Company registration number 09380047 (England and Wales)
CALIBRATE MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CALIBRATE MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr J J White
Ms M Ferruli
Company number
09380047
Registered office
4th Floor Stratton House
5 Stratton Street
London
W1J 8LA
Auditor
Streets Audit LLP
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Business address
4th Floor Stratton House
5 Stratton Street
London
W1J 8LA
CALIBRATE MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
CALIBRATE MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

2024 was a successful year for Calibrate with strong AUM growth and investment performance.

Principal risks and uncertainties

The principal risks are that AUM is slow to grow or that fund performance falls below expectations.

Development and performance

Performance and development have been consistent with the business plan. The firm is highly scalable with a low cost base such that revenue growth can largely fall to the bottom-line profit.

Key performance indicators

Calibrate will continue to focus on AUM growth whilst maintaining its strong focus on fund out-performance through strong analytics and idea generation combined with disciplined risk management.

S172 Statement

The company is classified as a large company as it is authorised and regulated by the Financial Conduct Authority (FCA) as a full scope AIFM to the Master Fund. Its activities as a subadvisor to US SMAs qualify Calibrate as a MiFID firm. It does not otherwise meet the size requirements to qualify as a large company under the Companies Act 2006.

 

The directors consider that the key stakeholders for the company are its clients, employees and shareholder (the Calibrate Partners LLP).

 

Due to the small number of employees of the company the directors have engaged with each of them as necessary during the period under review.

 

Calibrate operates under the rules set out by the FCA which includes treating customers fairly. Its funds are only available to sophisticated MiFID professional or institutional clients.

 

The company is owned by a partnership and provides regular communications to the partners via regular board meetings and considers their position when making decisions for the future plans for the business.

On behalf of the board

Mr J J White
Director
25 April 2025
CALIBRATE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of property and investment management. The company is authorised and regulated by the Financial Conduct Authority.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J J White
Ms M Ferruli
Auditor

Streets Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J J White
Director
25 April 2025
CALIBRATE MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the annual report 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). 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:

 

 

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.

CALIBRATE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CALIBRATE MANAGEMENT LIMITED
- 4 -
Opinion

We have audited the financial statements of Calibrate Management Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

CALIBRATE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CALIBRATE MANAGEMENT LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

CALIBRATE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CALIBRATE MANAGEMENT LIMITED
- 6 -

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

 

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

 

 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:

 

The Company earns fees from its fund management activities and there is a fraud risk that the fees are inappropriately accelerated or deferred between account periods.

 

We have gained an understanding that there is a significant risk of material misstatement relating to revenue recognition and to the cut off assertion specifically around the year end.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

In addition to the above, our procedures to respond to the risks identified included the following:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CALIBRATE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CALIBRATE MANAGEMENT LIMITED
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Michael Greene BSc FCCA (Senior Statutory Auditor)
For and on behalf of Streets Audit LLP
25 April 2025
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
CALIBRATE MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
Year
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
4,754,980
1,863,326
Cost of sales
(36,000)
(36,000)
Gross profit
4,718,980
1,827,326
Administrative expenses
(3,149,338)
(2,032,494)
Operating profit/(loss)
4
1,569,642
(205,168)
Interest receivable and similar income
7
48,379
58,901
Amounts written on/(off) investments
8
(27,764)
101,884
Profit/(loss) before taxation
1,590,257
(44,383)
Tax on profit/(loss)
9
(406,346)
(20,357)
Profit/(loss) for the financial year
1,183,911
(64,740)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CALIBRATE MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
78,553
76,903
Investments
12
27,651
55,415
106,204
132,318
Current assets
Debtors
14
2,700,805
846,999
Investments
15
1,873,343
1,284,695
Cash at bank and in hand
77,660
218,995
4,651,808
2,350,689
Creditors: amounts falling due within one year
16
(1,476,291)
(285,197)
Net current assets
3,175,517
2,065,492
Total assets less current liabilities
3,281,721
2,197,810
Provisions for liabilities
Deferred tax liability
17
19,225
19,225
(19,225)
(19,225)
Net assets
3,262,496
2,178,585
Capital and reserves
Called up share capital
18
22,000
22,000
Share premium account
88,000
88,000
Profit and loss reserves
3,152,496
2,068,585
Total equity
3,262,496
2,178,585
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
Mr J J White
Director
Company registration number 09380047 (England and Wales)
CALIBRATE MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
22,000
88,000
2,433,325
2,543,325
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(64,740)
(64,740)
Dividends
10
-
-
(300,000)
(300,000)
Balance at 31 December 2023
22,000
88,000
2,068,585
2,178,585
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
1,183,911
1,183,911
Dividends
10
-
-
(100,000)
(100,000)
Balance at 31 December 2024
22,000
88,000
3,152,496
3,262,496
CALIBRATE MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
539,831
(203,436)
Income taxes paid
(2,223)
(384,128)
Net cash inflow/(outflow) from operating activities
537,608
(587,564)
Investing activities
Purchase of tangible fixed assets
(38,674)
(2,994)
Proceeds from disposal of investments
(588,648)
861,630
Dividends received
48,379
58,901
Net cash (used in)/generated from investing activities
(578,943)
917,537
Financing activities
Dividends paid
(100,000)
(300,000)
Net cash used in financing activities
(100,000)
(300,000)
Net (decrease)/increase in cash and cash equivalents
(141,335)
29,973
Cash and cash equivalents at beginning of year
218,995
189,022
Cash and cash equivalents at end of year
77,660
218,995
CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Calibrate Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor Stratton House, 5 Stratton Street, London, W1J 8LA.

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.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

 

The parent, Calibrate Partners LLP, registered at 4th Floor Stratton House, 5 Stratton Street, London, W1J 8LA. is also exempt from preparing group accounts as the group it heads qualifies as small.

