REGISTERED NUMBER: 04175573 (England and Wales) |
COPTHILL HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: 04175573 (England and Wales) |
COPTHILL HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 8 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 | to | 33 |
COPTHILL HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business. |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being revenue, gross margin and profit on ordinary activities. |
2024 | 2023 |
Revenue | £3,675,100 | £3,407,618 |
Gross Profit | £1,327,245 | £1,265,582 |
Gross Profit % | 36.1% | 37.1% |
Profit on ordinary activities before tax | £304,631 | £435,357 |
2023-24 was a year of consolidation following the significant cost increases of the previous financial year. Pupil numbers remained consistent with positive interest from prospective parents and a healthy waiting list. The fee rise was below inflation to support our parents, but with increased early years numbers overall revenue from the school increased by 9% to £3,515,415. Costs have been kept under budget and non-essential elements have been eliminated where possible. Despite a 5.5% pay increase, further improvements in staff timetabling efficiency and recruitment kept the increase in staff costs within budget. |
Contingency planning had also taken place for the introduction of VAT which was announced on 29 July 2024. The subsequent immediacy of the introduction was not anticipated but we do not consider it to be an issue moving into 2024-25. |
Revenues from the farming operation in 2023/24 decreased following a below average harvest yield, a static global commodity market and the onset of delinked subsidy payments. Weather conditions during the current growing season continue to be a cause for concern. However input costs also levelled during the accounting period, and further savings were achieved through tight budget controls and prudent management. Continued strong performance by the commercial property portfolio creates balance to revenues, with 100% occupation throughout the financial year including two units re-let at premium rents. Close management of maintenance, including a car park upgrade, ensures the office development retains its high standard. |
The agricultural and property revenues (£159,685 and £151,507 respectively) continue to work together to build a strong trading foundation for the group, however in the current financial year with farm trading conditions challenging, the accounts reflect a period of consolidation. |
The directors believe that continued prudent investment will ensure profitability and a strong base from which growth can be achieved in all sectors of the business. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans to the group. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. |
The existence of these financial instruments exposes the group to a number of financial risks. The directors review and agree policies for managing each of these risks and they are summarised below. |
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility can be achieved by overdraft facilities. |
The group finances its operations through a combination of bank borrowings, hire purchase, preference shares and director financing loans. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and variable rate facilities. Interest on director financing loans is discretionary. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Severe weather patterns and fluctuations in global commodity markets continue to have an adverse impact upon the practicality and cost of the farm business operations. Strategic plans, using professional advice, are in place to help minimise potential risk impacts to all parts of the business. Prudent, flexible management strategies have been implemented to consolidate the business on a solid foundation, putting it in prime position to take advantage of a future upturn in trading conditions. |
With these risks and uncertainties in mind, we are still aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
ON BEHALF OF THE BOARD: |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of a nursery and preparatory school, farming, the provision of management services and the administration of a portfolio of investment properties. |
DIVIDENDS |
A dividend of £0.03000 per Preferred C share of £1 was declared and paid on 20 March 2024. This dividend payment totalled £10,500 and represents an interim dividend in respect of the year ended 31 July 2024. |
A dividend of £0.50633 per Ordinary share of £1 was declared and paid on 20 March 2024. This dividend payment totalled £4,000 and represents an interim dividend in respect of the year ended 31 July 2024. |
