Company registration number 04359665 (England and Wales)
CAPITA LIFE & PENSIONS SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPITA LIFE & PENSIONS SERVICES LIMITED
COMPANY INFORMATION
Directors
Capita Corporate Director Limited
T F Vanoverschelde
A P Brown
G P Deveney
Secretary
Capita Group Secretary Limited
Company number
04359665
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
CAPITA LIFE & PENSIONS SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Income statement
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 31
CAPITA LIFE & PENSIONS SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

 

Capita Life & Pensions Services Limited ('the Company') is a wholly owned subsidiary of Capita plc. Capita plc, along with all its subsidiaries' is hereafter referred to as 'the Group'. The Company operates within the Capita experience division of the Group.

Principal activities

The principal activity of the Company is provision of administration services to the life and pension industry. This includes the provision of operational and IT administration and support for other Capita companies within the Capita Experience division of Capita plc. The Company works closely with Capita Life & Pensions Regulated Services Limited (“CLPRS”) and many of the services provided by the Company are consumed by CLPRS. In particular the Company holds assets which are used as shared infrastructure across both the Company and CLPRS.

 

On 1 November 2023, the Company transferred its trade and assets to Capita Life and Pension Regulated Services Limited as part of Group's on-going legal entity reorganisation (Refer to note 22). The Directors have therefore 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.

Review of the business

The Company has made a profit before tax of £57,582,106 in 2023 compared to a loss before tax of £3,466,817 in 2022 mainly due to debt restructuring driven by Group's legal entity reorganisation.

The balance sheet on pages 10 to 11 of the financial statements shows the financial position at the year end. Net liabilities have decreased from £106,800,681 in 2022 to £48,886,640 in 2023 driven by the debt restructuring arrangement entered with its parent company Capita plc.

Details of the amounts owed by/to its parent company and fellow subsidiary companies are shown in notes 12, 14 and 21 to the financial statements.

 

The key financial performance indicators used by the Group, on a consolidated basis, are adjusted revenue, adjusted profit before tax, adjusted basic/diluted earnings per share, free cash flow excluding business exits, and gearing ratios. The Group manages its operations on a divisional basis and consequently, some of these indicators are monitored at a divisional level. The performance of the Experience division of the Group are discussed in the Group’s annual report which does not form part of this report.

- 1 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Principal risks and uncertainties

The Company is exposed to a wide range of risks that, should they materialise, could have a detrimental impact on financial performance, reputation or operational resilience. The Company’s risk management framework provides a consistent approach to the identification, assessment, monitoring and reporting of risks and opportunities. The risk management process is based on risk registers and risk reporting at the established risk governance committees. Key risks are documented in the risk registers and have assigned risk owners who review them regularly, and report on them at least quarterly, as part of the risk reporting process. The strength of existing controls is evaluated to determine whether any further mitigating actions are needed to manage the risk level to within the risk appetite set by the Board.

 

The principal risks for the Company are:

 

Cyber security

Protect our systems, networks and programs from unauthorised use and access.

 

ESG

Comply with regulatory and contractual requirements to drive a purpose driven organisation with the right focus on governance.

 

Safety and Health

Protect the safety, health and duty of care of all Capita’s employees, the people we work with and those affected by our activities.

 

Data governance and data privacy

Manage our data effectively (both clients and Capita) as a strategic asset across the organisation.

 

As a subsidiary of Capita plc, the Company is subject to controls and risk governance techniques applied across all the Group's businesses. Details of the specific risk assessments and mitigating actions are outlined on pages 57-63 of the Group's 2023 Annual Report.

- 2 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Section 172 statement

Our People

 

Why they are important

They deliver our business strategy; they support the organisation to build a values-based culture; and they deliver our products and services ensuring client satisfaction.

 

What matters to them

Flexible working; learning and development opportunities leading to career progression; fair pay and benefits as a reward for performance; and two-way communication and feedback.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

The 2023 employee survey showed key indices had either improved or remained steady with a five-point increase in the eNPS compared with 2022. 63% of colleagues who responded felt proud to work at Capita. We are developing and delivering a range of action plans, including ensuring our leaders feel confidence in, and ownership of Capita’s strategy, plans and successes, developing inclusive opportunities for internal career mobility.

