Company Registration No. 01953728 (England and Wales)
CAPEL COURT HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPEL COURT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
K J Rudkin
P M L Howell
M F Moseley
Secretary
K J Rudkin
Company number
01953728
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 HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 23
CAPEL COURT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

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 Group 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

The trading subsidiary Capel Court plc 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 subsidiary Capel Court plc.

 

S172 Statement

The group is classified as a large group as it's trading subsidiary Capel Court plc 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 group under the Companies Act 2006.

 

The directors consider that the key stakeholders for the group are it’s employees, clients and shareholders. Due to the small number of employees of the group the directors have engaged with each of them as necessary during the period under review.

 

The group has continued to trade in the year in line with previous years taking into account the needs of it’s clients when providing financial advice and investment management services. It's trading subsidiary Capel Court plc 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 group provides regular communications to it’s shareholders and considers their position when making decisions for the future plans for the business.

 

CAPEL COURT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

M F Moseley
Director
15 April 2024
CAPEL COURT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £359,962. The directors do not recommend payment of a further 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
Auditor

In accordance with the company's articles, a resolution proposing that Streets Audit LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
M F Moseley
Director
15 April 2024
CAPEL COURT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

CAPEL COURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Capel Court Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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 Group 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 Group, 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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 7 -

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 group 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:

 

 

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:

 

 

As the trading subsidiary 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.

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.

CAPEL COURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 8 -
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 HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
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
7
10,505
2,475
Amounts written off investments
8
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
242,856
238,263
Dividends
(359,962)
(396,644)
Retained earnings carried forward
151,322
242,856
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

CAPEL COURT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1
1
Current assets
Debtors
14
213,720
210,154
Investments
15
7,927
3,544
Cash at bank and in hand
294,844
453,774
516,491
667,472
Creditors: amounts falling due within one year
16
(217,373)
(276,820)
Net current assets
299,118
390,652
Net assets
299,119
390,653
Capital and reserves
Called up share capital
18
98,879
98,879
Share premium account
48,918
48,918
Profit and loss reserves
151,322
242,856
Total equity
299,119
390,653
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:
15 April 2024
M F Moseley
Director
Company registration number 01953728 (England and Wales)
CAPEL COURT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
147,984
147,984
Current assets
Cash at bank and in hand
1
1
Net current assets
1
1
Net assets
147,985
147,985
Capital and reserves
Called up share capital
18
98,879
98,879
Share premium account
48,918
48,918
Profit and loss reserves
188
188
Total equity
147,985
147,985

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £359,962 (2022 - £396,644 profit).

 

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:
15 April 2024
M F Moseley
Director
Company registration number 01953728 (England and Wales)
CAPEL COURT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
293,420
518,431
Income taxes paid
(99,661)
(129,517)
Net cash inflow from operating activities
193,759
388,914
Investing activities
Proceeds from disposal of investments
(3,232)
(659)
Interest received
10,408
2,326
Dividends received
97
149
Net cash generated from investing activities
7,273
1,816
Financing activities
Dividends paid to equity shareholders
(359,962)
(396,644)
Net cash used in financing activities
(359,962)
(396,644)
Net decrease in cash and cash equivalents
(158,930)
(5,914)
Cash and cash equivalents at beginning of year
453,774
459,688
Cash and cash equivalents at end of year
294,844
453,774
CAPEL COURT HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
359,962
396,644
Net cash generated from investing activities
359,962
396,644
Financing activities
Dividends paid to equity shareholders
(359,962)
(396,644)
Net cash used in financing activities
(359,962)
(396,644)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
1
1
Cash and cash equivalents at end of year
1
1
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Capel Court Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Balkerne Hill, Colchester, Essex, CO3 3FG.

 

The group consists of Capel Court Holdings Limited and all of its subsidiaries.

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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £359,962 (2022 - £396,644 profit).

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Capel Court Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2023.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.4
Turnover

Turnover represents management fees, adviser fees and commissions earned, net of value added tax.

CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

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:

Fixtures, fittings & equipment
25% reducing balance

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 recognised in the profit and loss account.

1.6
Financial instruments

The group 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, including 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 group 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 group.

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 group’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.

 

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.

CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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 leased asset are consumed.

2
Turnover and other revenue

An analysis of the group'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
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 group and company
12,950
10,050
For other services
All other non-audit services
2,150
1,950
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
3
3
3
3
Investment management
4
4
-
-
Sales
4
5
-
-
Total
11
12
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
300,247
302,214
-
0
-
0
Social security costs
23,458
28,656
-
-
Pension costs
168,711
74,550
-
0
-
0
492,416
405,420
-
0
-
0
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
42,078
43,242
Company pension contributions to defined contribution schemes
130,000
30,000
172,078
73,242
7
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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
8
Revaluation of 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)
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
-
0
Previous provision add back now allowed
(235)
(1,087)
Taxation charge
88,534
100,017
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
359,962
396,644
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
11
Tangible fixed assets
Group
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
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
19
-
0
-
0
147,984
147,984
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
147,984
Carrying amount
At 31 December 2023
147,984
At 31 December 2022
147,984
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
7,927
3,544
-
-
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
129,764
117,773
-
0
-
0
Prepayments and accrued income
83,956
92,381
-
0
-
0
213,720
210,154
-
-
15
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted 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).

