Company registration number 01396443 (England and Wales)
CAPITA INSURANCE SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPITA INSURANCE SERVICES LIMITED
COMPANY INFORMATION
Directors
C C Clements
Capita Corporate Director Limited
(Appointed 28 March 2024)
Secretary
Capita Group Secretary Limited
Company number
01396443
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
CAPITA INSURANCE SERVICES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 27
CAPITA INSURANCE SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

 

Capita Insurance Services Limited ("the Company") is a wholly owned subsidiary indirectly held by Capita plc. Capita plc, along with all its subsidiaries is hereafter referred as "the Group''. The Company operates within the Capita experience divisions of the Group.

Principal activities

The principal activity of the company continued to be that of the provision of support services to companies operating in the insurance market including legal expenses, motor, household, employer’s liability, public liability and property. Other services include telephone helplines, claims handling services and associated products.

 

The business continues to look for opportunities to win outsourced insurance business, including claims management work, to replace the contracts that have ended in recent years. There are opportunities currently under discussion with prospective clients. In the meantime, the business will continue to review and reduce the cost base to keep it in line with the revenue generated and will reallocate resource to other parts of the Group where appropriate.

 

Review of business

As shown in Company's income statement on page 3, revenue has decreased from £1,190k in 2022 to £1,156k in 2023 and operating loss has increased from £294k in 2022 to £588k in 2023 over the same period. While the revenue has marginally decreased as compared to previous year, the operating loss has increased on account of higher payroll costs and increased in the cost recharges from Capita shared service limited (CSSL), another group subsidiary.

 

Towards the end of 2022 the Group reorganised its technology software and solutions business and group support services business by transferring the underlying trade and assets from various Group companies in the UK into CSSL. The principal activity of CSSL is the provision of certain head office and shared services, such as finance and HR support, payroll, IT and software services, to other companies within the Group. CSSL recovers the cost of providing these shared services by charging the Group companies that benefit from them, including the Company. Prior to the aforementioned reorganisation, there charges for the provision of these services were lower.

The balance sheet on pages 5 to 6 of the financial statements shows the financial position at the year end. Net assets have increased from £98,302k in 2022 to £100,886k in 2023 primarily due to profit generated during the year.

Details of the amounts owed by/to its parent company and fellow subsidiary companies are shown in notes 6 and 8 to the financial statements.

Results and dividends

The results for the year are set out on page 3.

No interim or final dividend was paid or proposed during the year (2022: £ nil).

Directors

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

C C Clements
A Ajit
(Resigned 9 April 2024)
Capita Corporate Director Limited
(Appointed 28 March 2024)
Political donations

The Company made no political donations and incurred no political expenditure during the year (2022: £nil).

CAPITA INSURANCE SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of Directors' responsibilities

The Directors are responsible for preparing the Directors’ 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 they have elected to prepare the financial statements in accordance with United Kingdom ('UK') accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.

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 its profit or loss 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 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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

 

Qualifying third party indemnity provisions

The Company has granted an indemnity to the directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third-party indemnity provisions remains in force as at the date of approving the directors' report.

 

 

On behalf of the board
C C Clements
Director
22 May 2024
CAPITA INSURANCE SERVICES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£000s
£000s
Revenue
3
1,156
1,190
Cost of sales
(1,049)
(1,250)
Gross profit/(loss)
107
(60)
Administrative expenses
(695)
(234)
Operating loss
(588)
(294)
Net finance income
4
4,652
1,439
Profit before tax
4,064
1,145
Income tax charge
5
(954)
(168)
Profit for the year
3,110
977

The income statement has been prepared on the basis that all operations are continuing operations.

The notes and information on pages 8 to 27 form an integral part of these financial statements.

CAPITA INSURANCE SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
2022
£000s
£000s
Profit for the year
3,110
977
Other comprehensive expense
Items that will not be reclassified subsequently to the income statement:
Actuarial loss on defined benefit pension schemes
12
(695)
(1,700)
Income tax effect
5
169
425
Other comprehensive expense for the year, net of tax
(526)
(1,275)
Total comprehensive income/(expense) for the year
2,584
(298)

The notes and information on pages 8 to 27 form an integral part of these financial statements.

CAPITA INSURANCE SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£000s
£000s
Non-current assets
Deferred tax assets
5
864
749
Employee benefits
12
2,050
2,105
2,914
2,854
Current assets
Trade and other receivables
6
100,011
96,971
100,011
96,971
Total assets
102,925
99,825
Current liabilities
Trade and other payables
8
614
122
Deferred income
7
42
103
Financial liabilities
9
78
1,041
Income tax payable
1,117
187
1,851
1,453
Non-current liabilities
Deferred income
7
188
70
188
70
Total liabilities
2,039
1,523
Net assets
100,886
98,302
CAPITA INSURANCE SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£000s
£000s
- 6 -
Capital and reserves
Issued share capital
11
17,010
17,010
Share premium
30,000
30,000
Retained earnings
53,876
51,292
Total equity
100,886
98,302

The notes and information on pages 8 to 27 form an integral part of these financial statements.

For the financial year ended 31 December 2023, the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of Companies Act 2006.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements were approved by the board of directors and authorised for issue on
22 May 2024
22 May 2024
and are signed on its behalf by:
C C Clements
Director
Company registration number 01396443 (England and Wales)
CAPITA INSURANCE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Share capital
Share premium
Retained earnings
Total equity
£000s
£000s
£000s
£000s
At 1 January 2022
17,010
30,000
51,590
98,600
Profit for the year
-
-
977
977
Other comprehensive expense for the year
-
-
(1,275)
(1,275)
Total comprehensive expense
-
-
(298)
(298)
At 31 December 2022
17,010
30,000
51,292
98,302
Profit for the year
-
-
3,110
3,110
Other comprehensive expense for the year
-
-
(526)
(526)
Total comprehensive income
-
-
2,584
2,584
At 31 December 2023
17,010
30,000
53,876
100,886
Share capital

The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 17,010,001 ordinary shares of £1 each.

Share premium

The amount paid to the Company by shareholders, in cash or other consideration, over and above the nominal value of the shares issued to them less issuance costs.

Retained earnings

Net profits accumulated in the Company after dividends are paid.

The notes and information on pages 8 to 27 form an integral part of these financial statements.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
1.1
Basis of preparation

Capita Insurance Services Limited is a company incorporated and domiciled in the United Kingdom.

 

The financial statements have been prepared under the historical cost basis except where stated otherwise and in accordance with applicable accounting standards.

In determining the appropriate basis of preparation for the Annual Report and financial statements for the year ended 31 December 2023, the Company’s Directors (‘the Directors’) are required to consider whether the Company can continue in operational existence for the foreseeable future, being a period of at least 12 months following the approval of these financial statements. The Directors have concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations as set out below.

 

Accounting standards require that ‘the foreseeable future’ for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements, although those standards do not specify how far beyond twelve months the Directors should consider. In its going concern assessment, the Directors have considered the period from the date of approval of these financial statements to 30 June 2025 (‘the going concern period’) and which aligns to the period considered by the Directors of the ultimate parent company, Capita plc.

 

Board assessment

The financial forecasts used for the going concern assessment are derived from financial projections for 2024-2025 for the Company which have been subject to review and challenge by management and the Directors. The Directors have approved the projections.

 

Inter-dependency with Capita plc ('the Group')

The Director’s assessment of going concern has considered the extent to which the Company’s ability to remain a going concern is inter-dependent with that of the Group. The Company has dependency with the Group in respect of the following:

 

Given the inter-dependency the Company has with the Group, the Directors have considered the financial position of the ultimate parent undertaking as disclosed in its most recent consolidated financial statements, being for the year ended 31 December 2023.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Basis of preparation (continued)

Ultimate parent undertaking – Capita plctrue

The Capita plc Board (‘the Board’) concluded that it was appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations when preparing the Group’s consolidated financial statements at 31 December 2023. These consolidated financial statements were approved by the Board on 5 March 2024 and are available on the Group’s website (www.capita.com/investors). Below is a summary of the position at 5 March 2024:

 

Accounting standards require that ‘the foreseeable future’ for going concern assessment covers a period of at least twelve months from the date of approval of these consolidated financial statements, although those standards do not specify how far beyond twelve months a Board should consider. In its going concern assessment, the Board has considered the period from the date of approval of these consolidated financial statements to 30 June 2025, which aligns with a period end and covenant test date for the Group, and has also allowed the Board to assess the liquidity impact of the borrowings that mature in January 2025 and April 2025. There are no other debt maturities in the period to 30 June 2025.

 

The base case financial forecasts used in the going concern assessment are derived from financial projections for 2024-2025 as approved by the Board in December 2023.

 

Under the base case scenario, the Group’s transformation programme and completion of the Portfolio non-core business disposal programme in January 2024 has simplified and strengthened the business and facilitates further efficiency savings enabling sustainable growth in revenue, profit and cash flow over the medium term.

 

The base case projections used for going concern assessment purposes reflect business disposals completed up to the date of approval of these financial statements. The liquidity headroom assessment in the base case projections reflects the Group’s existing committed financing facilities and debt redemptions and does not reflect any potential future refinancing. The base case financial forecasts demonstrate liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 30 June 2025.

 

In considering severe but plausible downside scenarios, the Board has taken account of the potential adverse financial impacts resulting from the following risks:

 

The likelihood of simultaneous crystallisation of the above risks is considered by the directors to be low. Nevertheless, in the event that simultaneous crystallisation were to occur, the Group would need to take action to mitigate the risk of insufficient liquidity and covenant headroom. In its assessment of going concern, the Board has considered the mitigations, under the direct control of the Group, that could be implemented including reductions or delays in capital investment, substantially reducing (or removing in full) bonus and incentive payments. Taking these mitigations into account, the Group’s financial forecasts, in a severe but plausible downside scenario, demonstrate sufficient liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 30 June 2025.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
Basis of preparation (continued)

Adoption of going concern basis by the Group:

Reflecting the continued benefits from the transformation programme delivered over the last few years and the Portfolio non-core business disposal programme completed in January 2024, coupled with the Board’s ability to implement appropriate mitigations should the severe but plausible downside materialise, the Group continues to adopt the going concern basis in preparing these consolidated financial statements. The Board has concluded that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to 30 June 2025.

 

Conclusion

Although the Company has a reliance on the Group as detailed above, even in a severe but plausible downside for both the Company and the Group, the Directors are confident the Company will continue to have adequate financial resources to continue in operation and discharge its liabilities as they fall due over the period to 30 June 2025 (the ‘going concern period’). Consequently, the Annual Report and financial statements have been prepared on the going concern basis.

 

1.2
Compliance with accounting standards

The Company has applied FRS101 – Reduced Disclosure Framework in the preparation of its financial statements.

 

The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006 .

 

The Company's ultimate parent company, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK-adopted International Financial Reporting Standards ('IFRSs') and the Disclosure and the Transparency Rules of the UK's Financial Conduct Authority. They are available to the public and may be obtained from Capita plc’s website on https://www.capita.com/investors .

 

In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:

 

Since the consolidated financial statements of Capita plc include equivalent disclosures, the Company has also taken the disclosure exemptions under FRS 101 available in respect of the following disclosure:

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Change in accounting policies

The Company has adopted the new amendments to standards detailed below but they do not have a material effect on the Company's financial statements.

New amendments or interpretations

Effective date

IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts

1 January 2023

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)    

1 January 2023

Definition of Accounting Estimates (Amendments to IAS 8)

1 January 2023

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

1 January 2023

International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)

1 January 2023

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Revenue

Revenue is earned within the United Kingdom.

 

The Company operates a number of businesses and revenue recognition is based on the principles set out in IFRS 15.

 

The revenue and profits recognised in any period are based on the delivery of performance obligations.  Most revenue is recognised when the performance obligation in the contract has been performed. Some revenue is accrued and depends upon future events such as the agreement of contractual KPIs achieved. This revenue is inherently subjective until performance and the associated revenue is agreed at which point any adjustment to the amount accrued is reflected.

 

Where payments made are greater than the revenue recognised at the period end date, a deferred income liability is recognised for the difference. Where revenue is greater than payments received, an accrued income asset is recognised for the difference.

 

The Company may enter into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. In those circumstances, judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which contract fulfilment assets and capitalised costs to obtain a contract are expensed.

 

For each performance obligation, the Company determines if revenue will be recognised over time or at a point in time. Where the Company recognises revenue over time for long term contracts, this is in general due to the Company performing and the customer simultaneously receiving and consuming the benefits provided over the life of the contract.

 

For each performance obligation to be recognised over time, the Company applies a revenue recognition method that faithfully depicts the Company’s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Company has promised to transfer to the customer. The Company applies the relevant output or input method consistently to similar performance obligations in other contracts.

 

When using the output method, the Company recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. Where the output method is used, for long term service contracts where the series guidance is applied (see below for further details), the Company often uses a method of time elapsed which requires minimal estimation.

 

If performance obligations in a contract do not meet the over time criteria, the Company recognises revenue at a point in time (see below for further details).

 

The Company disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Revenue (continued)

Long term contractual - greater than 2 years

The nature of contracts or performance obligations categorised within this revenue type comprises long term outsourced service arrangements in private sectors.

 

The Company considers that the services provided meet the definition of a series of distinct goods and services because they are (i) substantially the same and (ii) have the same pattern of transfer (as the series constitutes services provided in distinct time increments (e.g., daily, monthly, quarterly or annual services)) and therefore treats the series as one performance obligation. Even if the underlying activities performed by the Company to satisfy a promise vary significantly throughout the day and from day to day, that fact, by itself, does not mean the distinct goods or services are not substantially the same.

 

For long service contracts with customers in this category, the Company recognises revenue using the output method because it best reflects the nature in which the Company is transferring control of the goods or services to the customer.

 

Transactional (Point in time) contracts

The Company delivers both services that are transactional services and services that are short term services for which charges are agreed annually and for which revenue is recognised at the point in time. The nature of contracts or performance obligations categorised within this revenue type includes fees received in relation to delivery of professional services.

 

Contract modifications

 

The Company’s contracts are amended when there are new or changes to the existing enforceable rights and obligations. This is very limited in relation to this business. The facts and circumstances of any contract modification are considered individually since the types of modifications will vary contract by contract and may result in different accounting outcomes.

 

Deferred and accrued income

 

The Company’s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and services being provided. The Company often agrees payment schedules at the inception of long term contracts under which it receives payments throughout the term of the contracts. These payment schedules may include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance.

Where payments made are greater than the revenue recognised at the period end date, the Company recognises a deferred income contract liability for this difference. Where payments made are less than the revenue recognised at the period end date, the Company recognises an accrued income contract asset for this difference.

 

At each reporting date, the Company assesses whether there is any indication that accrued income assets may be impaired by considering whether the revenue remains highly probable and that no revenue reversal will occur. Where an indicator of impairment exists, the Company makes a formal estimate of the asset’s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Financial instruments

Other financial assets

 

Classification

The Company classifies its financial instruments in the following measurement categories:

 

The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows.

Recognition and derecognition

At initial recognition, the Company measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the income statement.

 

Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

 

Purchases and sales of financial instruments are recognised on their trade date (i.e., the date the Company commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Company has transferred substantially all risks and rewards of ownership.

 

Impairment

The Company assesses, on a forward-looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

 

Trade and other receivables

Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount.

 

For trade receivables, the Company applies the simplified approach permitted by IFRS 9 Financial instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

 

The Company monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided.

 

Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (i.e., removed from the Company’s balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risk and rewards of the asset; or, (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Financial instruments (continued)

 

Trade and other payables

Trade and other payables are recognised initially at cost (being same as fair value). Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

 

Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of three months or less that are readily convertible in to known amounts of cash and which are subject to an insignificant risk of change in value. Bank overdrafts are shown within current financial liabilities.

 

Interest-bearing loans and borrowings

All loans and borrowings are initially recognised at their fair value less any directly attributable transaction costs. After initial recognition, loans and borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method.

 

Gains and losses are recognised in the income statement when the liabilities are derecognised, as well as through the amortisation process.

1.6
Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

 

Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

 

Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

 

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

 

 

 

 

 

 

 

 

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Pensions

The Company participates in a defined contribution pension scheme where contributions are charged to the income statement in the year in which they are due. This scheme is funded and contributions are paid to separately administered funds. The assets of the scheme are held separately from the Company. The Company remits monthly pension contributions to Capita Business Services Ltd, a fellow subsidiary undertaking, which pays the Group liability centrally. Any unpaid contributions at the year-end have been accrued in the accounts of Capita Business Services Ltd.

 

The Company also has employees who were members of the Group’s main defined benefit pension scheme (“HPS”) (formerly known as the Capita Pension & Life Assurance Scheme).

 

As the Company no longer has any active members in the HPS, this triggered a cessation event which means a Section 75 debt (which is a statutory debt due from a participating employer to the trustees of a multi-employer defined benefit pension scheme which is in deficit) would have become due. However, the Trustee of the HPS agreed that the pension liabilities attributable to the Company would be transferred to Capita Business Services Ltd (the Principal Employer of the HPS), which removed the Section 75 debt due from the Company. This Flexible Apportionment Arrangement was agreed in early 2018. As a result of the arrangement, the Company is no longer a formal participating employer in the HPS. In return for the Trustee granting this Flexible Apportionment Arrangement, the Company has provided a guarantee to the HPS that puts the Company into the same position as if it had remained a participating employer. However, the probability of any liability crystallising on the guarantee has been assessed as remote.

 

As there is no contractual agreement or stated Group policy for charging the net defined benefit cost of the HPS to any participating entities, the net defined benefit cost of the HPS is recognised fully by the Principal Employer.

 

A full actuarial valuation of the HPS is carried out every three years by an independent qualified actuary for the Trustee of the HPS, with the last full valuation carried out as at 31 March 2023. The next full actuarial valuation is due to be carried out with an effective date of 31 March 2026.

 

In addition, the Company has a ring-fenced section in an industry-wide pension scheme which requires contributions to be made to a separate trustee-administered fund. The costs of providing benefits under this scheme is determined using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice.

 

Past service costs are recognised immediately in the income statement.

 

When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs the obligation and related plan assets are re-measured using current actuarial assumptions and the resultant gain or loss recognised in the income statement during the period in which the settlement or curtailment occurs.

 

Re-measurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income and reflected immediately in retained earnings and will not be reclassified to the income statement. The Company generally determines the net interest expense/income on the net defined benefit asset/liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the period to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the period as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be re-measured over the course of the period.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Pensions (continued)

 

Current and past service costs are charged to operating profit while the net interest cost is included within net finance costs.

 

The balance sheet position of this defined benefit pension scheme comprises the fair value of plan assets out of which the obligations are to be settled directly less the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds). Fair value is based on market price information and in the case of quoted securities is the published bid price. The Company will consider the impact of IFRIC 14 (in relation to either recognising a surplus or allowing for the impact of any funding commitments made) and will make an assessment, having regard to the rules of the pension schemes, on whether IFRIC 14 limits the surplus or increases the deficit shown at the balance sheet date.

1.8
Leases

The Company makes use of the exemption permitted in IFRS 16 and does not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

2
Significant accounting judgements, estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors’ best knowledge of the amount, events or actions, actual results may differ.

 

The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

3
Revenue

The total revenue of the Company for the year has been derived from its principal activity largely undertaken in the United Kingdom.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Net finance income
2023
2022
£000s
£000s
Interest income
Interest receivable from Group companies
4,547
1,376
Net interest income on the net defined pension schemes
110
70
4,657
1,446
Interest expense
Interest expense on bank overdrafts and loans
(5)
(7)
(5)
(7)
Total net finance income
4,652
1,439

 

5
Income tax
The major components of income tax charge are:
2023
2022
£000s
£000s
Current tax
UK corporation tax
976
218
Adjustments in respect of prior periods
-
155
976
373
Deferred tax
Origination and reversal of temporary differences
(22)
-
0
Adjustment in respect of prior periods
-
0
(205)
(22)
(205)
Total tax charge
954
168
2023
2022
Statement of comprehensive income
£000s
£000s
Tax movements in relation to actuarial loss on defined benefit plans
Current income tax
Current income tax credit
(77)
-
Deferred income tax
Origination and reversal of temporary differences
(92)
(425)
Total tax credit reported in other comprehensive income statement
(169)
(425)
CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Income tax
(Continued)
- 19 -

The reconciliation between tax charge and the accounting profit multiplied by the UK corporation tax rate for the years ended 31 December 2023 and 2022 is as follows:

2023
2022
£000s
£000s
Profit before taxation
4,064
1,145
Expected tax charge based on a corporation tax rate of 23.50% (2022: 19.00%)
955
218
Adjustment in respect of current income tax of prior periods
-
0
155
Impact of changes in statutory tax rates
(1)
-
0
Adjustment in respect of deferred tax of prior periods
-
(205)
Total adjustments
(1)
(50)
Total tax charge reported in the income statement
954
168
Balance sheet
Income statement
2023
2022
2023
2022
£000s
£000s
£000s
£000s
Deferred tax liabilities
Decelerated capital allowances
(1,307)
(1,275)
(32)
(210)
Retirement benefit obligations
443
526
10
5
Deferred tax liabilities
(864)
(749)
Deferred tax credit to income statement
(22)
(205)
Actuarial differences recognised as other comprehensive income
(92)
(425)
Total deferred tax movement in the period
(114)
(630)

A change to the main UK corporation tax rate was substantively enacted on 24 May 2021. The rate applicable from 1 April 2023 increased from 19% to 25%. The deferred tax asset at 31 December 2023 has been calculated using this rate (2022: 25%).

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Trade and other receivables
Current
2023
2022
£000s
£000s
VAT recoverable
17
9
Amounts due from Group companies
99,802
96,903
Accrued income
192
59
100,011
96,971

Amounts due from group companies are repayable on demand. These are not chargeable to interest except for the amounts due from Capita Plc, on which interest is charged as per the prevailing Bank of England rates.

7
Deferred income
2023
2022
£000s
£000s
Current
Deferred income
42
103
42
103
Non-current
Deferred income
188
70
188
70

The deferred income balances solely relates to revenue from contracts with customers. Movements in the deferred income balances were driven by transactions entered into by the Company within the normal course of business in the year.

8
Trade and other payables
Current
2023
2022
£000s
£000s
Trade payables
94
21
Amount due to Group companies
476
57
Accruals
44
44
614
122

Amounts due to group companies are repayable on demand and are not chargeable to interest.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Financial liabilities
Current
2023
2022
£000s
£000s
Bank overdrafts
78
1,041
78
1,041
10
Employees

The average monthly number of employees (including directors) during the year were:

2023
2022
Number
Number
Operations
17
18

Their aggregate remuneration comprised:

2023
2022
£000s
£000s
Wages and salaries
621
607
Social security costs
87
80
Pension costs
168
137
876
824

The above includes payroll costs for temporary staff as well as recharges from other Group entities in respect of various services received by the Company throughout the year.

11
Share capital
2023
2022
2023
2022
Number
Number
£
£
Allotted, called up and fully paid
Ordinary shares of £1 each
At 1 January and 31 December
17,010,000
17,010,000
17,010,000
17,010,000
CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Employee benefits

The Company participates in both defined benefit and defined contribution pension schemes. The pension charge for the defined benefit and defined contribution pension schemes for the year is £168k (2022: £137k).

 

The pension charge excludes pension contributions paid by the Company on behalf of employees via a salary sacrifice arrangement.

 

The Company sponsors one (fully segregated) section of an industry-wide defined benefit pension scheme - the IWCSSS (CIS section) which required contributions to be made to a separate trustee-administered fund. Also the Company has current and former employees who were members of the Group’s main defined benefit pension scheme (“HPS”) (formerly known as the Capita Pension and Life Assurance Scheme).

 

The Group’s main defined benefit pension scheme

The HPS is a non-segregated scheme with around 200 different sections in the scheme where each section provides benefits on a particular basis (some based on final salary, some based on career average earnings) to particular groups of employees.

 

As the Company no longer has any active members in the HPS, this triggered a cessation event which means a Section 75 debt (which is a statutory debt due from a participating employer to the trustees of a multi-employer defined benefit pension scheme which is in deficit) would have become due. However, the Trustee of the HPS agreed that the pension liabilities attributable to the Company would be transferred to Capita Business Services Ltd (the Principal Employer of the HPS and a fellow subsidiary undertaking), which removed the Section 75 debt due from the Company. This Flexible Apportionment Arrangement was agreed in early 2018. As a result of the arrangement, the Company is no longer a formal participating employer in the HPS. In return for the Trustee of the HPS granting this Flexible Apportionment Arrangement, the Company has provided a guarantee to the HPS that puts the Company into the same position as if it had remained a participating employer. However, the probability of any liability crystallising on the guarantee has been assessed as remote.

 

A full actuarial valuation of the HPS is carried out every three years by an independent qualified actuary for the Trustee of the HPS, with the last full valuation carried out as at 31 March 2023. Amongst the main purposes of the valuation is to agree a contribution plan such that the pension scheme has sufficient assets available to meet future benefit payments, based on assumptions agreed between the Trustee of the HPS and the Principal Employer. The 31 March 2023 valuation showed a funding surplus of £51.4m (31 March 2020: funding deficit of £182.2m). This equates to a funding level of 105% (31 March 2020: 89%).

 

Given the funding position of the HPS, the Principal Employer and the Trustee of the HPS agreed that no further deficit recovery contributions from the Principal Employer are required other than those already committed1 as part of the 31 March 2020 actuarial valuation. In accordance with the schedule of contributions put in place following the 31 March 2020 actuarial valuation, the Principal Employer has paid £30m of regular deficit contributions during 2023 and £16.3m of accelerated deficit funding contributions and other contributions triggered by the disposal of certain businesses in the second half of 2022 and 2023. The Principal Employer will pay a further £21m of contributions in 2024, with no further deficit contributions in 2025 and beyond.

 

1These include additional, non-statutory, contributions to meet a secondary funding target with the objective of having sufficient assets to invest in a portfolio of low-risk assets with a low dependency covenant that will generate income to pay members’ benefits as they fall due.

Finally, the Principal Employer agreed an average employer contribution rate of 23.6% of pensionable salary towards the expected cost of benefits accruing.

 

The next full actuarial valuation is due to be carried out with an effective date of 31 March 2026.

 

For the purpose of the consolidated financial statements of Capita plc, an independent qualified actuary projected the results of the 31 March 2023 full actuarial valuation to 31 December 2023 taking into consideration the relevant accounting requirements.

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Employee benefits
(Continued)
- 23 -

The principal assumptions for the accounting valuation as at 31 December 2023 were as follows:

 

The HPS assets at fair value as at 31 December 2023 totaled £1,154.4m (2022: £1,126.3m). The actuarially assessed value of HPS as at 31 December 2023 was £1,125.0m (2022: £1,087.0m) indicating that the HPS had a net asset of £29.4m (2022: net asset of £39.3m). These figures are quoted gross of deferred tax. The full disclosure is available in the consolidated accounts of Capita plc.

 

For the purpose of these accounts, the Company’s interest in the HPS is reported on a defined contribution basis recognising a cost equal to its contributions payable during the period. The pension charge for the Company in relation to the HPS for the year was £nil (2022: £nil).

 

IWCSSS (CIS section)

Responsibility for the governance of the IWCSSS (CIS section) lies with the Industry-Wide Coal Staff Superannuation Scheme Trustees Limited (“IWCSSSTL”) which is independent of the Company. The IWCSSSTL is required by law to act in the interest of the IWCSSS (CIS section)’s beneficiaries in accordance with the rules of the Industry-Wide Coal Staff Superannuation Scheme (“Scheme”) and relevant legislation (which includes the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship between the Company and the IWCSSSTL is also governed by the rules of the Scheme and relevant legislation.

 

The assets of the IWCSSS (CIS section) are held in a separate fund (administered by the IWCSSSTL) to meet long-term pension liabilities to beneficiaries. The IWCSSSTL invests the assets in accordance with their Statement of Investment Principles, which is regularly reviewed.

 

The most recent full actuarial valuation of the IWCSSS (CIS section) which was carried out as at 31 December 2021 showed a funding deficit of £3.45m. This equates to a funding level of 88.1%. As a result of the full actuarial valuation, the Company and the IWCSSSTL agreed a funding plan to eliminate the deficit – the Company has agreed to pay additional contributions of £835k per annum between 1 April 2023 and 31 December 2026. In addition, the Company has agreed to make contributions for the expenses (£54k per annum with effect from 1 April 2023) and other regulatory levies (as and when they fall due) in the running of the IWCSSS (CIS section). The Company is expected to make contributions totaling c. £900k to the IWCSSS (CIS section) during 2024. The next actuarial valuation is due as at 31 December 2024.

 

For the purpose of the consolidated financial statements of Capita plc (and shown here), a qualified actuary projected the results of the 31 December 2021 actuarial valuation to 31 December 2023.

 

For the purposes of IFRIC14, a net pension asset is deemed to be recoverable because the Company has a right to a future refund in the event the scheme is wound-up and there remains a surplus.