 

In December 2023, the Board agreed that while the appointment of employee directors had been successful, it was appropriate for the Board to consider a wider level of engagement with colleagues, including site visits arranged for individual directors to meet with local management and colleagues at Capita’s businesses. In addition, the Board has appointed Nneka Abulokwe as the designated non-executive director to engage with colleagues. Adolfo Hernandez, our new CEO, has also commenced a series of breakfast sessions to meet with colleagues of differing seniority and at different locations throughout the Group. Janine Goodchild stepped down from the Board as an employee director on 31 December 2023.

 

The UK real living wage increase was applied from 1 April 2023. At the end of 2023, we took the difficult decision to withdraw from the UK’s real living wage. Since 2020, the Group has increased the salaries of our lowest earners by 22% and the 2024 real living wage increase of 10.1% was not something we could commit to given the need for Capita to remain cost competitive and reflecting the fact that this is not a cost we are able to pass on to clients.

 

The global career path framework which defines career levels, career job content, and reward framework within Capita was launched during the year.

In October 2023, Capita was recognised by Forbes, as being one of the top companies for women, ranking at number 18 out of 400 global companies on their list.

- 3 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Section 172 statement (continued)

 

We continued to promote our Speak Up policy throughout the organisation.

 

Risks to stakeholder relationship

 

Key metrics

Voluntary attrition, employee NPS, employee engagement Index and people survey completion level.

 

Clients and customers

 

Why they are important

They are recipients of Capita’s services; and Capita’s reputation depends on consistent and timely delivery of the services they need from us.

 

What matters to them

High-quality service delivery; delivery of transformation projects within agreed timeframes; and responsible and sustainable business credentials.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

Feedback provided to business units to address any issues raised; client value proposition teams supporting divisions with co-creation ideas; direct customer and sector feedback; and senior client partner programme undertaking client-focused growth sprints to build understanding of client issues and ideas to help address them.

 

Risks to stakeholder relationship

 

Key metrics

Customer NPS; specific feedback on client engagements.

- 4 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Section 172 statement (continued)

 

Suppliers and Partners

 

Why they are important

They share our values and help us deliver our purpose; maintain high standards in our supply chain; and achieve social, economic and environmental benefits aligned to the Social Value Act. Our suppliers and partners provide additional expertise, skill and technology, elevating our offering.

 

What matters to them

Payments made within agreed payment terms; clear and fair procurement process; building lasting commercial relationships; and working inclusively with all types of business.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

Our supplier charter, which is available on our website, remains at the core of strengthening our commitments and sets out how we conduct business in an open, honest and transparent manner, and what we expect of our suppliers. This year, it was refreshed and relaunched.

 

To understand Capita’s Scope 3 carbon footprint, a supplier engagement programme was also undertaken with suppliers accounting for £1bn annual spend (over 50% of the supply chain by spend) to ask them to disclose their carbon emissions to CDP.

 

During 2023, 99% of our suppliers were paid within 60 days.

 

Risks to stakeholder relationship

 

Key metrics

99% of supplier payments within agreed terms; SME spend allocation; and supplier diversity profile.

- 5 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Section 172 statement (continued)

 

Society

 

Why they are important

Capita is a provider of key services to government impacting a large proportion of the population.

 

What matters to them

Social mobility; youth skills and jobs; digital inclusion; diversity and inclusion; climate change; business ethics; accreditations and benchmarking; and cost of living crisis.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

Youth and employability programme such as Social Shifters; ranked 18 on the Forbes Global list of top employers for women; a 5% reduction in our gender pay gap (compared with 2022); awarded Employer’s Network for Equality and Inclusion; achieved a silver Tidemark and an A CDP (Carbon Disclosure Project) score as well as a silver medal in EcoVadis for Capita plc.

 

Risks to stakeholder relationship

 

Key metrics

Community investment, workforce diversity and ethnicity data, including pay gaps.

