Company registration number 09268103 (England and Wales)
CALDERO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CALDERO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
CALDERO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
62,030
87,986
Current assets
Debtors
6
1,720,880
1,812,719
Cash at bank and in hand
659,552
406,474
2,380,432
2,219,193
Creditors: amounts falling due within one year
7
(183,418)
(172,033)
Net current assets
2,197,014
2,047,160
Net assets
2,259,044
2,135,146
Capital and reserves
Called up share capital
8
3
3
Share premium account
4,094,598
4,094,598
Profit and loss reserves
(1,835,557)
(1,959,455)
Total equity
2,259,044
2,135,146
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 May 2024 and are signed on its behalf by:
C W Briggs
Director
Company registration number 09268103 (England and Wales)
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Caldero Limited is a private company limited by shares incorporated in England and Wales. The registered office is Concordia Works, 30 Sovereign Street, Leeds, LS1 4BA.
1.1
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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have a reasonable expectation that the Company has adequate resources to continue itstrue
operational existence for the foreseeable future.
The Company is supported by its ultimate parent company, Shenzhen Skyworth Digital Technology Co Ltd which has confirmed it will continue to provide support to Caldero Limited for a period of not less than twelve months from the date of signing the financial statements to enable it to pay its liabilities as they fall due.
Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% p.a. Straight Line
Fixtures and fittings
20-50% p.a. Straight Line
Computers
20-50% p.a. Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, 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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
22
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
475,945
435,212
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
84,346
241,617
379,336
705,299
Additions
24,188
20,968
45,156
Disposals
(14,736)
(14,736)
At 31 December 2023
84,346
265,805
385,568
735,719
Depreciation and impairment
At 1 January 2023
84,346
214,797
318,170
617,313
Depreciation charged in the year
27,502
29,735
57,237
Eliminated in respect of disposals
(861)
(861)
At 31 December 2023
84,346
242,299
347,044
673,689
Carrying amount
At 31 December 2023
23,506
38,524
62,030
At 31 December 2022
26,820
61,166
87,986
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,629,935
1,716,253
Other debtors
30,168
36,081
Prepayments and accrued income
60,777
60,385
1,720,880
1,812,719
Amounts owed by group are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,770
34,181
Taxation and social security
65,398
57,450
Other creditors
5,320
3,814
Accruals and deferred income
97,930
76,588
183,418
172,033
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
All shares carry no fixed right to income and rank pari passu in every respect.
9
Reserves
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss reserves
The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Helen Mills
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
22 May 2024
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
136,358
250,603
12
Related party transactions
During the year, the company made sales totaling £4,123,788 (2022 - £3,384,787) to Shenzhen Skyworth Digital Technology Co. Ltd its ultimate parent company incorporated in Hong Kong. At 31 December 2023, the company was owed £Nil (2022 - £Nil).
During the year, the company made interest free loans to Caldero Holdings Limited, its majority shareholder of £50,000 (2022 - £Nil) and received repayments of £50,000 (2022 - £Nil). In addition, there were currency retranslations in the year totaling £86,317 (2022 - £182,736). At the year end, the company was owed £1,629,935 (2022 - £1,716,253) from Caldero Holdings Limited. This balance is presented as being due within one year.
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
13
Parent company
The immediate parent company of Caldero Limited is Caldero Holdings Limited, a company incorporated in England and Wales.
The ultimate parent company is Shenzhen Skyworth Digital Technology Co Ltd, a company incorporated in Hong Kong.
The largest and smallest set of accounts in which Caldero Limited is consolidated is Shenzhen Skyworth Digital Technology Co Ltd's group financial statements. Copies can be obtained from Shenzhen Skyworth Digital Technology Co Ltd, Skyworth Building, High Tech Centre, Nanshan District, Shenzhen, China P.C: 518057.
14
Prior period adjustment
Recognition of lease incentive
In the previous year, a reduced rent period on a new lease had not been appropriately spread over the lease term. An adjustment of £45,898 has been made to decrease net profit at 31 December 2022 from £72,074 to £26,176 to recognise the benefit of the lease incentive as a reduction to the expense recognised over the lease term, on a straight line basis. An adjustment of £45,898 has also been made to accruals and deferred income, this has reduced net assets at 31 December 2022 from £2,181,044 to £2,135,146.
Presentation of withholding tax
In the previous year, withholding tax totaling £203,087 was incorrectly presented in both sales and the tax charge, rather than being offset to show the £nil impact on the company as this is not a liability of the company but relates to another group company.
This has resulted in a £203,087 reduction in sales in the prior year, creating a revised turnover of £3,384,787 (previously shown as a turnover of £3,587,874). The tax charge has then reduced from £488,177 to £285,090.
The impact on net profit and net assets for the year is £nil.
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Lease adjustment
-
(45,898)
Equity as previously reported
2,108,970
2,181,044
Equity as adjusted
2,108,970
2,135,146
Analysis of the effect upon equity
Profit and loss reserves
-
(45,898)
CALDERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Lease adjustment
(45,898)
Profit as previously reported
72,074
Profit as adjusted
26,176