The directors recommend that no final dividend be paid. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The group's principal financial instruments comprise bank balances, bank loans, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and to finance the group's operations. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COPTHILL HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Copthill Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COPTHILL HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as property valuations and depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates. |
Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, NSF certifications, loadall licenses, independent school inspections, employment law and other environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included a review of the ISI visits and license visits conducted within the year for any evidence of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COPTHILL HOLDINGS LIMITED |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 | 3,675,100 | 3,407,618 |
Cost of sales | 2,347,855 | 2,142,036 |
GROSS PROFIT | 1,327,245 | 1,265,582 |
Administrative expenses | 1,176,477 | 1,086,693 |
150,768 | 178,889 |
Other operating income | 4 | 175,374 | 164,501 |
OPERATING PROFIT | 6 | 326,142 | 343,390 |
Revaluation of investment properties | 7 | - | 117,434 |
326,142 | 460,824 |
Interest receivable and similar income | 13,162 | 6,007 |
339,304 | 466,831 |
Interest payable and similar expenses | 8 | 34,673 | 31,474 |
PROFIT BEFORE TAXATION | 304,631 | 435,357 |
Tax on profit | 9 | 87,168 | 123,290 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 217,463 | 312,067 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 217,463 | 312,067 |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | - | 198,900 |
Income tax relating to other comprehensive income |
- |
(49,000 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
149,900 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 217,463 | 461,967 |
Total comprehensive income attributable to: |
Owners of the parent | 217,463 | 461,967 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | - | - |
Property, plant and equipment | 13 | 4,234,874 | 4,235,650 |
Investments | 14 | - | - |
Investment property | 15 | 1,274,000 | 1,274,000 |
5,508,874 | 5,509,650 |
CURRENT ASSETS |
Inventories | 16 | 137,958 | 143,403 |
Debtors | 17 | 293,410 | 202,734 |
Investments | 18 | 403,763 | - |
Cash at bank and in hand | 1,803,576 | 1,119,426 |
2,638,707 | 1,465,563 |
CREDITORS |
Amounts falling due within one year | 19 | 1,310,497 | 691,498 |
NET CURRENT ASSETS | 1,328,210 | 774,065 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,837,084 | 6,283,715 |
CREDITORS |
Amounts falling due after more than one year | 20 | (986,356 | ) | (642,020 | ) |
PROVISIONS FOR LIABILITIES | 25 | (298,571 | ) | (303,001 | ) |
NET ASSETS | 5,552,157 | 5,338,694 |
CAPITAL AND RESERVES |
Called up share capital | 26 | 7,900 | 7,900 |
Revaluation reserve | 27 | 902,382 | 902,382 |
Other reserves | 27 | 389,185 | 389,185 |
Retained earnings | 27 | 4,252,690 | 4,039,227 |
SHAREHOLDERS' FUNDS | 5,552,157 | 5,338,694 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by: |
N E Teesdale - Director |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Property, plant and equipment | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Inventories | 16 |
Debtors | 17 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 19 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 20 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 25 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 26 |
Revaluation reserve | 27 |
Other reserves | 27 |
Retained earnings | 27 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 43,508 | 155,636 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2024 |
Called up |
share | Retained | Revaluation | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 | 7,900 | 3,865,594 | 752,482 | 310,751 | 4,936,727 |
Changes in equity |
Total comprehensive income | - | 312,067 | 149,900 | - | 461,967 |
Revaluation of investment property | - | (78,434 | ) | - | 78,434 | - |
Dividends | - | (60,000 | ) | - | - | (60,000 | ) |
Balance at 31 July 2023 | 7,900 | 4,039,227 | 902,382 | 389,185 | 5,338,694 |
Changes in equity |
Total comprehensive income | - | 217,463 | - | - | 217,463 |
Dividends | - | (4,000 | ) | - | - | (4,000 | ) |
Balance at 31 July 2024 | 7,900 | 4,252,690 | 902,382 | 389,185 | 5,552,157 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2024 |
Called up |
share | Retained | Revaluation | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - |
Revaluation of investment property | - | (78,434 | ) | - | 78,434 | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 July 2024 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,340,234 | 410,829 |
Interest paid | (24,173 | ) | (20,974 | ) |
Tax paid | (105,652 | ) | (81,507 | ) |
Net cash from operating activities | 1,210,409 | 308,348 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (66,412 | ) | (39,222 | ) |
Purchase of current asset investments | (403,763 | ) | - |
Sale of tangible fixed assets | 3,000 | - |
Interest received | 13,162 | 6,007 |
Net cash from investing activities | (454,013 | ) | (33,215 | ) |
Cash flows from financing activities |
Capital loan repayments | (58,124 | ) | (59,078 | ) |
Amounts introduced by directors | 17,236 | 619,550 |
Amounts withdrawn by directors | (16,858 | ) | (417,941 | ) |
Preference dividend paid | (10,500 | ) | (10,500 | ) |
Equity dividends paid | (4,000 | ) | (60,000 | ) |
Net cash from financing activities | (72,246 | ) | 72,031 |
Increase in cash and cash equivalents | 684,150 | 347,164 |
Cash and cash equivalents at beginning of year | 2 | 1,119,426 | 772,262 |
Cash and cash equivalents at end of year | 2 | 1,803,576 | 1,119,426 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 304,631 | 435,357 |
Depreciation charges | 66,161 | 76,178 |
(Profit)/loss on disposal of fixed assets | (1,973 | ) | 1,084 |
Revaluation of investment properties | - | (117,434 | ) |
Finance costs | 34,673 | 31,474 |
Finance income | (13,162 | ) | (6,007 | ) |
390,330 | 420,652 |
Decrease in inventories | 5,445 | 9,133 |
Increase in trade and other debtors | (90,676 | ) | (8,176 | ) |
Increase/(decrease) in trade and other creditors | 1,035,135 | (10,780 | ) |
Cash generated from operations | 1,340,234 | 410,829 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 1,803,576 | 1,119,426 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 1,119,426 | 772,262 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,119,426 | 684,150 | 1,803,576 |
1,119,426 | 684,150 | 1,803,576 |
Liquid resources |
Current asset investments | - | 403,763 | 403,763 |
- | 403,763 | 403,763 |
Debt |
Debts falling due within 1 year | (58,370 | ) | (4,800 | ) | (63,170 | ) |
Debts falling due after 1 year | (642,020 | ) | 62,924 | (579,096 | ) |
(700,390 | ) | 58,124 | (642,266 | ) |
Total | 419,036 | 1,146,037 | 1,565,073 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Copthill Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- | the requirements of Section 7 Statement of Cash Flows; |
- | the requirements of Section 11 Basic Financial Instruments (paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c)); |
- | the requirements of Section 12 Other Financial Instruments (paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
The disclosures above are incorporated within these consolidated financial statements. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Copthill Holdings Limited and its subsidiary undertaking for the year ended 31 July 2024. |
Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated Income Statement from the date of acquisition or up to the date of disposal. |
In accordance with section 408 (2) of the Companies Act 2006, Copthill Holdings Limited is exempt from the requirement to present its own Income Statement. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
i) Valuation properties |
Investment properties and freehold land are stated at fair value based on professional valuations. In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. The valuations principally focussed on a continuation of existing use, having regard to the current tenancy positions and a rent yield approach. |
ii) Depreciation of land and buildings |
The directors have elected not to depreciate certain freehold land and buildings as it the group's policy to maintain property in a good state of repair such that the residual value is not materially different to the carrying value. Properties are reviewed annually for impairment. |
Revenue |
For Copthill Holdings Limited, revenue represents net invoiced sales of crops, management fees or rents due as well as subsidies received. |
For Copthill School Limited, revenue represents income receivable for fees, additional pupil related services and goods sold in the period, exclusive of Value Added Tax and trade discounts. Revenue also includes Early Years Education Grant received in the period. |
Goodwill |
Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separate net assets. It is being written off in equal annual instalments over its estimated economic life which was estimated by the directors to be approximately 5 years at the date of transition to FRS102. |
