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Registered number: 12841752













 
COPLEY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
COPLEY HOLDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
Mr A R Copley 
Mr M A Copley 




Company secretary
Mr M A Copley



Registered number
12841752



Registered office
Colwick Quays Business Park
Private Road No 2

Colwick

Nottingham

Nottinghamshire

NG4 2JY




Independent auditors
Page Kirk LLP

Chartered accountants and statutory auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB






 
COPLEY HOLDINGS LIMITED
 


CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Consolidated Profit and Loss Account
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Notes to the Financial Statements
16 - 33



 
COPLEY HOLDINGS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity
 
The principal activities of the group are manufacturing and dealing in scientific instruments.

Fair review of the business
 
Copley Holdings Limited is the parent undertaking of the group of companies of which Copley Scientific Limited is a member.
The Directors are pleased with the performance of the Group during the year. Prospects for the forthcoming year are encouraging.
The Directors consider the Key Performance Indicators to be Turnover, Profitability and Cashflow.
Turnover amounted to £15,497,011 (2023: £16,017,032). Gross profit margins remain consistent and the directors believe that these are satisfactory under the present circumstances. The decrease in revenue is considered to be primarily driven by reduced capital investments in the Group’s key markets due to higher interest rates and global uncertainty.
To re-establish growth the Group continues to focus heavily on sales and marketing activities as well increased investment in new product development. The Directors are confident in the future results of the business.

Principal risks and uncertainties
 
The material risks facing the Group are considered to arise from any downturn in the Group's traditional markets, interest rate risk, liquidity risk and currency risk.
Traditional Markets:
Global events including war in Ukraine and unrest in the Middle East continue to affect economic outlook and recent political regime changes have potentially contributed to a lack of investor confidence. However, the diverse markets in which the Group operates still exhibit strong potential for growth putting the Group in a secure position for the future.
The directors are confident that the Group has adequate resources to continue to operate for the foreseeable future.
Interest Rate Risk:
The Group finances its operation through a mixture of retained profits and cash. The Group’s exposure to interest fluctuations is at a minimum due to the lack of borrowings.
Liquidity Risk:
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. Primarily this is achieved by ensuring sufficient working capital is on hand.
Currency Risk:
The Group is exposed to transaction and translation foreign exchange risk. The Group mitigates translation risk by maintaining bank balances in foreign currencies.

Page 1


 
COPLEY HOLDINGS LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board on 9 July 2025 and signed on its behalf.



................................................
Mr M A Copley
Director

Page 2


 
COPLEY HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £5,128,606 (2023 - £5,377,779).

Dividends paid in the year amounted to £2,282,000 (2023 - £1,280,500).

Directors

The directors who served during the year were:

Mr A R Copley 
Mr M A Copley 

Financial instruments

Objectives and policies
The Directors have implemented procedures to minimise risks wherever possible.

Price risk, credit risk, liquidity risk and cash flow risk
Please see principal risks and uncertainties in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

The address of its registered office is:
Colwick Quays Business Park
Private Road No 2
Colwick
Nottingham
NG4 2JY
United Kingdom

Page 3


 
COPLEY HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Page Kirk LLP have expressed their willingness to continue as auditors for the next financial year.

This report was approved by the board on 9 July 2025 and signed on its behalf.
 





................................................
Mr M A Copley
Director

Page 4


 
COPLEY HOLDINGS LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Copley Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 set out on page 5, 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 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.


Page 7


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED (CONTINUED)

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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations. 
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, the understatement of revenue, and the recoverability of debtors. Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Reviewing regulatory correspondence and professional fees.
• Sample testing on the posting of journals.
• Detailed substantive testing on the completeness of income.
• Reviewing the recovery of year-end debtors after the balance sheet date


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 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 Auditors' Report.


