Company registration number 06473541 (England and Wales)
PCT HEALTHCARE (PROPERTIES) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PCT HEALTHCARE (PROPERTIES) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 12
PCT HEALTHCARE (PROPERTIES) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
31,796,087
32,501,861
Investment property
5
3,620,500
5,583,764
Investments
6
1
1
35,416,588
38,085,626
Current assets
Debtors
8
165,259
260,380
Cash at bank and in hand
1,456,266
1,868,001
1,621,525
2,128,381
Creditors: amounts falling due within one year
9
(2,097,858)
(1,684,047)
Net current (liabilities)/assets
(476,333)
444,334
Total assets less current liabilities
34,940,255
38,529,960
Provisions for liabilities
(1,483,045)
(1,242,295)
Net assets
33,457,210
37,287,665
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
10
4,781,016
4,465,008
Profit and loss reserves
28,675,194
32,821,657
Total equity
33,457,210
37,287,665

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 8 June 2026 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 2025
- 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, M28 3NS.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments 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

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

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 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially recognised at cost. Freehold land and buildings are subsequently measured at fair value, based on periodic valuations performed by external or internal property specialists, less accumulated depreciation and impairment losses.

Valuations are performed with sufficient regularity, to ensure that the carrying amount does not differ materially from fair value at the reporting date.

Depreciation is recognised so as to write off the cost or revalued amount of assets, less their estimated residual values, over their useful economic lives, on the following bases:

Freehold land and buildings
Straight line over 50 years
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.

Depreciation continues to be charged on revalued amounts.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in the revaluation reserve, except to the extent that they reverse a revaluation decrease previously recognised in profit or loss, in which case the gain is recognised in profit or loss. Conversely, revaluation deficits are recognised in profit or loss except to the extent of any existing surplus in the revaluation reserve in respect of that asset.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

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 (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts 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.

PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuation

The valuation of investment property requires the use of judgement. Fair value is based on market conditions at the reporting date and involves estimates such as expected rental income, yields and comparable market evidence. These assumptions are inherently uncertain and changes in market conditions could lead to a material change in the property’s fair value in future periods.

3
Employees

The average monthly number of persons employed by the company during the year was nil (2024: Nil).

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2024 (as restated)
32,293,479
2,521,316
34,814,795
Additions
-
0
12,503
12,503
Disposals
(587,333)
-
0
(587,333)
Cost revaluations upward
695,000
-
0
695,000
At 30 November 2025
32,401,146
2,533,819
34,934,965
Depreciation and impairment
At 1 December 2024
1,918,479
394,455
2,312,934
Depreciation charged in the year
578,370
245,944
824,314
Impairment losses
600,000
-
0
600,000
Reversal of past impairment
(20,000)
-
0
(20,000)
Revaluation
(578,370)
-
0
(578,370)
At 30 November 2025
2,498,479
640,399
3,138,878
Carrying amount
At 30 November 2025
29,902,667
1,893,420
31,796,087
At 30 November 2024 (as restated)
30,375,000
2,126,861
32,501,861
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
5
Investment property
2025
£
Fair value
At 1 December 2024
5,583,764
Additions
308,481
Disposals
(2,080,000)
Revaluations
(191,745)
At 30 November 2025
3,620,500
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
1
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
7
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 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
8
Debtors
2025
2024
as restated
Amounts falling due within one year:
£
£
Trade debtors
23,568
3,545
Amounts owed by group undertakings
60,692
44,777
Other debtors
80,999
212,058
165,259
260,380
9
Creditors: amounts falling due within one year
2025
2024
as restated
£
£
Trade creditors
18,954
37,932
Other creditors
2,078,904
1,646,115
2,097,858
1,684,047
10
Revaluation reserve
2025
2024
£
£
At the beginning of the year
-
-
Prior year adjustment
4,465,008
4,671,937
As restated
4,465,008
4,671,937
Revaluation surplus arising in the year
695,000
(255,100)
Deferred tax on revaluation of tangible assets
(137,479)
346,437
Transfer to retained earnings
(241,513)
(298,266)
At the end of the year
4,781,016
4,465,008
PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
11
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 November 2025 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.