On behalf of the board

.............................................
T F Vanoverschelde
Director
Date: 13-09-2024
- 6 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

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

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:

Capita Corporate Director Limited
T F Vanoverschelde
A P Brown
G P Deveney
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 provisions 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).

Environment

The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by Group's activities. The Company operates in accordance with Group policies, which are described in the Group’s 2023 annual report that does not form part of this report. Initiatives designed to minimise the Company’s impact on the environment include safe disposal of waste, recycling and reducing energy consumption.

Statement of Directors' responsibilities

The Directors are responsible for preparing the Strategic report, 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.

- 7 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Strategic Report

In accordance with s414c(11) of the Companies Act 2006, the Company has set out certain information in its Strategic report that is otherwise required to be disclosed in the Directors' report. This includes information regarding results and activities and a description of the principle risks and uncertainties facing the Company.

On behalf of the board
..............................................
T F Vanoverschelde
Director
Date:
13-09-2024
2024-09-13
- 8 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
£
£
Administrative expenses
(585,088)
(708,650)
Other income
4
59,498,180
740,287
Impairments
(3)
-
0
Net finance cost
5
(1,330,983)
(3,498,454)
Profit/(loss) before tax
57,582,106
(3,466,817)
Income tax credit
6
331,935
396,433
Profit/(loss) and total comprehensive income/(expense) for the year
57,914,041
(3,070,384)

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

The notes and information on pages 13 to 31 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

- 9 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
Non-current assets
Property, plant and equipment
7
-
306,118
Intangible assets
8
-
0
1,019,659
Right-of-use assets
7
-
0
399,608
Investments in subsidiaries
9
-
477,273
Deferred tax assets
6
-
0
13,543,741
-
15,746,399
Current assets
Financial assets
11
-
0
106,243
Property, plant and equipment
7
7,452
-
Investments in subsidiaries
9
477,270
-
0
Trade and other receivables
12
1,928,467
1,553,678
Cash and cash equivalents
13
-
0
3,378,667
Income tax receivable
916,617
2,325,541
3,329,806
7,364,129
Total assets
3,329,806
23,110,528
Current liabilities
Trade and other payables
14
52,214,583
129,147,302
Lease liabilities
15
-
0
513,907
Deferred tax liabilities
1,863
-
0
Provisions
16
-
0
250,000
Total liabilities
52,216,446
129,911,209
Net liabilities
(48,886,640)
(106,800,681)
- 10 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
Capital and reserves
Issued share capital
17
100
100
Retained deficit
(48,886,740)
(106,800,781)
Total deficit
(48,886,640)
(106,800,681)

The notes and information on pages 13 to 31 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements were approved by the board of directors and authorised for issue on
13-09-2024
13 September 2024
and are signed on its behalf by:
..............................................
T F Vanoverschelde
Director
Company registration number 04359665 (England and Wales)
- 11 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Retained deficit
Total deficit
£
£
£
At 1 January 2022
100
(103,730,397)
(103,730,297)
Loss for the year
-
(3,070,384)
(3,070,384)
Transactions with owners:
Contribution in respect of share based payment charge
-
50,677
50,677
Settlement of share based payment charged by intercompany
-
(50,677)
(50,677)
At 31 December 2022
100
(106,800,781)
(106,800,681)
Profit for the year
-
57,914,041
57,914,041
At 31 December 2023
100
(48,886,740)
(48,886,640)
Share capital

The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 100 ordinary shares of £1 each.

Retained deficit

The balance pertains to net losses accumulated in the Company.

The notes and information on pages 13 to 31 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

- 12 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
1.1
Basis of preparation

Capita Life & Pensions Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Gresham Street, London, England, EC2V 7NQ. The company's principal activities and nature of its operations are disclosed in the Strategic report.

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 accounts.

 

The principal activity of the Company ceased on 1 November 2023 when trade and assets of the Company were transferred to Capita Life and Pension Regulated Services Limited as part of Group's on-going legal entity reorganisation (Refer to note 22). The Directors have therefore 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 statement 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 have considered that no further adjustments are required as a result of preparing the financial statements on a breakup basis.

