REGISTERED NUMBER: |
CALDER LIMITED |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
CALDER LIMITED |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 7 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Financial Statements | 12 | to | 20 |
CALDER LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Independent auditors: |
Statutory Auditor |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
6th Floor |
5 Aldermanbury Square |
London |
EC2V 7AZ |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Strategic Report |
for the year ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
Principal activities and business review |
The principal activities of the company were that of the importation and distribution of specialist high pressure pumping equipment; and the design, build and service of bespoke high pressure pumping equipment. |
This year's turnover was £11.2M. This continued to be affected by the ongoing conflict in Ukraine which has caused a re-evaluation of energy projects in the region. The escalation of global hostilities had a significant impact on material availability and lead time, but there are signs of this beginning to improve and a new acceptance of the 'norm' within our customers. The cancellation of Government Infrastructure projects has affected the potential within our industrial business unit. The UK industry sector has also been affected by the uncertainty of interest rates during 2023 which has delayed business investment decisions. However, we are beginning to see encouraging signs as we enter into 2024 and anticipate a significant increase in investment in capital projects. Sales to the Middle East in the year have been very buoyant as new customers have been developed in that market. |
Key financial performance indicators |
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and operating profit. |
Development and performance |
Gross Profit was £2,408,572 compared to £2,745,383 in the previous 12 months. An operating profit of £272,034 was achieved which compared to £663,874 in the previous 12 months. The Directors were satisfied with the performance of the company given the challenges faced during the year. |
The last quarter of the year has been very successful in terms of order intake with 3 major energy projects secured for delivery in 2024, and significant Middle East industry orders for supply in 2023 and 2024. We end the year with a strong order backlog, which gives a high confidence for the success and growth expected in 2024. In addition, we are seeing increased levels of interest within the energy transition markets, with projects already secured in key areas. We are also seeing an increased level of enquiries regarding support for alternative fuels, the handling of carbon products and environmentally friendly options. Based on orders secured and level of enquiries, we are expecting a significant increase in overall activity in 2024 |
Principal risks and uncertainties |
The risks facing the company are assessed on an ongoing basis. The directors evaluate the likelihood and potential impact of each risk and ensure appropriate action is taken to mitigate it. |
A number of key risks such as credit management, liquidity, foreign exchange, health and safety and regulatory compliance come under the direct control of the directors. |
With the principal risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. |
On behalf of the board: |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Report of the Directors |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
Dividends |
The profit for the year, after taxation, amounted to £296,395. Particulars of dividends paid are detailed in the notes to the financial statements. |
Research and development |
The business provides bespoke solutions to energy customers to fulfil specific technical, space and environment conditions. As a result, each project requires an element of research and development to fulfil the customer project requirements. This starts as part of the bid process and is a requirement for bids to be considered by our customers. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the financial statements. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Report of the Directors |
for the year ended 31 December 2023 |
Auditors |
The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for reappointment. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Calder Limited |
Opinion |
We have audited the financial statements of Calder Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Calder Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation. |
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included, but were not limited to: |
- | making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud; |
- | obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- | assessing the design effectiveness of the controls in place to prevent and detect fraud; |
- | assessing the risk of management override including identifying and testing journal entries; |
- | challenging the assumptions and judgements made by management in its significant accounting estimates. |
Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Calder Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Statement of Comprehensive |
Income |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 6 |
Interest receivable and similar income | 7 |
385,686 | 793,542 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 9 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Creditors |
Amounts falling due within one year | 14 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 18 |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Statement of Cash Flows |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 24 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 25 | (452,370 | ) | 227,970 |
Cash and cash equivalents at end of year | 25 | ( |
) | ( |
) |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Calder Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. |
Going concern |
The company's directors believe that the financial statements of the company should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the companies' needs. The directors have considered a period of twelve months from the date of approval of the financial statements. They believe that no further disclosures relating to the ability of the company to continue as going concerns need to be made in the financial statements. |
Significant judgements and estimates |
The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying the company's accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
Warranty provisions |
A provision is incorporated into the financial statements to reflect an estimate of future costs to be incurred as a consequence of warranties provided to customers on invoiced sales. Warranties are provided for various lengths of time, the maximum period being 6 years. The estimated requirement for provision is based on perceived risk taking into account the length of the warranty period and the likelihood of warranty claims. |
Contract work in progress |
