Company registration number 03828983 (England and Wales)
CALIBRE ONE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CALIBRE ONE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
CALIBRE ONE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
28,666
57,348
Investments
7
1
28,666
57,349
Current assets
Debtors
8
720,671
882,163
Cash at bank and in hand
458,755
597,855
1,179,426
1,480,018
Creditors: amounts falling due within one year
9
(554,861)
(532,352)
Net current assets
624,565
947,666
Total assets less current liabilities
653,231
1,005,015
Creditors: amounts falling due after more than one year
10
(39,081)
Provisions for liabilities
(2,730)
(2,730)
Net assets
650,501
963,204
Capital and reserves
Called up share capital
11
20,000
20,000
Profit and loss reserves
630,501
943,204
Total equity
650,501
963,204
The directors of the company have elected not to include a copy of the income statement 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 26 November 2024 and are signed on its behalf by:
Mr J S Brocket
Director
Company registration number 03828983 (England and Wales)
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Calibre One Limited is a private company limited by shares incorporated in England and Wales. The registered office is Audrey House, 16-20 Ely Place, London, EC1N 6SN.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Calibre One Limited is a wholly owned subsidiary of Calibre One Holdings Limited and the results of Calibre One Limited are included in the consolidated financial statements of Calibre One Holdings Limited which are available from Audrey House, 16-20 Ely Place, London, EC1N 6SN.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured, and is shown net of VAT and other sales related taxes. Fees from executive search and permanent placement fees where turnover is recognised as services are provided, typically in three stages being placement, shortlist and retainer fee. The revenue is not recognised until the stage has been completed.
1.3
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 land and buildings
over the term of the lease
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Computer software
33% on reducing balance
Motor Vehicle
Over the term of the lease
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
1.7
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 statement of financial position 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
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
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.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees and also contributes to a personal pension plan for a director. Contributions payable are charged to the profit and loss account in the year they are payable.
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.13
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
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Recruitment services
2,610,130
3,772,269
2023
2022
£
£
Other revenue
Interest income
6,174
5,334
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
20
22
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
13,127
77,397
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
5,424
368,490
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,276
70,013
Tax effect of expenses that are not deductible in determining taxable profit
5,346
2,441
Depreciation on assets not qualifying for tax allowances
6,681
5,651
Amortisation on assets not qualifying for tax allowances
(106)
(708)
Tax at marginal rate
(70)
Taxation charge for the year
13,127
77,397
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
96,000
124,183
220,183
Disposals
(11,709)
(11,709)
At 31 December 2023
96,000
112,474
208,474
Depreciation and impairment
At 1 January 2023
96,000
66,835
162,835
Depreciation charged in the year
28,407
28,407
Eliminated in respect of disposals
(11,434)
(11,434)
At 31 December 2023
96,000
83,808
179,808
Carrying amount
At 31 December 2023
28,666
28,666
At 31 December 2022
57,348
57,348
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
1
Disposals
(1)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
1
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
516,712
668,563
Amounts owed by group undertakings
51,757
Other debtors
203,959
161,843
720,671
882,163
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,148
123,663
Amounts owed to group undertakings
236,016
18,950
Taxation and social security
78,856
68,340
Other creditors
205,841
321,399
554,861
532,352
Included within other creditors at the balance sheet date is £39,081 (2022: £11,652) hire purchase creditor which is secured on the asset to which it relates.
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
39,081
Included within other creditors at the balance sheet date is £nil (2022: £39,081) hire purchase creditor which is secured on the asset to which it relates.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
2,000,000
2,000,000
20,000
20,000
12
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.
CALIBRE ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Audit report information
(Continued)
- 9 -
Senior Statutory Auditor:
Shona Claire Munday
Statutory Auditor:
Gravita II LLP
13
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
£
£
455,728
237,513
14
Related party transactions
Remuneration of key management personnel
2023
2022
£
£
Aggregate compensation
147,068
130,656
15
Parent company
100% of the share capital of the company is owned by Calibre One Holdings Limited, a company incorporated and registered in England and Wales.
16
Related party transactions
As at the balance sheet date, the company owed the directors £Nil (2022: £460), by way of a loan. No interest is accrued on the loan balance.
The company has taken exemption under section 33.1A OF FRS102-1A not to disclose transactions with 100% owned group companies.
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