REGISTERED NUMBER: 04175573 (England and Wales)

COPTHILL HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

7

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

to

31

DIRECTORS:

J A Teesdale

Mrs A M Teesdale

N E Teesdale

S W J Teesdale

SECRETARY:

J A Teesdale

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

04175573 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

The directors present their strategic report of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being revenue, gross margin and profit on ordinary activities.

2025

2024

Revenue

£3,801,401

£3,675,100

Gross Profit

£1,473,256

£1,327,245

Gross Profit %

38.8%

36.1%

Profit on ordinary activities before tax

£510,368

£304,631

2024-25 has seen a considerable change in the independent school sector with the introduction of VAT in January 2025. We experienced no immediate change to pupil numbers and adjusted our fee structure to absorb 5% of the VAT increase in January and April 2025. We continue to monitor the demand and the sector carefully to ensure we remain sensitive to the changes and can adapt fees and costs in order to remain financially robust. We concentrated on our costs in 2024-25 which gave us confidence in our financial model to absorb the impact of VAT. Costs have been kept under budget and further savings have been made in non-core elements. Energy costs have reduced which has also helped the overall budget. Staff costs have once again been a key priority and despite the employer NI increase, further improvements in staff timetabling efficiency and a freeze on recruitment kept the increase in staff costs within budget.

Moving on into 2025-26, the sector experienced a notable dip in enrolments in 2025, driven primarily by the new VAT-inclusive fees and rising cost pressures. Financial sustainability has become the sector's central challenge, prompting cost reductions, staffing reviews and greater scrutiny of supplier spend. We intend to continue our current strategy whilst not compromising on the quality of the education provided.

The arable farming sector remains challenging in 2024-25 as adverse weather patterns disrupt growing seasons and there is continued uncertainty within the commodity markets as they respond to economic and political events across the globe. Having persevered against the trend for a number of years, poor establishment conditions during the current growing season has made it untenable for the farm to continue growing winter oilseed rape. The rotation changed mid-year to incorporate spring cereal crops and was further boosted by a successful application for the SFI environmental grant scheme which will provide an additional annual income for three years. Input costs have remained within expected parameters during the accounting period and savings have been achieved through forward purchasing, budget controls and close management of the new rotation.

The commercial property portfolio continues to balance business revenues, with steady increase of rental levels at lease renewal and strong demand shown from existing tenants. The comprehensive maintenance programme, which included a car park upgrade in summer 2025, ensures the office development retains a high standard for the future.The combined agricultural and property revenues (£136k and £151k respectively) demonstrate a solid trading base for the holding company.

The directors believe that prudent management, aligned with long term investment, will ensure continued profitability whilst providing the strong foundations from which all sectors of the business can develop.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the group. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.

The existence of these financial instruments exposes the group to a number of financial risks. The directors review and agree policies for managing each of these risks and they are summarised below.

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility can be also be achieved by overdraft facilities.

The group finances its operations through a combination of hire purchase, preference shares and director financing loans. The group settled its only bank loan during the accounting period to end exposure to future interest rate fluctuations. Interest on director financing loans is discretionary.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Severe weather patterns and fluctuations in global commodity markets continue to have an adverse impact upon the practicality and cost of the farm business operations. Strategic plans, using professional advice, are in place to help minimise potential risk impacts to all parts of the business. Prudent, flexible management strategies have been implemented to consolidate the business on a solid foundation, putting it in prime position to take advantage of a future upturn in trading conditions.

With these risks and uncertainties in mind, we are still aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:

N E Teesdale - Director

28 April 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of a nursery and preparatory school, farming, the provision of management services and the administration of a portfolio of investment properties.

DIVIDENDS

No dividends were distributed for the year ending 31 July 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

J A Teesdale

Mrs A M Teesdale

N E Teesdale

S W J Teesdale

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise bank balances, bank loans, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and to finance the group's operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N E Teesdale - Director

28 April 2026

Opinion

We have audited the financial statements of Copthill Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as property valuations and depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, NSF certifications, loadall licenses, independent school inspections, employment law and other environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included a review of the ISI visits and license visits conducted within the year for any evidence of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally-Anne Hurn FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

29 April 2026

REVENUE

3

3,801,401

3,675,100

Cost of sales

2,328,145

2,347,855

GROSS PROFIT

1,473,256

1,327,245

Administrative expenses

1,170,529

1,176,477

302,727

150,768

Other operating income

4

153,521

175,374

OPERATING PROFIT

6

456,248

326,142

Interest receivable and similar income

7

59,391

13,162

515,639

339,304

Interest payable and similar expenses

8

5,271

34,673

PROFIT BEFORE TAXATION

510,368

304,631

Tax on profit

9

127,143

87,168

PROFIT FOR THE FINANCIAL YEAR

383,225

217,463

Profit attributable to:

Owners of the parent

383,225

217,463

PROFIT FOR THE YEAR

383,225

217,463

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

383,225

217,463

Total comprehensive income attributable to:

Owners of the parent

383,225

217,463

FIXED ASSETS

Intangible assets

12

-

-

Property, plant and equipment

13

4,315,524

4,234,874

Investments

14

-

-

Investment property

15

1,274,000

1,274,000

5,589,524

5,508,874

CURRENT ASSETS

Inventories

16

125,985

137,958

Debtors

17

328,478

293,410

Investments

18

1,227,743

403,763

Cash at bank and in hand

844,568

1,803,576

2,526,774

2,638,707

CREDITORS

Amounts falling due within one year

19

1,300,763

1,310,497

NET CURRENT ASSETS

1,226,011

1,328,210

TOTAL ASSETS LESS CURRENT LIABILITIES

6,815,535

6,837,084

CREDITORS

Amounts falling due after more than one year

20

(577,793

)

(986,356

)

PROVISIONS FOR LIABILITIES

25

(302,360

)

(298,571

)

NET ASSETS

5,935,382

5,552,157

CAPITAL AND RESERVES

Called up share capital

26

7,900

7,900

Revaluation reserve

27

902,382

902,382

Other reserves

27

389,185

389,185

Retained earnings

27

4,635,915

4,252,690

SHAREHOLDERS' FUNDS

5,935,382

5,552,157

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

N E Teesdale - Director

FIXED ASSETS

Intangible assets

12

-

-

Property, plant and equipment

13

1,749,943

1,758,257

Investments

14

157,900

157,900

Investment property

15

1,434,000

1,434,000

3,341,843

3,350,157

CURRENT ASSETS

Inventories

16

85,416

93,647

Debtors

17

106,817

54,679

Cash at bank

124,415

98,732

316,648

247,058

CREDITORS

Amounts falling due within one year

19

1,080,974

898,352

NET CURRENT LIABILITIES

(764,326

)

(651,294

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,577,517

2,698,863

CREDITORS

Amounts falling due after more than one year

20

(400,000

)

(579,096

)

PROVISIONS FOR LIABILITIES

25

(264,836

)

(266,175

)

NET ASSETS

1,912,681

1,853,592

CAPITAL AND RESERVES

Called up share capital

26

7,900

7,900

Revaluation reserve

27

902,382

902,382

Other reserves

27

389,185

389,185

Retained earnings

27

613,214

554,125

SHAREHOLDERS' FUNDS

1,912,681

1,853,592

Company's profit for the financial year

59,089

43,508

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

N E Teesdale - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 August 2023

7,900

4,039,227

902,382

389,185

5,338,694

Changes in equity

Total comprehensive income

-

217,463

-

-

217,463

Dividends

-

(4,000

)

-

-

(4,000

)

Balance at 31 July 2024

7,900

4,252,690

902,382

389,185

5,552,157

Changes in equity

Total comprehensive income

-

383,225

-

-

383,225

Balance at 31 July 2025

7,900

4,635,915

902,382

389,185

5,935,382

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 August 2023

7,900

514,617

902,382

389,185

1,814,084

Changes in equity

Total comprehensive income

-

43,508

-

-

43,508

Dividends

-

(4,000

)

-

-

(4,000

)

Balance at 31 July 2024

7,900

554,125

902,382

389,185

1,853,592

Changes in equity

Total comprehensive income

-

59,089

-

-

59,089

Balance at 31 July 2025

7,900

613,214

902,382

389,185

1,912,681

Cash flows from operating activities

Cash generated from operations

1

152,806

1,340,234

Interest paid

(5,271

)

(24,173

)

Tax paid

(91,598

)

(105,652

)

Net cash from operating activities

55,937

1,210,409

Cash flows from investing activities

Purchase of tangible fixed assets

(143,760

)

(66,412

)

Purchase of current asset investments

(1,120,934

)

(400,166

)

Sale of tangible fixed assets

-

3,000

Sale of current asset investments

316,929

-

Interest received

39,416

9,565

Net cash from investing activities

(908,349

)

(454,013

)

Cash flows from financing activities

Capital loan repayments

(292,266

)

(58,124

)

Amounts introduced by directors

569,106

17,236

Amounts withdrawn by directors

(433,436

)

(16,858

)

Issue of new preference shares

300,000

-

Redemption of preference shares

(250,000

)

-

Preference dividend paid

-

(10,500

)

Equity dividends paid

-

(4,000

)

Net cash from financing activities

(106,596

)

(72,246

)

(Decrease)/increase in cash and cash equivalents

(959,008

)

684,150

Cash and cash equivalents at beginning of year

2

1,803,576

1,119,426

Cash and cash equivalents at end of year

2

844,568

1,803,576

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

510,368

304,631

Depreciation charges

61,431

66,161

Loss/(profit) on disposal of fixed assets

1,675

(1,973

)

Finance costs

5,271

34,673

Finance income

(59,391

)

(13,162

)

519,354

390,330

Decrease in inventories

11,973

5,445

Increase in trade and other debtors

(35,068

)

(90,676

)

(Decrease)/increase in trade and other creditors

(343,453

)

1,035,135

Cash generated from operations

152,806

1,340,234

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

844,568

1,803,576

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

1,803,576

1,119,426

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

1,803,576

(959,008

)

844,568

1,803,576

(959,008

)

844,568

Liquid resources

Current asset investments

403,763

823,980

1,227,743

403,763

823,980

1,227,743

Debt

Debts falling due within 1 year

(63,170

)

63,170

-

Debts falling due after 1 year

(229,096

)

229,096

-

(292,266

)

292,266

-

Total

1,915,073

157,238

2,072,311

1.	STATUTORY INFORMATION

Copthill Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Financial Reporting Standard 102 - reduced disclosure exemptions

The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

-

the requirements of Section 7 Statement of Cash Flows;

-

the requirements of Section 11 Basic Financial Instruments (paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c));

-

the requirements of Section 12 Other Financial Instruments (paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

The disclosures above are incorporated within these consolidated financial statements.

Basis of consolidation

The group financial statements consolidate the financial statements of Copthill Holdings Limited and its subsidiary undertaking for the year ended 31 July 2025.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated Income Statement from the date of acquisition or up to the date of disposal.

In accordance with section 408 (2) of the Companies Act 2006, Copthill Holdings Limited is exempt from the requirement to present its own Income Statement.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.