Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false82023-01-018truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05973733 2023-01-01 2023-12-31 05973733 2022-01-01 2022-12-31 05973733 2023-12-31 05973733 2022-12-31 05973733 c:Director1 2023-01-01 2023-12-31 05973733 c:Director2 2023-01-01 2023-12-31 05973733 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05973733 d:Buildings d:LongLeaseholdAssets 2023-12-31 05973733 d:Buildings d:LongLeaseholdAssets 2022-12-31 05973733 d:PlantMachinery 2023-01-01 2023-12-31 05973733 d:PlantMachinery 2023-12-31 05973733 d:PlantMachinery 2022-12-31 05973733 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05973733 d:MotorVehicles 2023-01-01 2023-12-31 05973733 d:MotorVehicles 2023-12-31 05973733 d:MotorVehicles 2022-12-31 05973733 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05973733 d:FurnitureFittings 2023-01-01 2023-12-31 05973733 d:FurnitureFittings 2023-12-31 05973733 d:FurnitureFittings 2022-12-31 05973733 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05973733 d:OfficeEquipment 2023-01-01 2023-12-31 05973733 d:OfficeEquipment 2023-12-31 05973733 d:OfficeEquipment 2022-12-31 05973733 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05973733 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05973733 d:CurrentFinancialInstruments 2023-12-31 05973733 d:CurrentFinancialInstruments 2022-12-31 05973733 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05973733 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05973733 d:ShareCapital 2023-12-31 05973733 d:ShareCapital 2022-12-31 05973733 d:RetainedEarningsAccumulatedLosses 2023-12-31 05973733 d:RetainedEarningsAccumulatedLosses 2022-12-31 05973733 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 05973733 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 05973733 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05973733 c:OrdinaryShareClass1 2023-12-31 05973733 c:OrdinaryShareClass1 2022-12-31 05973733 c:FRS102 2023-01-01 2023-12-31 05973733 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05973733 c:FullAccounts 2023-01-01 2023-12-31 05973733 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05973733 2 2023-01-01 2023-12-31 05973733 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05973733










XCALIBRE FULFILMENT SOLUTIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF XCALIBRE FULFILMENT SOLUTIONS LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Xcalibre Fulfilment Solutions Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of Directors of Xcalibre Fulfilment Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Xcalibre Fulfilment Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Xcalibre Fulfilment Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Xcalibre Fulfilment Solutions Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Xcalibre Fulfilment Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Xcalibre Fulfilment Solutions Limited. You consider that Xcalibre Fulfilment Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Xcalibre Fulfilment Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wellers
Accountants
Milweye Court
73 Southern Road
Thame
Oxon
OX9 2ED
22 August 2024
Page 1

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 05973733

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
90,497
113,046

  
90,497
113,046

Current assets
  

Debtors: amounts falling due within one year
 5 
3,769,906
2,917,298

Cash at bank and in hand
 6 
1,432,512
1,199,162

  
5,202,418
4,116,460

Creditors: amounts falling due within one year
 7 
(2,600,109)
(1,977,894)

Net current assets
  
 
 
2,602,309
 
 
2,138,566

Total assets less current liabilities
  
2,692,806
2,251,612

  

Net assets
  
2,692,806
2,251,612


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
2,692,706
2,251,512

  
2,692,806
2,251,612


Page 2

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
REGISTERED NUMBER: 05973733
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T Heer
J A Clutterbuck
Director
Director


Date: 22 August 2024
Date:22 August 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Xcalibre Fulfilment Solutions Limited is a private company, limited by shares, incorporated in England. The principal place of business is Riverside, 85-87 Holtspur Lane, Wooburn Green, High Wycombe, Buckinghamshire, HP10 0AU.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Company 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.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 4

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.9

Taxation

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 operates and generates income.

Page 5

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
over 10 years
Plant & machinery
-
33% straight line
Motor vehicles
-
33% straight line
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using
Page 7

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 8

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
32,687
16,800
127,624
37,342
88,951


Additions
-
-
-
1,812
13,815



At 31 December 2023

32,687
16,800
127,624
39,154
102,766



Depreciation


At 1 January 2023
26,604
16,800
44,607
22,147
80,200


Charge for the year on owned assets
3,554
-
23,055
4,604
6,963



At 31 December 2023

30,158
16,800
67,662
26,751
87,163



Net book value



At 31 December 2023
2,529
-
59,962
12,403
15,603



At 31 December 2022
6,083
-
83,017
15,195
8,751
Page 9

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
303,404


Additions
15,627



At 31 December 2023

319,031



Depreciation


At 1 January 2023
190,358


Charge for the year on owned assets
38,176



At 31 December 2023

228,534



Net book value



At 31 December 2023
90,497



At 31 December 2022
113,046

Page 10

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
864,550
2,034,272

Amounts owed by group undertakings
2,470,102
570,386

Amounts owed by joint ventures and associated undertakings
60,009
124,198

Other debtors
2,525
9,450

Prepayments and accrued income
372,720
178,992

3,769,906
2,917,298



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,432,512
1,199,162

1,432,512
1,199,162



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
977,311
949,115

Amounts owed to associates
596,988
24,607

Corporation tax
175,108
147,249

Other taxation and social security
70,218
115,470

Other creditors
58,571
7,418

Accruals and deferred income
721,913
734,035

2,600,109
1,977,894


Page 11

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,432,512
1,199,162




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

Page 12

 
XCALIBRE FULFILMENT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

The company traded with the following related parties during the year:
 
Tactical Fulfilment Solutions Ltd - a company owned by J Clutterbuck and T Heer. 
Tactical Direct Mailing Ltd - a company owned by J Clutterbuck and T Heer.
Xcalibre Asia Limited - a company incorporated in Hong Kong.
Xcalibre US Limited - a company incorporated in the USA.
Xcalibre Generation Ltd - a company owned by J Clutterbuck and T Heer.
Building for Success Ltd - a company owned by J Clutterbuck and T Heer.  
 


2023
2022
£
£

Trade debtor - Xcalibre Asia Ltd
17,057
17,057
Trade debtor - Xcalibre US Ltd
25,697
4,751
Trade debtor - Tactical Fulfilment Solutions Ltd
3,806
7,200
Amounts due from Xcalibre Generation Ltd
2,470,103
570,385
Amounts due from Tactical Fulfilment Solutions Ltd
9,773
-
Amounts due from Building for Success Ltd
50,236
49,900
Trade creditor - Tactical Direct Mailing Ltd
2,807
1,929
Trade creditor - Tactical Fulfilment Solutions Ltd
376,705
266,348
Trade creditor - Xcalibre Generation Ltd
22,800
57,000
Trade creditor - Xcalibre US Ltd
3,060
3,060
Amounts due to Xcalibre Asia Ltd
461,286
24,607
Amounts due to Xcalibre US Ltd
135,702
-


12.


Controlling party

The issued shares were held by Xcalibre Generation Limited, a company ultimately controlled by J Clutterbuck and T Heer by virtue of their shareholdings, throughout this and the preceeding period.

 
Page 13