Copthill Holdings Limited - Limited company accounts 20.1
Copthill Holdings Limited - Limited company accounts 20.1
| 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 2019 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 | to | 3 |
| Report of the Directors | 4 | to | 5 |
| Report of the Independent Auditors | 6 | 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 | 34 |
| COPTHILL HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Mark Hindmarch BSc ACA |
| AUDITORS: |
| 14 All Saints Street |
| Stamford |
| Lincolnshire |
| PE9 2PA |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 JULY 2019 |
| The directors present their strategic report of the company and the group for the year ended 31 July 2019. |
| 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 company as a whole, these being turnover, gross margin and profit on ordinary activities. |
| 2019 | 2018 | 2017 | 2016 |
| Turnover | £3,080,992 | £2,920,038 | £2,853,539 | £2,758,691 |
| Gross Profit | £1,086,188 | £1,016,039 | £1,089,888 | £1,039,747 |
| Gross Profit % | 35.25% | 34.80% | 38.19% | 37.69% |
| Profit on ordinary activities before tax | £254,506 | £162,692 | £296,396 | £146,886 |
| Profit on ordinary activities after tax and transferred to reserves |
224,176 |
131,233 |
£236,185 |
£101,810 |
| The directors are very pleased with the performance of the group during the year. Copthill School Limited has |
| continued to grow turnover during the period which is a reflection of the high teaching standards and a capital |
| programme over the last 5 years which has enhanced the school's facilities. |
| The key component of turnover relates to Copthill Nursery and Preparatory School - £2,950,790 (2018: £2,777,429). |
| The 1.6% increase in turnover reflects an increase in school fees during the year and stable pupil numbers. Teaching |
| staff remuneration is the most significant direct cost attributable to the school. Payroll costs have increased as the |
| school further invested into the teaching staff, which resulted in a gross profit of £1,048,714 (2018: £963,080) and a |
| increase in gross profit percentage. |
| Despite increasing costs, the School has managed to maintain a satisfactory profit on ordinary activities before tax of |
| £91,284 (2018: 84,084) and a profit after taxation of £70,718 (2018: £62,393). |
| The remaining turnover relates to the farming operation - £130,202 (2018: £142,609). |
| The commercial property portfolio of Copthill Holdings is fully occupied and continues to make a positive contribution |
| to overall profitability through the development of a high quality portfolio. Planning permission was gained for a |
| 2,500 sq ft additional office space. The development is to be completed in 2019. |
| As for many businesses of our size, the business environment in which we operate continues to be challenging. While |
| there has been a period of economic recovery, government spending cuts have yet to be fully implemented and above |
| inflation pay rises have only recently become a feature of the economy again, so there will continue to be pressure on |
| family incomes. |
| The Directors continue to ensure investment in high quality teaching staff and renewal school facilities, focussing |
| particularly on pre-school provision this year. The investment demonstrates that Copthill School will remain at the |
| forefront of local private school provision. While the economic outlook remains uncertain, the Directors believe hat |
| continued investment will ensure the School remains profitable and benefits fully from the recovery should it continue |
| to become more firmly established over the longer term. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 JULY 2019 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The groups principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors |
| and loans to the group. The main purpose of these instruments is to raise funds for the groups operations and to |
| finance the groups 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 is achieved by overdraft facilities. |
| The group finances its operations through a combination of bank borrowings, hire purchase, preference shares and |
| Director financing loans. The groups exposure to interest rate fluctuations on its borrowings is managed by the use of |
| both fixed and variable rate facilities. Interest on Director financing loans is discretionary. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to |
| customers and the regular monitoring of amounts outstanding for both time and credit limits. |
| Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| The impact of Coronavirus COVID-19 remains uncertain and continues to develop on a daily basis. Management is |
| monitoring the exposure to the group's business and employees and is referring to government and professional |
| advice being published so that action can be considered which may help minimise the impact of the risk. |
| With these risks and uncertainties in mind, we are aware that any plans for the future development of the business |
| may be subject to unforeseen future events outside of our control. |
| ON BEHALF OF THE BOARD: |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| The directors present their report with the financial statements of the company and the group for the year ended |