Property, plant and equipment |
Tangible fixed assets are held at cost or valuation less accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold property | 15% reducing balance, 4% on cost or not provided |
Plant and machinery | 25% pa reducing balance, 20% pa reducing balance or 33.3% on cost |
Fixtures and fittings | 20% pa reducing balance |
Motor vehicles | 25% pa reducing balance |
Computer equipment | 33.3% pa reducing balance, 15% pa reducing balance or 33.3% on cost |
For Copthill School Limited, certain land and other buildings have not been depreciated as it is felt they are maintained to such a high standard that the residual value of the assets would be no less than their carrying value in the accounts. Freehold property is tested annually for impairment. |
Freehold property owned by the parent company and leased to subsidiary companies is accounted for in accordance with Sections 16 and 17 of FRS 102. In the parent's own financial statements it is shown as investment property measured at fair value at each reporting date, with changes in fair value recognised in the Income Statement and the revaluation reserve. No depreciation is provided in respect of investment properties. In the consolidated financial statements it is shown as freehold property measured at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Inventories |
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving stocks. Inventories are accounted for on a first-in-first-out basis. |
Financial instruments |
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Unlisted current asset investments are stated at cost less provisions for impairment where the directors do not consider that fair value can be reliably measured. Where a reliable fair value can however be obtained, unlisted current asset investments are stated at fair value, with movements in fair value being recognised through profit and loss. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | REVENUE |
The revenue and profit before taxation are attributable to the principal activities of the group. |
An analysis of revenue by class of business is given below: |
2024 | 2023 |
£ | £ |
Preparatory school and nursery | 3,515,415 | 3,216,859 |
Farming | 159,685 | 190,759 |
3,675,100 | 3,407,618 |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received | 151,507 | 147,000 |
Sundry receipts | 18,106 | 11,748 |
CPSC funding | 5,761 | 5,753 |
175,374 | 164,501 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,928,562 | 1,769,335 |
Social security costs | 179,571 | 172,246 |
Other pension costs | 101,364 | 96,414 |
2,209,497 | 2,037,995 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 4 | 4 |
Administration | 4 | 5 |
Teaching and support | 56 | 53 |
Grounds and other | 6 | 5 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 291,757 | 283,634 |
Directors' pension contributions to money purchase schemes | 19,218 | 18,075 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 96,547 | 91,035 |
Pension contributions to money purchase schemes | 6,362 | 5,976 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 5,074 | 6,476 |
Depreciation - owned assets | 66,161 | 76,178 |
(Profit)/loss on disposal of fixed assets | (1,973 | ) | 1,084 |
Auditors' remuneration | 17,365 | 17,915 |
Vehicle leasing | 9,379 | 5,181 |
7. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Revaluation of investment properties | - | 117,434 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 24,173 | 20,974 |
Preference shares dividend | 10,500 | 10,500 |
34,673 | 31,474 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 91,598 | 105,653 |
Deferred tax | (4,430 | ) | 17,637 |
Tax on profit | 87,168 | 123,290 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 304,631 | 435,357 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
76,158 |
108,839 |
Effects of: |
Expenses not deductible for tax purposes | 4,649 | 6,593 |
Income not taxable for tax purposes | - | (2,500 | ) |
Depreciation in excess of capital allowances | 6,917 | 1,449 |
Change in rate of corporation tax | - | (20,091 | ) |
Revaluation gains on investment property | - | 29,000 |
Marginal relief | (556 | ) | - |
Total tax charge | 87,168 | 123,290 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
9. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 July 2024. |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 198,900 | (49,000 | ) | 149,900 |
Deferred taxation on revaluation gains is taken to a separate non-distributable reserve through other comprehensive income. The rate of deferred taxation provisions on revalued property is calculated at 25%. |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 4,000 | 60,000 |
