The directors present the strategic report for the year ended 30 November 2025.

The company continues to supply our associated pharmacy company by wholesale of P/POM and OTC medication (and products) daily.

The company is now established in our new Hub, Horizon, located near Junction 29A of the M1. The company is happy with the automation programme that has been implemented, and whilst there have been challenges with the system, we are confident that we are now operating better than previously.

The company is happy that the current shift patterns and hours of operation suit the business, with extended hours being required at busier periods in the year.

The introduction of third-party assembly, and supply of P/POM and OTC medication to third parties permitted from October 2025, will mean that the company will need to readdress opening hours and shift patterns.

This is to ensure continuity of supply to our own pharmacy estate within the holding company, as well as third-party contractors.

Stock control, storage and distribution of pharmaceuticals is significantly improved by operating within one central location, and reduces the complexity previously associated with dropping and delivering stock to multiple locations to be unpacked, checked in, repacked and dispatched. The company continues to work on the central supply of abusable and expensive medication to ensure safety of storage and better stock control. This is in line with its obligations to its regulator.

The company is still focused on purchasing medication either direct from manufacturers, or in bulk, or both, to guarantee a better price than purchasing direct to our pharmacies from wholesalers who will apply their own margin.

Quantitative measures in terms of business performance and profitability are important to shareholders and provide assurances as to the continuing stability of the organisation. Basic KPIs (key performance indicators) upon which the company bases financial evaluations are gross profit, net profit and staff cost based.

Gross profit has increased from 13.3% in 2024 to 15.4% in 2025, and turnover has increased by 27.9% from £61.5m in 2024 to £78.7m in 2025. The centralised warehouse sells the majority of goods to other group companies and continues to seek opportunities to improve margin through effective stock buying, despite the current economic climate.

Staff remain the greatest asset, but also the highest cost to the company, amounting to £1.9m in 2024 and £2.4m in 2025.

Net profit before tax is a KPI. Company shareholders will note that profit before tax (excluding exceptional items) as a percentage of turnover has increased from 1.6% in 2024 to 6.6% in 2025. It is not anticipated that there will be any significant reduction in profit percentages during the forthcoming year.

Other costs are not significant to the profitability of the company and so are not deemed sufficient KPIs.

At the year end the company remains in a healthy position with net assets totalling £15.5m and cash balances of £286k.

The company’s principal financial instruments comprise bank balances, trade debtors, trade creditors and group company loans. The main purpose of these instruments is to raise funds for the company’s operations and to finance the company’s operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company’s approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is low given the significant bank reserves held that are deemed sufficient to meet the company’s future trading requirements.

Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The company places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the company. This is achieved through formal and informal meetings, internal bulletins and the company website. Employees are consulted regularly on a wide range of matters likely to affect their interests.

Engagement with suppliers, customers and other relationships

The company aims to act responsibly and fairly in how it engages with suppliers and customers and has policies in place for entering and maintaining relationships to ensure that it treats all suppliers and customers fairly.

Energy and carbon report

The company has considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. P & A J Cattee (Wholesale) Ltd supports these recommendations and is committed to disclosing relevant information, which can be found below.

Metrics and targets

The company has continued to improve efficiency and minimise fuel consumption within its warehouses.

During the year an electric vehicle scheme was launched for high mileage employees, and this will be rolled out further in future years. Reviews of van mileage have been carried out regularly, with adjustments made to schedules where required.

Work has continued on the construction of a new warehouse facility, which will be fully operational in 2025. This will consolidate existing warehouse facilities into one building, built with energy efficient measures in mind.

Our planning is designed to have a long-term beneficial impact on the company and contribute to its future success through improving quality, operating within budgetary controls and in line with our regulatory targets. this requires us to consider the long term in all of our strategic decisions at board level.

Our employees are fundamental to the success of our company. we aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in how we operate.

We aim to act responsibly and fairly in how we engage with suppliers. the company has oversight of the procurement processes and receives regular updates on any matters of significance. the company is very much focused on its customers, and the directors commit considerable time, effort and resources into understanding and responding to the needs of customers. the directors also seek to build strong relationships with other stakeholders in the areas where we operate.

As a wholesale pharmaceutical company, the directors understand the impact of the company's operations on the businesses it serves and the environment, and attribute performance to behaving as a responsible business.

The director's intention is to behave responsibly and ensure that management operates in a responsible manner, operating within the high standards of conduct and good governance required for a business in our sector. all of our people are expected to act within the regulatory framework dictated by our sector. Our reputation is important and the reputational impact of decisions made by the directors are always considered.

As a company, our intention is to behave responsibly toward our shareholders and to trat them fairly and equally, so they too may benefit from the company's success.

S172 (1) of the Companies Act 2006 requires directors of the company to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to the interests of the stakeholders, including customers, suppliers and the wider community in which it operates. In doing this, section 172 requires each director to have regard to the above matters.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 November 2025.

The principal activity of the company continued to be that of pharmaceutical wholesalers.

The results for the year are set out on 11.

Ordinary dividends were paid amounting to £108,160. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Employment of disabled persons

The Company is committed to providing equal opportunities to all employees and applicants for employment and aims to ensure that individuals are treated fairly and without discrimination. The Company gives full and fair consideration to applications for employment from disabled persons, having regard to their particular aptitudes and abilities.

Where an existing employee becomes disabled, it is the Company’s policy to continue their employment wherever practicable. Appropriate measures are taken to provide suitable training, adjustments, and support to enable the individual to carry out their role or, where necessary, to undertake alternative duties within the business.

The Company also seeks to ensure that the training, career development, and promotion of disabled persons are, as far as possible, identical to those of other employees.

Employee involvement

Information on matters of concern to employees is given through internal bulletins and a website which seek to achieve a common awareness on the part of all the employees of the financial and economic factors affecting the company's performance. arrangements exist to consult and discuss with employees on matters likely to affect their interests.

The company has no plans to change its current trading activities and expects to remain profitable for the foreseeable future.

BK Plus Audit Limited resigned as auditors of the company under Section 516 of the Companies Act 2006 ("the Act"). The Directors can confirm that none of the reasons for BK Plus Audit ceasing to hold office and no matters connected with their ceasing to hold office need to be brought to the attention of members or creditors of the company.

BHP LLP were subsequently appointed as auditors from 17 November 2025 under Section 485 of the Act.

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

The company has continued to improve efficiency and minimise fuel consumption within its warehouses.

Our new warehouse facility went live during the year, and as a consequence, there was overlap as we ramped down the existing warehouses leading to increased consumption during the year. We expect consumption to reduce in 2025.

The horizon building was built with energy efficient measures in mind.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Horizon is a purpose built warehouse, constructed with energy efficient measures in mind. Whilst consumption levels have increased during the year, this is in line with increased activity. We have reviewed the van routes and scheduling in the period and have managed to reduce the milage and fuel consumption. We have also moved energy brokers to TRUE energy, who are engaged to assist us with identifying further opportunities.

The prior year energy and carbon report comparative figures have been restated from those previously reported. The comparative information presented in the current year has been updated to ensure consistency with the methodology and is considered accurate.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each director has taken 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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

We have audited the financial statements of P & A J Cattee (Wholesale) Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 November 2025 and of its profit 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Company through discussions with directors and

other management, and from our commercial knowledge and experience of the trade;

• we focused on specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operations of the Company;

• we assessed the extent of compliance with the laws and regulations considered above through making

enquiries of management; and

• identified laws and regulations were communicated within the audit team regularly and the team remained

alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining

an understanding of how fraud might occur, by;

• making enquiries of management as to where they considered there was susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risks of fraud through management bias and override controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were

indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures

which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• discussions with senior management regarding relevant regulations and reviewing the company’s legal and

professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 24 form part of these financial statements.

The notes on pages 13 to 24 form part of these financial statements.

The notes on pages 13 to 24 form part of these financial statements.

P & A J Cattee (Wholesale) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Manchester Road, Walkden, Manchester, M28 3NS.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of PCT Healthcare (Holdings) Limited. These consolidated financial statements are available from its registered office, 11 Manchester Road, Walkden, Manchester, M28 4RG.

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.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

The tax expense represents the sum of the tax currently payable and deferred 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 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Exceptional items recognised in the current and prior year relate to the write‑off of irrecoverable intercompany balances arising from historic trading and funding transactions between group entities. In each year, following a thorough review of the recoverability of these balances, the Directors concluded that there was no realistic prospect of recovery, having regard to the financial position and future prospects of the counterparty entities. Accordingly, the balances were written off in full in the respective years.

Note 25 details the impact on the comparative profit and loss account and equity figures previously reported.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

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.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company entered into the following transactions with related parties:

The company has taken advantage of the exemption in paragraph 33.1A of FRS 102 and has not disclosed transactions with fellow wholly owned members of the group.

During the year, the company entered into the following related party transactions:

Purchases of £124,853 (2024: £22,098) were made from an entity in which a director of the company is also a director. Amounts due at 30 November 2025 totalled £31,569 (2024: £13,925).

Sales of £60,385,148 (2024: £53,595,058) and purchases of £14,134,179 (2024: £2,690,504) were made with an entity within the wider group under common control. £12,342,722 remained outstanding at 30 November 2025 and are included within amounts owed by group undertakings (2024: £9,979,682).

Purchases of £2,143,146 (2024: £1,515,018) were made from another entity in which a director of the company is also a director. Amounts due at 30 November 2025 totalled £881,471 (2024: £624,766).

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.

Capital redemption reserve

This reserve records the nominal value of the shares repurchased by the company.

Profit and loss reserves

This reserve records retained earnings and accumulated losses.

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.