| 31 July 2019. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of a nursery and preparatory school, farming, the |
| provision of management services and the administration of a portfolio of investment properties. |
| DIVIDENDS |
| A dividend of £0.03 per Preferred C share of £1 was declared and paid on 15 April 2019. This dividend payment |
| totalled £10,500 and represents an interim dividend in respect of the year ended 31 July 2019. |
| A dividend of £5.06 per Ordinary share of £1 was declared and paid on 15 April 2019. This dividend payment totalled |
| £40,000 and represents an interim dividend in respect of the year ended 31 July 2019. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 August 2018 to the date of this |
| report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial |
| statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the |
| directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
| Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors |
| must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of |
| affairs of the company and the group and of the profit or loss of the group for that period. In preparing these |
| financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
| company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
| company and the group and enable them to ensure that the financial statements comply with the Companies Act |
| 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking |
| reasonable steps for the prevention and detection of fraud and other irregularities. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
| Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to |
| have taken as a director in order to make himself or herself aware of any relevant audit information and to establish |
| that the group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COPTHILL HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of Copthill Holdings Limited (the 'parent company') and its subsidiaries (the |
| 'group') for the year ended 31 July 2019 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 2019 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 |
| We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
| you where: |
| - | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
| - | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
| 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 there is a material |
| misstatement in the financial statements or a material misstatement of the other information. If, based on the work |
| we have performed, we conclude that there is a material misstatement of this other information, we are required to |
| report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COPTHILL HOLDINGS LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained |
| in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report |
| of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
| you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are |
| responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, |
| and for such internal control as the directors determine necessary to enable the preparation of financial statements |
| that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent |
| company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using |
| the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company |
| or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
| material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
| Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
| ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and |
| are considered material if, individually or in the aggregate, they could reasonably be expected to influence the |
| economic decisions of users taken on the basis of these financial statements. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial |
| Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report of |
| the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
| Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
| matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
| permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
| members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 14 All Saints Street |
| Stamford |
| Lincolnshire |
| PE9 2PA |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 31.7.19 | 31.7.18 |
| Notes | £ | £ |
| REVENUE | 3 | 3,080,992 | 2,920,038 |
| Cost of sales | (1,994,804 | ) | (1,903,999 | ) |
| GROSS PROFIT | 1,086,188 | 1,016,039 |
| Administrative expenses | (1,064,352 | ) | (939,406 | ) |
| 21,836 | 76,633 |
| Other operating income | 129,515 | 110,643 |
| OPERATING PROFIT | 5 | 151,351 | 187,276 |
| Revaluation of investment |
| properties | 6 | 126,714 | - |
| 278,065 | 187,276 |
| Interest payable and similar expenses | 7 | (23,559 | ) | (24,584 | ) |
| PROFIT BEFORE TAXATION | 254,506 | 162,692 |
| Tax on profit | 8 | (30,330 | ) | (40,459 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 224,176 | 122,233 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 31.7.19 | 31.7.18 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 224,176 | 122,233 |
| OTHER COMPREHENSIVE INCOME |
| Deferred tax movement relating to | - | 9,000 |
