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Registered number: 12841752













 
COPLEY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
COPLEY HOLDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
Mr A R Copley 
Mr M A Copley 




Company secretary
Mr M A Copley



Registered number
12841752



Registered office
Colwick Quays Business Park
Private Road No 2

Colwick

Nottingham

Nottinghamshire

NG4 2JY




Independent auditors
Page Kirk LLP

Chartered accountants and statutory auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB






 
COPLEY HOLDINGS LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Consolidated Profit and Loss Account
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Notes to the Financial Statements
16 - 33



 
COPLEY HOLDINGS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity
 
The principal activities of the group are manufacturing and dealing in scientific instruments.

Fair review of the business
 
Copley Holdings Limited is the parent undertaking of the group of companies of which Copley
Scientific Limited is a member.
The Directors are pleased with the performance of the Group during the year. Prospects for the
forthcoming year are encouraging.
The Directors consider the Key Performance Indicators to be Turnover, Profitability and Cashflow.
Turnover for the group amounted to £16,017,032 (2022 - £13,872,926). Gross profit margins remain consistent and the directors believe that these are satisfactory under the present circumstances. The increase in revenue is primarily due to general growth in inhaler and pharmaceutical testing as well as market growth through the introduction of innovative products.
To enable growth the Group continues to invest in sales and marketing activities as well as new product development. The Directors are confident in the future results of the business.

Principal risks and uncertainties
 
The material risks facing the group are considered to arise from any downturn in the group's traditional markets, interest rate risk, liquidity risk and currency risk.
Traditional Markets
Events on the world stage, such as the war in Ukraine and unrest in the Middle East negatively affect the national and international economic outlook and the COVID-19 pandemic still continues to have an impact. However, the markets in which the Group operates are robust and geographically diverse which puts the group in a secure position and well placed to continue to grow.
The directors are confident that the group has adequate resources to continue to operate for the foreseeable future.
Interest Rate Risk
The group finances its operation through a mixture of retained profits and cash. The group's exposure to interest fluctuations is at a minimum due to the lack of borrowings.
Liquidity Risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved by ensuring sufficient working capital is on hand.
Currency Risk
The group is exposed to transaction and translation foreign exchange risk. In relation to translation risk the group maintains bank balances in foreign currencies to mitigate this risk.

Page 1


 
COPLEY HOLDINGS LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 2 July 2024 and signed on its behalf.



................................................
Mr M A Copley
Director

Page 2


 
COPLEY HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £5,377,779 (2022 - £4,646,029).

Dividends paid in the year amounted to £1,280,500 (2022 - £1,276,000)

Directors

The directors who served during the year were:

Mr A R Copley 
Mr M A Copley 

Financial instruments

Objectives and policies
The Directors have implemented procedures to minimise risks wherever possible.

Price risk, credit risk, liquidity risk and cash flow risk
Please see principal risks and uncertainties in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

The address of its registered office is:
Colwick Quays Business Park
Private Road No 2
Colwick
Nottingham
NG4 2JY
United Kingdom

Page 3


 
COPLEY HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsPage Kirk LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 July 2024 and signed on its behalf.
 





................................................
Mr M A Copley
Director

Page 4


 
COPLEY HOLDINGS LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of COPLEY HOLDINGS LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Profit and Loss Account, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group 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:
We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations. 
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, the understatement of revenue, and the recoverability of debtors. Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Reviewing regulatory correspondence and professional fees.
• Sample testing on the posting of journals.
• Detailed substantive testing on the completeness of income.
• Reviewing the recovery of year-end debtors after the balance sheet date


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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered accountants and statutory auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

2 July 2024
Page 9


 
COPLEY HOLDINGS LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,017,032
13,872,926

Cost of sales
  
(7,192,727)
(6,687,663)

Gross profit
  
8,824,305
7,185,263

Distribution costs
  
(156,501)
(194,368)

Administrative expenses
  
(2,893,399)
(2,031,449)

Other operating income
 5 
596
-

Operating profit
  
5,775,001
4,959,446

Income from shares in group undertakings
  
-
66,635

Interest receivable and similar income
 9 
679,094
358,411

Interest payable and similar expenses
 10 
-
(25,084)

Other finance income
  
(3,233)
81,947

Profit before tax
  
6,450,862
5,441,355

Tax on profit
 11 
(1,073,083)
(795,326)

Profit for the financial year
  
5,377,779
4,646,029

Profit for the year attributable to:
  

Owners of the parent
  
5,377,779
4,646,029

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated profit and loss account.

The notes on pages 16 to 33 form part of these financial statements.

Page 10


 
COPLEY HOLDINGS LIMITED
REGISTERED NUMBER:12841752


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
723,126
861,439

Tangible assets
 13 
2,253,235
1,922,003

Investments
 14 
130,317
130,317

  
3,106,678
2,913,759

Current assets
  

Stocks
 15 
2,884,295
2,942,486

Debtors: amounts falling due within one year
 16 
2,270,022
1,524,104

Cash at bank and in hand
 17 
23,006,842
21,148,104

  
28,161,159
25,614,694

Creditors: amounts falling due within one year
 18 
(1,934,082)
(3,315,104)

Net current assets
  
 
 
26,227,077
 
 
22,299,590

Total assets less current liabilities
  
29,333,755
25,213,349

Provisions for liabilities
  

Deferred taxation
  
(89,466)
(66,339)

Net assets
  
29,244,289
25,147,010


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Capital redemption reserve
  
2,000
2,000

Profit and loss account
  
29,241,289
25,144,010

Equity attributable to owners of the parent Company
  
29,244,289
25,147,010


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 July 2024.




................................................
Mr M A Copley
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11


 
COPLEY HOLDINGS LIMITED
REGISTERED NUMBER:12841752


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,835,853
1,493,071

Investments
 14 
1,000
1,000

  
1,836,853
1,494,071

Current assets
  

Debtors: amounts falling due within one year
 16 
477,355
701,983

Cash at bank and in hand
 17 
19,573,101
17,427,510

  
20,050,456
18,129,493

Creditors: amounts falling due within one year
 18 
(147,126)
(64,468)

Net current assets
  
 
 
19,903,330
 
 
18,065,025

Total assets less current liabilities
  
21,740,183
19,559,096

  

Provisions for liabilities
  

Deferred taxation
  
(11,702)
(4,736)

Net assets
  
21,728,481
19,554,360


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Profit and loss account brought forward
  
19,553,360
17,002,806

Profit for the year
  
3,454,621
3,826,554

Other changes in the profit and loss account

  

(1,280,500)
(1,276,000)

Profit and loss account carried forward
  
21,727,481
19,553,360

  
21,728,481
19,554,360


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 July 2024.


................................................
Mr M A Copley
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 12


 
COPLEY HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,000
2,000
25,144,010
25,147,010


Comprehensive income for the year

Profit for the year

-
-
5,377,779
5,377,779

Dividends
-
-
(1,280,500)
(1,280,500)


At 31 December 2023
1,000
2,000
29,241,289
29,244,289



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1,000
2,000
21,773,981
21,776,981


Comprehensive income for the year

Profit for the year

-
-
4,646,029
4,646,029

Dividends
-
-
(1,276,000)
(1,276,000)


At 31 December 2022
1,000
2,000
25,144,010
25,147,010


The notes on pages 16 to 33 form part of these financial statements.

Page 13


 
COPLEY HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1,000
19,553,360
19,554,360



Profit for the year

-
3,454,621
3,454,621

Dividends: Equity capital
-
(1,280,500)
(1,280,500)


At 31 December 2023
1,000
21,727,481
21,728,481



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,000
17,002,806
17,003,806



Profit for the year

-
3,826,554
3,826,554

Dividends: Equity capital
-
(1,276,000)
(1,276,000)


At 31 December 2022
1,000
19,553,360
19,554,360


The notes on pages 16 to 33 form part of these financial statements.

Page 14


 
COPLEY HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,377,779
4,646,029

Adjustments for:

Amortisation of intangible assets
138,313
138,313

Depreciation of tangible assets
117,505
122,123

Loss on disposal of tangible assets
(10,320)
(11,994)

Interest paid
-
25,084

Interest received
(679,094)
(425,046)

Taxation charge
1,073,083
795,326

Decrease/(increase) in stocks
58,191
(519,927)

(Increase)/decrease in debtors
(1,068,236)
18,337

(Decrease) in creditors
(1,692,606)
(1,412,189)

Corporation tax (paid)
(416,054)
(739,209)

Net cash generated from operating activities

2,898,561
2,636,847


Cash flows from investing activities

Sale of intangible assets
-
150,000

Purchase of tangible fixed assets
(450,824)
-

Sale of tangible fixed assets
12,407
46,347

Interest received
679,094
358,411

Income from investments in related companies
-
66,635

Net cash from investing activities

240,677
621,393

Cash flows from financing activities

Dividends paid
(1,280,500)
(1,276,000)

Interest paid
-
(25,084)

Net cash used in financing activities
(1,280,500)
(1,301,084)

Net increase in cash and cash equivalents
1,858,738
1,957,156

Cash and cash equivalents at beginning of year
21,148,104
19,190,948

Cash and cash equivalents at the end of year
23,006,842
21,148,104


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
23,006,842
21,148,104


Page 15


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Colwick Quays Business Park
Road Number 2
Colwick
Nottingham
NG4 2JY
England
These financial statements were authorised for issue by the Board on 2 July 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The group financial statements for the year ended 31 December 2023 consolidate the financial statements of the following group companies:
Copley Scientific Limited.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Page 16


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill

10
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and Buildings
-
Buildings over 50 years
Plant and machinery
-
Over 10 years
Motor vehicles
-
Over 4 years
Fixtures and fittings
-
Over 5 years
Other fixed assets
-
Over 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 19


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

  
2.17

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are set out in note 2 above, the directors are required to make judgements, estimates and assumptions. 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 were reviewed on an ongoing basis. No critical judgements have been identified by the directors that have been made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
16,017,032
13,872,926

16,017,032
13,872,926


Page 21


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
596
-

596
-



6.


Auditors' remuneration

During the year, the Group obtained the following services from the Groupauditors:


2023
2022
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
12,670
8,765


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,536,617
1,086,047
-
-

Social security costs
22,756
1,160
-
-

Cost of defined benefit scheme
38,017
30,962
-
-

Cost of defined contribution scheme
289,053
39,716
-
-

1,886,443
1,157,885
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration and support
3
3
2
2



Production
31
27
-
-

34
30
2
2

Page 22


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
194,008
24,000

Group contributions to defined contribution pension schemes
109,905
1,195

303,913
25,195



9.


Interest receivable

2023
2022
£
£


Interest income on bank deposits
679,094
358,411

679,094
358,411


10.


Interest payable

2023
2022
£
£


Bank interest payable
-
25,084

-
25,084

Page 23


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,049,956
805,182


1,049,956
805,182


Total current tax
1,049,956
805,182

Deferred tax


Origination and reversal of timing differences
21,631
(9,856)

Changes to tax rates
1,496
-

Total deferred tax
23,127
(9,856)


Taxation on profit on ordinary activities
1,073,083
795,326
Page 24


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 -  19  %). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
6,450,862
5,441,355


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -  19  %)
1,517,274
1,033,857

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
478
-

Tax increase/(decrease) from the effect of capital allowances and depreciation
34,469
40,596

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
15,452
-

Short-term timing difference leading to an increase (decrease) in taxation
23,127
(9,856)

Non-taxable income
(140)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(517,577)
(256,610)

Dividends from UK companies
-
(12,661)

Total tax charge for the year
1,073,083
795,326

Page 25


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
1,383,137



At 31 December 2023

1,383,137



Amortisation


At 1 January 2023
521,698


Charge for the year on owned assets
138,313



At 31 December 2023

660,011



Net book value



At 31 December 2023
723,126



At 31 December 2022
861,439



Page 26


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
1,536,683
1,047,724
16,700
-
-
2,601,107


Additions
357,960
-
-
17,688
75,176
450,824


Disposals
-
-
(16,700)
-
-
(16,700)



At 31 December 2023

1,894,643
1,047,724
-
17,688
75,176
3,035,231



Depreciation


At 1 January 2023
43,612
621,575
13,917
-
-
679,104


Charge for the year on owned assets
29,897
81,750
696
2,969
2,193
117,505


Disposals
-
-
(14,613)
-
-
(14,613)



At 31 December 2023

73,509
703,325
-
2,969
2,193
781,996



Net book value



At 31 December 2023
1,821,134
344,399
-
14,719
72,983
2,253,235



At 31 December 2022
1,493,071
426,149
2,783
-
-
1,922,003




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,821,134
1,493,071

1,821,134
1,493,071


Page 27


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Freehold property
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 January 2023
1,536,683
-
1,536,683


Additions
357,960
17,688
375,648



At 31 December 2023

1,894,643
17,688
1,912,331



Depreciation


At 1 January 2023
43,612
-
43,612


Charge for the year on owned assets
29,897
2,969
32,866



At 31 December 2023

73,509
2,969
76,478



Net book value



At 31 December 2023
1,821,134
14,719
1,835,853



At 31 December 2022
1,493,071
-
1,493,071





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,821,134
1,493,071

1,821,134
1,493,071


Page 28


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Group





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
2,317
128,000
130,317



At 31 December 2023
2,317
128,000
130,317




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,000



At 31 December 2023
1,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Copley Scientific Ltd*
Ordinary shares
100%
Novi Systems Ltd
Ordinary shares
100%

*indicates direct investment of the company
The registered office address of Copley Scientific Limited and Novi Systems Limited is Colwick Quays
Business Park, Private Road No 2, Colwick, Nottingham, NG4 2JY, United Kingdom.

Page 29


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Associate


The following was an associate of the Company:


Name

Class of shares

Holding

Copley Scientific AG
Ordinary
50%

The registered office address of Copley Scientific AG is Erlenstrasse 27, Postfach 152, CH-4106
Therwil, Switzerland.


15.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
1,456,910
1,326,014

Finished goods and goods for resale
1,427,385
1,616,472

2,884,295
2,942,486



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,638,416
743,009
-
-

Amounts owed by group undertakings
-
-
1,389
452,967

Other debtors
89,273
475,115
29
-

Prepayments and accrued income
542,333
305,980
475,937
249,016

2,270,022
1,524,104
477,355
701,983



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
23,006,842
21,148,104
19,573,101
17,427,510

23,006,842
21,148,104
19,573,101
17,427,510


Page 30


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Gross amounts due to customers for contract work
983,945
1,420,838
-
-

Trade creditors
452,464
399,526
-
-

Corporation tax
370,411
58,827
140,876
58,827

Other creditors
65,697
1,410,347
-
-

Accruals and deferred income
61,565
25,566
6,250
5,641

1,934,082
3,315,104
147,126
64,468



19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
24,645,258
21,891,110
19,574,490
17,880,477

Financial liabilities measured at amortised cost
1,563,671
3,256,277
6,250
5,641

26,208,929
25,147,387
19,580,740
17,886,118



Page 31


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group



2023


£






At beginning of year
66,339


Charged to profit or loss
23,127



At end of year
89,466

Company


2023


£






At beginning of year
4,736


Charged to profit or loss
6,966



At end of year
11,702

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
91,816
68,125
14,052
6,522

Tax losses carried forward
(2,350)
(1,786)
(2,350)
(1,786)

89,466
66,339
11,702
4,736


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 32


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Contingent liabilities

The Group has a contingent liability of £40,000 (2022- £40,000) to National Westminster Bank Plc in respect of a Guarantee for that sum made by the Bank in favour HM Revenue & Customs.


23.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £219,278 (2022 - £39,715). At the year end there were unpaid pension contributions amounting to £65,697 (2022 - £10,346).


24.


Related party transactions

Balances owed to directors amount to £Nil (2022 - £1,400,000)
During the year, the directors were paid dividends of £1,280,500 (2022 - £1,276,000)


25.


Controlling

Copley Holdings Limited is controlled by Mr A R Copley and Mr M A Copley.

 
Page 33