Page 8


 
COPLEY HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPLEY HOLDINGS LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered accountants and statutory auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

9 July 2025
Page 9


 
COPLEY HOLDINGS LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,497,011
16,017,032

Cost of sales
  
(6,823,653)
(7,192,727)

Gross profit
  
8,673,358
8,824,305

Distribution costs
  
(160,945)
(156,501)

Administrative expenses
  
(3,254,305)
(2,893,399)

Other operating income
 5 
1,021
596

Operating profit
  
5,259,129
5,775,001

Amounts written off investments
  
77,293
-

Interest receivable and similar income
 9 
1,094,492
679,094

Interest payable and similar expenses
 10 
(1,211)
-

Other finance income
  
(94,099)
(3,233)

Profit before tax
  
6,335,604
6,450,862

Tax on profit
 11 
(1,206,998)
(1,073,083)

Profit for the financial year
  
5,128,606
5,377,779

Profit for the year attributable to:
  

Owners of the parent
  
5,128,606
5,377,779

  
5,128,606
5,377,779

The notes on pages 16 to 33 form part of these financial statements.

Page 10


 
COPLEY HOLDINGS LIMITED
REGISTERED NUMBER:12841752


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
586,201
725,441

Tangible assets
 13 
2,134,128
2,253,235

Investments
 14 
-
128,000

  
2,720,329
3,106,676

Current assets
  

Stocks
 15 
2,616,990
2,884,295

Debtors: amounts falling due within one year
 16 
2,153,598
2,270,022

Cash at bank and in hand
 17 
26,307,895
23,006,844

  
31,078,483
28,161,161

Creditors: amounts falling due within one year
 18 
(1,635,900)
(1,934,082)

Net current assets
  
 
 
29,442,583
 
 
26,227,079

Total assets less current liabilities
  
32,162,912
29,333,755

Provisions for liabilities
  

Deferred taxation
  
(72,017)
(89,466)

Net assets
  
32,090,895
29,244,289


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Capital redemption reserve
  
2,000
2,000

Profit and loss account
  
32,087,895
29,241,289

  
32,090,895
29,244,289


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2025.




................................................
Mr M A Copley
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 11


 
COPLEY HOLDINGS LIMITED
REGISTERED NUMBER:12841752


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,802,254
1,835,853

Investments
 14 
1,100
1,100

  
1,803,354
1,836,953

Current assets
  

Debtors: amounts falling due within one year
 16 
590,174
477,255

Cash at bank and in hand
 17 
24,061,970
19,573,101

  
24,652,144
20,050,356

Creditors: amounts falling due within one year
 18 
(258,854)
(147,126)

Net current assets
  
 
 
24,393,290
 
 
19,903,230

Total assets less current liabilities
  
26,196,644
21,740,183

  

Provisions for liabilities
  

Deferred taxation
  
(14,024)
(11,702)

Net assets
  
26,182,620
21,728,481


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Profit and loss account brought forward
  
21,727,481
19,553,360

Profit for the year
  
6,736,139
3,454,621

Other changes in the profit and loss account

  

(2,282,000)
(1,280,500)

Profit and loss account carried forward
  
26,181,620
21,727,481

  
26,182,620
21,728,481


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2025.


................................................
Mr M A Copley
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 12


 
COPLEY HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
1,000
2,000
29,241,289
29,244,289


Comprehensive income for the year

Profit for the year
-
-
5,128,606
5,128,606

Dividends
-
-
(2,282,000)
(2,282,000)


At 31 December 2024
1,000
2,000
32,087,895
32,090,895



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,000
2,000
25,144,010
25,147,010


Comprehensive income for the year

Profit for the year
-
-
5,377,779
5,377,779

Dividends
-
-
(1,280,500)
(1,280,500)


At 31 December 2023
1,000
2,000
29,241,289
29,244,289


The notes on pages 16 to 33 form part of these financial statements.

Page 13


 
COPLEY HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
1,000
21,727,481
21,728,481



Profit for the year
-
6,736,139
6,736,139

Dividends
-
(2,282,000)
(2,282,000)


At 31 December 2024
1,000
26,181,620
26,182,620



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1,000
19,553,360
19,554,360



Profit for the year
-
3,454,621
3,454,621

Dividends
-
(1,280,500)
(1,280,500)


At 31 December 2023
1,000
21,727,481
21,728,481


The notes on pages 16 to 33 form part of these financial statements.

