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 2021 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 | to | 3 |
| Report of the Directors | 4 | to | 5 |
| Report of the Independent Auditors | 6 | to | 9 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Statement of Financial Position | 12 |
| Company Statement of Financial Position | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Statement of Cash Flows | 16 |
| Notes to the Consolidated Statement of Cash Flows | 17 |
| Notes to the Consolidated Financial Statements | 18 | to | 36 |
| COPTHILL HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 14 All Saints Street |
| Stamford |
| Lincolnshire |
| PE9 2PA |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 JULY 2021 |
| The directors present their strategic report of the company and the group for the year ended 31 July 2021. |
| 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 revenue, gross margin and profit on ordinary activities. |
| 2021 | 2020 |
| Revenue | £2,907,581 | £2,853,883 |
| Gross Profit | £1,137,016 | £998,431 |
| Gross Profit % | 39.1% | 35.0% |
| Profit on ordinary activities before tax | £465,123 | £204,068 |
| The directors have taken a cautious approach to the company finances this year. The aim was to consolidate the businesses costs and operations whilst trying to maintain income in a continuing challenging environment. |
| At Copthill School Limited, pupil numbers remained constant despite the uncertainty of the economic environment for many customers. The senior management team worked hard to adapt school routines in a safe manner to ensure pupils could access the full educational offer. Staff went above and beyond to keep the environment safe and prevent further disruption for pupils and parents. A carefully assessed fee discount was offered during the 2021 lockdown period, but during the remainder of the financial year full fees were justifiably sustained, with a positive impact on the profit for the financial year. |
| Moving forward into the next financial year this strategy will continue to be adopted as the economy and health environment continue to improve. Risks have been closely analysed and strategies developed to adapt to possible changes in this recovery plan. |
| The reduced turnover of the farming operation; £81,516 (2020: £139,829) reflects the extreme difficulties of crop establishment in 2019 in which all oilseed rape plantings failed, and wheat and barley yields were down on usual expectations. The smaller tonnages in the barn at harvest were compensated by a firm grain market, but despite that assistance the total crop sales achieved were less than 50% of the previous financial year. The planting year September 2020 to August 2021 was much more settled, resulting in average yields across all crop types. Sales into a firm market has again assisted, with expectations that total sales for the 2021 harvest will match previous years. |
| The reduction in farming output has been balanced by the strength of the property portfolio. The recently expanded commercial property development has remained fully occupied throughout the financial year, despite the difficulties of the pandemic. Demand remains high for quality business units of this size, and they are particularly sought after during the pandemic for their accessibility and safe environment. The portfolio continues to make a consistent and positive contribution to overall profitability increasing to £149,527 (2020: £130,493). Demand remains high and rental levels are increasing, as evidenced by recent market activity. A feasibility study will be undertaken to assess the practicality of creating additional office space. |
| The directors have reviewed all core business operations following the exceptional circumstances of the past two years, and as necessary have adapted practices and plans to ensure the businesses remain robust, and well positioned to push forward in the post-pandemic climate. Copthill School continues to seek opportunities to develop its curriculum and facilities, whilst upholding its reputation at the forefront of local private school provision. The outlook for farming remains uncertain, but with the strong commercial property portfolio to balance income streams, there is time to consolidate whilst planning the next steps forward. |
| The directors believe that continued prudent investment will ensure profitability and a strong base from which growth can be achieved in all sectors of the business. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 JULY 2021 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group's 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 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 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 group's 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 are managed by ensuring sufficient funds are available to meet amounts due. |