Senior Statutory Auditor:
Adrian Staniforth
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
8 June 2026
12
Financial commitments, guarantees and contingent liabilities

The bank loan entered into with HSBC on behalf of PCT Healthcare (Holdings) Limited and its subsidiary undertakings had an outstanding balance of £27,500,000 at the reporting date (2024: £31,284,813). As PCT Healthcare (Properties) Limited is a member of the group, the associated debenture is also secured against the assets of that company.

The company's bankers hold an inter-company guarantee between the following group companies: PCT Healthcare (Holdings) Limited, PCT Healthcare Limited, P & A J Cattee (Wholesale) Limited, PCT Healthcare (Properties) Limited.

PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
13
Operating lease commitments

The operating leases represent leases of properties to third parties. The leases are negotiated over terms of 1 to 10 years.There are no options in place for either party to extend the lease terms.

2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
489,262
533,823
Years 2-5
1,544,304
1,682,081
After 5 years
1,171,208
1,522,693
Total commitments
3,204,774
3,738,597
14
Events after the reporting date

Post year end, the company sold three properties and one parcel of land for a total of £1.03 million.

15
Related party transactions

During the year, an entity under common control and connected to an individual with an interest in a Group subsidiary carried out construction work on behalf of the Company.

Recharges during the year, from a company under common control totalled £2,257 (2024: £nil). At 30 November 2025, the amount owed by PCT Healthcare (Properties) Limited totalled £1,908,481 (2024: £1,600,000).

No professional services were purchased during the year from an entity in which a family member of a director is a director (2024: £7,047). No amounts were due from the company as at 30 November 2025 (2024: £57,401).

During the year, the company entered into transactions with other group undertakings, which are considered to be related parties under FRS 102. Exceptional items include the write-off of intercompany receivable balances due from related parties of £4,944,069 (2024: £7,570,433), arising from historic trading and funding arrangements; following a review of recoverability, the Directors concluded that there was no reasonable expectation of recovery and the balances were written off in full in the year.

16
Parent company

The company is a subsidiary of PCT Healthcare (Holdings) Limited, a company registered in England and Wales, which is regarded by the directors as the company’s immediate and ultimate controlling party.

PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
17
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2023
2024
Notes
£
£
Adjustments to prior year
Intercompany balance impairment
i)
20,371,021
12,800,588
Change of accounting policy
ii)
(1,062,581)
(613,866)
Total adjustments
19,308,440
12,186,722
Equity as previously reported
19,752,061
25,100,943
Equity as adjusted
39,060,501
37,287,665
Analysis of the effect upon equity
Revaluation reserve
4,671,937
4,465,008
Profit and loss reserves
14,636,503
7,721,714
19,308,440
12,186,722
Reconciliation of changes in profit/(loss) for the previous financial period
2024
Notes
£
Adjustments to prior year
Intercompany balance impairment
i)
(7,570,433)
Change of accounting policy
ii)
6,743
Total adjustments
(7,563,690)
Profit as previously reported
5,348,882
Loss as adjusted
(2,214,808)
Notes to reconciliation
i) Intercompany balance impairment

During the year, the Company identified a prior period error relating to the accounting treatment of certain intercompany balances. These balances had not been fully impaired in prior periods, however following a detailed review undertaken during the year, the Directors concluded that the balances were irrecoverable and should have been written off in earlier financial periods.

Accordingly, a prior year adjustment has been recognised to write off the irrecoverable intercompany balances. The comparative figures have been restated to reflect this adjustment, as if the balances had been written off in the period to which they relate.

Comparative figures have been restated accordingly, and the financial statements are presented as if the error had not occurred.

PCT HEALTHCARE (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
17
Prior period adjustment
(Continued)
- 12 -
ii) Change of accounting policy

During the year, the directors reviewed the classification of the Company’s property portfolio and concluded that certain freehold properties previously classified as investment properties are held for use within the group, as they are rented to fellow group subsidiaries.

Under Section 16 and Section 17 of FRS 102, properties let to other entities within the same group do not meet the definition of investment property in the individual financial statements of the lessor and should instead be accounted for as property, plant and equipment (freehold properties).

Accordingly, the Company has changed its accounting policy so that freehold properties rented to fellow group subsidiaries are recognised as freehold properties within property, plant and equipment, rather than as investment properties.

This change has been applied retrospectively in accordance with Section 10 of FRS 102, and therefore the prior year comparative figures have been restated as if the revised accounting policy had always been applied.

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