- 13 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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:

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

- 14 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.4
Intangible assets other than goodwill

Intangible assets are valued at cost less accumulated amortisation and impairment. Amortisation is calculated to write-off the cost in equal annual instalments over asset's estimated useful life, which is typically 3 to 15 years.

 

The Company currently only has software and licences as intangibles. Software and licences are amortised over their useful economic lives of 5-10 years from the date they are brought into use.

1.5
Property, plant and equipment

Property, plant and equipment are stated at cost less depreciation and impairment. Depreciation is provided at rates calculated to write-off the cost less estimated residual value of each asset over its expected useful life, as follows:

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the period of the lease term
Computer equipment
3-5 years
1.6
Investments

The Company has investments in subsidiaries and associates.

 

Investments in subsidiaries and associates are initially recorded at cost. Subsequently they are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

 

At each balance sheet date, the Company assesses whether there are indicators to reverse the previously recognised impairment loss. The reversals of impairment are only recognised where there has been a change in the estimates used to determine the investment’s recoverable amount since the last impairment loss was recognised.

1.7
Impairment of tangible and intangible assets

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. 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. The recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the asset.

1.8
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 - The trade and other payables have been measured and presented at their expected settlement values.

- 15 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.9
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.

1.10
Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably.

 

If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the income statement.

 

The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits.

 

On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes.

- 16 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.11
Employee benefits

 

The Company participated in a defined contribution pension scheme where contributions were charged to the profit and loss account in the year in which they were due. The scheme is funded and contributions were paid to a separately administered trust fund. The assets of the scheme are held separately from the Company. The Company remitted monthly pension contributions to Capita Business Services Ltd, a fellow subsidiary undertaking, which paid 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 had employees who were members of the Group’s main defined benefit pension scheme (“HPS”) (formerly known as CPLAS).

 

As the Company no longer has any active members in the HPS, this triggered a cessation event which meant 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 of the HPS granting this Flexible Apportionment Arrangement, the Company provided a guarantee to the HPS that put 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 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.

1.12
Leases

The Company leases land and buildings.

 

The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. At the inception of the lease, the Company recognises a right-of-use asset at cost, which comprises the present value of minimum lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term.

 

Depreciation is included within administrative expenses in the income statement. Amendment to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less.

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

Leases (continued)

 

The Company as a lessee - Right-of-use assets and lease liabilities

The Company recognises lease liabilities where a lease contract exists and right-of-use assets representing the right to use the underlying leased assets. At lease commencement date, the Company recognises lease liabilities measured at the present value of the lease payments to be made over the lease term.

 

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, over a similar term and with a similar security, the funds necessary to acquire an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental borrowing rates are determined monthly and depend on the term, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on swap market data; a credit risk adjustment; and an entity-specific adjustment. The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments due to a renegotiation or market rent review, a change of an index or rate or a reassessment of the lease term.

 

Lease payments are apportioned between a finance charge and a reduction of the lease liability based on the constant interest rate applied to the remaining balance of the liability. Interest expense is included within net finance costs in the income statement. Lease payments comprise fixed payments, including in-substance fixed payments such as service charges and variable lease payments that depend on an index or a rate, initially measured using the minimum index or rate at inception date. The payments also include any lease incentives and any penalty payments for terminating the lease, if it is anticipated that the Company will exercise that option.

 

The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by an option to extend the lease are included if the Company has reasonable certainty that the option will be exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will not be exercised.

 

The Company has elected to apply the practical expedient in IFRS 16 paragraph 15 not to separate non-lease components such as service charges from lease rental charges.

- 18 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)

Leases (continued)

 

The Company as a lessor

When the Company acts as a lessor, it determines at the lease commencement whether the lease is a finance lease or an operating lease.

 

To classify each lease, the Company makes an overall assessment of whether the lease transfers to the lessee all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease.

 

The Company acts as an intermediate lessor of property assets and equipment. When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the head lease, not with reference to the underlying asset.