Page 14


 
COPLEY HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,128,606
5,377,779

Adjustments for:

Amortisation of intangible assets
139,240
138,313

Depreciation of tangible assets
119,107
117,505

Loss on disposal of associates
(38,647)
-

Loss on disposal of tangible assets
-
(10,320)

Interest paid
1,211
-

Interest received
(1,094,492)
(679,094)

Taxation charge
1,206,998
1,073,083

Decrease in stocks
267,305
58,191

Decrease/(increase) in debtors
116,423
(1,068,236)

(Decrease) in creditors
(482,726)
(1,692,606)

Corporation tax (paid)
(1,039,902)
(416,054)

Net cash generated from operating activities

4,323,123
2,898,561


Cash flows from investing activities

Purchase of tangible fixed assets
-
(450,824)

Sale of tangible fixed assets
-
12,407

Sale of share in associates
166,647
-

Interest received
1,094,492
679,094

Net cash from investing activities

1,261,139
240,677

Cash flows from financing activities

Dividends paid
(2,282,000)
(1,280,500)

Interest paid
(1,211)
-

Net cash used in financing activities
(2,283,211)
(1,280,500)

Net increase in cash and cash equivalents
3,301,051
1,858,738

Cash and cash equivalents at beginning of year
23,006,844
21,148,106

Cash and cash equivalents at the end of year
26,307,895
23,006,844


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
26,307,895
23,006,844


Page 15


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Colwick Quays Business Park
Road Number 2
Colwick
Nottingham
NG4 2JY
England
These financial statements were authorised for issue by the Board on ......

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The group financial statements for the year ended 31 December 2024 consolidate the financial statements of the following group companies:
Copley Holdings Limited
Copley Scientific Limited
Novi Systems Ltd
Copley Property Limited
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Page 16


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 18


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill

10
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and Buildings
-
Buildings over 50 years
Plant and machinery
-
Over 10 years
Fixtures and fittings
-
Over 5 years
Other fixed assets
-
Over 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 19


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.18

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are set out in note 2 above, the directors are required to make judgements, estimates and assumptions. The estimates and associated 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 were reviewed on an ongoing basis. No critical judgements have been identified by the directors that have been made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
15,497,011
16,017,032

15,497,011
16,017,032


Page 21


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Government grants receivable
1,021
596

1,021
596



6.


Auditors' remuneration

During the year, the Group obtained the following services from the Groupauditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the Group's financial statements
13,430
12,670


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,218,560
1,357,470

Social security costs
407,704
201,903

Cost of defined contribution scheme
299,648
289,053

Other employee expenses
49,265
38,017

1,975,177
1,886,443


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration and support
3
3
2
2



Production
33
31
-
-

36
34
2
2

Page 22


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
200,063
194,008

Directors national insurance
22,821
22,756

Group contributions to defined contribution pension schemes
89,394
109,905

312,278
326,669



9.


Interest receivable

2024
2023
£
£


Interest income on bank deposits
1,094,492
679,094

1,094,492
679,094


10.


Interest payable

2024
2023
£
£


Other interest payable
1,211
-

1,211
-

Page 23


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,258,313
1,049,956

Adjustments in respect of previous periods
(33,867)
-


1,224,446
1,049,956


Total current tax
1,224,446
1,049,956

Deferred tax


Origination and reversal of timing differences
(17,448)
21,631

Changes to tax rates
-
1,496

Total deferred tax
(17,448)
23,127


Taxation on profit on ordinary activities
1,206,998
1,073,083
Page 24


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
6,335,604
6,450,862


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,583,901
1,517,274

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,519
478

Capital allowances for year in excess of depreciation
59,170
34,469

Adjustments to tax charge in respect of prior periods
(33,867)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(393)
15,452

Short-term timing difference leading to an increase (decrease) in taxation
(17,449)
23,127

Non-taxable income
(255)
(140)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(385,628)
(517,577)

Total tax charge for the year
1,206,998
1,073,083

Page 25


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
1,385,452



At 31 December 2024

1,385,452



Amortisation


At 1 January 2024
660,011


Charge for the year on owned assets
139,240



At 31 December 2024

799,251



Net book value



At 31 December 2024
586,201



At 31 December 2023
725,441



Page 26


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,894,643
1,047,724
17,688
75,176
3,035,231



At 31 December 2024

1,894,643
1,047,724
17,688
75,176
3,035,231



Depreciation


At 1 January 2024
73,509
703,325
2,969
2,193
781,996


Charge for the year on owned assets
30,061
81,750
3,538
3,758
119,107



At 31 December 2024

103,570
785,075
6,507
5,951
901,103



Net book value



At 31 December 2024
1,791,073
262,649
11,181
69,225
2,134,128



At 31 December 2023
1,821,133
344,399
14,720
72,983
2,253,235




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,791,072
1,821,134

1,791,072
1,821,134


Page 27


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Fixtures and fittings
Total

£
£
£

Cost or valuation


At 1 January 2024
1,894,643
17,688
1,912,331



At 31 December 2024

1,894,643
17,688
1,912,331



Depreciation


At 1 January 2024
73,509
2,969
76,478


Charge for the year on owned assets
30,061
3,538
33,599



At 31 December 2024

103,570
6,507
110,077



Net book value



At 31 December 2024
1,791,073
11,181
1,802,254



At 31 December 2023
1,821,133
14,720
1,835,853





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,791,072
1,821,134

1,791,072
1,821,134


Page 28


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Group





Investments in associates

£





At 1 January 2024
128,000


Disposals
(128,000)



At 31 December 2024
-






Net book value



At 31 December 2024
-



At 31 December 2023
128,000

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,100



At 31 December 2024
1,100






Net book value



At 31 December 2024
1,100



At 31 December 2023
1,100

Page 29


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Copley Scientific Ltd*
Ordinary shares
100%
Novi Systems Ltd
Ordinary shares
100%
Copley Property Ltd*
Ordinary shares
100%

*indicates direct investment of the company
The registered office address of Copley Scientific Limited, Copley Property Limited and Novi Systems Limited is Colwick Quays Business Park, Private Road No 2, Colwick, Nottingham, NG4 2JY, United Kingdom.


15.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
1,446,132
1,456,910

Finished goods and goods for resale
1,170,858
1,427,385

2,616,990
2,884,295



16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,313,619
1,638,416
-
-

Amounts owed by group undertakings
-
-
2,611
1,289

Other debtors
162,871
89,273
3,171
29

Prepayments and accrued income
677,108
542,333
584,392
475,937

2,153,598
2,270,022
590,174
477,255


Page 30


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
26,307,895
23,006,844
24,061,970
19,573,101

26,307,895
23,006,844
24,061,970
19,573,101



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Gross amounts due to customers for contract work
540,082
983,945
-
-

Trade creditors
420,216
452,464
-
-

Corporation tax
554,955
370,411
252,334
140,876

Other creditors
64,127
65,697
-
-

Accruals and deferred income
56,520
61,565
6,520
6,250

1,635,900
1,934,082
258,854
147,126



19.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
27,621,512
24,645,258
24,064,721
19,574,490

Financial liabilities measured at amortised cost
1,016,818
1,497,974
6,520
6,250

28,638,330
26,143,232
24,071,241
19,580,740



Page 31


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(89,466)
(66,339)


Charged to profit or loss
17,449
(23,127)



At end of year
(72,017)
(89,466)

Company


2024
2023


£

£






At beginning of year
(11,702)
(4,736)


Charged to profit or loss
(2,322)
(6,966)



At end of year
(14,024)
(11,702)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
72,017
91,816
14,024
14,052

Tax losses carried forward
-
(2,350)
-
(2,350)

72,017
89,466
14,024
11,702


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 32


 
COPLEY HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Contingent liabilities

The Group has a contingent liability of £40,000 (2023- £40,000) to National Westminster Bank Plc in respect of a Guarantee for that sum made by the Bank in favour HM Revenue & Customs.


23.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £299,649 (2023 - £219,278). At the year end there were unpaid pension contributions amounting to £64,127 (2023 - £65,697).


24.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
9,164
9,164

Later than 1 year and not later than 5 years
9,164
18,328

18,328
27,492


25.


Related party transactions

During the year, the directors were paid dividends of £2,282,000 (2023 - £1,280,500).


26.


Controlling

Copley Holdings Limited is controlled by Mr M A Copley.

 
Page 33