Dividends totalling £10,500 (2023 - £10,500) declared on preference shares have been recognised within finance costs through the Income Statement. |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 | 160,000 |
AMORTISATION |
At 1 August 2023 |
and 31 July 2024 | 160,000 |
NET BOOK VALUE |
At 31 July 2024 | - |
At 31 July 2023 | - |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
13. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2023 | 4,185,345 | 604,043 | 292,083 |
Additions | 45,548 | - | 4,528 |
Disposals | - | - | - |
At 31 July 2024 | 4,230,893 | 604,043 | 296,611 |
DEPRECIATION |
At 1 August 2023 | 149,461 | 516,205 | 227,117 |
Charge for year | 16,926 | 17,547 | 13,559 |
Eliminated on disposal | - | - | - |
At 31 July 2024 | 166,387 | 533,752 | 240,676 |
NET BOOK VALUE |
At 31 July 2024 | 4,064,506 | 70,291 | 55,935 |
At 31 July 2023 | 4,035,884 | 87,838 | 64,966 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2023 | 33,258 | 292,771 | 5,407,500 |
Additions | 8,100 | 8,236 | 66,412 |
Disposals | (4,182 | ) | - | (4,182 | ) |
At 31 July 2024 | 37,176 | 301,007 | 5,469,730 |
DEPRECIATION |
At 1 August 2023 | 23,030 | 256,037 | 1,171,850 |
Charge for year | 3,752 | 14,377 | 66,161 |
Eliminated on disposal | (3,155 | ) | - | (3,155 | ) |
At 31 July 2024 | 23,627 | 270,414 | 1,234,856 |
NET BOOK VALUE |
At 31 July 2024 | 13,549 | 30,593 | 4,234,874 |
At 31 July 2023 | 10,228 | 36,734 | 4,235,650 |
Included in cost or valuation of land and buildings is freehold land of £1,700,000 (2023 - £1,700,000) which is not depreciated. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
13. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Cost or valuation at 31 July 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2014 | 968,268 | - | - |
Valuation in 2021 | (17,786 | ) | - | - |
Valuation in 2023 | 198,900 | - | - |
Cost | 3,081,511 | 604,043 | 296,611 |
4,230,893 | 604,043 | 296,611 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2014 | - | - | 968,268 |
Valuation in 2021 | - | - | (17,786 | ) |
Valuation in 2023 | - | - | 198,900 |
Cost | 37,176 | 301,007 | 4,320,348 |
37,176 | 301,007 | 5,469,730 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 3,081,511 | 3,035,963 |
Aggregate depreciation | 166,386 | 149,461 |
Investment property owned by the parent company and leased to the subsidiary company is shown within freehold property in the consolidated financial statements. |
Freehold land with a net book value of £1,700,000 was most recently valued on an open market basis on 31 July 2023 by Richardson Thomas Leech LLP, Chartered Surveyors. |
In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. The remaining net book value of freehold property was valued at cost less accumulated depreciation. |
The directors do not consider that there has been a material change to the value of freehold property in the year ending 31 July 2024. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
13. | PROPERTY, PLANT AND EQUIPMENT - continued |
Company |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 1,700,000 (2023 - £ 1,700,000 ) which is not depreciated. |
Cost or valuation at 31 July 2024 is represented by: |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2014 | 968,268 | - | - | - | 968,268 |
Valuation in 2021 | (17,786 | ) | - | - | - | (17,786 | ) |
Valuation in 2023 | 198,900 | - | - | - | 198,900 |
Cost | 588,464 | 64,056 | 17,300 | 29,589 | 699,409 |
1,737,846 | 64,056 | 17,300 | 29,589 | 1,848,791 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 588,464 | 588,464 |
Aggregate depreciation | 14,898 | 13,706 |
Freehold land with a net book value of £1,700,000 was most recently valued on an open market basis on 31 July 2023 by Richardson Thomas Leech LLP, Chartered Surveyors. |
In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. The remaining net book value of freehold property was valued at cost less accumulated depreciation. |
The directors do not consider that there has been a material change to the value of freehold property in the year ending 31 July 2024. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: 3 Castlegate, Grantham, Lincolnshire, NG31 6SF |
Nature of business: |
% |
Class of shares: | holding |
15. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
and 31 July 2024 | 1,274,000 |
NET BOOK VALUE |
At 31 July 2024 | 1,274,000 |
At 31 July 2023 | 1,274,000 |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2016 | 130,436 |
Valuation in 2019 | 126,714 |
Valuation in 2023 | 117,434 |
Cost | 899,416 |
1,274,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 860,815 | 860,815 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