 

In instances where the Company is the intermediate lessor and the sub-lease is classified as a finance lease, the Company recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while derecognising the respective portion of the gross right-of-use asset. The gross lease liability is retained on the balance sheet. The net investment in sub-leases is classified as current or non-current finance assets in the balance sheet according to whether or not the amounts will be recovered within twelve months of the balance sheet date.

 

Finance income recognised in respect of net investment in sub-leases is presented within net finance costs in the income statement. The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term. The Company accounts for finance leases as a finance lease receivables, using incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable.

1.13
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into British pounds sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. All foreign exchanges gains/losses are recognised in the income statement.

 

Where the functional currency of branches differs from the presentational currency of the Company, the branch's results and financial position are translated by converting the assets and liabilities at the closing rate at the balance sheet date. Income and expenses recognised in the period are translated at the average rates of exchange with all resulting differences being recognised through the foreign currency translation reserve.

1.14
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.

- 19 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.15
Common control transactions

Where a business is transferred from one legal entity to another legal entity within the Capita Group under a Business Transfer Agreement ('BTA'), this is treated as a business combination under common control, and would therefore fall outside of the scope of IFRS 3 Business Combinations. As such, an accounting policy choice has been made for how common control transactions are dealt with across the Group, as follows:

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.

3
Profit/ (loss) before tax
Notes
2023
2022
Operating Profit for the year is stated after charging/(crediting):
£
£
Expense/(income) from foreign exchange differences
265,089
(590,355)
Depreciation of property, plant and equipment
7
307,620
294,040
Depreciation of right-of-use assets
7
399,723
598,585
Amortisation of intangible assets
8
247,935
694,637
Impairment of property, plant and equipment
7
-
0
608,552
Impairment of intangible assets
8
-
0
1,871,838
Short term lease rentals
105,279
97,743
Depreciation, employment cost and net project cost on shared assets charged from CLPRS
-
0
(21,304,406)
Interest expense on lease liability
5
4,844
32,710
Interest income on finance lease assets
5
(1,312)
(7,230)
- 20 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Other income
2023
2022
£
£
Rental income from leased properties
411,312
740,287
Intercompany loan payable waived
59,086,868
-
59,498,180
740,287

The company entered into a debt restructuring arrangement with its parent company, Capita plc, whereby Capita plc approved write back of an inter-company on demand loan totalling £59,086,865 as per the terms of the deed. £3 relates to write back of intercompany loan payable to Gissings Trustees Limited following its liquidation.

5
Net finance cost
2023
2022
£
£
Interest income
Interest income on finance lease assets
1,312
7,230
1,312
7,230
Interest expense
Interest expense on bank overdrafts and loans
(4,677)
(81,917)
Interest payable to Group companies
(1,322,774)
(3,391,057)
Interest expense on lease liabilities
(4,844)
(32,710)
(1,332,295)
(3,505,684)
Total net finance cost
(1,330,983)
(3,498,454)
- 21 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Income tax
The major components of income tax credit are:
2023
2022
£
£
Current tax
UK corporation tax
(347,256)
(536,227)
Adjustments in respect of prior periods
(33,134)
49,487
(380,390)
(486,740)
Deferred tax
Origination and reversal of temporary differences
4,674
156,354
Adjustment in respect of prior periods
43,781
(66,047)
48,455
90,307
Total tax credit
(331,935)
(396,433)
- 22 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Income tax
(Continued)

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

2023
2022
£
£
Profit/(loss) before taxation
57,582,106
(3,466,817)
Expected tax charge/(credit) based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
13,543,627
(658,695)
Expenses not deductible for tax purpose
11,069
13,297
Non-taxable income
(13,897,555)
-
0
Adjustments in respect of current income tax of prior years
(33,134)
49,487
Adjustments in respect of deferred income tax of prior periods
43,781
(66,047)
Impact of changes in statutory tax rates
277
(34,475)
Movement in deferred income tax recognition
-
300,000
Total adjustments
(13,875,562)
262,262
Total tax credit reported in the income statement
(331,935)
(396,433)
Balance sheet
Income statement
2023
2022
2023
2022
£
£
£
£
Deferred tax liabilities/(assets)
Decelerated capital allowances
13,495,286
13,488,440
(6,846)
109,661
Other short term timing differences
-
0
55,301
55,301
(19,354)
Movement arising from transfer of trade*
(13,497,149)
-
0
-
0
-
0
Deferred tax liabilities/(assets)
(1,863)
13,543,741
Deferred tax charge to income statement
48,455
90,307

