Company registration number 02686967 (England and Wales)
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
COMPANY INFORMATION
Directors
A V Carty
(Appointed 28 February 2025)
N Greenaway
(Appointed 28 February 2025)
Secretary
T Chambers
Company number
02686967
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 LIMITED
(FORMERLY CAPEL COURT PLC)
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the period ended 28 February 2025.

Fair 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 company is classified as a large company as it 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 company under the Companies Act 2006.

 

The directors consider that the key stakeholders for the company are its employees, clients and shareholders.

 

Due to the small number of employees of the company the directors have engaged with each of them as necessary during the period under review.

 

The company has continued to trade in the period in line with previous years taking into account the needs of its clients when providing financial advice and investment management services. It 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 company provides regular communications to its shareholders and considers their position when making decisions for the future plans for the business.

On behalf of the board

A V Carty
Director
24 April 2025
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the period ended 28 February 2025.

Principal activities

The principal activity of the company is the provision of financial advice to private clients, businesses, trusts, charities, and pension funds. In addition, through the trading style Balkerne Asset Management, the provision of discretionary portfolio management services to clients of financial advisers.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £278,443. The directors do not recommend payment of a final 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 25 February 2025)
P M L Howell
(Resigned 28 February 2025)
M F Moseley
(Resigned 28 February 2025)
M Lammas
(Resigned 28 February 2025)
A V Carty
(Appointed 28 February 2025)
N Greenaway
(Appointed 28 February 2025)
Energy and carbon report

As the company 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
A V Carty
N Greenaway
Director
Director
24 April 2025
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 3 -

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT LIMITED
- 4 -
Opinion

We have audited the financial statements of Capel Court Limited (the 'company') for the period ended 28 February 2025 which comprise the statement of income and retained earnings, the balance sheet 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 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 LIMITED
(FORMERLY CAPEL COURT PLC)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT LIMITED (CONTINUED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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:

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 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 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 Company 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 Company, 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 LIMITED
(FORMERLY CAPEL COURT PLC)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT LIMITED (CONTINUED)
- 6 -

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 company 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:

 

 

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:

 

 

As the 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.

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 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 LIMITED
(FORMERLY CAPEL COURT PLC)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPEL COURT LIMITED (CONTINUED)
- 7 -
Rachel Skells BA FCA
Senior Statutory Auditor
For and on behalf of Streets Audit LLP
24 April 2025
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 8 -
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
9
20,030
10,505
Interest payable and similar expenses
7
(4,673)
-
0
Amounts written off investments
8
(885)
1,151
Profit before taxation
385,190
356,962
Tax on profit
10
(96,804)
(88,534)
Profit for the financial period
288,386
268,428
Retained earnings brought forward
151,135
242,669
Dividends
11
(278,443)
(359,962)
Retained earnings carried forward
161,078
151,135

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 9 -
28 February 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
-
0
1
Investments
13
-
0
6
-
0
7
Current assets
Debtors
16
130,943
213,721
Investments
17
-
0
7,927
Cash at bank and in hand
350,874
294,843
481,817
516,491
Creditors: amounts falling due within one year
18
(172,757)
(217,381)
Net current assets
309,060
299,110
Net assets
309,060
299,117
Capital and reserves
Called up share capital
20
68,800
68,800
Share premium account
79,182
79,182
Profit and loss reserves
161,078
151,135
Total equity
309,060
299,117
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:
A V Carty
N Greenaway
Director
Director
Company registration number 02686967 (England and Wales)
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 10 -
1
Accounting policies
Company information

Capel Court Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pavilions, Eden Park, Ham Green, Bristol, BS20 0DD.

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 in the immediate parent company (Capel Court Holdings Limited) being sold to Clifton Asset Management Limited on this date. The comparative amounts in the financial statements (and associated notes) 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Capel Court Holdings Limited. These consolidated financial statements are available from its registered office, 1 Balkerne Hill, Colchester, CO3 3FG.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.4
Turnover

Turnover represents management fees, adviser fees and commissions earned, net of value added tax.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 11 -

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

Fixtures, fittings & equipment
25% reducing balance
1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Financial instruments

The company 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, excluding 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
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.

