Company registration number 03702902 (England and Wales)
Calder Conferences Limited
Annual report and
financial statements
for the year ended 28 February 2023
Calder Conferences Limited
Company Information
Directors
D A Hoban
J D Turner
Company number
03702902
Registered office
Unit 4 Woodside Court
Clayton Wood Rise
Leeds
West Yorkshire
LS16 6RF
Auditor
B M Howarth Ltd
West House
King Cross Road
West Yorkshire
Halifax
West Yorkshire
HX1 1EB
Bankers
National Westminster Bank Plc
PO Box No 4
3 Cambridge Crescent
Harrogate
West Yorkshire
HG1 1PJ
Calder Conferences Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 - 14
Calder Conferences Limited
Strategic report
for the year ended 28 February 2023
- 1 -

The directors present the strategic report for the year ended 28 February 2023.

Review of the business

The Directors are pleased with the company's performance for the year ended 28 February 2023. As shown on the company's Statement of Income and Retained Earnings turnover increased to £41.24m from £23.66m in 2022, due to continued short term delivery of contingency support and the meetings and events demand returning to business as usual (pre-pandemic) from both the portfolios of customers in the private and public sector. Profit before taxation for the year is £4.72m compared with £6.38m in 2022. The company’s statement of financial position shows the net assets at £5.23m in 2023 compared to £5.17m in 2022.

Principal risks and uncertainties

The company's principal financial instruments comprise cash and various items such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company's operations.

 

The existence of these financial instruments exposes the company to a number of financial risks. The main risks arising from the company's financial risk are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below.

 

Credit risk

The company seeks to manage its credit risk by dealing with established customers in the industry.

 

Liquidity risk

The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest in cash assets safely and profitably.

 

Interest rate risk

The company's exposure is due to changes in interest rates. The company seeks to manage this risk by keeping bank borrowings to a minimum.

Key performance indicators

The key financial performance indicators are those that communicate the financial performance and strength of the company as a whole and are summarised below:

 

 

 

28

February

 

28

February

 

 

 

2023

 

2022

 

 

 

£

 

£

Turnover

 

 

41,243,726

 

23,660,151

Gross profit

 

 

13,621,883

 

17,879,998

Gross profit margin

 

 

33.03%

 

75.57%

Profit before taxation

 

 

4,723,588

 

6,383,925

Net assets

 

 

5,233,231

 

5,170,618

 

 

 

 

 

 

 

The company has performed well against its budgeted activities.

Calder Conferences Limited
Strategic report (continued)
for the year ended 28 February 2023
- 2 -
Future developments

The prospects for the year ended 28 February 2024 are encouraging and the directors look forward to another successful and profitable year.

On behalf of the board

D A Hoban
Director
12 July 2023
Calder Conferences Limited
Directors' report
for the year ended 28 February 2023
- 3 -

The directors present their annual report and financial statements for the year ended 28 February 2023.

Principal activities

The principal activity of the company continued to be that of conference organisers and hotel booking agents.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D A Hoban
J D Turner
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,450,000. The directors do not recommend payment of a further dividend.

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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

 

 

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 also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Calder Conferences Limited
Directors' report (continued)
for the year ended 28 February 2023
- 4 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
D A Hoban
Director
12 July 2023
Calder Conferences Limited
Independent auditor's report
to the members of Calder Conferences Limited
- 5 -
Opinion

We have audited the financial statements of Calder Conferences Limited (the 'company') for the year ended 28 February 2023 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Calder Conferences Limited
Independent auditor's report (continued)
to the members of Calder Conferences Limited
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Calder Conferences Limited
Independent auditor's report (continued)
to the members of Calder Conferences Limited
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

James Bell
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
12 July 2023
Calder Conferences Limited
Statement of Income and Retained Earnings
for the year ended 28 February 2023
- 8 -
2023
2022
Notes
£
£
Turnover
41,243,726
23,660,151
Cost of sales
(27,621,843)
(5,780,153)
Gross profit
13,621,883
17,879,998
Administrative expenses
(8,992,778)
(11,715,952)
Other operating income
6,000
219,540
Operating profit
2
4,635,105
6,383,586
Interest receivable
88,483
677
Interest payable
-
0
(338)
Profit before taxation
4,723,588
6,383,925
Tax on profit
7
(1,210,975)
(2,465,251)
Profit for the financial year
3,512,613
3,918,674
Retained earnings brought forward
5,070,618
5,303,884
Dividends
6
(3,450,000)
(4,151,940)
Retained earnings carried forward
5,133,231
5,070,618

The income statement has been prepared on the basis that all operations are continuing operations.

Calder Conferences Limited
Statement of financial position
as at 28 February 2023
28 February 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
56,434
14,693
Current assets
Debtors
9
20,405,966
5,950,643
Cash at bank and in hand
12,215,862
9,889,321
32,621,828
15,839,964
Creditors: amounts falling due within one year
10
(27,432,622)
(10,682,823)
Net current assets
5,189,206
5,157,141
Total assets less current liabilities
5,245,640
5,171,834
Provisions for liabilities
Deferred tax liability
12,409
1,216
(12,409)
(1,216)
Net assets
5,233,231
5,170,618
Capital and reserves
Called up share capital
12
100,000
100,000
Profit and loss reserves
5,133,231
5,070,618
Total equity
5,233,231
5,170,618
The financial statements were approved by the board of directors and authorised for issue on 12 July 2023 and are signed on its behalf by:
D A Hoban
Director
Company Registration No. 03702902
Calder Conferences Limited
Notes to the financial statements
for the year ended 28 February 2023
- 10 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover and revenue recognition

Turnover represents commissions receivable in respect of the company's ordinary activities acting as an agent. Revenues and the associated cash flows are recognised net. Revenue is recognised on the date of the event.

Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computer equipment
20% reducing balance basis

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing difference represents accumulated difference between the company's taxable profit and its financial profit arise primarily from the difference between accelerated capital allowances and depreciation.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Calder Conferences Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
1
Accounting policies
(continued)
- 11 -
Leases

Rentals payable under operating leases, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants

Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue based grants are recognised over the same period in which the related costs are incurred.

2
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(6,000)
(219,540)
Audit fees
15,000
15,000
Depreciation of owned tangible fixed assets
3,166
3,875
Inter company loan written off
-
3,460,284
3
Employees
2023
2022
Number
Number
Sales and administrative staff
44
41

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,928,907
3,362,658
Social security costs
627,940
413,905
Pension costs
37,716
35,767
5,594,563
3,812,330
4
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
3,427,483
2,192,780
Remuneration disclosed above is for the highest paid director.
Calder Conferences Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 12 -
5
Retirement benefit schemes
2023
2022
£
£
Charge to profit or loss
37,716
35,767

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

6
Dividends
2023
2022
£
£
Final paid
3,450,000
4,151,940
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,229,119
2,465,642
Adjustments in respect of prior periods
(29,337)
-
0
Total current tax
1,199,782
2,465,642
Deferred tax
Origination and reversal of timing differences
11,193
(391)
Total tax charge
1,210,975
2,465,251

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,723,588
6,383,925
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
897,482
1,212,946
Tax effect of expenses that are not deductible in determining taxable profit
792,977
1,387,033
Adjustments in respect of prior years
(29,337)
-
0
Effect of change in corporation tax rate
2,978
-
0
Group relief
(433,905)
(134,728)
Research and development tax credit
(16,660)
-
0
Enhanced capital allowances
(2,560)
-
0
Tax expense for the year
1,210,975
2,465,251
Calder Conferences Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 13 -
8
Tangible fixed assets
Computer equipment
£
Cost
At 1 March 2022
242,301
Additions
44,907
At 28 February 2023
287,208
Depreciation
At 1 March 2022
227,608
Depreciation charged in the year
3,166
At 28 February 2023
230,774
Carrying amount
At 28 February 2023
56,434
At 28 February 2022
14,693
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,242,332
4,225,078
Corporation tax recoverable
1,421,920
-
0
Amounts owed by group undertakings
6,583,850
-
0
Prepayments and accrued income
3,157,864
1,725,565
20,405,966
5,950,643
10
Creditors
2023
2022
Amounts falling due within one year:
£
£
Trade creditors
6,428,765
466,269
Amounts due to group undertakings
39,626
16,036
Corporation tax
-
0
1,040,642
Other taxation and social security
1,444,738
1,702,047
Accruals and deferred income
19,519,493
7,457,829
27,432,622
10,682,823
Calder Conferences Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 14 -
11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12,409
1,216
12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
13
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee covering the bank borrowings of group companies. The borrowing is secured against all the assets of the respective companies. Bank loans at 28 February 2022 amounted to £nil (2022: £516,667).

14
Related party transactions

In accordance with the exemptions available to subsidiaries whose parent company prepares consolidated accounts, transactions with group companies are not disclosed in these financial statements.

15
Ultimate controlling party

The company's parent company is Depho Estates Limited, a company registered in England and Wales, whose registered office is situated at Unit 4 Woodside Court, Clayton Wood Rise, Leeds, LS16 6RF. Group accounts are available from Companies House, Crown Way, Maindy, CF14 3UZ.

16
Company information

Calder Conferences Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Woodside Court, Clayton Wood Rise, Leeds, West Yorkshire, LS16 6RF.

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