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

 

*Movement arising from transfer of trade refers to deferred tax assets of £13,497,149 transferred from the Company pursuant to the transfer of its trade and assets to Capita Life & Pension Regulated Services Limited. (Refer note 22)

- 23 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Property, plant and equipment
Leasehold improvements
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
717,511
998,322
1,715,833
Additions
80,047
-
0
80,047
Intragroup transfer
(71,350)
-
0
(71,350)
Asset retirement
(312,913)
(998,322)
(1,311,235)
At 31 December 2023
413,295
-
0
413,295
Accumulated depreciation and impairment
At 1 January 2023
411,393
998,322
1,409,715
Charge for the year
307,620
-
0
307,620
Intragroup transfer
(257)
-
0
(257)
Asset retirement
(312,913)
(998,322)
(1,311,235)
At 31 December 2023
405,843
-
0
405,843
Net book value
At 31 December 2023
7,452
-
0
7,452
At 31 December 2022
306,118
-
0
306,118
Right-of-use assets
Land and buildings
£
Net book value at 1 January 2023
399,608
Depreciation charge
(399,723)
Other movements*
115
Net book value at 31 December 2023
-
0

*Other movements include modifications to the lease.

- 24 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Intangible assets
Software and licences
£
Cost
At 1 January 2023
4,097,920
Intragroup transfer
(1,486,336)
At 31 December 2023
2,611,584
Amortisation and impairment
At 1 January 2023
3,078,261
Charge for the year
247,935
Intragroup transfer
(714,612)
At 31 December 2023
2,611,584
Net book value
At 31 December 2023
-
0
At 31 December 2022
1,019,659
9
Investments
Subsidiaries
£
Cost
At 1 January 2023
477,275
Derecognised♦
(5)
At 31 December 2023
477,270
Impairment
At 1 January 2023
2
Impairment charges ◙
3
Derecognised♦
(5)
At 31 December 2023
-
0
Net book value
At 31 December 2023
477,270
At 31 December 2022
477,273
- 25 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Investments
(Continued)

◙ In advance of its liquidation, the Company impaired its investments in Gissings Trustees Limited by £3.

 

♦The Company has derecognised its investments of £3 in Gissings Trustees Limited and £2 in Capita Wealth and Distribution Services Limited following their liquidation and dissolution in accordance with the wider Group restructuring plan. There is no impact on profit and loss in the current year or the net book value of the investments as a result of these liquidations.

10
List of Subsidiaries

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

Name of company
Address
Class of
% Held
shares held
Direct
Indirect
Capita Life and Pensions International Limited
1
Ordinary
100.00
-
Capita Dubai Limited
1
Ordinary
-
100.00
Capita Life and Pensions Services (Isle of Man) Limited
2
Ordinary
-
100.00

Registered office addresses:

1
65 Gresham Street, London, England, EC2V 7NQ
2
P O Box 227, Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ
11
Financial assets
Current
2023
2022
£
£
Finance lease receivable
-
0
106,243
-
106,243

Financial asset relates to the office lease in Belfast which was partially sub-let. The sub-lease ended in current year.

 

 

 

 

 

- 26 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Trade and other receivables
Current
2023
2022
£
£
Trade receivables
-
0
287,366
VAT recoverable
-
0
101,219
Amounts due from Group companies
1,928,467
521,547
Prepayments
-
0
643,546
1,928,467
1,553,678

Amounts due to group companies are repayable on demand.

 

 

 

13
Cash and cash equivalents
2023
2022
£
£
Cash at bank and in hand
-
0
3,378,667
-
0
3,378,667
14
Trade and other payables
Current
2023
2022
£
£
Trade payables
18,401
77,219
Amount due to Group companies
52,191,920
128,325,574
Accruals
-
0
739,599
Other payables
4,262
4,910
52,214,583
129,147,302

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

 

The company entered into a debt restructuring arrangement with its parent company, Capita plc, whereby Capita plc approved write back of an inter-company on demand loan totalling £59,086,865 as per the terms of the deed.

- 27 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Lease liabilities
2023
2022
£
£
Current liabilities
-
0
513,907
2023
2022
Amounts recognised in the income statement include the following:
£
£
Interest on lease liabilities
4,844
32,710
2023
2022
Maturity analysis - contractual undiscounted cash flows
£
£
Less than one year
-
0
518,749
Total undiscounted liabilities at 31 December
-
518,749
16
Provisions
2023
2022
£
£
Current
-
250,000
-
0
250,000
Others
£
At 1 January 2023
250,000
Released during the year
(250,000)
At 31 December 2023
-
0
17
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
100
100
100
100
- 28 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Employee benefits

The Company participated in a defined contribution pension scheme.

 

The pension charge for the defined contribution pension scheme for the year is £327,146 (2022: £445,367). The pension charge excludes pension contributions paid by the Company on behalf of employees via a salary sacrifice arrangement.

 

The Company had employees who were members of the Group’s main defined benefit pension scheme (“HPS”) (formerly known as CPLAS).

 

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 meant 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 provided a guarantee to the HPS that put 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.

 

The pension charge for the Company in relation to the HPS for the year was £nil (2022: £nil).

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.

 

1.These 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 accounts of Capita plc, an independent qualified actuary projected the results of the 31 March 2023 full actuarial valuation to 31 December 2023 taking account of the relevant accounting requirements.

- 29 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Employee benefits
(Continued)

The principal assumptions for the accounting valuation as at 31 December 2023 were as follows: rate of increase in RPI/CPI price inflation - 3.05% pa/2.45% pa (2022: 3.15% pa/2.50% pa); rate of salary increase - 3.05% pa (2022: 3.15% pa); rate of increase for pensions in payment (where RPI inflation capped at 5% pa applies) - 3.00% pa (2022: 3.05% pa); discount rate - 4.55% pa (2022: 4.75% pa).

 

The HPS assets at fair value as at 31 December 2023 totalled £1,154.4m (2022: £1,126.3m). The actuarially assessed value of HPS liabilities 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.

 

19
Employees

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

2023
2022
Number
Number
Operations
119
125
Administration
9
15
Total
128
140

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
5,778,586
5,527,766
Social security costs
733,790
850,061
Pension costs
327,146
445,367
Share based payments
-
0
50,677
6,839,522
6,873,871

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.

20
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.

- 30 -
CAPITA LIFE & PENSIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Related party transactions
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
Nature of Transaction
Name of Company
Year
Fellow Subsidiary
Purchase of Goods
Entrust Support Services Limited
December 31, 2023
-
December 31, 2022
27
22
Common control transactions

As a part of the Group's legal entity reorganisation programme, the trade and assets related to the Experience business were transferred out of the Company by way of a Business Transfer Agreement ('BTAs'). As both transferor and transferee companies for this BTA were ultimately controlled by Capita plc, this is deemed to be business combination under common control, with an accounting policy choice made as detailed in note 1.15. The following table shows the gross assets transferred and gross liabilities transferred as part of the BTA; and the consideration received by the Company:

 

Name of Company

Date of acquisition

Asset

Liability

*Consideration

Capita Life and Pension Regulated Services Limited

01-Nov-23

16,184,268

(1,851,760)

14,332,508

 

 

-------------------

-----------------

----------------

Total

 

16,184,268

(1,851,760)

14,332,508

 

 

=========

=========

========

*Consideration was settled via intercompany loan.

23
Controlling party

The Company is a wholly owned subsidiary undertaking of Capita plc, a company incorporated in England and Wales. The financial statements of Capita plc are available from the registered office at 65 Gresham Street, London, England, EC2V 7NQ.

