Company Registration No. 06638751 (England and Wales)
CAPITA GLAMORGAN CONSULTANCY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
CAPITA GLAMORGAN CONSULTANCY LIMITED
COMPANY INFORMATION
Directors
M A Rees-Williams
S T Creedon
J P Davies
C Morris
P McDermott
M Crumbie
(Appointed 12 March 2020)
O L Wildgoose
(Appointed 1 February 2021)
Secretary
Capita Group Secretary Limited
Company number
06638751
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Auditor
KPMG LLP
1 Sovereign Square
Sovereign St
Leeds
LS1 4DA
Banker
Barclays Bank PLC
1 Chuchill Place
London
E14 5HP
CAPITA GLAMORGAN CONSULTANCY LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report to the members of Capita Glamorgan Consultancy Limited
3 - 6
Income statement
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 34
CAPITA GLAMORGAN CONSULTANCY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The Directors present their Directors' report and financial statements for the year ended 31 December 2020.
Principal activities and review of the business
Capita Glamorgan Consultancy Limited (the “Company”) was incorporated to facilitate the partnership between Capita Property and Infrastructure Limited (5,100 ordinary-A shares issued at 1p each), Rhondda Cynon Taf County Borough Council (2,793 ordinary-B shares issued at 1p each), Bridgend County Borough Council (1,470 ordinary-B shares issued at 1p each) and Merthyr Tydfil County Borough Council (637 ordinary-B shares issued at 1p each).
The principal activity of the
C
ompany is the provision of engineering, design and consultancy services, primarily in the fields of highways and transportation engineering, project management and construction management. Capita Glamorgan Consultancy Limited is a legal entity which operates within the Civil Engineering and Property Consultancy market, within the
Capita Specialist
Services division of Capita plc. The
D
irectors are not aware, at the date of this report, of any likely major changes in the
C
ompany's activities in the next year.
The amounts disclosed by the Company in 2019 in relation to purchases from and sales to the related parties in the notes to the financial statements were inclusive of value added tax. There were also some transactions misclassified between sales and purchases. This is incorrect, and accordingly, the related party disclosure for 2019 comparatives have been restated to reflect this change (refer note 15).
During the year, the Company reviewed its Joint Venture Agreement in conjunction with IAS 32, and in accordance with the terms and conditions of the agreement, the Company has a contractual obligation to pay the profits to shareholders. Such an obligation meets the definition of a financial liability. Therefore, the ‘issued share capital’ should be classified as a financial liability and the dividend on such shares are to be recognised as finance cost in the income statement. The management reviewed and concluded that the financial statements of 2019 should be restated to correct this error (refer note 19).
Results and dividends
The results for the year are set out on page 7.
The dividend for the year is £727,490 (2019: £505,063)
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
S R Lock
(Resigned 12 March 2020)
M A Rees-Williams
C McAnulty
(Resigned 1 February 2021)
S T Creedon
J P Davies
C Morris
P McDermott
M Crumbie
(Appointed 12 March 2020)
O L Wildgoose
(Appointed 1 February 2021)
Political donations
The Company made no political donations and incurred no political expenditure during the year (2019: £nil).
Auditor
KPMG LLP, having indicated its willingness to continue in office, will be deemed to be reappointed as auditor under section 487(2) of the Companies Act 2006.
CAPITA GLAMORGAN CONSULTANCY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Statement of Directors' responsibilities
The Directors are responsible for preparing the Strategic report,
the Directors’ report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101
Reduced Disclosure Framework
.
Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
-
use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The
D
irectors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure to auditor
Each
D
irector in office at the date of approval of this annual report confirms that:
-
so far as the
irector is aware, there is no relevant audit information of which the
C
ompany's auditor is unaware, and
-
the
irector has taken all the steps that he / she ought to have taken as a
D
irector in order to make himself / herself aware of any relevant audit information and to establish that the
C
ompany's auditor is aware of that information.
Qualifying third party indemnity provisions
The
C
ompany has granted an indemnity to the directors of the
C
ompany against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.
On behalf of the board
M A Rees-Williams
Director
65 Gresham Street
London
England
EC2V 7NQ
16 December 2021
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPITA GLAMORGAN CONSULTANCY LIMITED
- 3 -
Opinion
We have audited the financial statements of Capita Glamorgan Consultancy Limited (“the company”) for the year ended 31 December 2020 which comprise the Income Statement, the
Balance Sheet, the Statement of Changes in Equity and related notes, including the accounting policies in note 1.
In our opinion the financial statements:
-
give a true and fair view of the state of the company’s affairs as at 31 December 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with UK accounting standards, including FRS 101
Reduced Disclosure Framework
; 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 1 to the financial statements which indicates that the Company is reliant on its ultimate parent undertaking, Capita plc, in regard to its ability to continue as a going concern. The most recent financial statements of Capita plc include material uncertainties that may cast significant doubt on its ability to continue as a going concern. The reliance of the Company on Capita plc accordingly means that these events and conditions constitute a material uncertainty that may cast significant doubt on the Group’s and in turn, the Company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Going concern basis of preparation
The directors have prepared the financial statements on the going concern basis. As stated above, they have concluded that a material uncertainty related to going concern exists.
Based on our financial statements audit work, we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.
Our risk assessment procedures included:
-
Enquiring of directors and inspection of policy documentation as to the Company’s high-level policies and procedures to prevent and detect fraud, including the Company’s channel for “whistleblowing” as well as whether they have knowledge of any actual, suspected or alleged fraud.
-
Reading Board minutes.
-
Considering remuneration incentive schemes and performance targets for management.
-
Using analytical procedures to identify any unusual or unexpected relationships.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPITA GLAMORGAN CONSULTANCY LIMITED
- 4 -
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, and taking into account possible pressures to meet profit and revenue targets, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that revenue is recorded in the wrong period and the risk that management may be in a position to make inappropriate accounting entries.
We did not identify any additional fraud risks.
We performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by senior finance management and those posted to unusual accounts.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indicators of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery and employment law, recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
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. For example, 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.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPITA GLAMORGAN CONSULTANCY LIMITED
- 5 -
Strategic report and directors’ report
The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
-
we have not identified material misstatements in the strategic report and the directors’ report;
-
in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
-
in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006, we are required to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the 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
-
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
We have nothing to report in these respects.
Directors’ responsibilities
As explained more fully in their statement set out on page 2, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities
.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPITA GLAMORGAN CONSULTANCY LIMITED
- 6 -
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Katharine L'Estrange (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
1 Sovereign Square
Sovereign St
Leeds
LS1 4DA
16 December 2021
CAPITA GLAMORGAN CONSULTANCY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
Restated*
2020
2019
Notes
£
£
Revenue
3
8,794,761
5,950,677
Cost of sales
(7,293,349)
(4,455,318)
Gross profit
1,501,412
1,495,359
Administrative expenses
(605,137)
(875,793)
Operating profit
4
896,275
619,566
Net finance cost
5
(727,623)
(505,063)
Profit before tax
168,652
114,503
Income tax charge
6
(168,652)
(114,503)
Total comprehensive income for the year
* For details over restated 2019 balances, please refer to note 19.