The major assumptions and other information for IWCSSS (CIS) scheme are as below:
Defined benefit scheme
Key assumptions:
2023
2022
%pa
%pa
Discount rate
4.55
4.75
Rate of salary increase
3.05
3.15
Rate of price inflation (RPI)
3.05
3.15
CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Employee benefits
(Continued)
- 24 -
Mortality assumptions
The assumed life expectations on retirement at age 65 are:
2023
2022
Years
Years
Retiring today
-Males
21.9
22.4
-Females
23.9
24.3
Retiring in 20 years
-Males
22.6
22.3
-Females
25.2
25.2
Amounts recognised in income statement in respect of defined benefit plans are as follows:
2023
2022
£000s
£000s
Administration costs
75
95
Net Interest on defined benefit asset
(110)
(70)
(35)
25
Amount recognised in statement of comprehensive income in respect of defined benefit plans are as follows:
2023
2022
£000s
£000s
Actuarial changes arising from changes in financial assumptions
245
(9,130)
Actuarial changes arising from changes in demographic assumptions
(155)
(95)
Experience
260
985
Actuarial changes related to plan assets
345
9,940
695
1,700
The amounts included in the statement of financial position arising from the Company's obligations in respect of defined benefit plan are as follows:
2023
2022
£000s
£000s
Present value of defined benefit obligation
(14,060)
(13,480)
Fair value of plan assets
16,110
15,585
Surplus in scheme
2,050
2,105
CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Employee benefits
(Continued)
- 25 -
Movements in the present value of defined benefit obligations are as follows:
2023
2022
£000s
£000s
At 1 January
(13,480)
(21,655)
Administration costs
(75)
(95)
Benefits paid
475
440
Actuarial gain
(350)
8,240
Interest cost
(630)
(410)
At 31 December
(14,060)
(13,480)
The defined benefit obligations arise from plans funded as follows:
2023
2022
£000s
£000s
Wholly or partly funded obligations
(14,060)
(13,480)
(14,060)
(13,480)
Movements in the fair value of plan assets are as follows:
2023
2022
£000s
£000s
At 1 January
15,585
25,440
Interest income
740
480
Return on plan assets (excluding amounts included in net interest)
(345)
(9,940)
Benefits paid
(475)
(440)
Contribution by the employer
605
45
At 31 December
16,110
15,585
The actual return on plan assets was £395,000 {2022: (£9,460,000)}.
Sensitivity of the gross obligation to changes in assumptions
2023
2022
£000s
£000s
0.5% pa decrease in discount rate
15,260
14,660
0.5% pa increase in inflation rate
15,160
14,570
0.5% pa increase in salary growth
14,060
13,480
1 year increase in life expectancy
14,480
13,880
CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Employee benefits
(Continued)
- 26 -
The fair value of plan assets at the reporting period was as follows:
Quoted
Unquoted
Quoted
Unquoted
2023
2023
2022
2022
£000s
£000s
£000s
£000s
Equities/Diversified Growth Fund
900
-
2,005
-
Debt instruments
12,920
-
9,405
-
Property
1,475
-
1,700
-
Cash and Net Current Assets
110
-
785
-
Multi-Asset Credit Fund
565
-
1,370
-
Infrastructure
105
-
235
-
Other
35
-
85
-
16,110
-
15,585
-

Risks associated with the Company’s pension schemes

                            

The HPS and IWCSSS (CIS section) expose the Company to various risks, with the key risks set out below:

 

Investment risk: If the invested assets under-perform the returns assumed in setting the funding target then additional contributions may be required at subsequent valuation dates for each of these schemes.

 

Interest rate risk: the discount rate is derived from yields available on good quality corporate bonds of suitable duration. If these yields decrease, then in isolation, this would increase the value placed on the defined benefit obligation and result in a worsening of the funding position of the schemes.

 

Inflation risk: the obligations of the schemes are linked to future levels of inflation. If future inflation is higher than expected then this would result in the cost of providing the benefits increasing and thereby worsening the funding position of the schemes.

 

Longevity risk: if members live longer than expected, then pensions will be paid for a longer time which will increase the value placed on the obligations and therefore worsen the funding position of the schemes.

 

To manage these risks, the Company and the trustees carry out regular assessments of these risks. Refer to the full disclosures available in the consolidated financial statements of Capita plc for further information.

 

13
Directors' remuneration

All directors are paid by other companies within the Capita Group. The Company has not paid any fees or other remuneration to the Group based Directors related to the directorship role they provided to the Company as a part of their Group-wide executive management role. The Company has estimated that allocation of the qualifying services that these Group based Directors provided to the Company is inconsequential.

 

 

 

 

 

 

 

 

 

CAPITA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Controlling party

The Company's immediate parent undertaking is Capita Insurance Services Holdings Limited, a company incorporated in England and Wales.

 

The Company's ultimate parent undertaking is Capita plc, a company incorporated in England and Wales. The accounts of Capita plc are available from the registered office at 65 Gresham Street, London, England, EC2V 7NQ.

15
Post balance sheet date events

There have been no significant events that have occurred after the balance sheet date.

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