Calimero Trading Limited
Unaudited Financial Statements
For the year ended 31 July 2024
Pages for Filing with Registrar
Company Registration No. 14219383 (England and Wales)
Calimero Trading Limited
Balance Sheet
As at 31 July 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
401
Current assets
Debtors
4
10,001
19,263
Cash at bank and in hand
353,552
239,341
363,553
258,604
Creditors: amounts falling due within one year
5
(3,135,822)
(1,131,253)
Net current liabilities
(2,772,269)
(872,649)
Net liabilities
(2,771,868)
(872,649)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(2,771,968)
(872,749)
Total equity
(2,771,868)
(872,649)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 24 April 2025 and are signed on its behalf by:
S Fatic
Director
Company Registration No. 14219383
Calimero Trading Limited
Notes to the Financial Statements
For the year ended 31 July 2024
Page 2
1
Accounting policies
Company information
Calimero Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor 9 Appold Street, London, EC2A 2AP.
1.1
Reporting period
The previous financial statements are presented for a period longer than one year, due to the company incorporating on 6 July 2022. Therefore, the comparative information (including the related notes) is not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
1.3
Going concern
During the company's trading it spent a significant time supporting developing its product. This has led to a loss during the year and had net liabilities of £2,771,868 (2023: £1,253,087) at the Balance Sheet date. Throughout the year the company has been supported by its parent company, Calimero Limited, with £3,133,072 (2023: £1,507,941) include in creditors at the Balance Sheet date.
Calimero Limited has confirmed it will continue to provide the necessary financial support to Calimero Trading Limited to enable it to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements and to enable the company to meet its liabilities as they fall due.
On the basis of the company's financial position and the support provided by Calimero Limited, the directors have a reasonable expectation that, the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue 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 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.
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
33.33% straight line
Calimero Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
Page 3
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 only has basic financial instruments measured at amortised cost, with no financial
instruments classified as other or basic instruments measured at fair value.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
Additions
466
At 31 July 2024
466
Depreciation and impairment
At 1 August 2023
Depreciation charged in the year
65
At 31 July 2024
65
Carrying amount
At 31 July 2024
401
At 31 July 2023
Calimero Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
284
4,839
Prepayments and accrued income
9,717
14,424
10,001
19,263
5
Creditors: amounts falling due within one year
2023
2024
As restated
£
£
Amounts owed to group undertakings
3,133,072
1,127,503
Accruals and deferred income
2,750
3,750
3,135,822
1,131,253
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
The company has taken the exemption in accordance with FRS 102 - section 33 "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary who is party to the transaction is wholly owned by such a member.
8
Parent company
Calimero Limited is the ultimate controlling party by virtue of his majority shareholding in the company.
9
Prior period adjustment
Calimero Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
9
Prior period adjustment
(Continued)
Page 5
Reconciliation of changes in equity
6 July
31 July
2022
2023
£
£
Adjustments to prior year
Group allocation of expenses
-
380,438
Equity as previously reported
-
(1,253,087)
Equity as adjusted
-
(872,649)
Analysis of the effect upon equity
Profit and loss reserves
-
380,438
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Group allocation of expenses
380,438
Loss as previously reported
(1,253,187)
Loss as adjusted
(872,749)
Notes to reconciliation
There were group related costs of £380,438 which was misallocated to the company in the previous financial statements. This has now been corrected and this will effect the Profit and Loss Account, Balance Sheet and note 5.