The director presents the strategic report for the Period ended 30 June 2024.
Calitii Limited was incorporated on 28th June 2023.
Trading commenced on the 13th of November 2023, Calitii’s Revenue for the period ending 30th June 2024 is £3.12m with an operating loss of £62,717. The results are based on quickly establishing a core customer base which has already led to a presence in a number of business areas including financial services, insurance and public services.
The principal activities of IT Consultancy & Integration for major projects on the ServiceNow platform and Enterprise Agility Consultancy.
In this first period of trading, Caltii’s focus has been on establishing a strong organisational foundation, growing its market presence, and building a high-calibre senior leadership team to support long-term, sustainable growth.
Looking ahead, Calitii remains focused on developing its strategy and growth plan, ensuring it focuses on Sales, Delivery, People and Partnerships. With this plan, Calitii has the opportunity to further build its brand reputation in the industry, that will drive profitable growth and provide the opportunities for its people to grow.
Calitii plans to transition into a Central London office space early next year, fostering a collaborative working environment for employees, partners, and customers. In addition to establishing a UK-based hub, Calitii is exploring opportunities to expand its global presence, with potential entities in the Americas and Ireland under consideration.
The Company continues to invest in a range of capabilities that will both differentiate it in the marketplace and support the planned growth in the business. This means Calitii is ideally placed to capitalise on further sales prospects and growth in both its existing client base and new client opportunities.
The process of risk management is addressed through a framework of policies, procedures and internal controls. Compliance with regulation, legal, ethical and moral standards is a high priority for Calitii. The top risks that the Senior Management team are focused on addressing include:
Attraction and retention of talent: The ServiceNow Area is a highly competitive and dynamic. In such a competitive market Calitii needs to continue to ensure that is attracting and retaining top talent
Investing in Clients: we have gained a number of large clients on long term deals in the year ending 30th June 2024. Calitii must ensure that it is successful in retaining and growing the client base
The company is exposed to interest rate risk on an interest-bearing invoice discounting facility currently in place. Calitii has considered the impact of an interest rate rise by the Bank of England but does not believe the exposure to be material
Financial risk management is conducted through comprehensive reporting and forecasting processes, which are reviewed monthly by Senior Management to ensure proactive risk mitigation. Liquidity risk is reviewed on a weekly basis, with forward-looking assessments conducted to ensure the company maintains sufficient cash reserves to meet its financial obligation.
Company performance is monitored through a comprehensive suite of KPl's. The primary financial metrics include the following:
| 30.06.2024 |
Revenue | £3.12m |
Gross profit % | 31% |
Delivery Utilisation | 83% |
Post balance sheet event
Starting on 1st August 2024, the company entered into negotiations for a new head office space in London. The lease began on 30th September 2024, and is a 36 month lease with an 18 month break clause. The annual rent for this lease stands at £411,920 per annum (excluding VAT).
Section 172 of the Companies Act 2006 requires that the Directors act in a way that they consider to be in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders and in doing so have regard to:
The likely consequences of any decision in the long term;
The interests of the Company’s employees;
The need to foster the Company’s business relationships with suppliers, customers, and others;
The impact of the Company’s operations on the community and the environment;
The desire of the company to maintain a reputation for high standards of business conduct;
The need to act fairly between members of the Company.
The Directors have complied with these requirements. A regular strategic board meeting is held with all key decisions taken with a view to the long-term health of the Company. Calitii Ltd regards the satisfaction and retention of staff, clients, and suppliers as a key factor in the continued success of the Company, with decisions being taken that consider the views of all of these stakeholders.
On behalf of the board
Calitii Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Berkshire House, 168-173 High Holborn, London, United Kingdom, WC1V 7AA.
The financial statements reflect a period of twelve months and three days from the date of incorporation up to the accounting reference date.
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 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.
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 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, 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.
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.
In the application of the company’s accounting policies, the director is 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.
The average monthly number of persons (including directors) employed by the company during the Period was:
The director is included in the figures above, although they did not receive any remuneration from the company.
The aggregate amount of creditors due within one year of which security has been given total to is £437,851. The security comprises a fixed and floating charge over the assets of the company.
The amount of debts factored and still owing at the balance sheet date totalled £1,340,538.
There is a registered debenture with fixed and floating charges over all the property or undertaking of the company. This charge also contains a negative pledge.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
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.
The remuneration of key management personnel is as follows.
At 30 June 2024, the director Mr P O'Connor was owed £853,334 by the company, interest is accruing on this loan.