In respect of long term contracts, profit is recognised as the contracts progress beyond 50% complete. For contracts that are less than 50% complete, profitability cannot be measured with sufficient reliability and as such all of the costs incurred to date are carried as contract work in progress. The basis of calculation is labour hours incurred. |
Contract work in progress is stated net of billings on account. Any billings on account over and above the valuation of the related work in progress have been included in creditors: amounts falling due within one year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion once contracts progress beyond 50% complete. Stage of completion is assessed by reference to labour hours incurred. No turnover or profit is recognised on contracts that are less than 50% complete as in the directors' opinion profitability cannot be measured with sufficient reliability in the early stages and is earned in the latter part of contracts after incurring the initial costs of design and procurement of materials. |
Government grants |
Grants which are of a revenue nature are credited to the profit and loss account in the same period as the related expenditure. |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Tangible fixed assets |
All fixed assets are initially recorded at cost. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Leasehold Property Improvements | - | over the remaining term of the lease |
Plant & Machinery | - | 10%-20% straight line |
Fixtures & Fittings | - | 10%-20% straight line |
Motor Vehicles | - | 25% straight line |
Computer & Office Equipment | - | 20% straight line |
Stocks |
Stocks of finished goods are stated at the lower of cost and net realisable value on an item-by item basis after taking account of slow moving and obselete items. Cost is determined on a first in, first out basis and includes all direct costs incurred in bringing the stocks to their state and location at the period end. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on the sum of the digits method. |
Operating Lease Agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
Other | 6,707,976 | 2,806,180 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production | 31 | 34 |
Administration | 6 | 6 |
Selling | 13 | 12 |
5. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Directors' remuneration |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) | ( |
) |
Operating leases |
7. | Interest receivable and similar income |
2023 | 2022 |
£ | £ |
Current account interest |
Intercompany interest |
receivable |
8. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Interest payable |
9. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(over) provision in PY | (34,511 | ) | (67,914 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
assets |
Under/(over) provision in prior year | (34,511 | ) | (67,914 | ) |
Deferred tax movement | 4,913 | (12,660 | ) |
Total tax charge | 72,967 | 91,592 |
10. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final |
11. | Tangible fixed assets |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | Tangible fixed assets - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Included within the net book value of £189,574 is £Nil (2022 - £5,498) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £5,498 (2022 - £14,955). |
12. | Stocks |
2023 | 2022 |
£ | £ |
Work-in-progress |
Finished goods |
Payments on account | ( |
) | ( |
) |
13. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
Recoverable on contracts |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
14. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Payments on account |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | - | 35,920 |
Other creditors |
Accruals and deferred income |
15. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
16. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | - | 3,265 |
Hire purchase agreements are secured on the individual assets concerned. |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
18. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 38,414 | 33,501 |
Warranty provision | 467,661 | 631,869 |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1 January 2023 |
Movement in period | 4,913 | - |
Balance at 31 December 2023 |
19. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 135,100 | 135,100 |
20. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 7,841,543 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 7,537,938 |
The share premium account represents the premium arising on the issue of shares net of issue costs. |
21. | Contingent liabilities |
At the year end the company had 2 guarantees in place with overseas customers totalling £391,331 and a guarantee in favour of HMRC of £30,000. |
The company operates a warranty scheme to guarantee its products after the date of the sale. Some of these costs can be passed onto the company's suppliers. The directors have considered the possibility of warranty costs in the next year and a provision has been made in the financial statements and is detailed in note 18. |
The company has pledged security in the form of a debenture with Nordea Bank relating to a term loan and revolving credit facilities provided to Enflow Holding AS and subsidiaries.The security contains a fixed and floating charge over all assets and undertakings of the company. |
22. | Related party transactions |
During the year the company paid dividends £600,000 (2022: £1,000,000) to related parties. |
Key management personnel compensation in the year totalled £608,018 (2022: £578,082). |
The company has taken advantage of the exemption contained in FRS 102 from the requirement to disclose transactions with other group undertakings on the grounds that the company is a wholly owned subsidiary of the group. |
CALDER LIMITED (REGISTERED NUMBER: 01524351) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
23. | Ultimate controlling party |
The company is a wholly owned subsidiary of Enflow AS, following a group reorganisation on 24 June 2020, prior to this the company was a wholly owned subsidiary of PG Flow Solutions AS. Both companies are registered in Norway. The largest group of undertakings for which group accounts are drawn up are Enflow Holding AS, a company also registered in Norway. The ultimate control is held by private equity firm investors. In the opinion of the directors, there is no single controlling party. |
24. | Reconciliation of profit before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Increase/(decrease) in provisions | (164,208 | ) | (112,901 | ) |
Finance costs | 16,324 | 5,911 |
Finance income | (113,652 | ) | (129,668 | ) |
235,281 | 698,273 |
Increase in stocks | ( |
) | ( |
) |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
25. | Cash and cash equivalents |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Bank overdrafts | ( |
) | ( |
) |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | - | 227,970 |
Bank overdrafts | ( |
) |
(452,370 | ) | 227,970 |
26. | Analysis of changes in net debt |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Bank overdrafts | (452,370 | ) | 181,433 | (270,937 | ) |
(452,370 | ) | (270,937 | ) |
Debt |
Finance leases | (3,265 | ) | 3,265 | - |
(3,265 | ) | 3,265 | - |
Total | (455,635 | ) | 184,698 | (270,937 | ) |