Company registration number 06722404 (England and Wales)
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
C C Clements
S R Heatley
Capita Corporate Director Limited
(Appointed 20 February 2024)
Secretary
Capita Group Secretary Limited
Company number
06722404
Registered office
65 Gresham Street
London
England
EC2V 7NQ
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 11
CAPITA EMPLOYEE BENEFITS HOLDINGS 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.

Principal activities

The principal activity of the Company is that of carrying on the business of a holding and investment Company. There have not been any significant changes in the Company's principal activities in the year under review. The Directors plan to liquidate the Company within twelve months from the approval of these financial statements and therefore have prepared the financial statements on the basis that the Company is no longer a going concern. The financial statements have been prepared on a breakup basis as at 31 December 2023. As a consequence, the current assets have been measured and presented at their expected realisable values. The current liabilities are measured and presented at their expected settlement values.

 

As shown in the Company's income statement on page 3, the Company has made a profit of £49,120,597 in 2023 as compared to £nil in 2022 due to dividend received from one of its subsidiary in advance of its liquidation.

 

The balance sheet on pages 4 to 5 of the financial statements shows the financial position at the year end. Net assets have increased from £150,169 in 2022 to £49,270,766 in 2023 primarily due to dividend received. Details of amounts owed by/to its parent Company and fellow subsidiary companies are shown in notes 5 and 6 to the financial statements.

Results and dividends

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

 

No 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
S R Heatley
Capita Corporate Director Limited
(Appointed 20 February 2024)
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. This qualifying third-party indemnity provision remains in force as at the date of approving the directors' report.

Political donations

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

Post balance sheet date events

There are no significant events which have occurred after the reporting date.

CAPITA EMPLOYEE BENEFITS HOLDINGS 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 the Directors have elected to prepare the financial statements in accordance 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 the profit or loss of the Company 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 controls as they determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have a 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.

 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

 

On behalf of the board
C C Clements
Director
29 August 2024
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Investment income
4
49,120,597
-
0
Profit and total comprehensive income for the year
49,120,597
-
0

The income statement has been prepared on the basis that the company has ceased all its operations..

The notes and information on pages 7 to 11 form an integral part of these financial statements.

CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
Non-current assets
Investments in subsidiaries
7
-
0
631,982
-
631,982
Current assets
Trade and other receivables
5
49,270,767
911,433
Investments in subsidiaries
7
631,982
-
0
49,902,749
911,433
Total assets
49,902,749
1,543,415
Current liabilities
Trade and other payables
6
631,983
1,393,246
Total liabilities
631,983
1,393,246
Net assets
49,270,766
150,169
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
- 5 -
Capital and reserves
Issued share capital
9
2
2
Retained earnings
49,270,764
150,167
Total equity
49,270,766
150,169

The notes and information on pages 7 to 11 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 the 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
29 August 2024
29 August 2024
and are signed on its behalf by:
C C Clements
Director
Company registration number 06722404 (England and Wales)
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2022 & 31 December 2022
2
150,167
150,169
Profit for the year
-
49,120,597
49,120,597
At 31 December 2023
2
49,270,764
49,270,766
Share capital

The nominal proceeds on issue of the Company's equity share capital, comprising two ordinary shares of £1 each.

Retained earnings

Represents the accumulated profits in the Company.

The notes and information on pages 7 to 11 form an integral part of these financial statements.

CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
1.1
Basis of preparation

Capita Employee Benefits Holdings Limited is a company incorporated and domiciled in the United Kingdom.

 

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 twelve months following the approval of these accounts.

 

The principal activity of the Company is that of carrying on the business of a holding and investment Company. However, the Directors plan to liquidate the Company within twelve months from the approval of these financial statements and therefore have prepared the financial statements on the basis that the Company is no longer a going concern.

 

The financial statements have been prepared on a breakup basis as at 31 December 2023. As a consequence, the Directors have considered the adjustments required to prepare the financial statements on a breakup basis. The expected realisable and settlement values for current assets and liabilities are not considered to be materially different from their carrying value at the balance sheet date. Therefore, the Directors consider that no further adjustments are required as a result of preparing the financial statements on a breakup 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:

CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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

1.4
Investments

All investments are initially recorded at their cost. Subsequently, they are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

1.5
Financial instruments

Trade and other receivables

The trade and other receivables have been measured and presented at their expected realisable values.

 

Trade and other payables

Trade and other payables have been measured and presented at their expected settlement values.

1.6
Taxation

Tax on the profit or loss for the year comprises current 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.

 

1.7
Group accounts

The financial statements present information about the Company as an individual company and not about its Group. The Company has not prepared Group accounts because it is fully exempt from the requirement to do so by section 400 of the Companies Act 2006 since it is a subsidiary company of Capita plc, a company incorporated in England and Wales, and is included in the consolidated financial statements of that company.

2
Significant accounting judgements, estimates and assumptions

The preparation of financial statements in conformity 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 reported periods. Although these judgements and assumptions are based on the Directors' best knowledge of the amount, events or actions, actual results may differ.

 

CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
3
Income tax

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation
49,120,597
-
0
Expected tax charge based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
11,553,164
-
0
Non-taxable income
(11,553,164)
-
0
Total adjustments
(11,553,164)
-
Total tax credit reported in the income statement
-
0
-
0

 

4
Investment income
2023
2022
£
£
Dividend income from shares in subsidiary companies
49,120,597
-
0
49,120,597
-
0

In advance of its liquidation, the Company’s subsidiary Capita Employee Benefits (Consulting) Limited declared a dividend of £49,120,597, settled by way of amounts receivable from Capita plc.

5
Trade and other receivables
Current
2023
2022
£
£
Amounts due from Group companies
49,270,767
911,433
49,270,767
911,433

Amounts due from the parent company are interest free and repayable on demand and not chargeable to interest.

 

CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Trade and other payables
Current
2023
2022
£
£
Amount due to Group companies
631,983
1,393,246
631,983
1,393,246

Amounts due to fellow subsidiary companies are non-interest bearing and payable on demand.

7
Investments
Subsidiaries
£
Cost
At 1 January 2023 & 31 December 2023
2,000,000
Impairment
At 1 January 2023 & 31 December 2023
1,368,018
Net book value
At 31 December 2023
631,982
At 31 December 2022
631,982
8
List of Subsidiaries

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

Name of company
Registered office
Class of
% Held
shares held
Direct
Capita Employee Benefits (Consulting) Limited
1 More London Place, London, SE1 2AF
Ordinary shares
100.00
E.B. Consultants Limited
65 Gresham Street, London,  England, EC2V 7NQ
Ordinary shares
100.00
Sbj Benefit Consultants Limited
65 Gresham Street, London,  England, EC2V 7NQ
Ordinary shares
100.00
Sbj Professional Trustees Limited
1 More London Place, London, SE1 2AF
Ordinary shares
100.00
9
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
2
2
2
2

 

 

 

CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
10
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.

11
Controlling party

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

12
Post balance sheet date events

There are no significant events which have occurred after the reporting date.

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