| indexation |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
9,000 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
224,176 |
131,233 |
| Total comprehensive income attributable to: |
| Owners of the parent | 224,176 | 131,233 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 31 JULY 2019 |
| 31.7.19 | 31.7.18 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 3,200 | 11,200 |
| Property, plant and equipment | 12 | 4,124,967 | 4,096,573 |
| Investments | 13 | - | - |
| Investment property | 14 | 1,156,566 | 804,000 |
| 5,284,733 | 4,911,773 |
| CURRENT ASSETS |
| Inventories | 15 | 135,275 | 149,765 |
| Debtors | 16 | 217,591 | 252,395 |
| Cash at bank and in hand | 262,157 | 292,803 |
| 615,023 | 694,963 |
| CREDITORS |
| Amounts falling due within one year | 17 | (1,076,246 | ) | (667,611 | ) |
| NET CURRENT (LIABILITIES)/ASSETS | (461,223 | ) | 27,352 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 4,823,510 | 4,939,125 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(409,599 |
) |
(713,850 |
) |
| PROVISIONS FOR LIABILITIES | 23 | (165,460 | ) | (161,000 | ) |
| NET ASSETS | 4,248,451 | 4,064,275 |
| CAPITAL AND RESERVES |
| Called up share capital | 24 | 7,900 | 7,900 |
| Revaluation reserve | 25 | 1,141,019 | 1,014,305 |
| Retained earnings | 25 | 3,099,532 | 3,042,070 |
| SHAREHOLDERS' FUNDS | 4,248,451 | 4,064,275 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| 25 May 2020 and were signed on its behalf by: |
| N E Teesdale - Director |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 31 JULY 2019 |
| 31.7.19 | 31.7.18 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Property, plant and equipment | 12 |
| Investments | 13 |
| Investment property | 14 |
| CURRENT ASSETS |
| Inventories | 15 |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 23 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 24 |
| Revaluation reserve | 25 |
| Retained earnings | 25 | 374,080 | 378,993 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 161,802 | 139,186 |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 JULY 2019 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 August 2017 | 7,900 | 2,979,837 | 1,005,305 | 3,993,042 |
| Changes in equity |
| Dividends | - | (60,000 | ) | - | (60,000 | ) |
| Total comprehensive income | - | 122,233 | 9,000 | 131,233 |
| Balance at 31 July 2018 | 7,900 | 3,042,070 | 1,014,305 | 4,064,275 |
| Changes in equity |
| Dividends | - | (40,000 | ) | - | (40,000 | ) |
| Total comprehensive income | - | 97,462 | 126,714 | 224,176 |
| Balance at 31 July 2019 | 7,900 | 3,099,532 | 1,141,019 | 4,248,451 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 JULY 2019 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 August 2017 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 July 2018 | 1,401,198 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 July 2019 | 7,900 | 374,081 | 1,523,000 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 31.7.19 | 31.7.18 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 195,483 | 221,552 |
| Tax paid | (43,056 | ) | (62,711 | ) |
| Net cash from operating activities | 152,427 | 158,841 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (133,106 | ) | (44,718 | ) |
| Purchase of investment property | (203,852 | ) | - |
| Sale of tangible fixed assets | 3,975 | 203 |
| Net cash from investing activities | (332,983 | ) | (44,515 | ) |
| Cash flows from financing activities |
| New loans in year | 351,919 | - |
| Loan repayments in year | (162,096 | ) | (88,294 | ) |
| Bank loan interest paid | (13,059 | ) | (14,084 | ) |
| Amount introduced by directors | 34,667 | 47,054 |
| Amount withdrawn by directors | (11,021 | ) | (15,480 | ) |
| Preference dividend paid | (10,500 | ) | (10,500 | ) |
| Equity dividends paid | (40,000 | ) | (60,000 | ) |
| Net cash from financing activities | 149,910 | (141,304 | ) |
| Decrease in cash and cash equivalents | (30,646 | ) | (26,978 | ) |
| Cash and cash equivalents at beginning of year |
2 |
292,803 |
319,781 |
| Cash and cash equivalents at end of year | 2 | 262,157 | 292,803 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Profit before taxation | 254,506 | 162,692 |
| Depreciation charges | 89,568 | 84,048 |
| (Profit)/loss on disposal of fixed assets | (2,831 | ) | 1,353 |
| Revaluation of investment properties | (126,714 | ) | - |
| Finance costs | 23,559 | 24,584 |
| 238,088 | 272,677 |
| Decrease/(increase) in inventories | 14,490 | (7,479 | ) |
| Decrease/(increase) in trade and other debtors | 27,149 | (90,459 | ) |
| (Decrease)/increase in trade and other creditors | (84,244 | ) | 46,813 |
| Cash generated from operations | 195,483 | 221,552 |
| 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 2019 |
| 31.7.19 | 1.8.18 |
| £ | £ |
| Cash and cash equivalents | 262,157 | 292,803 |
| Year ended 31 July 2018 |
| 31.7.18 | 1.8.17 |
| £ | £ |
| Cash and cash equivalents | 292,803 | 319,781 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 1. | STATUTORY INFORMATION |
| Copthill Holdings Limited is a |
| 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. |
| Going concern |
| The current COVID-19 pandemic has had a significant impact on the way the school operates. The school was |
| closed on 24 March 2020, as required by the UK Government. However, the school has continued to operate |
| through remote teaching and the group is receiving fee income. The directors are monitoring the situation |
| and are referring to government and professional advice published to minimise the general impact to the |
| group. Government support schemes have been accessed where required. The directors are therefore |
| satisfied that the group remains a going concern and are confident further government support could be |
| obtained if necessary. |
| 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 disclosure above is 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 2019. |
| 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. The amount of the profit for the financial year for the |
| company as an individual entity is disclosed in the notes to these financial statements. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Significant judgements and estimates |
| In the application of the Group's accounting policies, management is required to make judgements, estimates |
| and assumptions about the carrying value of assets and liabilities that are not readily apparent from other |
| sources. The estimates and underlying assumptions are based on historical experience and other factors that |
| are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
| estimates are recognised in the period in which the estimate is revised if the revision affects only that period, |
| or in the period of the revision and future periods if the revision affects both current and future periods. |
| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the |
| financial statements are described below. |
| Valuation of investment properties |
| The investment properties are stated at fair value based on the valuations performed by N E Teesdale, a |
| director and qualified valuer. The valuer used observable market prices adjusted as necessary for any |
| differences in the future, location or condition of the specific asset. |
| Depreciation of buildings |
| The directors have elected not to depreciate freehold buildings as it the group's policy to maintain property in |
| a good state of repair such that the residual value is not materially different to the carrying value. |
| Revenue |
| Revenue represents net invoiced sales of crops, management fees or rents due for Copthill Holdings Limited. |
| For Copthill School Limited, revenue represents income receivable for fees, additional pupil related services |
| and goods sold in the period, exclusive of Value Added Tax and trade discounts. It also includes Early Years |
| Education Grant received in the period. |
| Goodwill |
| Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair |
| value of its separate net assets. It is being written off in equal annual instalments over its estimated economic |
| life of 20 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Property, plant and equipment |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold property | 4% on cost and not provided |
| Plant and machinery | 20% on reducing balance |
| Computer equipment | 33% on cost |
| School huts and classrooms | 15% pa reducing balance |
| Plant and equipment | 25% pa reducing balance |
| Motor vehicles | 25% pa reducing balance |
| For Copthill School Limited, land and other buildings have not been depreciated as it is felt that they are |
| maintained to such a high standard that the residual value of the assets would be no less than their carrying |
| value in the accounts. Other Freehold property is tested annually for impairment. |
| Freehold property owned by the parent company and leased to subsidiary companies is accounted for in |
| accordance with Sections 16 and 17 of FRS 102. |
| In the parent's own financial statements it is shown as investment property measured at fair value at each |
| reporting date, with changes in fair value recognised in the income statement and the revaluation reserve. No |
| depreciation is provided in respect of investment properties. |
| In the consolidated financial statements it is shown as freehold property measured at cost. |
| Inventories |
| Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due |
| allowance for obsolete and slow moving stocks. Inventories are accounted for on a first-in-first-out basis. |
| Financial instruments |
| The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at |
| transaction price, unless the arrangement constitutes a financing transaction, where the transaction is |
| measured at the present value of the future receipts discounted at a market rate of interest |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
| evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
| amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
| rate. The impairment loss is recognised in the income statement. |
| Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies |
| and preference shares that are classified as debt, are initially recognised at transaction price, unless the |
| arrangement constitutes a financing transaction, where the debt instrument is measured at the present value |
| of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
| business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year |