 

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -

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 leases asset are consumed.

2
Turnover and other revenue

An analysis of the company'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

All turnover is from trading in the United Kingdom

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 company
13,000
12,950
For other services
All other non-audit services
2,300
2,150
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 14 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2023
Number
Number
Administration
3
3
Investment management
3
4
Sales
3
4
Total
9
11

Their aggregate remuneration comprised:

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
Directors' remuneration
2025
2023
£
£
Remuneration for qualifying services
166,823
120,729
Company pension contributions to defined contribution schemes
73,150
133,798
239,973
254,527

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

7
Interest payable and similar expenses
2025
2023
£
£
Other interest
4,673
-
0
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 15 -
8
Amounts written off 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
(885)
1,151
9
Interest receivable and similar income
2025
2023
£
£
Interest income
Interest on bank deposits
20,027
10,408
Other income from investments
Dividends from financial assets measured at fair value through profit or loss
3
97
Total income
20,030
10,505
10
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
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
10
Taxation
(Continued)
- 16 -

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
385,190
356,962
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
96,298
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
(1)
(23)
Over/(under) provided in current year
(200)
525
Previous provision add back now allowed
-
0
(235)
Taxation charge for the period
96,804
88,534
11
Dividends
2025
2023
£
£
Interim paid
278,443
359,962
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 17 -
12
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2024
11,589
Disposals
(11,589)
At 28 February 2025
-
0
Depreciation and impairment
At 1 January 2024
11,588
Eliminated in respect of disposals
(11,588)
At 28 February 2025
-
0
Carrying amount
At 28 February 2025
-
0
At 31 December 2023
1
13
Fixed asset investments
2025
2023
Notes
£
£
Investments in subsidiaries
14
-
0
6
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
6
Disposals
(6)
At 28 February 2025
-
Carrying amount
At 28 February 2025
-
At 31 December 2023
6

Fixed asset investments comprised share capital held in three dormant subsidiaries. All of which were dissolved in the period.

CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 18 -
14
Subsidiaries

The following wholly owned subsidiaries were disposed of in the year, by virtue of the companies being voluntarily dissolved on 5 March 2024.

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Balkerne Asset Management Limited
England and Wales
Ordinary
0
Balkerne Nominees Limited
England and Wales
Ordinary
0
Capel Court Investment Management Limited
England and Wales
Ordinary
0
15
Financial instruments
2025
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
152,079
129,765
Instruments measured at fair value through profit or loss
-
0
7,927
Carrying amount of financial liabilities
Measured at amortised cost
53,025
108,195
16
Debtors
2025
2023
Amounts falling due within one year:
£
£
Trade debtors
148,112
129,765
Other debtors
3,967
-
0
Prepayments and accrued income
(21,136)
83,956
130,943
213,721
17
Current asset investments
2025
2023
£
£
Listed investments
-
0
7,927

Current asset investments are all listed stocks and shares and are stated at market value. These have been disposed of in the current period and so the historic cost is £Nil (2023: 10,445).

CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 19 -
18
Creditors: amounts falling due within one year
2025
2023
£
£
Trade creditors
29,385
29,012
Corporation tax
97,300
88,373
Other taxation and social security
22,432
20,813
Other creditors
325
12,790
Accruals and deferred income
23,315
66,393
172,757
217,381
19
Retirement benefit schemes
2025
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,435
168,711

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2023
2025
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
68,800
68,800
68,800
68,800
21
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date the directors were not aware of any contingent liabilities.
CAPEL COURT LIMITED
(FORMERLY CAPEL COURT PLC)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 20 -
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 company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2023
£
£
Within one year
13,930
17,030
Between two and five years
-
0
3,205
13,930
20,235
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.

Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Loan
2
-
22,000
35
22,035
-
-
22,000
35
22,035
-
24
Ultimate controlling party

On the 28th February 2025 the entire share capital of Capel Court Holding Limited (immediate parent company) was purchased by Clifton Asset Management Limited, a company registered at The Pavilions Eden Park, Ham Green, Bristol, BS20 0DD.

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.

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