The income statement has been prepared on the basis that all operations are continuing operations.
There are no movements in other comprehensive income during the financial year.
The notes on pages 10 to 34 form an integral part of these financial statements.
CAPITA GLAMORGAN CONSULTANCY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 8 -
Restated*
2020
2019
Notes
£
£
Non-current assets
Property, plant and equipment
7
-
116
Deferred tax
6
10,566
11,715
Total non-current assets
10,566
11,831
Current assets
Trade and other receivables
8
1,864,531
1,013,110
Cash
9
1,419,630
1,098,445
Total current assets
3,284,161
2,111,555
Total assets
3,294,727
2,123,386
Current liabilities
Trade and other payables
10
1,284,883
830,635
Financial liabilities
11
1,757,559
1,207,970
Income tax payable
252,185
84,681
Total current liabilities
3,294,627
2,123,286
Non-current liabilities
Financial liabilities
11
100
100
Total liabilities
3,294,727
2,123,386
Net assets
-
-
Capital and reserves
Issued share capital
11
-
-
Total equity
-
-
*For details over restated 2019 balances, please refer to note 19.
The notes on pages 10 - 34 form an integral part of these financial statements.
Approved by Board and authorised for issue on 16 December 2021
M A Rees-Williams
Director
Company Registration No. 06638751
CAPITA GLAMORGAN CONSULTANCY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2019
100
702,907
703,007
Impact of restatement (refer note 19)
(100)
(702,907)
(703,007)
At 1 January 2019 - restated*
-
-
-
Total comprehensive income for the year - restated (refer note 19)
-
-
-
At 31 December 2019 - restated*
-
-
-
Total comprehensive income for the year
-
-
-
At 31 December 2020
-
-
-
* For details over restated 2019 balances, please refer to note 19.
The notes on pages 10 to 34 form an integral part of these financial statements.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
1
Accounting policies
1.1
Basis of preparation
Capita Glamorgan Consultancy Limited is a company incorporated and domiciled in the
UK
.
The financial statements are prepared under the historical cost basis except where stated otherwise.
In determining the appropriate basis of preparation for the annual report and financial statements for the year ended 31 December 2020, the Company’s Directors (“the Directors”) are required to consider whether the Company can continue in operational existence for the foreseeable future, being a period of at least 12 months following the approval of these accounts. The Directors have concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, and sensitivities, as set out below.
Board assessment
Base case scenario
The financial forecasts used for the going concern assessment are derived from the 2021-2023 financial projections for the Company which have been subject to review and challenge by management and the Directors. The Directors have approved the projections. The financial projections capture the benefits that the Capita group-wide transformation plan is anticipated to deliver, including sales growth together with margin improvements and cost out targets, and the costs to achieve these. Covid-19 has introduced unprecedented economic uncertainties and has led to increased judgement particularly in forecasting future financial performance. The forecast impact of Covid-19 has been incorporated within the base case forecasts, however the continuing uncertainty over how the Covid-19 pandemic might evolve, including the speed and timing of economic recovery, makes precise forecasting challenging.
Severe but plausible downside
In addition to the base case, the Directors considered severe but plausible downside scenarios, recognising the execution risk associated with the transformation programme and
the broader uncertainty arising from
COVID
-19. The downside scenarios include trading downside risks, which assumes the transformation plan is not successful in delivering the anticipated revenue growth, together with increased attrition, and further impacts of
COVID
-19. In addition, the downside scenario includes potential adverse financial impacts that could arise from unforeseen operational issues leading to contract losses and cash outflows.
Offsetting these risks the Directors have considered available mitigations within the direct control of the Company, including continued reductions to variable pay rises, setting aside any bonus payments and limiting discretionary spend.
Finally, the assessment has considered the extent to which the Company is reliant on the Group. The Company is reliant on the Group in respect of the following:
-
provision of certain services, such as administrative services and should the Group be unable to deliver these services, the Company would have difficulty in continuing to trade;
-
participation in the Group’s notional cash pooling arrangements, of which £1
976
,
630 was held at 3
0
November
2021. In the event of a default by the Group, the Company may not be able to access its cash balance within the pooling arrangement
.
Given the reliance the Company has on the Group, the Directors have considered the financial position of the ultimate parent undertaking as disclosed in its most recent financial statements, being for the 6 months ended 30 June 2021.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 11 -
1.1.
Basis of preparation (continued)
Ultimate parent undertaking – Capita plc
The Capita plc Board (‘the Board’) concluded that it was appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties and sensitivities, when preparing the Group’s condensed consolidated financial statements to 30 June 2021. These condensed consolidated financial statements were approved by the Board on 5 August 2021 and are available on the Group’s website (
www.capita.com/investors
). Below is a summary of the position as at 5 August 2021:
Accounting standards specify that the foreseeable future for going concern assessment covers a period of at least 12 months from the date of approval of these condensed consolidated financial statements, although those standards do not specify how far beyond 12 months a Board should consider. In its going concern assessment, the Board has considered the period from the date of approval of these condensed consolidated financial statements to 31 December 2022 ('the going concern period'), in recognition of the fact that there are scheduled debt repayments totalling £433m over that period, including £156m scheduled in November 2022.
Absent any mitigating actions, liquidity headroom shown in the Group’s financial forecasts under the severe but plausible downside scenario over the period to 31 December 2022 reduces substantially such that there is a risk of liquidity being insufficient.
There are mitigations, under the direct control of the Group, that could be implemented to address any immediate shortfalls. These includes reductions in variable pay rises, setting aside any bonus payments and limiting discretionary spend. While these are available as possible short-term mitigations and would be actioned if required to ensure sufficient liquidity, the Board is mindful that such restrictions may be detrimental to the longer-term success of the Group. In addition, such actions would not necessarily address potential liquidity requirements beyond the going concern period should all the downside risks materialise
.
Accordingly, the principal mitigation to the possibility of insufficient liquidity is that the Board has approved a disposal programme which covers businesses that do not align with the longer-term strategy. In March 2021, the Group announced its target of realising future gross proceeds of £700m from the ongoing disposal programme. With around 75% of this target having been achieved through the ESS and AXELOS disposals, the Board is confident that the disposal programme will be delivered, thereby introducing substantial net cash proceeds to the Group, albeit with a corresponding removal of consolidated profits and cash flows associated with the disposal businesses.
In addition to the ongoing disposal programme, the Group may seek to mitigate the liquidity risks which might arise in the downside scenario by seeking further sources of financing beyond its existing committed funding facilities. Notwithstanding the extension of a Revolving Credit Facility from August 2022 to August 2023 agreed in June 2021 coupled with the ongoing successful delivery of the disposal programme, the Board continues to assess the potential for such a refinancing.
Material uncertainties related to the group:
The Board recognises that the disposal programme requires agreement from third parties, that major disposals may be subject to shareholder and, potentially, lender approval. Such agreements and approvals, and also any refinancing, are outside the direct control of the Company. Therefore, given that certain of the mitigating actions which might be taken to strengthen the Group's liquidity position in the severe but plausible downside scenario are outside the control of the group, this gives rise to material uncertainties, as defined in accounting standards, relating to events and circumstances which may cast significant doubt about the Group’s ability to continue as a going concern and to realise its assets and discharge its liabilities in the normal course of business.
Reflecting the Board’s confidence in the benefits expected from completion of the transformation programme and execution of the approved disposal programme coupled with the potential to obtain further financing beyond its existing committed funding facilities, the Group continues to adopt the going concern basis in preparing these condensed consolidated financial statements. The Board has
concluded that the Group will continue to have adequate financial resources to realise its assets and discharge its liabilities as they fall due over the period to 31 December 2022
(the "going concern period")
. Consequently, these condensed consolidated financial statements do not include any adjustments that would be required if the going concern basis of preparation were to be inappropriate.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 12 -
1.1.
Basis of preparation (continued)
Conclusion
Although the Company has a reliance on the Group as detailed above, even in a severe but plausible downside for both the Company and the Group, the Directors are confident the Company will continue to have adequate financial resources to release its assets and discharge its liabilities as they fall due over the period to 31 December 2022 (the “going concern period”). Consequently, the annual report and financial statements have been prepared on the going concern basis.
However, as the Group's condensed consolidated financial statements have identified material uncertainties giving rise to significant doubt over the Group's ability to continue as a going concern in a severe but plausible downside scenario, and given the Company's reliance on the Group as set out above, this in turn gives rise to a material uncertainty relating to events and circumstances which may cast significant doubt about the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments which would be required if the going concern basis of preparation were to be deemed inappropriate.
1.2
Compliance with accounting standards
The Company has applied FRS
101 –
Reduced Disclosure Framework
in the preparation of its financial statements The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure
requirements
of
‘international accounting standards in conformity with the requirements of the Companies Act 2006 .
The Company's ultimate parent undertaking, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance wit
h international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union
and are available to the public and may be obtained from Capita plc's website on
www.capita.com/investors.
In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:
-
A cash flow statement and related notes;
-
Comparative period reconciliations for share capital, tangible fixed assets;
-
Disclosures in respect of capital management;
-
The effects of new but not yet effective IFRSs;
-
Certain disclosures regarding IFRS 15 Revenue from Contracts with Customers;
-
Disclosures in respect of the compensation of key management personnel.
As the consolidated financial statements of Capita plc include equivalent disclosures, the
C
ompany has also taken the disclosure exemptions under FRS 101 available in respect of the following disclosure:
-
Certain disclosures required by IFRS 2 Share Based Payments in respect of group settled share based payments;
-
Certain disclosures required by IAS 36 Impairments of assets in respect of the impairment of goodwill and indefinite life intangible assets;
-
Certain disclosures required by IFRS 3 Business Combinations in respect of business combinations undertaken by the
C
ompany, in the current and prior periods including the comparative period reconciliation for goodwill;
-
Certain disclosures required by IFRS 13
Fair Value Measurement
and the disclosures required by IFRS 7
Financial Instrument Disclosures
.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 13 -
1.3
Changes in accounting policies
The Company has adopted the new amendments to standards detailed below but they do not have a material effect on the Company’s financial statements.
New amendments or interpretation
|
|
Amendments to References to the Conceptual Framework in IFRS Standards
|
|
Definition of Material (Amendments to IAS 1 and IAS 8)
|
|
Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7)
|
|
Definition of a Business (Amendments to IFRS 3)
|
|
1.4
Revenue recognition
The revenue shown in the
income statement
represents the value of fees and services rendered, exclusive of value added tax. Revenue from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Revenue is recognised over time rather than a point in time. The main revenue policies of fixed price contracts and time and material contracts are set out below.
Fixed Price Contracts
The Company recognises revenue on fixed price contracts using the percentage of completion method. Revenue is earned in proportion to total cost incurred, divided by total cost expected to be incurred. Recognition of revenue and profit under this method is depend
e
nt upon several factors, including accuracy of estimates, mainly labour and third-party cost. Accrued income represents the contract revenue recognised not yet billed pursuant to contract terms or accounts billed after the period end. Billings in excess of cost on uncompleted contracts represents the billings to date, as allowed under the terms of a contract, but not yet recognised as contract revenue using the percentage of completion accounting method and is shown as deferred income
.
Time and Materials Price Contracts
Under time and materials contracts, the Company negotiates hourly or daily billing rates and charges its clients based on the actual time that it expends on a project. In addition, the client reimburses the Company for its actual out-of-pocket costs of materials and other direct incidental expenditures that it incurs in connection with its performance under the contract.
If time and materials contracts are subject to maximum contract values, these contracts are recognised as if they were a fixed price contract.
Principal and agent considerations:
Management have considered whether the Company acts as principal or agent for those contracts which involve another subcontracting party in the provision of goods or services to the customer.
An entity is a principal if it controls the specified good or service before that good or service is transferred to a customer. An entity that is a principal may satisfy its performance obligation to provide the specified good or service itself or it may engage another party (for example, a subcontractor) to satisfy some or all of the performance obligation on its behalf.
Capita has autonomy to select and appoint the subcontractors who perform the construction and civil work. Capita apply a margin to the subcontracted costs, and are responsible for supervising, managing and acting as site foreman on the schemes. Materially therefore Capita are in control of the transaction with the subcontractor and would be considered a principal for the contract. The Company therefore recognises revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 14 -
1.5
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
3 - 5 years
1.6
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Income Tax
Tax on the profit or loss for year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences:
-
except where the deferred tax liability arises from the initial recognition of goodwill;
-
except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
-
in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 15 -
1.8
Pensions
The Company participates in both defined benefit and defined contribution pension schemes.
Contributions in respect of the defined contribution schemes payable by the Company during the year amounted to
£118,917 (2019: £120,029).
The Rhondda Cynon Taf County Borough Council Pension Fund – Capita Glamorgan section (the “Fund”)
The Company has current and former employees who are members of this public sector defined benefit pension scheme, which is part of the national Local Government Pension Scheme (LGPS). The Company has its own notional section in the Fund with no cross subsidies with any other company.
Responsibility for the governance of the Fund lies with the Fund Board (the “Board”) which operates under a framework of corporate governance and is responsible for following the relevant statutory regulations. The funding regime is set out in the Local Government Pension Scheme (Administration) Regulations 2008 (as amended).
The assets of the Fund are held in a separate fund (administered on behalf of the Board) to meet long-term pension liabilities to beneficiaries. The Board invests the assets in line with the Investment Strategy Statement. The Investment Strategy Statement has been established after taking into consideration the liabilities of the Fund and the investment risk that the Board is willing to accept.
The Company participates in the Fund, via an admission agreement, for a finite period and there are some contractual protections in place allowing actuarial and investment risk to be passed on to the client. The Company is responsible for actuarial and investment risk arising during the contract term in relation to benefits accrued during the contract (i.e. it excludes any actuarial and investment risk in relation to benefits accrued prior to the start of the contract).
The Fund has not formally assessed the share of any actuarial and investment risk that the Company is responsible for. The Company therefore has insufficient information to accurately assess its share of the Fund; however, to provide context, the Company has estimated that, as at 31 March 2019 (the effective date of the last full funding assessment carried out for the Fund), under the terms of the admission agreement it would be responsible for around 24% of the Fund’s liability. The estimate is based on information held by the Company and represents an average split of service before and after 2008 (the commencement of the contract with the client) on a salary-weighted basis. In addition, in the absence of any other information, it has been assumed that the Company’s share of the assets is the same as the proportion of the liabilities (i.e. around 24%). It should be recognised that this is the Company’s best estimate of the share of the actuarial and investment risks it is responsible for, but ultimately, they are not as accurate as calculations that would normally be carried out by the Fund at the contract cessation.
A full funding assessment of the Fund is carried out every three years by an independent actuary for the Board, with the last full assessment carried out at 31 March 2019. The 31 March 2019 assessment showed a funding surplus of £7.1m (this equates to a funding level of 141%) for the section as a whole. Therefore, the Company’s share of the funding surplus is estimated to be £1.7m (i.e. 24% of the Fund’s surplus). Due to the extent of the surplus, the Company was not required to pay any contributions to the Fund during 2020.
It is important to note that the LGPS regulations that allow a refund of surplus to employers were amended in March 2020 (and were retrospectively effective from 2018). Whilst the Company is taking on some of the actuarial and investment risk, and consequently why it is reasonable to assume that it may be eligible for a surplus repayment in the event a funding surplus exists at the end of the contract, it is recognised that such exit credits are no longer automatically paid to employers, and each LGPS fund now has the discretion to pay or withhold an exit credit to an employer and will determine any exit credit in relation to set criteria that is reviewed from time to time.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 16 -
1.8
Pension (continued)
Judgement is required in determining the appropriate accounting treatment for the participation in this scheme, in particular as to whether actuarial and investment risk fall in substance on the Company. It is considered that the net risk to the Company from this defined benefit arrangement is not material because of the contractual protections in place and the Fund being in a net surplus position. Furthermore, recognising the multi-employer nature of the scheme and in the absence of sufficient information, the costs in relation to the scheme is reported on a defined contribution basis recognising a cost equal to its contribution payable during the period. No amounts are recognised on the Company's balance sheet.
The pension charge for this public sector defined benefit pension scheme is included in the above pension charge for the defined contribution pension schemes.
Although the Company is not recognising this scheme on the balance sheet, for information purposes, a qualified actuary has assessed the funding position of the Fund in accordance with IAS19 as at 31 December 2020, and assuming the same financial assumptions as the Capita DB Scheme (as set out below), has estimated the Company's share of the accounting surplus would be £2.4m (with assets of £7.4m and liabilities of £5.0m) [2019: £2.3m (with assets of £6.4m and liabilities of £4.1m)]. (The whole section has been estimated to have a surplus of £11.0m (with assets of £30.5m and liabilities of £19.5m) [2019: £10.1m (with assets of £26.6m and liabilities of £16.5m)]). However, recognising that exit credits are no longer automatically paid in the LGPS and the surplus is not reliably measurable, this would be expected to be restricted to nil, resulting in the same balance sheet position as reporting on a defined contribution basis.
The Capita Pension and Life Assurance Scheme (the "Capita DB Scheme")
The Company has current and former employees who are members of the Capita Pension and Life Assurance Scheme (the "Capita DB Scheme"), a defined benefit scheme. The Company has current employees who continue to accrue benefits in the Capita DB Scheme.
The Capita DB Scheme is a non-segregated scheme but there are around 200 different sections in the scheme where each section provides benefits on a particular basis (some based on final salary, some based on career average earnings) to particular groups of employees.
Responsibility for the operation and governance of the scheme lies with a Trustee Board (the CPLAS Trustees Limited) which is independent of the Company. The Trustee Board is required by law to act in the interest of the scheme's beneficiaries in accordance with the rules of the scheme and relevant legislation (which includes the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship between the Company and the Trustee Board is also governed by the rules of the scheme and relevant legislation.
The assets of the scheme are held in a separate fund (administered by the Trustee Board) to meet long-term pension liabilities to beneficiaries. The Trustee Board invest the assets in line with their Statement of Investment Principles, which is regularly reviewed
A full statutory funding assessment of the Capita DB Scheme is carried out every three years by an independent actuary for the Trustee Board, with the last full assessment carried out at 31 March 2020. Amongst the main purposes of the assessment is to agree a contribution plan such that the pension scheme has sufficient assets available to meet future benefit payments, based on assumptions agreed between the Trustee Board and the Principal Employer (Capita Business Services Ltd, a fellow subsidiary undertaking). The 31 March 2020 assessment showed a funding deficit of £182m (31 March 2017: £185m). This equates to a funding level of 88.8% (31 March 2017: 86.1%).
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 17 -
1.8
Pension (continued)
In addition to the £176m deficit payments agreed as part of the 2017 statutory funding assessment (which were fully paid between 2018 and early 2021), and as a result of the 2020 statutory funding assessment, the Principal Employer and the Trustee Board have agreed the payment of additional contributions totalling £124m between July 2021 and December 2023 with the intention of removing the deficit calculated as at 31 March 2020 by December 2023 (after allowing for contributions made by the Principal Employer between the funding assessment date and the date of the funding agreement). Further to this, the Principal Employer has also agreed to pay an additional £45m between 2024 and 2026 in order to target a low-risk funding arrangement with low reliance on the covenant provided by the Group.
The Principal Employer also agreed an average employer contribution rate of 36.0% (excluding employee contributions made as part of a salary sacrifice arrangement) towards the expected cost of benefits accruing.
The next full funding assessment is expected to be carried out with an effective date of 31 March 2023.
For the purpose of the consolidated accounts of Capita plc, an independent qualified actuary projected the results of the 31 March 2020 funding assessment to 31 December 2020 taking account of the relevant accounting requirements.
The principal assumptions for the valuation at 31 December 2020 were as follows: rate of increase in the RPI/CPI price inflation – 2.9%pa/2.15%pa (2019: 3.0%pa/2.0%pa); rate of salary increase – 2.9%pa (2019: 3.0%pa); rate of increase for pensions in payment (where RPI inflation capped at 5%pa applies) – 2.85%pa (2019: 2.95%pa); discount rate – 1.3%pa (2019: 2.05%pa).
The Capita DB Scheme assets at fair value at 31 December 2020 totalled £1,568.8m (2019: £ 1,378.1m). The actuarially assessed value of Capita DB Scheme liabilities at 31 December 2020 was £1,810.6m (2019: £1,623.8m) indicating that the Capita DB Scheme had a net liability of £241.8m (2019: net liability of £245.7m). These figures are quoted gross of deferred tax. The full disclosure is available in the consolidated accounts of Capita plc. The above figures reflect that Capita's segregated section of a multi-employer defined benefit scheme (the Water Associated Employers Pension Scheme (WAEPS)) merged with the Capita DB Scheme on 31 March 2020 (with the 2019 comparators adjusted to include the WAEPS values for consistency).
For the purpose of these accounts, this Company's interest in the Capita DB Scheme is reported on a defined contribution basis recognising a cost equal to its contributions paid over the period. The pension charge for the Company in relation to the Capita DB Scheme for the year was £127,490 (2019: £105,259).
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 18 -
1.9
Financial instruments
Equity share capital
In accordance with the terms and conditions of the
joint venture
agreement read with the principles specified in IAS 32, the Company has a contractual obligation to pay the profits to the shareholders. Such an obligation meets the definition of a financial liability. Therefore, the ‘issued share capital’ has been classified as a financial liability and the dividend on such shares are to be recognised as finance cost in the income statement.
Trade and other receivables
The Company assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses.
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts are shown within current financial liabilities.
2
Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the reported periods. Although these judgements and assumptions are based on the Directors' best knowledge of the amount, events or actions, actual results may differ from these estimates.
3
Revenue
The total turnover of the Company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.
4
Operating profit for the year
2020
2019
£
£
Operating profit for the year is stated after charging/(crediting):
Net foreign exchange gains
-
(1)
Depreciation of property, plant and equipment
116
5,580
Operating lease rentals - plant and machinery
17,941
10,958
Operating lease rentals - other assets
-
41
Audit fees are borne by the ultimate parent undertaking, Capita plc. The audit fee for the current period was £
10,500
(201
9
: £
7,056
). The
C
ompany has taken advantage of the exemption provided by regulations 6(2)(b) of The Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008 not to provide information in respect of fees for other (non-audit) services as this information is required to be given in the
G
roup accounts of the ultimate parent undertaking, which it is required to prepare in accordance with the Companies Act 2006.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 19 -
5
Net finance costs
Restated*
2020
2019
£
£
Other interest expenses
133
-
Dividend payable
727,490
505,063
727,623
505,063
*For details over restated 2019 balances, please refer to note 19.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 20 -
6
Income tax
The major components of income tax expense for the years ended 31 December 2020 and 2019 are:
2020
2019
£
£
Current income tax
UK corporation tax
167,878
84,681
Adjustments in respect of prior periods
(374)
-
167,504
84,681
Deferred income tax
Origination and reversal of temporary differences
813
29,742
Adjustment in respect of prior periods
335
80
1,148
29,822
Total tax charge reported in the income statement
168,652
114,503
The reconciliation between tax expense and the accounting profit multiplied by the UK corporation tax rate for the years ended 31 December 2020 and 2019 is as follows:
Restated*
2020
2019
£
£
Profit before tax
168,652
114,503
Profit at UK corporation tax rate of 19% (2019 - 19%)
32,044
21,755
Restated*
2020
2019
£
£
Taxation impact of factors affecting tax charge:
Expenses not deductible for tax purposes
138,223
96,167
Non taxable income
(237)
-
Adjustments in respect of deferred income tax of prior periods
335
80
Impact of changes in statutory tax rates
(1,339)
(3,499)
Adjustments in respect of current income tax of prior periods
(374)
-
Total adjustments
136,608
92,748
Total tax charge reported in the income statement
168,652
114,503
*For details over restated 2019 balances, please refer to note 19.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
6
Income tax
(Continued)
- 21 -
Balance sheet
Income statement
2020
2019
2020
2019
£
£
£
£
Deferred tax asset
(Decelerated)/accelerated capital allowances
(10,505)
(11,168)
662
(772)
Other short term timing differences
(61)
-
486
-
Tax losses
-
-
-
31,141
Other timing differences
-
(547)
-
(547)
Net deferred tax asset
(10,566)
(11,715)
Deferred income tax charge
1,148
29,822
Deferred Tax
A change to the main UK corporation tax rate was substantively enacted on 17 March 2020. The rate applicable from 1 April 2020 now remains at 19 percent, rather than the previously enacted reduction to 17 percent. The UK deferred tax asset at 31 December 2020 has been calculated based on this rate, resulting in a £1,339 tax credit to the income statement in 2020.
On 3 March 2021, it was announced in the Budget that the UK tax rate will increase from 19% to 25% from 1 April 2023 onwards. This will potentially increase the company’s future income tax charge from 2023. If this rate change had theoretically been applied to the deferred tax balances at 31 December 2020, the deferred tax asset would have increased by £3,337.
7
Property, plant and equipment
Computer equipment
£
Cost
At 1 January 2020
345
Asset retirement
(345)
-
Depreciation
At 1 January 2020
229
Charge for the year
116
Asset retirement
(345)
-
Net book value
At 31 December 2020
-
At 31 December 2019
116
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 22 -
8
Trade and other receivables
2020
2019
£
£
Trade receivables
61,379
705,985
Accrued income
302,537
296,000
Prepayments
13,760
8,423
Amounts due from parent and fellow subsidiary undertaking
1,486,855
2,702
1,864,531
1,013,110
9
Cash
2020
2019
£
£
Cash at bank and in hand
1,419,630
1,098,445
1,419,630
1,098,445
10
Trade and other payables
2020
2019
£
£
Trade payables
141,010
57,371
Other payables
554
790
Other taxes and social security
433,558
292,976
Accruals
14,855
29,120
Deferred income
653,219
381,266
Amounts due to parent and fellow subsidiary undertaking
41,687
69,112
1,284,883
830,635
11
Financial liabilities
Restated*
2020
2019
£
£
Current
Dividend payable
1,757,559
1,207,970
1,757,559
1,207,970
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Financial liabilities
(Continued)
- 23 -
Non-current
Allotted, called up and fully paid
10,000 Ordinary shares of £0.01 each
Shares classified as liabilities
100
100
Shares classified in shareholders' funds
-
-
100
100
Refer to Note 1.9 Financial instruments – Equity share capital for further information on the classification of the shares
*For details over restated 2019 balances, please refer to note 19.
12
Employees
The average monthly number of
employees
(including
non-executive
directors) w
ere
:
2020
2019
Number
Number
Operations
71
66
Administration
2
2
73
68
Their aggregate remuneration comprised:
2020
2019
Employee costs
£
£
Wages and salaries
2,229,765
2,000,789
Social security costs
243,029
222,265
Pension costs
162,561
225,288
2,635,355
2,448,342
During the year, the Company furloughed employees unable to work as a result of the Covid-19 pandemic and applied to the Coronavirus Job Retention Scheme (CJRS) operated by the UK Government. Amounts received under CJRS are treated as a government grant and deducted from the relevant cost in the Company's income statement. During the year, the Company received £21,899 under CJRS. These amounts are included within the relevant cost headings in the table above.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 24 -
13
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
89,533
91,927
Pension contributions to defined contribution schemes
24,099
24,099
113,632
116,026
One director is paid by the Company (2019: one). The other directors have not provided qualifying services to the Company and are paid by other companies within the Group. In addition to the above, the Directors of the Company were reimbursed for the expenses incurred by them whilst performing business responsibilities.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 25 -
14
Employee benefits
The Company participates in both defined benefit and defined contribution pension schemes.
Contributions in respect of the defined contribution schemes payable by the Company during the year amounted to
£162,651 (2019: £120,029).
The Rhondda Cynon Taf County Borough Council Pension Fund – Capita Glamorgan section (the “Fund”)
The Company has current and former employees who are members of this public sector defined benefit pension scheme, which is part of the national Local Government Pension Scheme (LGPS). The Company has its own notional section in the Fund with no cross subsidies with any other company.
Responsibility for the governance of the Fund lies with the Fund Board (the “Board”) which operates under a framework of corporate governance and is responsible for following the relevant statutory regulations. The funding regime is set out in the Local Government Pension Scheme (Administration) Regulations 2008 (as amended).
The assets of the Fund are held in a separate fund (administered on behalf of the Board) to meet long-term pension liabilities to beneficiaries. The Board invests the assets in line with the Investment Strategy Statement. The Investment Strategy Statement has been established after taking into consideration the liabilities of the Fund and the investment risk that the Board is willing to accept.
The Company participates in the Fund, via an admission agreement, for a finite period and there are some contractual protections in place allowing actuarial and investment risk to be passed on to the client. The Company is responsible for actuarial and investment risk arising during the contract term in relation to benefits accrued during the contract (i.e. it excludes any actuarial and investment risk in relation to benefits accrued prior to the start of the contract).
The Fund has not formally assessed the share of any actuarial and investment risk that the Company is responsible for. The Company therefore has insufficient information to accurately assess its share of the Fund; however, to provide context, the Company has estimated that, as at 31 March 2019 (the effective date of the last full funding assessment carried out for the Fund), under the terms of the admission agreement it would be responsible for around 24% of the Fund’s liability. The estimate is based on information held by the Company and represents an average split of service before and after 2008 (the commencement of the contract with the client) on a salary-weighted basis. In addition, in the absence of any other information, it has been assumed that the Company’s share of the assets is the same as the proportion of the liabilities (i.e. around 24%). It should be recognised that this is the Company’s best estimate of the share of the actuarial and investment risks it is responsible for, but ultimately, they are not as accurate as calculations that would normally be carried out by the Fund at the contract cessation.
A full funding assessment of the Fund is carried out every three years by an independent actuary for the Board, with the last full assessment carried out at 31 March 2019. The 31 March 2019 assessment showed a funding surplus of £7.1m (this equates to a funding level of 141%) for the section as a whole. Therefore, the Company’s share of the funding surplus is estimated to be £1.7m (i.e. 24% of the Fund’s surplus). Due to the extent of the surplus, the Company was not required to pay any contributions to the Fund during 2020.
It is important to note that the LGPS regulations that allow a refund of surplus to employers were amended in March 2020 (and were retrospectively effective from 2018). Whilst the Company is taking on some of the actuarial and investment risk, and consequently why it is reasonable to assume that it may be eligible for a surplus repayment in the event a funding surplus exists at the end of the contract, it is recognised that such exit credits are no longer automatically paid to employers, and each LGPS fund now has the discretion to pay or withhold an exit credit to an employer and will determine any exit credit in relation to set criteria that is reviewed from time to time.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
14
Employee benefits
(Continued)
- 26 -
Judgement is required in determining the appropriate accounting treatment for the participation in this scheme, in particular as to whether actuarial and investment risk fall in substance on the Company. It is considered that the net risk to the Company from this defined benefit arrangement is not material because of the contractual protections in place and the Fund being in a net surplus position. Furthermore, recognising the multi-employer nature of the scheme and in the absence of sufficient information, the costs in relation to the scheme is reported on a defined contribution basis recognising a cost equal to its contribution payable during the period. No amounts are recognised on the Company’s balance sheet.
The pension charge for this public sector defined benefit pension scheme is included in the above pension charge for the defined contribution pension schemes.
The pension charge for this public sector defined benefit pension scheme is included in the above pension charge for the defined contribution pension schemes. Although the Company is not recognising this scheme on the balance sheet, for information purposes, a qualified actuary has assessed the funding position of the Fund in accordance with IAS19 as at 31 December 2020, and assuming the same financial assumptions as the Capita DB Scheme (as set out below), has estimated the Company’s share of the accounting surplus would be £2.4m (with assets of £7.4m and liabilities of £5.0m) (2019: £2.3m (with assets of £6.4m and liabilities of £4.1m)). (The whole section has been estimated to have a surplus of £11.0m (with assets of £30.5m and liabilities of £19.5m) (2019: £10.1m (with assets of £26.6m and liabilities of £16.5m))). However, recognising that exit credits are no longer automatically paid in the LGPS and the surplus is not reliably measurable, this would be expected to be restricted to nil, resulting in the same balance sheet position as reporting on a defined contribution basis.
The Capita Pension and Life Assurance Scheme (the "Capita DB Scheme")
The Company has current and former employees who are members of the Capita Pension and Life Assurance Scheme (the "Capita DB Scheme"), a defined benefit scheme. The Company has current employees who continue to accrue benefits in the Capita DB Scheme.
The Capita DB Scheme is a non-segregated scheme but there are around 200 different sections in the scheme where each section provides benefits on a particular basis (some based on final salary, some based on career average earnings) to particular groups of employees.
Responsibility for the operation and governance of the scheme lies with a Trustee Board (the CPLAS Trustees Limited) which is independent of the Company. The Trustee Board is required by law to act in the interest of the scheme’s beneficiaries in accordance with the rules of the scheme and relevant legislation (which includes the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship between the Company and the Trustee Board is also governed by the rules of the scheme and relevant legislation.
The assets of the scheme are held in a separate fund (administered by the Trustee Board) to meet long-term pension liabilities to beneficiaries. The Trustee Board invest the assets in line with their Statement of Investment Principles, which is regularly reviewed
A full statutory funding assessment of the Capita DB Scheme is carried out every three years by an independent actuary for the Trustee Board, with the last full assessment carried out at 31 March 2020. Amongst the main purposes of the assessment is to agree a contribution plan such that the pension scheme has sufficient assets available to meet future benefit payments, based on assumptions agreed between the Trustee Board and the Principal Employer (Capita Business Services Ltd, a fellow subsidiary undertaking). The 31 March 2020 assessment showed a funding deficit of £182m (31 March 2017: £185m). This equates to a funding level of 88.8% (31 March 2017: 86.1%).
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
14
Employee benefits
(Continued)
- 27 -
In addition to the £176m deficit payments agreed as part of the 2017 statutory funding assessment (which were fully paid between 2018 and early 2021), and as a result of the 2020 statutory funding assessment, the Principal Employer and the Trustee Board have agreed the payment of additional contributions totalling £124m between July 2021 and December 2023 with the intention of removing the deficit calculated as at 31 March 2020 by December 2023 (after allowing for contributions made by the Principal Employer between the funding assessment date and the date of the funding agreement). Further to this, the Principal Employer has also agreed to pay an additional £45m between 2024 and 2026 in order to target a low-risk funding arrangement with low reliance on the covenant provided by the Group.
The Principal Employer also agreed an average employer contribution rate of 36.0% (excluding employee contributions made as part of a salary sacrifice arrangement) towards the expected cost of benefits accruing.
The next full funding assessment is expected to be carried out with an effective date of 31 March 2023.
For the purpose of the consolidated accounts of Capita plc, an independent qualified actuary projected the results of the 31 March 2020 funding assessment to 31 December 2020 taking account of the relevant accounting requirements.
The principal assumptions for the valuation at 31 December 2020 were as follows: rate of increase in the RPI/CPI price inflation – 2.9%pa/2.15%pa (2019: 3.0%pa/2.0%pa); rate of salary increase – 2.9%pa (2019: 3.0%pa); rate of increase for pensions in payment (where RPI inflation capped at 5%pa applies) – 2.85%pa (2019: 2.95%pa); discount rate – 1.3%pa (2019: 2.05%pa).
The Capita DB Scheme assets at fair value at 31 December 2020 totalled £1,568.8m (2019: £ 1,353.1m). The actuarially assessed value of Capita DB Scheme liabilities at 31 December 2020 was £1,810.6m (2019: £1,585.9m) indicating that the Capita DB Scheme had a net liability of £241.8m (2019: net liability of £232.8m). These figures are quoted gross of deferred tax. The full disclosure is available in the consolidated accounts of Capita plc. The above figures reflect that Capita's segregated section of a multi-employer defined benefit scheme (the Water Associated Employers Pension Scheme (WAEPS)) merged with the Capita DB Scheme on 31 March 2020 (with the 2019 comparators adjusted to include the WAEPS values for consistency).
For the purpose of these accounts, this Company's interest in the Capita DB Scheme is reported on a defined contribution basis recognising a cost equal to its contributions paid over the period. The pension charge for the Company in relation to the Capita DB Scheme for the year is included in the above defined contribution amount.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 28 -
15
Related party transactions
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year.
Nature of Transaction
Name of Company
Year
Fellow Subsidiary
Holding Company
Total
Purchase of Goods/ Services
Capita IT Services Limited
December 31, 2020
8,499
-
8,499
December 31, 2019
9,300
-
9,300
Capita Customer Management Limited
December 31, 2020
27
-
27
December 31, 2019
(restated*)
-
-
-
Capita Learning Limited (Formerly known as KnowledgePool Group Limited)
December 31, 2020
477
-
477
December 31, 2019
4,159
-
4,159
Fera Science Limited
December 31, 2020
776
-
776
December 31, 2019
1,452
-
1,452
GL Hearn Limited
December 31, 2020
79,888
-
79,888
December 31, 2019
(restated*)
-
-
-
Capita Travel & Events Limited
December 31, 2020
3,864
-
3,864
December 31, 2019
(restated*)
11,353
-
11,353
Capita Resourcing Limited
December 31, 2020
50,936
-
50,936
December 31, 2019
(restated*)
18,370
-
18,370
Capita Property and Infrastructure Limited
December 31, 2020
-
3,544,171
3,544,171
December 31, 2019
(restated*)
-
2,083,097
2,083,097
Capita plc
December 31, 2020
-
73,671
73,671
December 31, 2019
(restated*)
-
49,572
49,572
Capita Business Services Limited
December 31, 2020
37,029
-
37,029
December 31, 2019
(restated*)
76,141
-
76,141
Urban Vision Partnership Limited
December 31, 2020
-
-
-
December 31, 2019
37,590
-
37,590
BCS Design Limited
December 31, 2020
-
-
-
December 31, 2019
2,211
-
2,211
Capita Secure Information Solutions Limited
December 31, 2020
-
-
-
December 31, 2019
843
-
843
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15
Related party transactions
(Continued)
- 29 -
Nature of Transaction
Name of Company
Year
Fellow Subsidiary
Holding Company
Total
Purchase of Goods/ Services
Rhondda Cyon Taf County Borough Council
December 31, 2020
-
-
-
December 31, 2019
-
20,805
20,805
Right Document Solutions Limited
December 31, 2020
-
-
-
December 31, 2019
(restated*)
49,659
-
49,659
Total
December 31, 2020
181,496
3,617,842
3,799,338
December 31, 2019
(restated*)
211,078
2,153,474
2,364,552
Nature of Transaction
Name of Company
Year
Fellow Subsidiary
Holding Company
Total
Sales of Goods/Services
Capita Property and Infrastructure Limited
December 31, 2020
-
347,619
347,619
December 31, 2019
(restated*)
-
603,093
603,093
Rhondda Cyon Taf County Borough Council
December 31, 2020
-
6,963,369
6,963,369
December 31, 2019
(restated*)
-
3,746,556
3,746,556
Bridgend County Borough Council
December 31, 2020
-
1,097,510
1,097,510
December 31, 2019
(restated*)
-
940,884
940,884
Merthyr Tydfil County Borough Council
December 31, 2020
-
318,880
318,880
December 31, 2019
(restated*)
-
318,980
318,980
Total
December 31, 2020
-
8,727,378
8,727,378
December 31, 2019
(restated*)
-
5,609,513
5,609,513
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15
Related party transactions
(Continued)
- 30 -
Nature of Transaction
Name of Company
Year
Fellow Subsidiary
Holding Company
Total
Finance costs
Capita Property and Infrastructure Limited
December 31, 2020
-
694,227
694,227
December 31, 2019
(restated*)
-
476,269
476,269
Rhondda Cyon Taf County Borough Council
December 31, 2020
-
18,960
18,960
December 31, 2019
(restated*)
-
16,413
16,413
Bridgend County Borough Council
December 31, 2020
-
9,979
9,979
December 31, 2019
(restated*)
-
8,638
8,638
Merthyr Tydfil County Borough Council
December 31, 2020
-
4,324
4,324
December 31, 2019
(restated*)
-
3,743
3,743
December 31, 2020
-
727,490
727,490
December 31, 2019
(restated*)
-
505,063
505,063
*Restatement
In the financial statements of 2019, the disclosure relating to sales and purchases from/to the related parties were inclusive of value added tax. There were also some transactions misclassified between sales and purchases. As a result, the purchases and sales disclosed in 2019 were overestimated to an extent of £294,245 and £889,943 respectively. Consequently, the comparative numbers in the disclosures above have been restated to reflect this change. There is no impact on the total profit for the year, net assets or retained earnings as a result of this change in amounts disclosed for 2019. In addition, please refer to Note 19 for details over the restatement of the finance costs and dividend payable for 2019.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15
Related party transactions
(Continued)
- 31 -
Closing balance of Related Parties
Nature of Transaction
Name of Company
Year
Fellow Subsidiary
Holding Company
Total
Trade Payables
Capita IT Services Limited
December 31, 2020
686
-
686
December 31, 2019
764
-
764
GL Hearn Limited
December 31, 2020
13,350
-
13,350
December 31, 2019
-
-
-
Capita Travel & Events Limited
December 31, 2020
-
-
-
December 31, 2019
425
-
425
Capita Resourcing
December 31, 2020
6,412
-
6,412
December 31, 2019
-
-
-
Capita Property and Infrastructure Limited
December 31, 2020
-
13,264
13,264
December 31, 2019
-
44,377
44,377
Capita plc
December 31, 2020
-
2,478
2,478
December 31, 2019
-
2,116
2,116
Capita Business Services Limited
December 31, 2020
5,497
-
5,497
December 31, 2019
-
-
-
Capita Gwent Consultancy Limited
December 31, 2020
-
-
December 31, 2019
1
-
1
Urban Vision Partnership Limited
December 31, 2020
-
-
-
December 31, 2019
37,590
-
37,590
Total
December 31, 2020
25,945
15,742
41,687
December 31, 2019
(restated*)
38,780
46,493
85,273
Trade Receivables
Bridgend County Borough Council
December 31, 2020
-
78,200
78,200
December 31, 2019
-
112,840
112,840
Capita Property and Infrastructure Limited
December 31, 2020
-
-
-
December 31, 2019
-
16,160
16,160
Capita Business Services Limited
December 31, 2020
-
-
-
December 31, 2019
4,673
-
4,673
Merthyr Tydfil County Borough Council
December 31, 2020
-
21,500
21,500
December 31, 2019
-
12,576
12,576
Rhondda Cyon Taf County Borough Council
December 31, 2020
-
1,387,155
1,387,155
December 31, 2019
-
489,794
489,794
Total
December 31, 2020
-
1,486,855
1,486,855
December 31, 2019
4,673
631,370
636,043
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15
Related party transactions
(Continued)
- 32 -
Dividend payable
Name of Company
Year
Fellow Subsidiary
Holding Company
Total
Capita Property and
Infrastructure Limited
December 31, 2020
-
1,724,296
1,724,296
December 31, 2019
(restated*)
-
1,179,176
1,179,176
Rhondda Cyon Taf County Borough Council
December 31, 2020
-
18,960
18,960
December 31, 2019
(restated*)
-
16,413
16,413
Bridgend County Borough Council
December 31, 2020
-
9,979
9,979
December 31, 2019
(restated*)
-
8,638
8,638
Merthyr Tydfil County
Borough Council
December 31, 2020
-
4,324
4,324
December 31, 2019
(restated*)
-
3,743
3,743
December 31, 2020
-
1,757,559
1,757,559
December 31, 2019
-
1,207,970
1,207,970
16
Contingent liabilities
At 31 December 2020, indemnities provided through the normal course of its business, performance bonds and bank guarantees of £245,000 (2019 : £196,000) .
17
Controlling party
The
C
ompany is controlled by its immediate parent company Capita Property and Infrastructure Limited, a company registered in England and Wales with a holding of 51%.
The remaining 49% of the shares are held by Bridgend County Borough Council with a holding of 1
4.7
%, Merthyr Tydfil County Borough Council with a holding of 6
.37
% and Rhondda Cynon Taf County Borough Council with a holding of 2
7.93
%.
The ultimate parent company undertaking of Capita Property and Infrastructure Limited is Capita plc, a company registered in England and Wales. The accounts of Capita plc are available from the registered office at
65 Gresham Street, London, England, EC2V 7NQ.
18
Post balance sheet events
There are no significant events which have occurred after the reporting date.
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 33 -
19
Prior year adjustment relating to review of Joint Venture Agreement
During the year, the Company reviewed its Joint Venture Agreement in conjunction with IAS 32, and in accordance with the terms and conditions of the agreement, the Company has a contractual obligation to pay the profits to shareholders. Such an obligation meets the definition of a financial liability. Therefore, the ‘issued share capital' should be classified as a financial liability and the dividend on such shares are to be recognised as finance cost in the income statement.
In prior years, the Company has recorded the entire issued share capital as ‘equity' instead of ‘financial liability'.
In addition, the Company has inadvertently not provided for or paid such dividend since its inception.
The management reviewed and concluded that the financial statements of 2019 should be restated to correct this error and the effect of restatement is summarised below :
A
Net finance cost (2019) : Adjusted by £505,063 to provide for the relevant adjustment in relation to dividend on shares wholly recognised as liabilities are recognised as expenses in the same way as interest on a bond.
B
Current financial liabilities (2019) : Adjusted to provide for the dividend liability as at the financial year ending on 31 December 2019 as mentioned above
C
Non-current financial liabilities (2019) : Adjusted by £100 to classify equity share capital as financial liability as mentioned above.
The following shows the effect of the prior year adjustment made to the income statement for the year ended 31 December 2019 :
Footnote
As previously reported
Restatement
impact
Restated
2019
2019
£
£
£
Revenue
5,950,677
-
5,950,677
Cost of sales
(4,455,318)
-
(4,455,318)
Gross profit
1,495,359
-
1,495,359
Administrative expenses
(875,793)
-
(875,793)
Operating profit
619,566
-
619,566
Net finance cost
A
-
(505,063)
(505,063)
Profit before tax
619,566
(505,063)
114,503
Income tax charge
(114,503)
-
(114,503)
Total comprehensive income for the year
505,063
(505,063)
-
CAPITA GLAMORGAN CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 34 -
The following shows the effect of the prior year adjustment made to the Balance sheet as at 31 December 2019:
As previously reported
Restatement
impact
Restated
2019
2019
£
£
£
Non-current assets
Property, plant and equipment
116
-
116
Deferred tax
11,715
-
11,715
Total non-current assets
11,831
-
11,831
Current assets
Trade and other receivables
1,013,110
-
1,013,110
Cash
1,098,445
-
1,098,445
Total current assets
2,111,555
-
2,111,555
Total assets
2,123,386
-
2,123,386
Current liabilities
Trade and other payables
830,635
-
830,635
Financial liabilities
B
-
1,207,970
1,207,970
Income tax payable
84,681
-
84,681
Total current liabilities
915,316
1,207,970
2,123,286
Non-current liabilities
Financial liabilities
C
-
100
100
Total non-current liabilities
-
100
100
Total liabilities
915,316
1,208,070
2,123,386
Net assets
1,208,070
(1,208,070)
-
Capital and reserves
Issued share capital
C
100
(100)
-
Retained earnings
A,B
1,207,970
(1,207,970)
-
Total equity
1,208,070
(1,208,070)
-
2020-12-31
2020-01-01
S R Lock
M A Rees-Williams
C McAnulty
S T Creedon
J P Davies
S R Lock
P McDermott
M Crumbie
M A Rees-Williams
Capita Group Secretary Limited
false
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