Company registration number 05952054 (England and Wales)
CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Capita Corporate Director Limited
J Dias
Secretary
Capita Group Secretary Limited
Company number
05952054
Registered office
65 Gresham Street
London
England
EC2V 7NQ
CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
CAPITA LIFE AND PENSIONS INTERNATIONAL 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

Capita Life and Pensions International Limited (“the Company”), is a wholly owned subsidiary(indirectly held) of Capita plc. The Company operates within the Experience division of Capita plc. Capita plc and its subsidiaries are hereafter referred to as "the Group".

 

The principal activity of the Company is that of carrying on the business of a holding and investment Company. The subsidiaries' contract was terminated by the client in April 2023 and subsequent to that the Directors intend to liquidate the subsidiaries as well as the Company and therefore these financial statements are prepared 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's profit before tax has decreased from £1,235,876 in 2022 to £401,308 in 2023 mainly due to foreign exchange gain recognised in 2022.

 

The balance sheet on page 4 of the financial statements shows the financial position at the year end. Net assets have increased from £8,211,681 in 2022 to £8,518,599 in 2023 on account of intercompany interest earned by the Company which is offset by income tax charge. Details of amounts owed by its parent Company and fellow subsidiary undertakings is shown in note 8 to the financial statements.

 

The Company has not identified any key performance indicators due to the nature of its operations as a holding company and as described in the business review above.

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:

Capita Corporate Director Limited
P Luke
(Resigned 16 November 2023)
J Dias
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 provision remains in force as at the date of approving the Directors' report.

CAPITA LIFE AND PENSIONS INTERNATIONAL 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.

 

Small companies exemption

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

On behalf of the board
J Dias
Director
13 September 2024
CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Administrative income
-
0
1,173,533
Net finance income
4
401,308
62,343
Profit before tax
401,308
1,235,876
Income tax charge
5
(94,390)
(234,816)
Profit and total comprehensive income for the year
306,918
1,001,060

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

The notes and information on pages 6 to 11 form an integral part of these financial statements.

CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
Current assets
Trade and other receivables
8
8,795,734
8,404,557
Investments in subsidiaries
6
52,071
52,071
Total assets
8,847,805
8,456,628
Current liabilities
Income tax payable
329,206
244,947
Total liabilities
329,206
244,947
Net assets
8,518,599
8,211,681
Capital and reserves
Issued share capital
9
477,269
477,269
Retained earnings
8,041,330
7,734,412
Total equity
8,518,599
8,211,681

The notes and information on pages 6 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
13 September 2024
13 September 2024
and are signed on its behalf by:
J Dias
Director
Company registration number 05952054 (England and Wales)
CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2022
477,269
6,733,352
7,210,621
Profit for the year
-
1,001,060
1,001,060
At 31 December 2022
477,269
7,734,412
8,211,681
Profit for the year
-
306,918
306,918
At 31 December 2023
477,269
8,041,330
8,518,599
Share capital

The balance classified as share capital are the nominal proceeds on issue of the Company's equity share capital, comprising 477,269 ordinary shares of £1 each.

Retained earnings

Represents the accumulated profits in the Company.

The notes and information on pages 6 to 11 form an integral part of these financial statements.

CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
1.1
Basis of preparation

Capita Life and Pensions International 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 12 months following the approval of these accounts.

 

The subsidiaries' contract was terminated by the client in April 2023 and subsequent to that the Directors intend to liquidate the subsidiaries as well as the Company and therefore these financial statements are prepared 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.

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 Transparency Rules of the UK's Financial Conduct Authority. These 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 LIFE AND PENSIONS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.3
Financial instruments

Investments and other financial instruments

 

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.

Measurement

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss ('FVPL'), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed to the income statement.

 

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

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

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

 

CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.4
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.

1.5
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.

1.6
Investments

The Company has investments in subsidiaries.

 

Investments in subsidiaries 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.

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.

 

No significant judgements, estimates and assumptions have been used in the preparation of these financial statements.

CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
3
Profit before tax
2023
2022
Profit before tax for the year is stated after charging/(crediting):
£
£
Income from foreign exchange differences
-
0
(1,173,533)
4
Net finance income
2023
2022
£
£
Interest income
Interest receivable from Group companies
401,308
62,343
Total finance income
401,308
62,343
5
Income tax
The major components of income tax charge are:
2023
2022
£
£
Current tax
UK corporation tax
94,390
234,816

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
£
£
Profit before taxation
401,308
1,235,876
Expected tax charge based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
94,390
234,816
Total tax charge reported in the income statement
94,390
234,816

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%.

 

CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Investments
£
Cost
At January 2023 and 31 December 2023
52,071
Net book value
At 31 December 2023
52,071
At 31 December 2022
52,071
7
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 Dubai Limited
65 Gresham Street, London, England, EC2V 7NQ
Ordinary shares
100.00
Capita Life and Pensions Services (Isle of Man) Limited
P O Box 227, Peveril Buildings, Peveril Square, Douglas, Isles of Man, IM99 IRZ
Ordinary shares
100.00
8
Trade and other receivables
Current
2023
2022
£
£
Amounts due from Group companies
8,795,734
8,404,557
8,795,734
8,404,557

Amount due from ultimate parent company is chargeable to interest which is charged as per the prevailing Bank of England rates.

9
Share capital
2023
2022
2023
2022
Number
Number
£
£
Allotted, called up and fully paid
Ordinary share of £1 each
At 1 January and 31 December
477,269
477,269
477,269
477,269
10
Employees

There were no employees during the current year (2022: nil)

 

 

 

 

CAPITA LIFE AND PENSIONS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
11
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.

12
Controlling party

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

 

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

13
Post balance sheet date events

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

 

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