Company registration number 02686967 (England and Wales)
CAPEL COURT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPEL COURT PLC
COMPANY INFORMATION
Directors
K J Rudkin
P M L Howell
M F Moseley
M Lammas
Secretary
K J Rudkin
Company number
02686967
Registered office
1 Balkerne Hill
Colchester
Essex
CO3 3FG
Auditor
Streets Audit LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Business address
1 Balkerne Hill
Colchester
Essex
CO3 3FG
CAPEL COURT PLC
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 17
CAPEL COURT PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
2023 was another challenging year for investors with markets continuing to fret about high inflation and interest rates. As the year progressed inflation started to retreat and markets rallied as they started to predict ‘peak-rates’ and the discussion moved from how high rates would go, to how soon would rates be cut. Global stock and bond markets presented good trading opportunities throughout the year and overall it was successful and profitable.
Principal risks and uncertainties
Looking forward, the fluctuations and variances in the UK and Global economies are the most uncertain elements in forecasting growth as these factors directly impact on investments and are beyond the control of the directors. The conflicts in Gaza and Ukraine are still ongoing and the battle with high inflation has yet to be won. In addition, competitive threats remain, but cause little concern.
Development and performance
Performance and development have been consistent with the Company Business Plan as agreed by the board of directors. The balance sheet and detailed profit and loss account remain the key performance indicators to the directors and are satisfactory for this financial year.
Other information and explanations
Capel Court will continue to develop and expand its financial planning services operating under the restricted regulatory status and Balkerne Asset Management will be the only discretionary portfolio management service offered by the firm.
S172 Statement
The company is classified as a large company as it is authorised and regulated by the Financial Conduct Authority (FCA) as a MiFid firm. It does not otherwise meet the size requirements to qualify as a large company under the Companies Act 2006.
The directors consider that the key stakeholders for the company are its employees, clients and shareholders.
Due to the small number of employees of the company the directors have engaged with each of them as necessary during the period under review.
The company has continued to trade in the year in line with previous years taking into account the needs of its clients when providing financial advice and investment management services. It operates under the strict rules set out by the FCA which includes treating customers fairly and taking into account their specific circumstances as part of their overall service.
The company provides regular communications to its shareholders and considers their position when making decisions for the future plans for the business.
M F Moseley
Director
15 April 2024
CAPEL COURT PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is the provision of financial advice to private clients, businesses, trusts, charities, and pension funds. In addition, through the trading style Balkerne Asset Management, the provision of discretionary portfolio management services to clients of financial advisers.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £359,962. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K J Rudkin
P M L Howell
M F Moseley
M Lammas
Auditor
In accordance with the company's articles, a resolution proposing that Streets Audit LLP be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M F Moseley
Director
15 April 2024
CAPEL COURT PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
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;
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.
CAPEL COURT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT PLC
- 4 -
Opinion
We have audited the financial statements of Capel Court Plc (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet 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 31 December 2023 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.
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.
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.
CAPEL COURT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT PLC
- 5 -
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.
Matters on which we are required to report by exception
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 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 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 industry.
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, including the Companies Act 2006, taxation legislation, Employment Law, Data Protection and FCA Regulations.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. These were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
CAPEL COURT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT PLC
- 6 -
We identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:
The company earns fees and commissions from its investment management and advisory activities and there is a risk that income is inappropriately accelerated or deferred between accounting periods.
We have assessed that there is a significant risk of material misstatement relating to revenue recognition which is pinpointed to the cut off assertion specifically around the year end. To address this risk:
We obtained an understanding of the revenue process and the flow of financial information into the general ledger; and
Performed cut-off testing around the year-end date by reviewing revenue recognised after-date to identify any transactions which may have been erroneously recognised as revenue in the incorrect period.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments.
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 misstatement due to fraud;
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance in the year.
As the company is regulated by the Financial Conduct Authority a thorough understanding of the additional legislation and rules relating to this authorisation was also considered throughout the audit.
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 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.
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.
CAPEL COURT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT PLC
- 7 -
Rachel Skells BA FCA
Senior Statutory Auditor
For and on behalf of Streets Audit LLP
15 April 2024
Chartered Accountants
Statutory Auditor
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
CAPEL COURT PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
1,213,842
1,319,188
Cost of sales
(11,759)
(31,972)
Gross profit
1,202,083
1,287,216
Administrative expenses
(856,777)
(783,621)
Operating profit
3
345,306
503,595
Interest receivable and similar income
8
10,505
2,475
Amounts written off investments
7
1,151
(4,816)
Profit before taxation
356,962
501,254
Tax on profit
9
(88,534)
(100,017)
Profit for the financial year
268,428
401,237
Retained earnings brought forward
242,669
238,076
Dividends
10
(359,962)
(396,644)
Retained earnings carried forward
151,135
242,669
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CAPEL COURT PLC
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1
1
Investments
12
6
6
7
7
Current assets
Debtors
15
213,721
210,155
Investments
16
7,927
3,544
Cash at bank and in hand
294,843
453,773
516,491
667,472
Creditors: amounts falling due within one year
17
(217,381)
(276,828)
Net current assets
299,110
390,644
Net assets
299,117
390,651
Capital and reserves
Called up share capital
19
68,800
68,800
Share premium account
79,182
79,182
Profit and loss reserves
151,135
242,669
Total equity
299,117
390,651
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
M F Moseley
Director
Company registration number 02686967 (England and Wales)
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
Capel Court Plc is a private company limited by shares incorporated in England and Wales. The registered office is 1 Balkerne Hill, Colchester, Essex, CO3 3FG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. 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 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Capel Court Holdings Limited. These consolidated financial statements are available from its registered office, 1 Balkerne Hill, Colchester, CO3 3FG.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents management fees, adviser fees and commissions earned, net of value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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.
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, excluding those in subsidiary undertakings, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.9
Employee benefits
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.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Commission & fees receivable
1,213,842
1,319,188
2023
2022
£
£
Other revenue
Interest income
10,408
2,326
Dividends received
97
149
All turnover is from trading in the United Kingdom
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Operating lease charges
26,547
27,015
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,950
10,050
For other services
All other non-audit services
2,150
1,950
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration
3
3
Investment management
4
4
Sales
4
5
Total
11
12
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 13 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
300,247
302,214
Social security costs
23,458
28,656
Pension costs
168,711
74,550
492,416
405,420
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
120,729
114,648
Company pension contributions to defined contribution schemes
133,798
33,242
254,527
147,890
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
7
Amounts written off investments
2023
2022
£
£
Gain/(loss) on disposal of investments held at fair value
207
(960)
Amounts written back to/(written off) investments held at fair value
944
(3,856)
1,151
(4,816)
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
10,408
2,326
Other income from investments
Dividends received
97
149
Total income
10,505
2,475
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Interest receivable and similar income
(Continued)
- 14 -
2023
2022
Investment income includes the following:
£
£
Dividends from financial assets measured at fair value through profit or loss
97
149
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
88,400
99,500
Adjustments in respect of prior periods
134
517
Total current tax
88,534
100,017
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
356,962
501,254
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
83,886
95,238
Tax effect of expenses that are not deductible in determining taxable profit
4,469
4,639
Effect of revaluations of investments
(222)
738
Under/(over) provided in prior years
134
517
Dividend income
(23)
(28)
Over/(under) provided in current year
525
Previous provision add back now allowed
(235)
(1,087)
Taxation charge for the year
88,534
100,017
10
Dividends
2023
2022
£
£
Interim paid
359,962
396,644
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
11
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023 and 31 December 2023
11,589
Depreciation and impairment
At 1 January 2023 and 31 December 2023
11,588
Carrying amount
At 31 December 2023
1
At 31 December 2022
1
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
6
6
13
Subsidiaries
The company is exempt from the obligation to prepare and deliver group accounts because it is included in the accounts of a larger group.
These financial statements are separate company financial statements for Capel Court Plc.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Balkerne Asset Management Limited
England and Wales
Ordinary
100.00
Balkerne Nominees Limited
England and Wales
Ordinary
100.00
Capel Court Investment Management Limited
England and Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Balkerne Asset Management Limited
2
Balkerne Nominees Limited
2
Capel Court Investment Management Limited
2
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
129,765
117,774
Instruments measured at fair value through profit or loss
7,927
3,544
Carrying amount of financial liabilities
Measured at amortised cost
108,195
154,455
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
129,765
117,774
Prepayments and accrued income
83,956
92,381
213,721
210,155
16
Current asset investments
2023
2022
£
£
Listed investments
7,927
3,544
Current asset investments are all listed stocks and shares and are stated at market value. The historic cost of the investments held at the year end is £10,445 (2022: 7,005).
17
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29,012
65,027
Corporation tax
88,373
99,500
Other taxation and social security
20,813
22,873
Other creditors
12,790
18,987
Accruals and deferred income
66,393
70,441
217,381
276,828
CAPEL COURT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
168,711
74,550
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.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
68,800
68,800
68,800
68,800
20
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date the directors were not aware of any contingent liabilities.
21
Operating lease commitments
Lessee
The majority of the operating lease payments represent rentals payable by the company for its office premises. The lease was negotiated for a term of 15 years with break clauses after 7 and 11 years. Rentals increased every year for the first five years as set out in the lease and thereafter have remained the same subject to potential revision by the landlord in future years.
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:
2023
2022
£
£
Within one year
17,030
15,510
Between two and five years
3,205
5,705
20,235
21,215
22
Ultimate controlling party
The company is a wholly owned subsidiary of Capel Court Holdings Limited, a company controlled by the directors of Capel Court Plc. Consolidated group accounts are prepared by the former, and are available from Companies House (https://www.gov.uk/get-information-about-a-company).
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