Company registration number 01953728 (England and Wales)
CAPEL COURT HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
CAPEL COURT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A V Carty
(Appointed 28 February 2025)
N Greenaway
(Appointed 28 February 2025)
Secretary
T Chambers
Company number
01953728
Registered office
The Pavilions
Eden Park
Ham Green
Bristol
BS20 0DD
Auditor
Streets Audit LLP
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Business address
1 Balkerne Hill
Colchester
Essex
CO3 3FG
CAPEL COURT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 24
CAPEL COURT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 1 -
The directors present the strategic report for the period ended 28 February 2025.
Review of the business
2024 was another challenging year for investors with markets having to navigate US & UK elections, the ongoing conflicts in Ukraine and Gaza, and persistent inflation and higher interest rates. Global stock and bond markets presented good trading opportunities throughout the year and overall it was a successful and profitable year for the Group.
Principal risks and uncertainties
Looking forward, the fluctuations and variances in the UK and Global economies are the most uncertain elements in forecasting growth as these factors directly impact on investments and are beyond the control of the directors. The conflicts in Gaza and Ukraine are still ongoing and the battle with high inflation has yet to be won. In addition, competitive threats remain but cause little concern.
Development and performance
Performance and development have been consistent with the Company Business Plan as agreed by the board of directors. The balance sheet and detailed profit and loss account remain the key performance indicators to the directors and are satisfactory for this financial period.
Other information and explanations
Capel Court continued to develop and expand its financial planning services operating under the restricted regulatory status with Balkerne Asset Management being the only discretionary portfolio management service offered by the firm.
At 28 February 2025 the Group had circa £65M funds under advice and was acquired by Clifton Asset Management, on a going concern basis, who will continue to trade under the name of Capel Court as a trading style of Clifton Wealth Partnership
S172 Statement
The group is classified as a large group as it's trading subsidiary Capel Court Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a MiFid firm. It does not otherwise meet the size requirements to qualify as a large group under the Companies Act 2006.
The directors consider that the key stakeholders for the group are it’s employees, clients and shareholders. Due to the small number of employees of the group the directors have engaged with each of them as necessary during the period under review.
The group has continued to trade in the year in line with previous years taking into account the needs of it’s clients when providing financial advice and investment management services. It's trading subsidiary Capel Court Limited operates under the strict rules set out by the FCA which includes treating customers fairly and taking into account their specific circumstances as part of their overall service.
The group provides regular communications to it’s shareholders and considers their position when making decisions for the future plans for the business.
CAPEL COURT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 2 -
A V Carty
Director
24 April 2025
CAPEL COURT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 3 -
The directors present their annual report and financial statements for the period ended 28 February 2025.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the period are set out on page 9.
Ordinary dividends were paid amounting to £359,962. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
K J Rudkin
(Resigned 28 February 2025)
P M L Howell
(Resigned 28 February 2025)
M F Moseley
(Resigned 28 February 2025)
A V Carty
(Appointed 28 February 2025)
N Greenaway
(Appointed 28 February 2025)
Auditor
In accordance with the company's articles, a resolution proposing that Streets Audit LLP be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
A V Carty
N Greenaway
Director
Director
24 April 2025
CAPEL COURT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance 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 group and company, 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CAPEL COURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Capel Court Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 February 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 28 February 2025 and of the group's profit for the period 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
CAPEL COURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation, Employment Law, Data Protection and FCA Regulations.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. These were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
CAPEL COURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 7 -
We identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:
The group earns fees and commissions from its investment management and advisory activities and there is a risk that income is inappropriately accelerated or deferred between accounting periods.
We have assessed that there is a significant risk of material misstatement relating to revenue recognition which is pinpointed to the cut off assertion specifically around the period-end. To address this risk:
We obtained an understanding of the revenue process and the flow of financial information into the general ledger; and
Performed cut-off testing around the period-end date by reviewing revenue recognised after-date to identify any transactions which may have been erroneously recognised as revenue in the incorrect period.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance in the period.
As the trading subsidiary company is regulated by the Financial Conduct Authority a thorough understanding of the additional legislation and rules relating to this authorisation was also considered throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
CAPEL COURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPEL COURT HOLDINGS LIMITED
- 8 -
Rachel Skells BA FCA
For and on behalf of
24 April 2025
Streets Audit LLP
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
CAPEL COURT HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 9 -
Period
Year
ended
ended
28 February
31 December
2025
2023
Notes
£
£
Turnover
2
1,295,738
1,213,842
Cost of sales
(2,129)
(11,759)
Gross profit
1,293,609
1,202,083
Administrative expenses
(922,891)
(856,777)
Operating profit
3
370,718
345,306
Interest receivable and similar income
6
20,030
10,505
Interest payable and similar expenses
7
(4,673)
Amounts written off investments
8
(887)
1,151
Profit before taxation
385,188
356,962
Tax on profit
9
(96,804)
(88,534)
Profit for the financial period
288,384
268,428
Retained earnings brought forward
151,322
242,856
Dividends
(278,443)
(359,962)
Retained earnings carried forward
161,263
151,322
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CAPEL COURT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 10 -
28 February 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1
Current assets
Debtors
15
130,942
213,720
Investments
16
7,927
Cash at bank and in hand
350,875
294,844
481,817
516,491
Creditors: amounts falling due within one year
17
(172,757)
(217,373)
Net current assets
309,060
299,118
Net assets
309,060
299,119
Capital and reserves
Called up share capital
19
98,879
98,879
Share premium account
48,918
48,918
Profit and loss reserves
161,263
151,322
Total equity
309,060
299,119
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
24 April 2025
A V Carty
N Greenaway
Director
Director
Company registration number 01953728 (England and Wales)
CAPEL COURT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025
- 11 -
28 February 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Investments
13
147,982
147,984
Current assets
Cash at bank and in hand
1
1
Net current assets
1
1
Net assets
147,983
147,985
Capital and reserves
Called up share capital
19
98,879
98,879
Share premium account
48,918
48,918
Profit and loss reserves
186
188
Total equity
147,983
147,985
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £278,441 (2023 - £359,962 profit).
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
24 April 2025
A V Carty
N Greenaway
Director
Director
Company registration number 01953728 (England and Wales)
CAPEL COURT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 12 -
2025
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
399,954
293,420
Interest paid
(4,673)
Income taxes paid
(87,877)
(99,661)
Net cash inflow from operating activities
307,404
193,759
Investing activities
Proceeds from disposal of investments
7,040
(3,232)
Interest received
20,027
10,408
Dividends received
3
97
Net cash generated from investing activities
27,070
7,273
Financing activities
Dividends paid to equity shareholders
(278,443)
(359,962)
Net cash used in financing activities
(278,443)
(359,962)
Net increase/(decrease) in cash and cash equivalents
56,031
(158,930)
Cash and cash equivalents at beginning of period
294,844
453,774
Cash and cash equivalents at end of period
350,875
294,844
CAPEL COURT HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 13 -
2025
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
278,443
359,962
Net cash generated from investing activities
278,443
359,962
Financing activities
Dividends paid to equity shareholders
(278,443)
(359,962)
Net cash used in financing activities
(278,443)
(359,962)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of period
1
1
Cash and cash equivalents at end of period
1
1
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 14 -
1
Accounting policies
Company information
Capel Court Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Pavilions, Eden Park, Ham Green, Bristol, BS20 0DD.
The group consists of Capel Court Holdings Limited and all of its subsidiaries.
1.1
Reporting period
The reporting period has been extended from 31 December 2024 to 28 February 2025 as a result of the entire share capital of the group being sold to Clifton Asset Management Limited on this date. The comparative amounts in the financial statements are therefore not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the period was £278,411 (2023 - £359,962 profit).
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Capel Court Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 28 February 2025.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover represents management fees, adviser fees and commissions earned, net of value added tax.
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.8
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Turnover and other revenue
An analysis of the group's turnover is as follows:
2025
2023
£
£
Turnover analysed by class of business
Commission & fees receivable
1,295,738
1,213,842
2025
2023
£
£
Other revenue
Interest income
20,027
10,408
Dividends received
3
97
3
Operating profit
2025
2023
£
£
Operating profit for the period is stated after charging:
Loss on disposal of tangible fixed assets
1
-
Operating lease charges
35,004
26,547
4
Auditor's remuneration
2025
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,000
12,950
For other services
All other non-audit services
2,300
2,150
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2025
2023
2025
2023
Number
Number
Number
Number
Administration
3
3
3
3
Investment management
3
4
-
-
Sales
3
4
-
-
Total
9
11
3
3
Their aggregate remuneration comprised:
Group
Company
2025
2023
2025
2023
£
£
£
£
Wages and salaries
352,278
300,247
Social security costs
31,098
23,458
-
-
Pension costs
84,435
168,711
467,811
492,416
6
Interest receivable and similar income
2025
2023
£
£
Interest income
Interest on bank deposits
20,027
10,408
Other income from investments
Dividends received
3
97
Total income
20,030
10,505
7
Interest payable and similar expenses
2025
2023
£
£
Other finance costs:
Other interest
4,673
-
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 18 -
8
Revaluation of investments
2025
2023
£
£