24
Post balance sheet date events

There are no significant events occurring post balance sheet date.

- 31 -
2023-12-312023-01-01Capita Corporate Director LimitedT F VanoverscheldeA P BrownG P DeveneyCapita Group Secretary LimitedfalseCCH SoftwareiXBRL Review & Tag 2022.2The company is entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies in accordance with the provisions of small companies regimeThe accounts have been prepared in accordance with the provisions of the small companies regime043596652023-01-012023-12-3104359665bus:Director12023-01-012023-12-3104359665bus:Director22023-01-012023-12-3104359665bus:Director32023-01-012023-12-3104359665bus:Director42023-01-012023-12-3104359665bus:CompanySecretary12023-01-012023-12-3104359665bus:RegisteredOffice2023-01-012023-12-3104359665bus:Agent12023-01-012023-12-31043596652023-12-31043596652022-01-012022-12-310435966512023-01-012023-12-310435966512022-01-012022-12-3104359665core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31043596652022-12-3104359665core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3104359665core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3104359665core:Non-currentFinancialInstruments2023-12-3104359665core:Non-currentFinancialInstruments2022-12-3104359665core:CurrentFinancialInstruments2023-12-3104359665core:CurrentFinancialInstruments2022-12-3104359665core:WithinOneYearcore:ContractualUndiscountedValue2023-12-3104359665core:ShareCapital2023-12-3104359665core:ShareCapital2022-12-3104359665core:RetainedEarningsAccumulatedLosses2023-12-3104359665core:RetainedEarningsAccumulatedLosses2022-12-3104359665core:ShareCapital2021-12-3104359665core:RetainedEarningsAccumulatedLosses2021-12-31043596652021-12-310435966512023-01-012023-12-3104359665core:AcceleratedTaxDepreciationDeferredTax2023-12-3104359665core:AcceleratedTaxDepreciationDeferredTax2022-12-3104359665core:TaxLossesCarry-forwardsDeferredTax2023-12-3104359665core:TaxLossesCarry-forwardsDeferredTax2022-12-3104359665core:DeferredIncomeDeferredTax2023-12-3104359665core:DeferredIncomeDeferredTax2022-12-3104359665core:AcceleratedTaxDepreciationDeferredTax2023-01-012023-12-3104359665core:AcceleratedTaxDepreciationDeferredTax2022-01-012022-12-3104359665core:TaxLossesCarry-forwardsDeferredTax2023-01-012023-12-3104359665core:TaxLossesCarry-forwardsDeferredTax2022-01-012022-12-3104359665core:DeferredIncomeDeferredTax2023-01-012023-12-3104359665core:DeferredIncomeDeferredTax2022-01-012022-12-3104359665core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-12-3104359665core:ComputerEquipment2022-12-31043596652022-12-3104359665core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-12-3104359665core:ComputerEquipment2023-12-3104359665core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3104359665core:ComputerEquipment2023-01-012023-12-3104359665core:LandBuildingscore:Right-of-useAssets2023-01-012023-12-3104359665core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-12-3104359665core:ComputerEquipment2022-12-3104359665core:LandBuildingscore:Right-of-useAssets2022-12-3104359665core:LandBuildingscore:Right-of-useAssets2023-12-3104359665core:DevelopmentCostsCapitalisedDevelopmentExpenditure12023-01-012023-12-3104359665core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3104359665core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3104359665core:CostValuation2022-12-3104359665core:CostValuation2023-12-3104359665core:ProvisionsForImpairmentInvestments2022-12-3104359665core:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3104359665core:ProvisionsForImpairmentInvestments2023-12-3104359665core:Subsidiary12023-01-012023-12-3104359665core:Subsidiary22023-01-012023-12-3104359665core:Subsidiary32023-01-012023-12-3104359665core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities2022-12-3104359665core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities2023-12-3104359665core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities2023-01-012023-12-310435966512023-01-012023-12-3104359665bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104359665bus:FRS1012023-01-012023-12-3104359665bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3104359665bus:EntityNoLongerTradingButTradedInPast2023-01-012023-12-3104359665bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP