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Registered number: 08501489












CALIX HOLDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

 

CALIX HOLDING LIMITED

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Director's report
 
4
Director's responsibilities statement
 
5
Independent auditor's report
 
6 - 9
Profit and loss account
 
10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
Company balance sheet
 
14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17 - 18
Notes to the financial statements
 
19 - 40


 

CALIX HOLDING LIMITED
 
COMPANY INFORMATION


Director
S A Lusoli 




Registered number
08501489



Registered office
10th Floor Holborn Tower
137-144 High Holborn

London

WC1V 6PL




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

CALIX HOLDING LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The director presents his strategic report on the group for the year ended 31 December 2022. The principal activity of the group during the year continues to be provision of IT services, with strong expertise in MES/MOM (Manufacturing Execution System/Operations Management) and PLM (Product Lifecycle Management).
The group has operations in France, Switzerland, Portugal and Poland through its subsidiary undertakings. The registered address of Calix Holding Limited is 10th Floor Holborn Tower, 137 144 High Holborn, London, WC1V 6PL. 

Business review
 
Turnover in the year to 31 December 2022 has increased by 5.1% to £16.5m (2021: £15.7m) and gross profit for the year is £12.4m (2021: £12.2m). 
The group has generated an operating profit of £0.6m (2021: £1.5m) for the year. The results are in line with expectations and considered satisfactory give the prevailing economic conditions. The director remains confident in the group's ability execute its long term strategy for profitable growth. The group has net assets of £1.2m (2021: net assets of £0.6m) at 31 December 2022, which includes cash at bank and in hand amounting to £1.3m (2021: £2.2m).

Principal risks and uncertainties
 
Liquidity risk
The group closely monitors working capital to ensure that sufficient cash is available to fund on going operations. This includes use of factoring facilities to provide liquidity and manage working capital as well as access to bank overdrafts and bank loans depending on short or long-term funding needs. The group has net cash balances at the year end.
Foreign currency risk
The group has operations in a number of jurisdictions overseas and is therefore subject to impact from fluctuations in foreign currencies. The group holds bank accounts in each currency it operates in but undertakes no specific exchange policy to mitigate risk, other than this.
Interest rate risk
Amounts owed between group undertakings are interest free and the only interest bearing financial instruments are bank loans which are at fixed interest rates agreed at the point the loans are taken out. Accordingly the director considers the groups exposure to interest rate risk to be minimal. 

Financial key performance indicators
 
At a group level, the directors consider the change in turnover and operating profit margin to be the most important key performance indicators. These are set out below: 
• Turnover increased by 5.1% to £16.5m (2021: £15.7m) 
• Operating profit margin reduced to a profit of 3.6% (2021: 10.0%) 

Page 2

 

CALIX HOLDING LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Future developments

The director views the future positively, despite the ongoing economic, political and financial uncertainties. The group's focus will continue to be on achieving sustainable and profitable revenue growth, maintaining its strong track record of delivering quality client service and continuing to effectively monitor and control its cost base. 


This report was approved and signed by the sole director..



S A Lusoli
Director

Date: 19 December 2023

Page 3

 

CALIX HOLDING LIMITED

DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Results and dividends

The profit for the year, after taxation, amounted to £530,376 (2021 - £1,261,355).

The directors do not recommend a dividend (2021: £Nil).

Director

The director who served during the year was:

S A Lusoli 

Matters covered in the Group strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report

Disclosure of information to auditor

The director at the time when this director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

This report was approved and signed by the sole director.
 





S A Lusoli
Director

Date: 19 December 2023

Page 4

 

CALIX HOLDING LIMITED
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director is responsible for preparing the group strategic report, the director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgements and accounting 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The director is 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 the group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 

CALIX HOLDING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS, AS A BODY, OF CALIX HOLDING LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion


We have audited the financial statements of Calix Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022, which comprise the consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equityand the notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2022 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 6

 

CALIX HOLDING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS, AS A BODY, OF CALIX HOLDING LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

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 director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the group strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the director's 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:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the director's responsibilities statement set out on page 5, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 

CALIX HOLDING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS, AS A BODY, OF CALIX HOLDING LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the group's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
reviewed a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company’s legal advisors.
 
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
 
Page 8

 

CALIX HOLDING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS, AS A BODY, OF CALIX HOLDING LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 2006Our 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.





Andrew Sanford (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
2 February 2024
Page 9

 

CALIX HOLDING LIMITED
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
16,459,647
15,692,928

Cost of sales
  
(4,046,112)
(3,500,999)

Gross profit
  
12,413,535
12,191,929

Administrative expenses
  
(11,781,831)
(10,671,783)

Other operating income
 5 
21,012
25,302

Operating profit
 6 
652,716
1,545,448

Interest on director's loan
  
22,664
-

Interest payable and similar expenses
 10 
(70,367)
(53,105)

Profit before tax
  
605,013
1,492,343

Tax on profit
 11 
(74,637)
(230,988)

Profit for the financial year
  
530,376
1,261,355

Profit for the year attributable to:
  

Owners of the parent
  
530,376
1,261,355

  
530,376
1,261,355

Page 10

 

CALIX HOLDING LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£


Profit for the financial year

530,376
1,261,355

Other comprehensive income


Foreign exchange gain/(loss)
109,593
(249,841)

Other comprehensive income for the year
109,593
(249,841)

Total comprehensive income for the year
639,969
1,011,514

Profit for the year attributable to:


Owners of the parent company
530,376
1,261,355

530,376
1,261,355

Total comprehensive income attributable to:


Owners of the parent company
639,969
1,011,514

639,969
1,011,514

Page 11


 
REGISTERED NUMBER:08501489
CALIX HOLDING LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible fixed assets
 13 
1,215,704
1,051,619

Tangible fixed assets
 14 
313,567
369,905

  
1,529,271
1,421,524

Current assets
  

Debtors due after more than 1 year
 16 
136,685
109,593

Debtors due within 1 year
 16 
7,109,075
5,506,733

Cash at bank and in hand
 17 
1,280,324
2,223,194

  
8,526,084
7,839,520

Creditors: amounts falling due within one year
 18 
(6,795,499)
(6,338,558)

Net current assets
  
 
 
1,730,585
 
 
1,500,962

Total assets less current liabilities
  
3,259,856
2,922,486

Creditors: amounts falling due after more than one year
 19 
(2,033,418)
(2,336,017)

Net assets excluding pension asset
  
1,226,438
586,469

Net assets
  
1,226,438
586,469

Page 12


 
REGISTERED NUMBER:08501489
CALIX HOLDING LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
15,000
15,000

Foreign exchange reserve
 24 
(91,911)
(201,504)

Profit and loss account
 24 
1,303,349
772,973

Total equity
  
1,226,438
586,469


The financial statements were approved, authorised and signed by the sole director.




S A Lusoli
Director

Date: 19 December 2023

The notes on pages 19 to 40 form part of these financial statements.

Page 13


 
REGISTERED NUMBER:08501489
CALIX HOLDING LIMITED

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 14 
-
-

Fixed asset investments
 15 
106,961
106,961

  
106,961
106,961

Current assets
  

Debtors: amounts falling due within one year
 16 
1,480,038
1,513,690

Cash at bank and in hand
 17 
52,588
82,011

  
1,532,626
1,595,701

Creditors: amounts falling due within one year
 18 
(1,488,489)
(1,813,253)

Net current assets/(liabilities)
  
 
 
44,137
 
 
(217,552)

Total assets less current liabilities
  
151,098
(110,591)

  

  

Net assets excluding pension asset
  
151,098
(110,591)

Net assets/(liabilities)
  
151,098
(110,591)


Capital and reserves
  

Called up share capital 
 23 
15,000
15,000

Profit and loss account
 24 
136,098
(125,591)

Total equity
  
151,098
(110,591)


The financial statements were approved, authorised and signed by the sole director.


S A Lusoli
Director

Date: 19 December 2023

The notes on pages 19 to 40 form part of these financial statements.

Page 14

 

CALIX HOLDING LIMITED
 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent company
Total equity


£
£
£
£
£



At 1 January 2021
15,000
48,337
(488,382)
(425,045)
(425,045)



Comprehensive income for the year


Profit for the year
-
-
1,261,355
1,261,355
1,261,355


Foreign exchange gain/(loss)
-
(249,841)
-
(249,841)
(249,841)

Total comprehensive income for the year
-
(249,841)
1,261,355
1,011,514
1,011,514



Total transactions with owners
-
-
-
-
-





At 1 January 2022
15,000
(201,504)
772,973
586,469
586,469



Comprehensive income for the year


Profit for the year
-
-
530,376
530,376
530,376


Foreign exchange gain/(loss)
-
109,593
-
109,593
109,593

Total comprehensive income for the year
-
109,593
530,376
639,969
639,969



Total transactions with owners
-
-
-
-
-



At 31 December 2022
15,000
(91,911)
1,303,349
1,226,438
1,226,438



Page 15

 

CALIX HOLDING LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
15,000
(113,627)
(98,627)


Comprehensive income for the year

Loss for the year
-
(11,964)
(11,964)
Total comprehensive income for the year
-
(11,964)
(11,964)


Total transactions with owners
-
-
-



At 1 January 2022
15,000
(125,591)
(110,591)


Comprehensive income for the year

Profit for the year
-
261,689
261,689
Total comprehensive income for the year
-
261,689
261,689


Total transactions with owners
-
-
-


At 31 December 2022
15,000
136,098
151,098


Page 16

 

CALIX HOLDING LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

Profit for the financial year
530,376
1,261,355

Adjustments for:

Amortisation of intangible assets
362,744
290,264

Depreciation of tangible assets
113,281
188,329

Interest paid
70,367
53,105

Interest received
(22,664)
-

Taxation charge
74,637
230,988

(Increase)/decrease in debtors
(959,599)
316,634

Increase/(decrease) in creditors
636,354
(411,928)

Foreign exchange (gain)/loss
91,561
(230,514)

Corporation tax (paid)
(321,521)
(103,188)

Net cash generated from operating activities

575,536
1,595,045


Cash flows from investing activities

Purchase of intangible fixed assets
(526,829)
(451,843)

Purchase of tangible fixed assets
(55,975)
(45,757)

Sale of tangible fixed assets
200
-

Interest received
22,664
-

Net cash from investing activities

(559,940)
(497,600)
Page 17

 

CALIX HOLDING LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


2022
2021

£
£



Cash flows from financing activities

New bank loans
884,956
-

Repayment of bank loans
(993,122)
(775,395)

Repayment of finance leases
(13,087)
(57,482)

Interest paid
(70,367)
(53,105)

Movement in directors loans
(417,589)
(483,491)

Net cash used in financing activities
(609,209)
(1,369,473)

Net (decrease) in cash and cash equivalents
(593,613)
(272,028)

Cash and cash equivalents at beginning of year
1,485,756
1,757,784

Cash and cash equivalents at the end of year
892,143
1,485,756


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,280,324
2,223,194

Bank overdrafts
(388,181)
(737,438)

892,143
1,485,756


Page 18

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

CALIX Holding Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 10th Floor Holborn Tower, 137-144 High Holborn, London, WC1V 6PL.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The group has  shareholder's equity of £1.2m as at 31 December 2022 (2021: £0.6m). The group generated a profit in the year of £0.5m (2021: £1.3m) and has cash in hand of £1.3m (2020: £2.2m). 
In making this assessment, the director has considered the ability of the group to settle liabilities as they fall due. This includes assessing the sales orderbook, timing of financing repayments and forecasts for the foreseeable future. (Cash held at the date of signing these accounts has increased) and undrawn loan facilities are available to further strengthen liquidity if the need arises. Accordingly, the director considers that the business has sufficient available reserves.
The director has a reasonable expectation that the company and its group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Page 19

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
3 years
Plant and machinery
-
3 years
Motor vehicles
-
3 years
Fixtures and fittings
-
3 - 10 years
Office equipment
-
3 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
5
years

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.8

Financial instruments

The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The group’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany working capital are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 
Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 22

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

Page 23

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.11

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.12

Finance leases: the group as a lessee

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.
Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 24