15. | INVESTMENT PROPERTY - continued |
Group |
Investment property was most recently valued on an open market basis on 31 July 2023 by Richardson Thomas Leech LLP, Chartered Surveyors. |
In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. |
The directors do not consider that there has been a material change to the value of investment properties in the year ending 31 July 2024. |
Company |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2016 | 130,436 |
Valuation in 2019 | 126,714 |
Valuation in 2023 | 107,434 |
Cost | 1,069,416 |
1,434,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,069,416 | 1,069,416 |
Investment property with a net book value of £1,274,000 was most recently valued on an open market basis on 31 July 2023 by Richardson Thomas Leech LLP, Chartered Surveyors. |
Investment property with a net book value of £160,000 was most recently valued on an open market basis on 31 July 2023 by N E Teesdale, a director and qualified valuer. |
In accordance with RICS valuation standards, both valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. |
The directors do not consider that there has been a material change to the value of investment properties in the year ending 31 July 2024. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
16. | INVENTORIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Farm valuation | 93,647 | 105,055 | 93,647 | 105,055 |
School stocks | 44,311 | 38,348 |
137,958 | 143,403 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 78,473 | 49,163 |
Other debtors | 80,961 | 69,264 |
Prepayments and accrued income | 133,976 | 84,307 |
293,410 | 202,734 |
18. | CURRENT ASSET INVESTMENTS |
Group |
2024 | 2023 |
£ | £ |
Unlisted investments | 403,763 | - |
19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 21) | 63,170 | 58,370 |
Trade creditors | 121,760 | 31,485 |
Amounts owed to group undertakings | - | - |
Corporation tax | 91,598 | 105,652 |
Other taxes and social security | 52,174 | 50,811 |
Other creditors | 152,798 | 148,602 |
Directors' current accounts | 31,137 | 30,759 | 31,137 | 30,759 |
Accruals and deferred income | 797,860 | 265,819 |
1,310,497 | 691,498 |
20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Preference shares (see note 21) | 350,000 | 350,000 |
Bank loans (see note 21) | 229,096 | 292,020 |
Accruals and deferred income | 407,260 | - |
986,356 | 642,020 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Preferred C £1 Shares |
Whilst one of the first holders of the Preferred C £1 shares is alive, a maximum net dividend of 6% per annum may be paid on the shares, of which one half is to be paid in priority to any dividend on any other class of share. Dividends will be paid in July of each year, with interim dividends being payable on account at the discretion of the board of directors. The shares confer no right to vote on any matters. They are redeemable at par, provided only that the shares to be redeemed have been transferred by the first holders of the shares, and by an ordinary resolution of Copthill Holdings Limited in a general meeting. |
21. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 63,170 | 58,370 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 67,876 | 62,573 |
Amounts falling due between two and five years: |
Bank loans | 161,220 | 216,071 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 350,000 | 350,000 | 350,000 | 350,000 |
Repayable by instalments |
Bank loans more than 5 years | - | 13,376 | - | 13,376 |
A bank loan of £580,000 advanced in September 2019 is repayable in monthly instalments at an interest rate of 2.2% above the Bank of England base rate. |
22. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 18,056 | 18,157 |
Between one and five years | 11,163 | 29,403 |
29,219 | 47,560 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
23. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 292,266 | 350,390 |
Bank loans are secured on freehold land and buildings owned by Copthill Holdings Limited and by fixed and floating charges over the total assets of Copthill School Limited. |
J A Teesdale, N E Teesdale and S W J Teesdale have provided personal guarantees up to £700,000. |
24. | FINANCIAL INSTRUMENTS |
Group |
The group has the following financial instruments: |
2024 | 2023 |
£ | £ |
Assets measured at fair value through the Income Statement |
Unlisted current asset investments | 403,763 | - |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 78,473 | 49,163 |
Other debtors | 80,961 | 69,264 |
Financial liabilities measured at amortised cost |
Bank loans | 292,266 | 350,390 |
Trade creditors | 121,760 | 31,485 |