1.2
Going concern

Atruet the time of approving the financial statements, 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.

1.3
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.

1.4
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:

Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% straight line

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.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

1.7
Cash and cash equivalents

Cash at bank and in hand 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.

1.8
Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions. Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

Other 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

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.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Accrued income

Accrued income is an area subject to judgement by management. The accrued income is calculated by reference to the number of days due at the year end and is subject to an exchange rate if applicable.

Deferred income

Deferred income is an area subject to judgement by management. The deferred income is caclulated on the period relating to the next financial period.

Accruals

Accruals is an area subject to judgement by management. The accrued costs are calculated depending on the amounts due for the period to the year end. In relation to specific accruals, for example bonuses, these are dependent on the management fees receivable.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Management and performance fees
4,754,980
1,863,326
2024
2023
£
£
Other revenue
Dividends received
48,379
58,901
CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(23,410)
27,393
Depreciation of owned tangible fixed assets
37,024
34,213
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,500
12,500
For other services
All other non-audit services
14,622
17,895
6
Employees

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

2024
2023
Number
Number
9
8

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,154,061
638,112
Social security costs
159,683
74,446
Pension costs
8,590
7,802
1,322,334
720,360
7
Interest receivable and similar income
2024
2023
£
£
Other income from investments
Dividends received
48,379
58,901
CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(27,764)
101,884
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
406,346
1,132
Deferred tax
Origination and reversal of timing differences
-
0
19,225
Total tax charge
406,346
20,357

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,590,257
(44,383)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
397,564
(8,433)
Tax effect of expenses that are not deductible in determining taxable profit
19,127
21,343
Tax effect of income not taxable in determining taxable profit
(12,095)
(11,190)
Permanent capital allowances in excess of depreciation
1,750
(588)
Deferred taxation
-
0
19,225
Taxation charge for the period
406,346
20,357
10
Dividends
2024
2023
£
£
Interim paid
100,000
300,000
CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
27,715
38,809
80,070
146,594
Additions
17,918
20,756
-
0
38,674
At 31 December 2024
45,633
59,565
80,070
185,268
Depreciation and impairment
At 1 January 2024
17,385
22,276
30,030
69,691
Depreciation charged in the year
7,808
9,196
20,020
37,024
At 31 December 2024
25,193
31,472
50,050
106,715
Carrying amount
At 31 December 2024
20,440
28,093
30,020
78,553
At 31 December 2023
10,330
16,533
50,040
76,903
12
Fixed asset investments
2024
2023
£
£
Unlisted investments
27,651
55,415
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
55,415
Valuation changes
(27,764)
At 31 December 2024
27,651
Carrying amount
At 31 December 2024
27,651
At 31 December 2023
55,415
13
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,245,279
302,855
CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
829,080
523,994
Amounts owed by group undertakings
36,492
38,313
Other debtors
47,348
37,217
Prepayments and accrued income
1,787,885
247,475
2,700,805
846,999
15
Current asset investments
2024
2023
£
£
Investments in liquid funds
1,873,343
1,284,695
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,794
54,738
Corporation tax
404,183
60
Other creditors
-
0
20,064
Accruals and deferred income
1,030,314
210,335
1,476,291
285,197
17
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
19,225
19,225

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 20p each
110,000
110,000
22,000
22,000
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,590
7,802

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
141,321
121,321

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
Amounts owed by related parties
2024
2023
Balance
Net
Balance
Net
£
£
£
£
Entities with control, joint control or significant influence over the company
32,729
32,729
34,550
34,550
Entities over which the entity has control, joint control or significant influence
3,763
3,763
3,763
3,763
36,492
36,492
38,313
38,313

No guarantees have been given or received.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
-
0
398
22
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
% Held
office
Direct
Indirect
Calibrate GP LLP
England
Property & investment management
Member
100.00
23
Ultimate controlling party

By virtue of its 100% shareholding the company is controlled by Calibrate General Partners LLP. This LLP is in turn controlled by Mr J White who has the majority voting rights in this entity.

24
Pillar 3 disclosures

The European Capital Requirements Directive introduced consistent capital adequacy standards and an associated supervisory framework in the EU based on the Basel II rules. The Directive is enforced in the UK by the Financial Conduct Authority (“FCA”). The framework consists of three ‘pillars’.

 

• Pillar 1 - This specifies the minimum capital requirements.

• Pillar 2 - This supervisory review process requires an assessment to be made of whether additional capital should be held against risks not covered by Pillar 1.

• Pillar 3 - This introduces public disclosure of qualitative and quantitative information and is designed to promote market discipline by providing market participants with key information on a firm’s risk exposures and risk management processes.

 

The company has capital resources at the balance sheet date of £3,262,496 all of which is tier one capital. The firm’s internal assessment of its risk capital requirement is £255,000 which represents one quarter of fixed overheads. The company is not exposed to any significant credit risk, interest risk or securitization risk exposure. Market risk exposure has been assessed by the company as is limited to the company's investments and foreign exchange rate risk. The company's reporting currency is GBP and all foreign currency assets are revalued and converted in to GBP where possible on a regular basis.

CALIBRATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
25
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the year after tax
1,183,911
(64,740)
Adjustments for:
Taxation charged
406,346
20,357
Investment income
(48,379)
(58,901)
Depreciation and impairment of tangible fixed assets
37,024
34,213
Other gains and losses
27,764
(101,884)
Movements in working capital:
Increase in debtors
(1,853,806)
(140,310)
Increase in creditors
786,971
107,829
Cash generated from/(absorbed by) operations
539,831
(203,436)
26
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
218,995
(141,335)
77,660
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