| or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at |
| transaction price and subsequently measured at amortised cost using the effective interest method. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income |
| Statement, except to the extent that it relates to items recognised in other comprehensive income or directly |
| in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
| from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
| laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
| reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
| they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 3. | REVENUE |
| The revenue and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of revenue by class of business is given below: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the year was as follows: |
| 31.7.19 | 31.7.18 |
| Directors | 5 | 5 |
| Administration | 4 | 4 |
| Teachers | 65 | 65 |
| Other | 4 | 4 |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| Auditors' remuneration |
| 6. | EXCEPTIONAL ITEMS |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Revaluation of investment |
| properties |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Bank interest |
| Mortgage |
| Preference dividends |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Adjustment re previous years | 97 | - |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
| explained below: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2018 - |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods |
| Other | 434 | 1,954 |
| Total tax charge | 30,330 | 40,459 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 July 2019. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 8. | TAXATION - continued |
| 31.7.18 |
| Gross | Tax | Net |
| £ | £ | £ |
| Deferred tax movement relating to | - | 9,000 |
| indexation |
| 9,000 | - | 9,000 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not |
| presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Ordinary shares shares of £1 each |
| Interim |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 August 2018 |
| and 31 July 2019 |
| AMORTISATION |
| At 1 August 2018 |
| Amortisation for year |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2018 | 3,949,098 | 492,130 | 210,714 |
| Additions | 15,665 | 73,517 | 17,457 |
| Disposals | - | - | (2,568 | ) |
| Reclassification/transfer | (22,000 | ) | - | - |
| At 31 July 2019 | 3,942,763 | 565,647 | 225,603 |
| DEPRECIATION |
| At 1 August 2018 | 70,816 | 376,157 | 153,129 |
| Charge for year | 15,727 | 35,085 | 13,638 |
| Eliminated on disposal | - | - | (1,610 | ) |
| At 31 July 2019 | 86,543 | 411,242 | 165,157 |
| NET BOOK VALUE |
| At 31 July 2019 | 3,856,220 | 154,405 | 60,446 |
| At 31 July 2018 | 3,878,282 | 115,973 | 57,585 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2018 | 18,436 | 184,815 | 4,855,193 |
| Additions | 4,182 | 22,285 | 133,106 |
| Disposals | - | (754 | ) | (3,322 | ) |
| Reclassification/transfer | - | - | (22,000 | ) |
| At 31 July 2019 | 22,618 | 206,346 | 4,962,977 |
| DEPRECIATION |
| At 1 August 2018 | 11,675 | 146,843 | 758,620 |
| Charge for year | 2,627 | 14,491 | 81,568 |
| Eliminated on disposal | - | (568 | ) | (2,178 | ) |
| At 31 July 2019 | 14,302 | 160,766 | 838,010 |
| NET BOOK VALUE |
| At 31 July 2019 | 8,316 | 45,580 | 4,124,967 |
| At 31 July 2018 | 6,761 | 37,972 | 4,096,573 |
| Included in cost or valuation of land and buildings is freehold land of £1,518,886 (2018 - £1,518,886) which is |
| not depreciated. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Group |
| Cost or valuation at 31 July 2019 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2014 | 1,537,500 | - | - |
| Cost | 2,405,263 | 565,647 | 225,603 |
| 3,942,763 | 565,647 | 225,603 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2014 | - | - | 1,537,500 |
| Cost | 22,618 | 206,346 | 3,425,477 |
| 22,618 | 206,346 | 4,962,977 |
| If freehold land and buildings had not been revalued they would have been included at the following historical |
| cost: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Cost | 2,878,650 | 2,884,985 |
| Aggregate depreciation | 14,410 | 14,410 |
| Freehold land and buildings were valued on an open market basis on 31 July 2014 by N E Teesdale . |
| Freehold property owned by the parent company and leased to the subsidiary company is shown in freehold |
| property in the consolidated financial statements. |
| Three parcels of land were subject to valuation by N E Teesdale, a director and qualified valuer, on an open |
| market basis. The methods and assumptions used to ascertain the fair values are as follows: |
| In accordance with RICS valuation standards, the valuations were prepared having regard to the market based |
| evidence for similar properties sold in the local area, subject to occupational leases where relevant. |
| The group has applied the transitional arrangements of Section 35 of FRS 102 and used these valuations as the |
| deemed cost for certain freehold properties owned by the parent company. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2018 |
| Additions |
| Reclassification/transfer | ( |
) | ( |
) |
| At 31 July 2019 |
| DEPRECIATION |
| At 1 August 2018 |
| Charge for year |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,518,886 (2018 - £ 1,518,886 ) which is |
| not depreciated. |
| Cost or valuation at 31 July 2019 is represented by: |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2014 | 968,268 | - | - | - | 968,268 |
| Cost | 588,464 | 45,719 | 4,182 | 25,813 | 664,178 |
| 1,556,732 | 45,719 | 4,182 | 25,813 | 1,632,446 |
| If freehold land and buildings had not been revalued they would have been included at the following historical |
| cost: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Cost | 610,464 | 572,618 |
| Freehold land and buildings were valued on an open market basis basis on 31 July 2014 by the directors . |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| These properties were subject to valuation by N E Teesdale, a director and qualified valuer, on an open market |
| basis. The methods and assumptions used to ascertain the fair values are as follows: |
| In accordance with RICS valuation standards, the valuations were prepared having regard to the market based |
| evidence for similar properties sold in the local area, subject to occupational leases where relevant. |
| The company has applied the transitional arrangements of Section 35 of FRS 102 and used these professional |
| valuations as the deemed cost for certain freehold properties owned by the company. |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 August 2018 |
| and 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of |
| companies include the following: |
| Subsidiary |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 14. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2018 | 804,000 |
| Additions | 203,852 |
| Revaluations | 126,714 |
| Reclassification/transfer | 22,000 |
| At 31 July 2019 | 1,156,566 |
| NET BOOK VALUE |
| At 31 July 2019 | 1,156,566 |
| At 31 July 2018 | 804,000 |
| Fair value at 31 July 2019 is represented by: |
| £ |
| Valuation in 2019 | 1,156,566 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Cost | 860,815 | 634,963 |
| Investment property was valued on an open market value basis on 31 July 2019 by the Directors . |
| These properties were subject to valuation by N E Teesdale, a director and qualified valuer, at 31 July 2019 on |
| an open market basis. The methods and assumptions used to ascertain the fair value of £1,156,566 (2018 - |
| £804,000) are as follows: |
| In accordance with RICS valuation standards, the valuations were prepared having regard to the market based |
| evidence for similar properties sold in the local area, subject to occupational leases where relevant. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 14. | INVESTMENT PROPERTY - continued |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2018 |
| Additions |
| Revaluations |
| Reclassification/transfer | 22,000 |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Fair value at 31 July 2019 is represented by: |
| £ |
| Valuation in 2016 | 130,436 |
| Valuation in 2019 | 126,714 |
| Cost | 1,069,416 |
| 1,326,566 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Cost | 1,047,416 | 843,563 |
| Investment property was valued on an open market basis on 31 July 2019 by the Directors . |
| These properties were subject to valuation by N E Teesdale, a director and qualified valuer, at 31 July 2019 on |
| an open market basis. The methods and assumptions used to ascertain the fair value of £1,326,565 (2018 - |
| £974,000) are as follows: |
| In accordance with RICS valuation standards, the valuations were prepared having regard to the market based |
| evidence for similar properties sold in the local area, subject to occupational leases where relevant. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 15. | INVENTORIES |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Valuation | 91,592 | 98,917 | 91,592 | 98,917 |
| Stocks | 43,683 | 50,848 |
| 135,275 | 149,765 |
| Inventories recognised in cost of sales during the year as an expense were £196,165 (2018 - £221,831). |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Trade debtors | 66,506 | 47,627 |
| Other debtors | 140,220 | 170,098 |
| Directors' current accounts | 5,165 | 12,820 |
| Prepayments and accrued income | 5,700 | 21,850 |
| 217,591 | 252,395 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 556,639 | 71,866 |
| Trade creditors | 127,787 | 265,682 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 25,773 | 42,959 |
| Other taxes and social security | 54,306 | 51,880 |
| Other creditors | 119,100 | 183,484 |
| Directors' current accounts | 41,568 | 25,577 |
| Accruals and deferred income | 151,073 | 26,163 |
| 1,076,246 | 667,611 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Preference shares (see note 19) | 350,000 | 350,000 |
| Bank loans (see note 19) | - | 294,950 |
| Accruals and deferred income | 59,599 | 68,900 |
| 409,599 | 713,850 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| Preferred C £1 Shares |
| Whilst one of the first holders of the Preferred C £1 Shares is alive, a maximum net dividend of 12% per annum |
| may be paid on the shares, of which one half is to be paid in priority to any dividend on any other class of |
| share. Dividends will be paid in July of each year, with interim dividends being payable on account at the |
| discretion of the Board of Directors. The Shares confer no right to vote on any matters. They are redeemable at |
| par, provided only that the shares to be redeemed have been transferred by the first holders of the shares, |
| and by an Ordinary Resolution of Copthill Holdings Limited in a General Meeting. |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on |
| demand: |
| Bank overdrafts | - | - |
| Bank loans | 556,639 | 71,866 |
| 556,639 | 71,866 |
| Amounts falling due between two and five |
| years: |
| Bank loans | - | 161,587 |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Preference shares | 350,000 | 350,000 | 350,000 | 350,000 |
| Repayable by instalments |
| Bank loans more than 5 years | - | 133,363 | - | 133,363 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating |
| leases |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Within one year | 23,473 | 23,473 |
| Between one and five years | 71,089 | 80,162 |
| In more than five years | 135,648 | 150,048 |
| 230,210 | 253,683 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Bank overdraft | - | - |
| Bank loans | 556,639 | 366,816 |
| 556,639 | 366,816 |
| Bank loans and overdrafts are secured on freehold land and buildings owned by Copthill Holdings Limited and |
| by fixed and floating charges over all the assets of Copthill School Limited. |
| J A Teesdale, N E Teesdale and S W J Teesdale have provided personal guarantees up to £500,000. |
| 22. | FINANCIAL INSTRUMENTS |
| Group |
| The group has the following financial instruments: |
| 2019 | 2018 |
| £ | £ |
| Financial assets that are debt instruments measured at amortised cost |
| Trade debtors | 66,506 | 47,627 |
| Other debtors | 140,220 | 170,098 |
| Directors' current accounts | 5,165 | 12,820 |
| Financial liabilities measured at amortised cost |
| Bank loans and overdrafts | 556,639 | 366,816 |
| Trade creditors | 127,787 | 265,682 |
| Other creditors | 119,100 | 183,484 |
| Directors' current accounts | 41,568 | 25,576 |
| Preference shares | 350,000 | 350,000 |
| The total interest income and interest expense for financial assets and financial liabilities that are not |
| measured at fair value through profit or loss was £nil (2018 - £nil) and £23,559 (2018 - £24,584) respectively. |
| 23. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.7.19 | 31.7.18 | 31.7.19 | 31.7.18 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 42,460 | 38,000 | 5,460 | - |
| Revaluation gains | 123,000 | 123,000 | 123,000 | 123,000 |
| 165,460 | 161,000 | 128,460 | 123,000 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 23. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2018 | 161,000 |
| Provided during year | 4,460 |
| Balance at 31 July 2019 | 165,460 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2018 |
| Provided during year |
| Balance at 31 July 2019 |
| 24. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.19 | 31.7.18 |
| value: | £ | £ |
| Ordinary shares | £1 | 7,900 | 7,900 |
| 25. | RESERVES |
| The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is |
| transferred to a separate non-distributable revaluation reserve in order to assist with the identification of |
| profits available for distribution. |
| 26. | CAPITAL COMMITMENTS |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | - | 299,000 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 27. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 July 2019 and |
| 31 July 2018: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| N E Teesdale |
| Balance outstanding at start of year | 8,025 | 11,655 |
| Amounts advanced | - | 8,175 |
| Amounts repaid | (9,000 | ) | (11,805 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (975 | ) | 8,025 |
| S W J Teesdale |
| Balance outstanding at start of year | 4,795 | 10,698 |
| Amounts advanced | 5,170 | 4,795 |
| Amounts repaid | (4,800 | ) | (10,698 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 5,165 | 4,795 |
| The loans to directors are provided interest free and are repayable on demand. |
| 28. | RELATED PARTY DISCLOSURES |
| Key management personnel of the entity or its parent (in the aggregate) |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Dividends paid | 40,000 | 56,051 |
| Private expenses paid by the company | - | 7,366 |
| Rent paid | 4,500 | 4,500 |
| Amount due from related party | 5,165 | 12,855 |
| Amount due to related party | 41,568 | 25,576 |
| All balances outstanding at the year end are unsecured and repayable on demand. |
| Key management personnel compensation is considered to be the same as reported under directors' |
| remuneration disclosed in note 4. |
| 29. | POST BALANCE SHEET EVENTS |
| In September 2019, the group refinanced its bank loan facility through a loan of £580,000. |
| Following the Covid-19 pandemic, the school has been closed since 24 March 2020. The directors have |
| implemented remote teaching, where possible, but with a 30% reduction in fees. The directors have used the |
| UK Government support schemes where necessary but due to the ongoing uncertainties, it is not possible to |
| accurately estimate the financial effects. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 30. | ULTIMATE CONTROLLING PARTY |
| The group is controlled by the directors who own the whole of the issued share capital of Copthill Holdings |
| Limited. |