated financial statements other than the financial statements and our auditor’s report thereon. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

PWC Holdco 1 Limited

Independent Auditor's Report to the Members of PWC Holdco 1 Limited

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the strategic report and the directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

•	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities in respect of the financial statements, 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 group’s and the parent 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 group or the parent 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

PWC Holdco 1 Limited

Independent Auditor's Report to the Members of PWC Holdco 1 Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•	reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

•	enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

•	reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

12 December 2025

PWC Holdco 1 Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025  £ 000	2024  £ 000
Turnover	3	28,246	30,325
Cost of sales		(14,430)	(16,262)
Gross profit		13,816	14,063
Administrative expenses		(11,777)	(12,100)
Other operating income	4	-	65
Operating profit before amortisation		2,038	2,028
Amortisation of intangible assets		(7,669)	(7,686)
Operating loss	5	(5,631)	(5,658)
Other interest receivable and similar income	6	8	9
Interest payable and similar charges	7	(10,276)	(9,556)
Loss before tax		(15,899)	(15,205)
Taxation	11	225	118
Loss for the financial year		(15,674)	(15,087)
Profit/(loss) attributable to:
Owners of the company		(15,674)	(15,087)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

PWC Holdco 1 Limited

(Registration number: 12405444)
Consolidated Balance Sheet as at 31 March 2025

	Note	2025  £ 000	2024  £ 000
Fixed assets
Intangible assets	12	45,436	53,105
Tangible assets	13	125	153
		45,561	53,258
Current assets
Debtors: Amounts falling due within one year	15	2,364	2,909
Cash at bank and in hand		1,305	544
		3,669	3,453
Creditors: Amounts falling due within one year	16	(33,061)	(64,478)
Net current liabilities		(29,392)	(61,025)
Total assets less current liabilities		16,169	(7,767)
Creditors: Amounts falling due after more than one year	16	71,570	31,741
Provisions for liabilities	11	753	972
Long term liabilities		72,323	32,713
Capital and reserves
Called up share capital	19	-	-
Profit and loss account		(56,153)	(40,480)
Shareholders' deficit		(56,153)	(40,480)
Total capital, reserves and long term liabilities		16,169	(7,767)

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

M Avillez Caldeira
Director

PWC Holdco 1 Limited

(Registration number: 12405444)
Balance Sheet as at 31 March 2025

	Note	2025  £ 000	2024  £ 000
Current assets
Debtors: Amounts falling due within one year	15	32,150	29,590
Debtors: Amounts falling due after more than one year	15	37,590	31,741
		69,740	61,331
Creditors: Amounts falling due within one year	16	(28,186)	(29,625)
Total assets less current liabilities		41,554	31,706
Creditors: Amounts falling due after more than one year	16	41,589	31,741
Capital and reserves
Called up share capital	19	-	-
Profit and loss account		(35)	(35)
Total equity		(35)	(35)
Total capital, reserves and long term liabilities		41,554	31,706

The company made a profit after tax for the financial year of £nil (2023: £nil).

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

M Avillez Caldeira
Director

PWC Holdco 1 Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company

	Share capital £ 000	Profit and loss account £ 000	Total £ 000
At 1 April 2024	-	(40,480)	(40,480)
Loss for the year	-	(15,674)	(15,674)
At 31 March 2025	-	(56,153)	(56,153)