16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
29,012
65,027
-
0
-
0
Corporation tax payable
88,373
99,500
-
0
-
0
Other taxation and social security
20,813
22,873
-
-
Other creditors
12,790
18,987
-
0
-
0
Accruals and deferred income
66,385
70,433
-
0
-
0
217,373
276,820
-
0
-
0
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
168,711
74,550

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
988,790
988,790
98,879
98,879
19
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking and country of incorporation
Class of
% Held
or residency
shareholding
Direct
Indirect
Balkerne Asset Management Ltd
England and Wales
Ordinary
0
100.00
Balkerne Nominees Ltd
England and Wales
Ordinary
0
100.00
Capel Court Investment Management Ltd
England and Wales
Ordinary
0
100.00
Capel Court Plc
England and Wales
Ordinary
100.00
0
CFJ Financial Ltd
England and Wales
Ordinary
100.00
0
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 group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
17,030
15,510
-
-
Between two and five years
3,205
5,705
-
-
20,235
21,215
-
-
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
22
Directors' transactions

Dividends totalling £278,970 (2022 - £307,399) were paid in the year in respect of shares held by the company's directors.

23
Controlling party

The company is controlled by the board of directors.

24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
268,428
401,237
Adjustments for:
Taxation charged
88,534
100,017
Investment income
(10,505)
(2,475)
Other gains and losses
(1,151)
4,816
Movements in working capital:
Increase in debtors
(3,566)
(41,805)
(Decrease)/increase in creditors
(48,320)
56,641
Cash generated from operations
293,420
518,431
25
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
359,962
396,644
Adjustments for:
Investment income
(359,962)
(396,644)
Cash absorbed by operations
-
-
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
453,774
(158,930)
294,844
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
27
Analysis of changes in net funds - company
1 January 2023
31 December 2023
£
£
Cash at bank and in hand
1
1
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100P M L HowellM F MoseleyM F MoseleyK J Rudkinfalsefalse019537282023-01-012023-12-3101953728bus:CompanySecretaryDirector12023-01-012023-12-3101953728bus:Director12023-01-012023-12-3101953728bus:Director22023-01-012023-12-3101953728bus:CompanySecretary12023-01-012023-12-3101953728bus:Director32023-01-012023-12-3101953728bus:RegisteredOffice2023-01-012023-12-31019537282023-12-3101953728bus:Consolidated2023-01-012023-12-3101953728bus:Consolidated2022-01-012022-12-3101953728bus:Consolidated2023-12-3101953728bus:Consolidated2022-12-3101953728core:FurnitureFittingsbus:Consolidated2023-12-3101953728core:FurnitureFittingsbus:Consolidated2022-12-3101953728core:ShareCapitalbus:Consolidated2023-12-3101953728core:ShareCapitalbus:Consolidated2022-12-3101953728core:SharePremiumbus:Consolidated2023-12-3101953728core:SharePremiumbus:Consolidated2022-12-3101953728core:ShareCapital2023-12-3101953728core:ShareCapital2022-12-3101953728core:SharePremium2023-12-3101953728core:SharePremium2022-12-3101953728core:RetainedEarningsAccumulatedLosses2023-12-31019537282022-12-31019537282022-01-012022-12-3101953728bus:Consolidated2021-12-31019537282021-12-3101953728core:FurnitureFittings2023-01-012023-12-3101953728core:UKTaxbus:Consolidated2023-01-012023-12-3101953728core:UKTaxbus:Consolidated2022-01-012022-12-3101953728bus:Consolidated12023-01-012023-12-3101953728bus:Consolidated12022-01-012022-12-3101953728bus:Consolidated22023-01-012023-12-3101953728bus:Consolidated22022-01-012022-12-3101953728bus:Consolidated32023-01-012023-12-3101953728bus:Consolidated32022-01-012022-12-3101953728core:FurnitureFittingsbus:Consolidated2022-12-3101953728core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3101953728core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3101953728core:CurrentFinancialInstruments2023-12-3101953728core:CurrentFinancialInstruments2022-12-3101953728core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3101953728core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3101953728core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101953728core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101953728core:Subsidiary12023-01-012023-12-3101953728core:Subsidiary22023-01-012023-12-3101953728core:Subsidiary32023-01-012023-12-3101953728core:Subsidiary42023-01-012023-12-3101953728core:Subsidiary52023-01-012023-12-3101953728core:Subsidiary112023-01-012023-12-3101953728core:Subsidiary212023-01-012023-12-3101953728core:Subsidiary312023-01-012023-12-3101953728core:Subsidiary412023-01-012023-12-3101953728core:Subsidiary512023-01-012023-12-310195372812023-01-012023-12-3101953728bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101953728bus:FRS1022023-01-012023-12-3101953728bus:Audited2023-01-012023-12-3101953728bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3101953728bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP