Company Registration No. 06722404 (England and Wales)
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A M Moffatt
C C Clements
Secretary
Capita Group Secretary Limited
Company number
06722404
Registered office
30 Berners Street
London
England
W1T 3LR
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Income statement
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The Directors present their Directors’ report and financial statements for the year ended 31 December 2019.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
A M Moffatt
C C Clements
On behalf of the Board
C C Clements
Director
2 September 2020
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Notes
Unaudited
Audited
2019
2018
£
£
Impairment of investments
3
-
(1,059,368)
Loss before tax
-
(1,059,368)
Income tax expense
2
-
-
Total comprehensive expense for the year
-
(1,059,368)
The income statement has been prepared on the basis that all operations have been discontinued.
There are no recognised gains and losses other than those passing through the income statement.
The notes on pages 5 to 9 form an integral part of financial statements.
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 3 -
Notes
Unaudited
Audited
2019
2018
Non-current assets
£
£
Investments in subsidiaries
3
631,982
631,982
631,982
631,982
Current assets
Trade and other receivables
4
775,792
775,792
775,792
775,792
Total assets
1,407,774
1,407,774
Current liabilities
Trade and other payables
5
2,057,826
2,057,826
2,057,826
2,057,826
Net liabilities
(650,052)
(650,052)
Capital and reserves
Issued share capital
6
1
1
Retained deficit
(650,053)
(650,053)
Total deficit
(650,052)
(650,052)
Audit exemption statement
For the financial year ended 31 December 2019, the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
- The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to Companies subject to the small Companies' regime. The notes on pages 5 to 9 form an integral part of financial statements.
Approved by the Board and authorised for issue on 2 September 2020.
C C Clements
Director
Company Registration No. 06722404
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
Share capital
Retained earnings/(deficit)
Total deficit
£
£
£
At 1 January 2018 - unaudited
1
409,315
409,316
Total comprehensive expense for the year
-
(1,059,368)
(1,059,368)
At 31 December 2018 - audited
1
(650,053)
(650,052)
Total comprehensive expense for the year
-
-
-
At 31 December 2019 - unaudited
1
(650,053)
(650,052)
a) Share Capital
The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 1 ordinary shares of £1 each.
b) Retained deficit/earnings
Represents accumulated losses/profits of the Company.
The notes on pages 5 to 9 form an integral part of these financial statements.
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
1
Accounting policies
1.1
Basis of preparation
Capita Employee Benefits Holdings Limited is a company incorporated and domiciled in the United Kingdom.
The Directors have prepared the financial statements on the basis that the Company is no longer a going concern.
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 Financial Reporting Standards as adopted by the EU ("EU-IFRSs"), but made amendments, where necessary, in order to comply with 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 with International Financial Reporting Standards as adopted by the EU (EU-IFRS) and are available to the public and may be obtained from Capita plc’s website on www. capita.com.
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 and intangible assets;
-
Disclosures in respect of transactions with wholly owned subsidiaries;
-
Disclosures in respect of capital management;
-
The effects of new but not yet effective IFRSs;
-
An additional balance sheet for the beginning of the earliest comparative period following the retrospective change in accounting policy;
-
Certain disclosures as required by IFRS 15; and
-
Disclosures in respect of the compensation of key management personnel.
As the consolidated financial statements of Capita plc include equivalent disclosures, the Company 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 Company, in the current and prior periods including the comparative period reconciliation for goodwill; and
-
Disclosures required by IFRS 7 Financial Instrument Disclosures.
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.3
Investment in subsidiaries
All investments are initially recorded at their cost. Subsequently, they are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable
1.4
Group accounts
The financial statements present information about the Company as an individual undertaking and not about its Group. The Company has not prepared group accounts as it is fully exempt from the requirement to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Capita plc, a company incorporated in England and Wales, and is included in the consolidated accounts of that company.
1.5
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 EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 7 -
1.6
Financial instruments
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.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
2
Income tax
The major components of income tax expense for the years ended 31 December 2019 and 2018 are:
Unaudited
Audited
2019
2018
£
£
Current tax
UK corporation tax
-
-
Total tax charge reported in the income statement
-
-
The reconciliation between tax charge and the accounting profit multiplied by the UK corporation tax rate for the years ended 31 December 2019 and 2018 is as follows:
Unaudited
Audited
2019
2018
£
£
Loss before taxation
-
(1,059,368)
Loss before taxation multiplied by standard rate of corporation tax in the UK of 19% (2018 - 19%)
-
(201,280)
Taxation impact of factors affecting tax charge:
Expenses not deductible for tax purposes
-
201,280
Total adjustments
-
201,280
Total tax charge reported in the income statement
-
-
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
3
Investment in subsidiaries
Shares in subsidiary undertakings
£
Cost
At 1 January 2019 - audited
2,000,000
Additions
-
At 31 December 2019 - unaudited
2,000,000
Impairment
At 1 January 2019 - audited
1,368,018
Charge for the year
-
At 31 December 2019 - unaudited
1,368,018
Net book value
At 31 December 2019 - unaudited
631,982
At 31 December 2018 - audited
631,982
Details of the Company's direct subsidiaries at 31 December 2019 are as follows:
Company
Country of registration or incorporation
Ordinary shares held (%)
Nature of business
Capita Employee Benefits Services Limited*
England & Wales
100
Dormant
Capita Employee Benefits (Consulting) Limited
England & Wales
100
Employee benefits advice
E B Consultants Limited
England & Wales
100
Dormant
PIFC Consulting Limited**
England & Wales
100
Dormant
SBJ Benefit Consultants Limited
England & Wales
100
Dormant
SBJ Professional Trustees Limited
England & Wales
100
Dormant
The aforementioned companies registered office is 30 Berners Street, London, England, W1T 3LR with the exceptions of the following:
* 1 More London Place, London, SE1 2AF. Dissolved on 02 March 2020.
** 1 More London Place, London, SE1 2AF. Dissolved on 04 June 2020.
4
Trade and other receivables
Unaudited
Audited
Current
2019
2018
£
£
Amounts due from parent and fellow subsidiary undertaking
775,792
775,792
775,792
775,792
CAPITA EMPLOYEE BENEFITS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
5
Trade and other payables
Unaudited
Audited
Current
2019
2018
£
£
Amounts due to parent and fellow subsidiary undertaking
2,057,826
2,057,826
2,057,826
2,057,826
Unaudited
Audited
Unaudited
Audited
6
Issued share capital
2019
2018
2019
2018
Numbers
Numbers
£
£
Allotted, called up and fully paid
Ordinary shares of £1 each
At 1 January
1
1
1
1
At 31 December
1
1
1
1
7
Employees
There were no employees during the year apart from the
D
irectors.
The
D
irectors
'
remuneration w
as
borne by another subsidiary of Capita plc
. As no significant time was spent by the
D
irectors on the
C
ompany's affairs, no
D
irectors' remuneration has been allocated to the
C
ompany.
In addition to the above, the
Di
rectors of the Company were reimbursed for the expenses incurred by them whilst performing business responsibilities
.
8
Controlling party
The Company's immediate parent company is Capita Life and Pensions Regulated Services Limited, a company registered in England and Wales, and the ultimate parent company is Capita plc, a company registered in England and Wales. The financial statements of Capita plc are available from the registered office at 30, Berners Street, London, England, W1T 3LR.
9
Post balance sheet events
There are no significant events which have occurred post the reporting date.
2019-12-31
2019-01-01
A M Moffatt
C C Clements
Capita Group Secretary Limited
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