| The impact of a possible resurgence of COVID-19 continues to be monitored in all business operations, whilst current impacts are mitigated through contingency practices and strategic planning. |
| After the initial impact of Brexit, it subsequently did not materialise into a significant detriment to the immediate business operations. However the situation is ongoing and impacts will be felt over time, particularly in the farming operation, so planning and monitoring continues. More recently, the conflict in Eastern Europe is having an immediate impact on costs for all business operations, and prices, particularly farming commodities. These financial fluctuations are expected to be sustained for many months ahead and will be reflected in the next accounting year. Strategic planning professional advisors are in place to help minimise the impact of this risk. |
| 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: |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 July 2021. |
| 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 |
| A dividend of £0.03 per Preferred C share of £1 was declared and paid on 15 January 2021. This dividend payment totalled £10,500 and represents an interim dividend in respect of the year ended 31 July 2021. |
| A dividend of £5.06 per Ordinary share of £1 was declared and paid on 15 January 2021. This dividend payment totalled £40,000 and represents an interim dividend in respect of the year ended 31 July 2021. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 August 2020 to the date of this report. |
| 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. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 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 2021 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 2021 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COPTHILL HOLDINGS LIMITED |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COPTHILL HOLDINGS LIMITED |
| 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 and regulations as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key areas of uncertainty being the estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. |
| 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, holdall licenses, independent school inspections, OFSTED, employment law and 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. 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COPTHILL HOLDINGS LIMITED |
| 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 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| REVENUE | 3 | 2,907,581 | 2,853,883 |
| Cost of sales | 1,770,565 | 1,855,452 |
| GROSS PROFIT | 1,137,016 | 998,431 |
| Administrative expenses | 945,934 | 1,033,647 |
| 191,082 | (35,216 | ) |
| Other operating income | 4 | 296,156 | 254,598 |
| OPERATING PROFIT | 6 | 487,238 | 219,382 |
| Interest payable and similar expenses | 7 | 22,115 | 15,314 |
| PROFIT BEFORE TAXATION | 465,123 | 204,068 |
| Tax on profit | 8 | 92,062 | 48,065 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 373,061 | 156,003 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 373,061 | 156,003 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of freehold property | (17,786 | ) | - |
| Income tax relating to other comprehensive income |
(46,000 |
) |
(14,000 |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(63,786 |
) |
(14,000 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
309,275 |
142,003 |
| Total comprehensive income attributable to: |
| Owners of the parent | 309,275 | 142,003 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 31 JULY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | - | - |
| Property, plant and equipment | 12 | 4,085,163 | 4,103,241 |
| Investments | 13 | - | - |
| Investment property | 14 | 1,156,566 | 1,156,566 |
| 5,241,729 | 5,259,807 |
| CURRENT ASSETS |
| Inventories | 15 | 126,219 | 85,876 |
| Debtors | 16 | 148,410 | 159,743 |
| Cash at bank and in hand | 838,553 | 523,613 |
| 1,113,182 | 769,232 |
| CREDITORS |
| Amounts falling due within one year | 17 | 678,954 | 594,431 |
| NET CURRENT ASSETS | 434,228 | 174,801 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 5,675,957 | 5,434,608 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(791,055 |
) |
(861,444 |
) |
| PROVISIONS FOR LIABILITIES | 23 | (225,173 | ) | (182,710 | ) |
| NET ASSETS | 4,659,729 | 4,390,454 |
| CAPITAL AND RESERVES |
| Called up share capital | 24 | 7,900 | 7,900 |
| Revaluation reserve | 25 | 1,063,233 | 1,127,019 |
| Retained earnings | 25 | 3,588,596 | 3,255,535 |
| SHAREHOLDERS' FUNDS | 4,659,729 | 4,390,454 |
| The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2022 and were signed on its behalf by: |
| N E Teesdale - Director |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 31 JULY 2021 |
| 2021 | 2020 |
| 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 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 85,472 | 26,626 |
| The financial statements were approved 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 2021 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 August 2019 | 7,900 | 3,099,532 | 1,141,019 | 4,248,451 |
| Changes in equity |
| Total comprehensive income | - | 156,003 | (14,000 | ) | 142,003 |
| Balance at 31 July 2020 | 7,900 | 3,255,535 | 1,127,019 | 4,390,454 |
| Changes in equity |
| Dividends | - | (40,000 | ) | - | (40,000 | ) |
| Total comprehensive income | - | 373,061 | (63,786 | ) | 309,275 |
| Balance at 31 July 2021 | 7,900 | 3,588,596 | 1,063,233 | 4,659,729 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 JULY 2021 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 August 2019 |
| Changes in equity |
| Total comprehensive income | - | ( |
) |
| Balance at 31 July 2020 | 7,900 | 400,706 | 1,127,019 | 1,535,625 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | ( |
) |
| Balance at 31 July 2021 | 1,063,233 | 1,517,311 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 547,369 | 394,180 |
| Tax paid | (44,815 | ) | (25,773 | ) |
| Net cash from operating activities | 502,554 | 368,407 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (84,168 | ) | (69,004 | ) |
| Net cash from investing activities | (84,168 | ) | (69,004 | ) |
| Cash flows from financing activities |
| New loans | - | 580,000 |
| Capital loan repayments | (59,546 | ) | (606,468 | ) |
| Bank loan interest paid | (11,615 | ) | (15,314 | ) |
| Amount introduced by directors | 24,353 | 13,331 |
| Amount withdrawn by directors | (6,138 | ) | (9,496 | ) |
| Preference dividend paid | (10,500 | ) | - |
| Equity dividends paid | (40,000 | ) | - |
| Net cash from financing activities | (103,446 | ) | (37,947 | ) |
| Increase in cash and cash equivalents | 314,940 | 261,456 |
| Cash and cash equivalents at beginning of year |
2 |
523,613 |
262,157 |
| Cash and cash equivalents at end of year | 2 | 838,553 | 523,613 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2021 | 2020 |
| £ | £ |
| Profit before taxation | 465,123 | 204,068 |
| Depreciation charges | 84,460 | 93,930 |
| Finance costs | 22,115 | 15,314 |
| 571,698 | 313,312 |
| (Increase)/decrease in inventories | (40,343 | ) | 49,399 |
| Decrease in trade and other debtors | 8,188 | 55,828 |
| Increase/(decrease) in trade and other creditors | 7,826 | (24,359 | ) |
| Cash generated from operations | 547,369 | 394,180 |
| 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 2021 |
| 31.7.21 | 1.8.20 |
| £ | £ |
| Cash and cash equivalents | 838,553 | 523,613 |
| Year ended 31 July 2020 |
| 31.7.20 | 1.8.19 |
| £ | £ |
| Cash and cash equivalents | 523,613 | 262,157 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.8.20 | Cash flow | At 31.7.21 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 523,613 | 314,940 | 838,553 |
| 523,613 | 314,940 | 838,553 |
| Debt |
| Debts falling due within 1 year | (60,073 | ) | (1,384 | ) | (61,457 | ) |
| Debts falling due after 1 year | (820,098 | ) | 60,930 | (759,168 | ) |
| (880,171 | ) | 59,546 | (820,625 | ) |
| Total | (356,558 | ) | 374,486 | 17,928 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 1. | STATUTORY INFORMATION |
| Copthill Holdings Limited is a |
| 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 from 5th January 2021, as required by the UK Government. However, the school continued to operate through remote teaching initially before all pupils returned on 8th March 2021. The school still received fee income. The directors continue to monitor the situation and are referring to published government and professional advice to minimise the general impact on the group. Government support schemes have been accessed where required. The directors are therefore satisfied that the group remains a going concern as continuity of education remains a government priority, within the school or remotely, and the directors are confident that fees can be charged to provide a satisfactory income through any continuation of the pandemic. |
| 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 2021. |
| 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. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 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 are 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. |
| i) 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. |
| ii) Depreciation of land and buildings |
| The directors have elected not to depreciate certain freehold land and 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. Properties are reviewed annually for impairment. |
| Revenue |
| For Copthill Holdings Limited, revenue represents net invoiced sales of crops, management fees or rents due as well as subsidies received. |
| 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. Revenue 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 which was estimated by the directors to be approximately 5 years at the date of transition to FRS102. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 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 | 15% reducing balance, 4% on cost or not provided |
| Plant and machinery | 25% pa reducing balance, 20% pa reducing balance or 33.3% on cost |
| Fixtures and fittings | 20% pa reducing balance |
| Motor vehicles | 25% pa reducing balance |
| Computer equipment | 33.3% pa reducing balance, 15% pa reducing balance or 33.3% on cost |
| For Copthill School Limited, certain 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. |
| Tangible fixed assets are held at cost or valuation less accumulated depreciation or impairment losses. |
| 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. |
| Government grants |
| Government grants are recognised using the accruals model. The revenue is recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised. |
| 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 2021 |
| 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 principal activities of the group. |
| An analysis of revenue by class of business is given below: |
| 2021 | 2020 |
| £ | £ |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 4. | OTHER OPERATING INCOME |
| 2021 | 2020 |
| £ | £ |
| Rents received |
| Sundry receipts | 24,802 | 8,407 |
| Local authority small business grant |
| CPSC funding |
| Coronavirus Job Retention Scheme grants |
| 296,156 | 254,598 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2021 | 2020 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2021 | 2020 |
| Directors | 5 | 5 |
| Administration | 3 | 3 |
| Teachers | 57 | 63 |
| Other | 3 | 3 |
| 2021 | 2020 |
| £ | £ |
| 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: |
| 2021 | 2020 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2021 | 2020 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Goodwill amortisation |
| Auditors' remuneration |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2021 | 2020 |
| £ | £ |
| Bank interest |
| Preference dividends | 10,500 | - |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2021 | 2020 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2020 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Difference due to change in tax rates | - | 4,998 |
| Total tax charge | 92,062 | 48,065 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 8. | TAXATION - continued |
| Tax effects relating to effects of other comprehensive income |
| 2021 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of freehold property | ( |
) | (46,000 | ) | (63,786 | ) |
| 2020 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of freehold property | (14,000 | ) | (14,000 | ) |
| Deferred taxation on revaluation gains is taken to a separate non-distributable reserve through other comprehensive income. The rate of deferred taxation provisions on revalued property has been modified to 25% (2020: 19%) in line with government legislation on future corporation tax rates. |
| 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 |
| 2021 | 2020 |
| £ | £ |
| Ordinary shares shares of £1 each |
| Interim |
| Dividends totalling £10,500 (2020 - £nil) declared on preference shares have been recognised within finance costs. |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 August 2020 |
| and 31 July 2021 |
| AMORTISATION |
| At 1 August 2020 |
| and 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2020 | 3,949,412 | 573,004 | 234,089 |
| Additions | 26,111 | 4,359 | 33,215 |
| Revaluations | (17,786 | ) | - | - |
| At 31 July 2021 | 3,957,737 | 577,363 | 267,304 |
| DEPRECIATION |
| At 1 August 2020 | 102,162 | 445,723 | 178,024 |
| Charge for year | 15,246 | 26,963 | 13,900 |
| At 31 July 2021 | 117,408 | 472,686 | 191,924 |
| NET BOOK VALUE |
| At 31 July 2021 | 3,840,329 | 104,677 | 75,380 |
| At 31 July 2020 | 3,847,250 | 127,281 | 56,065 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2020 | 22,618 | 252,858 | 5,031,981 |
| Additions | - | 20,483 | 84,168 |
| Revaluations | - | - | (17,786 | ) |
| At 31 July 2021 | 22,618 | 273,341 | 5,098,363 |
| DEPRECIATION |
| At 1 August 2020 | 16,381 | 186,450 | 928,740 |
| Charge for year | 1,753 | 26,598 | 84,460 |
| At 31 July 2021 | 18,134 | 213,048 | 1,013,200 |
| NET BOOK VALUE |
| At 31 July 2021 | 4,484 | 60,293 | 4,085,163 |
| At 31 July 2020 | 6,237 | 66,408 | 4,103,241 |
| Included in cost or valuation of land and buildings is freehold land of £1,509,133 (2020 - £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 2021 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Group |
| Cost or valuation at 31 July 2021 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2014 | 968,268 | - | - |
| Valuation in 2021 | (17,786 | ) | - | - |
| Cost | 3,007,255 | 577,363 | 267,304 |
| 3,957,737 | 577,363 | 267,304 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2014 | - | - | 968,268 |
| Valuation in 2021 | - | - | (17,786 | ) |
| Cost | 22,618 | 273,341 | 4,147,881 |
| 22,618 | 273,341 | 5,098,363 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 3,007,255 | 2,981,144 |
| Aggregate depreciation | 117,408 | 102,162 |
| Investment property owned by the parent company and leased to the subsidiary company is shown in freehold property in the consolidated financial statements. |
| Freehold land and buildings were most recently valued on an open market basis on 31 July 2021 by N E Teesdale, a director and qualified valuer. |
| The methods and assumptions used to ascertain the fair value 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 2021 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2020 |
| Additions |
| Revaluations | ( |
) | ( |
) |
| At 31 July 2021 |
| DEPRECIATION |
| At 1 August 2020 |
| Charge for year |
| At 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 | 1,546,604 | 28,496 | 2,434 | 5,958 | 1,583,492 |
| Included in cost or valuation of land and buildings is freehold land of £ 1,509,133 (2020 - £ 1,518,886 ) which is not depreciated. |
| Cost or valuation at 31 July 2021 is represented by: |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2014 | 968,268 | - | - | - | 968,268 |
| Valuation in 2021 | (17,786 | ) | - | - | - | (17,786 | ) |
| Cost | 588,464 | 47,719 | 4,182 | 29,589 | 669,954 |
| 1,538,946 | 47,719 | 4,182 | 29,589 | 1,620,436 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 588,464 | 588,464 |
| Aggregate depreciation | 11,321 | 10,128 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 12. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Company |
| Freehold land and buildings were most recently valued on an open market basis on 31 July 2021 by N E Teesdale, a director and qualified valuer. |
| The methods and assumptions used to ascertain the fair value 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 2020 |
| and 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 |
| 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: 3 Castlegate, Grantham, Lincolnshire, NG31 6SF |
| 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 2021 |
| 14. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2020 |
| and 31 July 2021 | 1,156,566 |
| NET BOOK VALUE |
| At 31 July 2021 | 1,156,566 |
| At 31 July 2020 | 1,156,566 |
| Fair value at 31 July 2021 is represented by: |
| £ |
| Valuation in 2016 | 169,037 |
| Valuation in 2019 | 126,714 |
| Cost | 860,815 |
| 1,156,566 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 860,815 | 860,815 |
| Investment property was most recently valued on an open market basis on 31 July 2021 by N E Teesdale, a director and qualified valuer. |
| The methods and assumptions used to ascertain the fair value of £1,156,566 (2020 - £1,156,566) 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 valuations principally focussed on a continuation of existing use, having regard to the current tenancy positions and a rent yield approach. |
| The directors considered the valuation results at 31 July 2021 which were not materially different from the valuations as at 31 July 2019 and 31 July 2020, also performed by N E Teesdale, and so no revaluation adjustments were recognised. |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2020 |
| and 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 | 1,326,566 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 14. | INVESTMENT PROPERTY - continued |
| Company |
| Fair value at 31 July 2021 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: |
| 2021 | 2020 |
| £ | £ |
| Cost | 1,069,416 | 1,069,416 |
| Investment property was most recently valued on an open market basis on 31 July 2021 by N E Teesdale, a director and qualified valuer. |
| The methods and assumptions used to ascertain the fair value of £1,326,566 (2020 - £1,326,566) 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 valuations principally focussed on a continuation of existing use, having regard to the current tenancy positions and a rent yield approach. |
| The directors considered the valuation results at 31 July 2021 which were not materially different from the valuations as at 31 July 2019 and 31 July 2020, also performed by N E Teesdale, and so no revaluation adjustments were recognised. |
| 15. | INVENTORIES |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Farm valuation | 86,779 | 50,221 | 86,779 | 50,221 |
| School stocks | 39,440 | 35,655 |
| 126,219 | 85,876 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Trade debtors | 25,498 | 66,883 |
| Other debtors | 65,215 | 44,844 |
| Directors' current accounts | - | 3,145 | - | 3,145 |
| Prepayments and accrued income | 57,697 | 44,871 |
| 148,410 | 159,743 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 61,457 | 60,073 |
| Trade creditors | 78,015 | 126,544 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 95,599 | 44,815 |
| Other taxes and social security | 46,995 | 50,155 |
| Other creditors | 109,954 | 88,638 |
| Directors' current accounts | 58,452 | 43,383 |
| Accruals and deferred income | 228,482 | 180,823 |
| 678,954 | 594,431 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Preference shares (see note 19) | 350,000 | 350,000 |
| Bank loans (see note 19) | 409,168 | 470,098 |
| Accruals and deferred income | 31,887 | 41,346 |
| 791,055 | 861,444 |
| 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. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 61,457 | 60,073 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 62,886 | 61,470 |
| Amounts falling due between two and five | years: |
| Bank loans | 197,564 | 193,115 |
| 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 | 148,718 | 215,513 | 148,718 | 215,513 |
| A bank loan of £580,000 advanced in September 2019 is repayable in monthly instalments at an interest rate of 2.2% above the Bank of England base rate. |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2021 | 2020 |
| £ | £ |
| Within one year | 5,074 | 4,273 |
| Between one and five years | 15,122 | - |
| 20,196 | 4,273 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Bank loans | 470,625 | 530,171 |
| 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 £700,000. |
| 22. | FINANCIAL INSTRUMENTS |
| Group |
| The group has the following financial instruments: |
| 2021 | 2020 |
| £ | £ |
| Financial assets that are debt instruments measured at amortised cost |
| Trade debtors | 25,498 | 66,883 |
| Other debtors | 65,215 | 44,844 |
| Directors' current accounts | - | 3,145 |
| Financial liabilities measured at amortised cost |
| Bank loans and overdrafts | 470,625 | 530,171 |
| Trade creditors | 78,015 | 126,544 |
| Other creditors | 109,954 | 88,638 |
| Directors' current accounts | 58,452 | 43,383 |
| 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 (2020 - £nil) and £22,115 (2020 - £15,314) respectively. |
| 23. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2021 | 2020 | 2021 | 2020 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 42,173 | 45,710 | 3,678 | 5,030 |
| Revaluation gains | 183,000 | 137,000 | 183,000 | 137,000 |
| 225,173 | 182,710 | 186,678 | 142,030 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 23. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2020 | 182,710 |
| Charge/(credit) through |
| - the Income Statement | (3,537 | ) |
| - Other Comprehensive Income | 46,000 |
| Balance at 31 July 2021 | 225,173 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2020 |
| Charge/(credit) through |
| - the Income Statement | (1,352 | ) |
| - Other Comprehensive Income | 46,000 |
| Balance at 31 July 2021 |
| The reversal of deferred tax provisions is not expected to be significant in the forthcoming period. |
| 24. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary shares | £1 | 7,900 | 7,900 |
| 25. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 August 2020 | 3,255,535 | 1,127,019 | 4,382,554 |
| Profit for the year | 373,061 | 373,061 |
| Dividends | (40,000 | ) | (40,000 | ) |
| Revaluation of freehold property | - | (17,786 | ) | (17,786 | ) |
| Deferred tax movement | - | (46,000 | ) | (46,000 | ) |
| At 31 July 2021 | 3,588,596 | 1,063,233 | 4,651,829 |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 25. | RESERVES - continued |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 August 2020 | 1,527,725 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Revaluation of freehold property | - | (17,786 | ) | (17,786 | ) |
| Deferred tax movement | - | (46,000 | ) | (46,000 | ) |
| At 31 July 2021 | 1,509,411 |
| Retained earnings |
| The retained earnings reserve represents cumulative profit and loss net of dividends and other adjustments. |
| Revaluation reserve |
| 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. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 July 2021 and 31 July 2020: |
| 2021 | 2020 |
| £ | £ |
| S W J Teesdale |
| Balance outstanding at start of year | 3,145 | 5,165 |
| Amounts advanced | - | 3,145 |
| Amounts repaid | (3,486 | ) | (5,165 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (341 | ) | 3,145 |
| The loans to directors are provided interest free and are repayable on demand. |
| 27. | RELATED PARTY DISCLOSURES |
| Key management personnel of the entity or its parent (in the aggregate) |
| 2021 | 2020 |
| £ | £ |
| Rent paid | 4,500 | 4,500 |
| Amount due from related party | - | 3,145 |
| Amount due to related party | 58,452 | 43,382 |
| All balances outstanding at the year end are unsecured and repayable on demand. |
| Key management personnel compensation is considered to be the same as disclosed under directors' remuneration. |
| COPTHILL HOLDINGS LIMITED (REGISTERED NUMBER: 04175573) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 28. | ULTIMATE CONTROLLING PARTY |
| The group is controlled by the directors who own the whole of the issued share capital of Copthill Holdings Limited. |