Other creditors | 152,798 | 148,602 |
Directors' current accounts | 31,137 | 30,759 |
Preference shares | 350,000 | 350,000 |
The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through the Income Statement was £13,162 (2023 - £6,007) and £34,673 (2023 - £31,474) respectively. |
25. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 37,571 | 42,001 | 5,175 | 5,151 |
Revaluation gains | 261,000 | 261,000 | 261,000 | 261,000 |
298,571 | 303,001 | 266,175 | 266,151 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 303,001 |
Credit to Income Statement during year | (4,430 | ) |
Balance at 31 July 2024 | 298,571 |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
25. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Charge to Income Statement during year |
Balance at 31 July 2024 |
Deferred taxation provisions are calculated at a rate of 25% (2023 - 25%). |
The reversal of deferred tax provisions is not expected to be significant in the forthcoming period. |
26. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 7,900 | 7,900 |
27. | RESERVES |
Group |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 August 2023 | 4,039,227 | 902,382 | 389,185 | 5,330,794 |
Profit for the year | 217,463 | 217,463 |
Dividends | (4,000 | ) | (4,000 | ) |
At 31 July 2024 | 4,252,690 | 902,382 | 389,185 | 5,544,257 |
Company |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 August 2023 | 1,806,184 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 July 2024 | 1,845,692 |
Retained earnings |
The retained earnings reserve represents cumulative profit and loss net of dividends and other adjustments. |
Revaluation reserve |
The aggregate surplus on revaluation of freehold properties, net of associated deferred tax, is transferred to a non-distributable revaluation reserve. |
Other reserves |
The aggregate surplus on revaluation of investment properties, net of associated deferred tax, is transferred to a separate non-distributable reserve after initial recognition through the Income Statement in order to assist with the identification of profits available for distribution. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
28. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023: |
2024 | 2023 |
£ | £ |
N E Teesdale |
Balance outstanding at start of year | (3,289 | ) | 1,711 |
Amounts advanced | 1,000 | 10,000 |
Amounts repaid | (1,000 | ) | (15,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (3,289 | ) | (3,289 | ) |
S W J Teesdale |
Balance outstanding at start of year | (2,140 | ) | 2,825 |
Amounts advanced | 1,090 | 10,035 |
Amounts repaid | (1,000 | ) | (15,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (2,050 | ) | (2,140 | ) |
J A Teesdale |
Balance outstanding at start of year | (11,119 | ) | (11,176 | ) |
Amounts advanced | 6,000 | 15,057 |
Amounts repaid | (1,000 | ) | (15,000 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (6,119 | ) | (11,119 | ) |
Mrs A M Teesdale |
Balance outstanding at start of year | (14,211 | ) | 177,490 |
Amounts advanced | 8,768 | 382,849 |
Amounts repaid | (14,236 | ) | (574,550 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (19,679 | ) | (14,211 | ) |
29. | RELATED PARTY DISCLOSURES |
Key management personnel of the group |
2024 | 2023 |
£ | £ |
Rent paid | 4,500 | 4,500 |
Interest charged | - | 4,782 |
Amounts due from directors | 31,137 | 30,759 |
The above balances outstanding at the year end are unsecured and repayable on demand. Interest is charged at 2% on loans owed to the group. |
Key management personnel compensation is considered to be the same as disclosed under directors' remuneration. During the year close family members of the directors received remuneration totalling £51,577 (2023 - £49,500) at market rates. |
The directors have given personal guarantees over bank loans as detailed in the secured debts note. |
COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
29. | RELATED PARTY DISCLOSURES - continued |
Other companies or trusts under the control of the directors |
2024 | 2023 |
£ | £ |
Amounts due to related parties | 21,092 | 20,248 |
The above balances outstanding at the year end are unsecured, interest free and repayable on demand. |
30. | SUBSEQUENT EVENTS |
Subsequent to the Statement of Financial Position date but prior to the date of issue of these financial statements, the following transactions took place: |
i) On 7 February 2025, 250,000 Preferred C £1 shares were redeemed at par. |
ii) On 10 February 2025, 300,000 Preferred C £1 shares were issued at par. |
31. | ULTIMATE CONTROLLING PARTY |
The group is controlled by the directors who control the whole of the issued share capital of Copthill Holdings Limited. |