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 25

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies which are set out in note 2, the key judgements made by the directors are:
Impairment of investments and intercompany receivables
Management continually use judgement to ascertain whether there are indications of impairment of the company's investments and intercompany receivable balances. As there is no market value available for the company's investments the financial statements of its subsidiary's are used to ascertain whether an impairment of the investment or receivable has occurred. This includes an assessment of the future performance of the investments and their ability to repay liabilities as they fall due. 
Capitalisation of development costs
The company has capitalised development costs in relation to a computer software that is being internally developed. The costs have been capitalised on the basis that it is probable that expected future economic benefits that are attributable to the software will flow to the entity. Costs have been amortised over a 5 year period to reflect the expected life of the asset.
Impairment of intangible fixed assets
Management assess whether there is an indication that the intangible fixed asset may need to be impaired, by looking at both internal and external factors which might impact the recoverable amount of the asset.


4.


Turnover

The whole of the turnover is attributable to the provision of services to customers.

Analysis of turnover by country of destination:

2022
2021
£
£

United Kingdom
541,362
779,533

Rest of Europe
15,858,690
14,795,429

Rest of the world
59,595
117,966

16,459,647
15,692,928



5.


Other operating income

2022
2021
£
£

Other operating income
21,012
25,302


Page 26

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Fees payable to the group's auditor for the audit of the group's annual financial statements
62,500
62,500

Exchange differences
(128,410)
195,290

Other operating lease rentals
681,226
605,743

Defined contribution pension cost
611,448
603,563

Depreciation of tangible fixed assets
113,281
188,329

Amortisation of intangible assets
362,744
290,624


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Wages and salaries
7,809,843
7,676,823
349,525
392,185

Social security costs
1,422,908
1,355,818
42,498
40,182

Cost of defined contribution scheme
611,448
603,563
13,397
28,000

9,844,199
9,636,204
405,420
460,367


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2022
        2021
        2022
        2021
            No.
            No.
            No.
            No.









Average number of employees
175
166
1
1

In addition to staff costs above, there are staff costs of £523,141 (2021: £451,843) which have been capitalised and included within intangible fixed assets. 

Page 27

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Director's remuneration

2022
2021
£
£

Director's emoluments (including car benefit and life insurance)
349,525
392,185

Group contributions to defined contribution pension schemes
13,397
28,000

362,922
420,185


During the year retirement benefits were accruing to 1 director (2021 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £349,525 (2021 - £392,185).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,397 (2021 - £28,000).


9.


Interest receivable

2022
2021
£
£


Other interest receivable
22,664
-


10.


Interest payable and similar expenses

2022
2021
£
£


Finance leases and hire purchase contracts
7,120
14,284

Other interest payable
63,247
38,821

70,367
53,105

Page 28

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Taxation


2022
2021
£
£


Foreign tax


Foreign tax on income for the year
74,637
225,279

74,637
225,279

Total current tax
74,637
225,279

Deferred tax


Origination and reversal of timing differences
-
5,709

Total deferred tax
-
5,709


Taxation on profit/(loss) on ordinary activities
74,637
230,988
Page 29

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
605,013
1,492,343


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
114,952
283,545

Effects of:


Expenses not deductible for tax purposes
9,805
8,432

Fixed asset timing differences
(2,222)
17,347

Utilisation of tax losses
(158,963)
(66,276)

Adjustment in respect of overseas entities
118,250
(57,062)

Other timing differences leading to a (decrease)/increase in taxation
(2,571)
45,002

Double taxation relief
(4,614)
-

Total tax charge for the year
74,637
230,988


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
There is a potential deferred tax asset of £0.1m (2021: £0.2m) in respect of carried forward trading losses, which has not been recognised in the financial statements due to the uncertainty concerning the timescale as to its recoverability. 


12.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The profit after tax of the parent company for the year was £261,689 (2021 - loss £11,964).

Page 30

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Intangible assets

Group and Company





Computer software

£



Cost


At 1 January 2022
1,926,264


Additions
526,829



At 31 December 2022

2,453,093



Amortisation


At 1 January 2022
874,645


Charge for the year
362,744



At 31 December 2022

1,237,389



Net book value



At 31 December 2022
1,215,704



At 31 December 2021
1,051,619


Computer software relates to internal staff and development costs incurred in the development of new computer software packages.


