Company registration number 14968361 (England and Wales)
CALITII LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CALITII LTD
CONTENTS
Page
Strategic report
1 - 2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
CALITII LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the Period ended 30 June 2024.

Review of the business

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.

Principal risks and uncertainties

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:

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.

Key performance indicators

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%

CALITII LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -

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 statement

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 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

.............................................
Mr P O'Connor
Director
23 January 2025
CALITII LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 3 -
2024
Notes
£
£
Fixed assets
Tangible assets
5
7,750
Current assets
Debtors
6
1,956,030
Cash at bank and in hand
124,645
2,080,675
Creditors: amounts falling due within one year
7
(2,172,818)
Net current liabilities
(92,143)
Net liabilities
(84,393)
Capital and reserves
Called up share capital
9
100
Profit and loss reserves
(84,493)
Total equity
(84,393)
CALITII LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 4 -

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
..............................................
Mr P O'Connor
Director
Company registration number 14968361 (England and Wales)
CALITII LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 June 2023
-
0
-
0
-
Period ended 30 June 2024:
Loss and total comprehensive income
-
(84,493)
(84,493)
Issue of share capital
9
100
-
100
Balance at 30 June 2024
100
(84,493)
(84,393)
CALITII LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
1
Accounting policies
Company information

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.

1.1
Reporting period

The financial statements reflect a period of twelve months and three days from the date of incorporation up to the accounting reference date.

1.2
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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is the first period of trade, and post year end projections show profitable growth.Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.5
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:

Computers
25% reducing balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

CALITII LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.7
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.

1.8
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

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, 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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

CALITII LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

Unrelieved tax losses and other 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.

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

2
Judgements and key sources of estimation uncertainty

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.

3
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
9,000
4
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
Number
15
CALITII LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
4
Employees
(Continued)
- 9 -

The director is included in the figures above, although they did not receive any remuneration from the company.

5
Tangible fixed assets
Computers
£
Cost
At 28 June 2023
-
0
Additions
8,111
At 30 June 2024
8,111
Depreciation and impairment
At 28 June 2023
-
0
Depreciation charged in the Period
361
At 30 June 2024
361
Carrying amount
At 30 June 2024
7,750
6
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
1,340,538
Other debtors
232,604
Prepayments and accrued income
375,847
1,948,989
2024
Amounts falling due after more than one year:
£
Deferred tax asset (note 8)
7,041
Total debtors
1,956,030
CALITII LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 10 -
7
Creditors: amounts falling due within one year
2024
£
Trade creditors
535,390
Taxation and social security
125,598
Other creditors
1,435,141
Accruals and deferred income
76,689
2,172,818

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.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
2024
Balances:
£
Accelerated capital allowances
(1,937)
Tax losses
8,978
7,041
2024
Movements in the Period:
£
Liability at 28 June 2023
-
Credit to profit or loss
(7,041)
Asset at 30 June 2024
(7,041)

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.

9
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
CALITII LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 11 -
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:
Angela Trainor
Statutory Auditor:
HJS Chartered Accountants
Date of audit report:
23 January 2025
11
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
£
Aggregate compensation
382,115
12
Directors' transactions

At 30 June 2024, the director Mr P O'Connor was owed £853,334 by the company, interest is accruing on this loan.

13
Ultimate controlling party

The ultimate controlling party of the company is Mr Patrick O'Connor, who holds 100% of the issued share capital of the company.

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