(Loss)/gain on disposal of investments held at fair value
(3,609)
207
Amounts written back to investments held at fair value
2,724
944
(887)
1,151
9
Taxation
2025
2023
£
£
Current tax
UK corporation tax on profits for the current period
97,300
88,400
Adjustments in respect of prior periods
(496)
134
Total current tax
96,804
88,534
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2025
2023
£
£
Profit before taxation
385,188
356,962
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
96,297
83,886
Tax effect of expenses that are not deductible in determining taxable profit
982
4,469
Effect of revaluations of investments
221
(222)
Under/(over) provided in prior years
(496)
134
Dividend income
-
(23)
Over/(under) provided in current year
(200)
525
Previous provision add back now allowed
-
(235)
Taxation charge
96,804
88,534
10
Dividends
2025
2023
Recognised as distributions to equity holders:
£
£
Interim paid
278,443
359,962
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 19 -
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2025
2023
Notes
£
£
In respect of:
Fixed asset investments
13
2
-
Recognised in:
Amounts written off investments
2
-
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
12
Tangible fixed assets
Group
Fixtures, fittings & equipment
£
Cost
At 1 January 2024
11,589
Disposals
(11,589)
At 28 February 2025
Depreciation and impairment
At 1 January 2024
11,588
Eliminated in respect of disposals
(11,588)
At 28 February 2025
Carrying amount
At 28 February 2025
At 31 December 2023
1
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 20 -
13
Fixed asset investments
Group
Company
2025
2023
2025
2023
Notes
£
£
£
£
Investments in subsidiaries
20
147,982
147,984
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
147,984
Disposals
(2)
At 28 February 2025
147,982
Carrying amount
At 28 February 2025
147,982
At 31 December 2023
147,984
14
Financial instruments
Group
Company
2025
2023
2025
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
7,927
-
-
15
Debtors
Group
Company
2025
2023
2025
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
148,111
129,764
Other debtors
3,967
-
Prepayments and accrued income
(21,136)
83,956
130,942
213,720
-
-
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 21 -
16
Current asset investments
Group
Company
2025
2023
2025
2023
£
£
£
£
Unlisted investments
-
7,927
-
-
Current asset investments are all listed stocks and shares and are stated at market value. The historic cost of the investments held at the year end is £nil (2023: £10,445).
17
Creditors: amounts falling due within one year
Group
Company
2025
2023
2025
2023
£
£
£
£
Trade creditors
29,385
29,012
Corporation tax payable
97,300
88,373
Other taxation and social security
22,432
20,813
-
-
Other creditors
325
12,790
Accruals and deferred income
23,315
66,385
172,757
217,373
18
Retirement benefit schemes
2025
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,435
168,711
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
19
Share capital
Group and company
2025
2023
2025
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
988,790
988,790
98,879
98,879
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 22 -
20
Subsidiaries
Details of the company's subsidiaries at 28 February 2025 are as follows:
Name of undertaking and country of incorporation
Class of
% Held
or residency
shareholding
Direct
Indirect
Capel Court Limited
England and Wales
Ordinary
100.00
0
21
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date the directors were not aware of any contingent liabilities.
22
Operating lease commitments
Lessee
The majority of the operating lease payments represent rentals payable by the company for its office premises. The existing lease was renewed in the period for a term of 1 year.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2025
2023
2025
2023
£
£
£
£
Within one year
13,930
17,030
-
-
Between two and five years
-
3,205
-
-
13,930
20,235
-
-
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 23 -
23
Directors' transactions
On 3 April 2024 an amount of £12,000 was advanced to a director, this was was fully repaid with interest accruing at a rate of 2.25% on 20 May 2024.
On 24 July 2024 an amount of £10,000 was advanced to a director, this was was fully repaid with interest accruing at a rate of 2.25% on 9 September 2024.
Dividends totalling £278,443 (2023 - £278,970) were paid in the period in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.25
-
22,000
35
(22,035)
-
-
22,000
35
(22,035)
-
24
Controlling party
On the 28th February 2025 the entire share capital of the company)was purchased by Clifton Asset Management Limited, a company registered at The Pavilions Eden Park, Ham Green, Bristol, BS20 0DD.
Prior to 28 February 2025 the company was controlled by the board of directors.
On 28 February 2025 the entire issued share capital of Capel Court Holdings Limited (the parent company of Capel Court Limited) was acquired by Clifton Asset Management Limited on the same date the entire issued share capital of Clifton Asset Management Limited was acquired by Greenfinch Bidco Limited, a company incorporated in Jersey. The ultimate parent company is now Greenfinch Topco Limited, a company incorporated in Jersey. The ultimate controlling party of Greenfinch Topco Limited is CPBE Capital LLP.
CAPEL COURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 24 -
25
Cash generated from group operations
2025
2023
£
£
Profit for the period after tax
288,384
268,428
Adjustments for:
Taxation charged
96,804
88,534
Finance costs
4,673
Investment income
(20,030)
(10,505)
Loss on disposal of tangible fixed assets
1
-
Other gains and losses
887
(1,151)
Movements in working capital:
Decrease/(increase) in debtors
82,778
(3,566)
Decrease in creditors
(53,543)
(48,320)
Cash generated from operations
399,954
293,420
26
Cash absorbed by operations - company
2025
2023
£
£
Profit for the period after tax
278,441
359,962
Adjustments for:
Investment income
(278,443)
(359,962)
Other gains and losses
2
-
Cash absorbed by operations
-
-
27
Analysis of changes in net funds - group
1 January 2024
Cash flows
28 February 2025
£
£
£
Cash at bank and in hand
294,844
56,031
350,875
28
Analysis of changes in net funds - company
1 January 2024
28 February 2025
£
£
Cash at bank and in hand
1
1
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