Page 31

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 January 2022
606,974
89,273
151,403
64,833
193,539
1,106,022


Additions
6,076
10,704
-
7,878
31,317
55,975


Disposals
-
(1,460)
-
-
(98,873)
(100,333)


Exchange adjustments
16,067
-
-
-
4,151
20,218



At 31 December 2022

629,117
98,517
151,403
72,711
130,134
1,081,882



Depreciation


At 1 January 2022
391,601
50,662
88,016
50,532
155,306
736,117


Charge for the year
41,657
14,110
27,166
3,156
27,192
113,281


Disposals
-
(1,260)
-
-
(98,873)
(100,133)


Exchange adjustments
16,811
-
-
-
2,239
19,050



At 31 December 2022

450,069
63,512
115,182
53,688
85,864
768,315



Net book value



At 31 December 2022
179,048
35,005
36,221
19,023
44,270
313,567



At 31 December 2021
215,373
38,611
63,387
14,301
38,233
369,905

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Short-term leasehold property
-
1,233

Motor vehicles
36,221
63,387

Office equipment
-
648

36,221
65,268

Page 32

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14.
 

Tangible fixed assets (continued)


Company






Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£

Cost


At 1 January 2022
40,475
1,247
10,939
52,661



At 31 December 2022

40,475
1,247
10,939
52,661



Depreciation


At 1 January 2022
40,475
1,247
10,939
52,661



At 31 December 2022

40,475
1,247
10,939
52,661



Net book value



At 31 December 2022
-
-
-
-



At 31 December 2021
-
-
-
-






Page 33

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2022
117,717



At 31 December 2022

117,717



Impairment


At 1 January 2022
10,756



At 31 December 2022

10,756



Net book value



At 31 December 2022
106,961



At 31 December 2021
106,961



Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Sofyne Active Technology Limited (UK)
Holborn Tower
137-144 High Holborn
WC1V 6PL
Ordinary
100%
Calix Technology Limited (UK)
Holborn Tower137-144 High HolbornWC1V 6PL
Ordinary
100%
Sas Sofyne Active Technology (France)
8e étage, Immeuble
Pulma
11, Av. Morane
Saulnier
78140 Vélizy-
Villacoublay
Ordinary
100%
Sofyne Active Technology Limited (Poland)
UI. Karola Bunscha
1830-392 Kraków
Ordinary
100%

Page 34

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Due after more than one year

Other debtors
136,685
109,593
-
-

136,685
109,593
-
-


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Due within one year

Trade debtors
3,543,495
3,152,719
-
-

Amounts owed by group undertakings
-
-
54,082
57,600

Amounts owed by joint ventures and associated undertakings
67,533
67,533
-
-

Other debtors
2,719,488
2,028,018
1,425,040
905,174

Prepayments and accrued income
777,643
257,547
-
550,000

Deferred taxation
916
916
916
916

7,109,075
5,506,733
1,480,038
1,513,690


Amounts owed by related parties are unsecured, interest-free and repayable on demand.
Included within other debtors due within one year is an amount of £1,258,414 (2021: £840,825) owed to the group from the director of the company. This amount is unsecured, with a 2% interest rate and repayable on demand.


17.


Cash

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Cash at bank and in hand
1,280,324
2,223,194
52,588
82,011

Less: bank overdrafts
(388,181)
(737,438)
-
-

892,143
1,485,756
52,588
82,011


Page 35

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2022
2021
2022
2021
£
£
£
£

Bank overdrafts
388,181
737,438
-
-

Bank loans
858,930
673,029
-
-

Trade creditors
723,076
436,501
13,713
3,395

Amounts owed to group undertakings
-
-
977,640
1,384,569

Corporation tax
415,127
426,629
390,497
286,720

Other taxation and social security
643,490
1,042,488
16,639
73,940

Obligations under finance lease and hire purchase contracts
15,176
19,731
-
-

Other creditors
3,277,244
2,637,797
-
-

Accruals and deferred income
474,275
364,945
90,000
64,629

6,795,499
6,338,558
1,488,489
1,813,253


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
Included within other creditors is an amount of £2,715,348 (2021: £2,238,239) due to the group's debt factoring provider which is secured by a fixed charged over the assets of the company. 


19.


Creditors: Amounts falling due after more than one year

Group

Group
2022
2021
£
£

Bank loans
1,974,480
2,268,547

Net obligations under finance leases and hire purchase contracts
58,938
67,470

2,033,418
2,336,017




Page 36

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Loans


Analysis of the maturity of loans is given below:


Group

Group
2022
2021
£
£

Amounts falling due within one year

Bank loans
858,930
673,029


858,930
673,029

Amounts falling due 1-2 years

Bank loans
756,938
814,869


756,938
814,869

Amounts falling due 2-5 years

Bank loans
1,217,542
1,453,678


1,217,542
1,453,678


2,833,410
2,941,576


A bank loan held amounting to £162,611 (2021: £242,429) is repayable in installments and accrues interest of 1.99% per annum. The loan is unsecured. The loan ends in July 2024.
A bank loan held amounting to £442,478 (2021: £Nil) is repayable in installments and accrues an interest of 4.36% per annum. The loan is unsecured. The loan ends in December 2028
A bank loan held amounting to £49,789 (2021: £188,051) is repayable in installments and accrues interest of 0.95% per annum. The loan is unsecured. The loan ends in April 2023.
A bank loan held amounting to £152,502 (2021: £238,190) is repayable in installments and accrues interest of 1.10% per annum. The European Investment Fund has guaranteed 50% of this loan. The loan ends in July 2024.
A bank loan held amounting to £67,453 (2021: £148,579) is repayable in installments and accrues interest of 1.43% per annum. The loan is unsecured. The loan ends in July 2023.
A bank loan held amounting to £1,516,099 (2021: £1,679,162) is repayable in installments and accrues interest of 1.25% per annum. The loan is unsecured. The loan ends in May 2026.
A bank loan held amount to £442,478 (2021: £Nil) is repayable in installments and accrues interest of 1.8% per annum. The loan is unsecured. The loan ends in December 2026.

Page 37

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2022
2021
£
£

Within one year
15,176
19,731

Between 1-5 years
58,938
67,470

74,114
87,201


22.


Deferred taxation


Group



2022


£






At beginning of year
916



At end of year
916

Company


2022


£






At beginning of year
916



At end of year
916

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Accelerated capital allowances
916
916
916
916

916
916
916
916

Page 38

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

23.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



15,000 (2021 - 15,000) Ordinary shares shares of £1.00 each
15,000
15,000



24.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents movements as a result of the yearly translation of results of foreign branches and subsidiaries, including the translation of their equity balance.

Profit and loss account

The profit and loss account includes accumulated profits of the group since incorporation.

25.


Analysis of net debt





At 1 January 2022
Cash flows
Other non-cash changes
At 31 December 2022
£

£

£

£

Cash at bank and in hand

2,223,194

(942,870)

-

1,280,324

Bank overdrafts

(737,438)

349,257

-

(388,181)

Debt due after 1 year

(2,268,547)

294,067

-

(1,974,480)

Debt due within 1 year

(673,029)

(185,901)

-

(858,930)

Finance leases

(87,201)

13,087

-

(74,114)

Directors loans

840,825

417,589

21,000

1,279,414


(702,196)
(54,771)
21,000
(735,967)


26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independent administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £611,448 (2021: £603,563). Contributions totaling £175 (2021: £175) were payable to the fund at the balance sheet date and are included in creditors.

Page 39

 

CALIX HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

27.


Commitments under operating leases

At 31 December 2022 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£
£

Not later than 1 year
595,613
505,609

Later than 1 year and not later than 5 years
1,107,939
1,078,083

Later than 5 years
9,551
99,004

1,713,103
1,682,696
28.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with other related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2022
 
2021 
2022 
2021 




£
 
£ 
£ 
£ 



Sofyne SARL


(common director)
Working capital
-
-
67,533
67,533



Working capital
-
-
67,533
67,533


SLU Group Limited


(common control)
Management fee
775,834
-
8,805
-


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.

Included within other debtors in the consolidated group position there is an amount of £1,279,414 (2021: £886,670) owed to the group from the director of the company. This amount is unsecured, with a 2% interest rate and repayable on demand.
 
Page 40