CALDEIRA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company Registration No. 03274694 (England and Wales)
CALDEIRA LIMITED
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 12
CALDEIRA LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents his 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 the manufacture of cushions, throws and associated products.

Results and dividends

During the period, Caldeira Limited delivered an improved performance with sales of £5.76m (2023: £7.78m) and pretax profits of £0.752m (2023: £0.714m). Figures from 2023 reflect an 18-month period due to a change in the year-end date in some of the related companies, to align the year-end date of all related companies.

 

Profits generated have once again been re-invested into the business and used to reduce debts and interest costs. This has strengthened the company’s balance sheet by around £0.52m, post-tax.

Director

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

Mr A Caldeira De Almeida
Post reporting date events

Caldeira Limited has made a strong start to 2025 and is expanding, thanks to the acquisition of two new major customers, one in the UK and one in the US, and uncertainty amongst US retailers due to the changing tariff situation in the US.

 

The current US tariff uncertainty could potentially lead to a significant opportunity for the expansion of the business, should the current situation with UK tariffs being lower than most other countries, especially China, Mexico and Canada, continue. This opportunity would improve further if a UK-US trade deal can be negotiated to reduce trans-Atlantic tariffs and duties further.

 

At present, the performance of the business is expected to improve in 2025. However, Caldeira Limited still faces cost pressures due to the increase in its labour costs following above inflationary increases in the UK’s National Minimum Wage and an increase in UK Employers National Insurance Contributions.

 

Caldeira Limited continues to strongly outperform its competitors.

Auditor

DSG Audit 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.

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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

CALDEIRA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
Mr A Caldeira De Almeida
Director
2 June 2025
CALDEIRA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
232,014
252,639
Current assets
Stocks
7
811,538
522,422
Debtors
8
4,445,322
3,783,823
Cash at bank and in hand
122,298
134,853
5,379,158
4,441,098
Creditors: amounts falling due within one year
9
(1,639,805)
(1,225,617)
Net current assets
3,739,353
3,215,481
Total assets less current liabilities
3,971,367
3,468,120
Provisions for liabilities
(8,755)
(20,745)
Net assets
3,962,612
3,447,375
Capital and reserves
Called up share capital
12
51,000
51,000
Profit and loss reserves
3,911,612
3,396,375
Total equity
3,962,612
3,447,375

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 2 June 2025
Mr A Caldeira De Almeida
Director
Company registration number 03274694 (England and Wales)
CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Caldeira Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cushion Factory, 29 Lees Road, Knowsley Industrial Park, Liverpool, L33 7SE.

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. 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.

Caldeira Limited is a wholly owned subsidiary of Caldeira Holdings Limited.

1.2
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Domain names
Over 5 years
Patents & licences
Over 5 years
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.

CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

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 improvements
Over the term of the lease
Plany & machinery
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on 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.

1.5
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 and intangible 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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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. Financial assets classified as receivable within one year are not amortised.

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 and loans from fellow group companies 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.

1.10
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.

1.11
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.

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.

CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -

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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

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.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
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
Employees

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

2024
2023
Number
Number
Total
51
49
CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
3
Intangible fixed assets
Domain names
Patents & licences
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1
1,099
1,100
Amortisation and impairment
At 1 January 2024 and 31 December 2024
1
1,099
1,100
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
4
Tangible fixed assets
Leasehold improvements
Plany & machinery
Fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
217,646
87,853
65,820
37,873
30,450
439,642
Additions
-
0
-
0
-
0
858
26,583
27,441
Disposals
-
0
-
0
(1,150)
-
0
(7,079)
(8,229)
At 31 December 2024
217,646
87,853
64,670
38,731
49,954
458,854
Depreciation and impairment
At 1 January 2024
37,651
47,212
52,520
28,140
21,480
187,003
Depreciation charged in the year
21,765
10,160
3,352
2,559
8,478
46,314
Eliminated in respect of disposals
-
0
-
0
(1,150)
-
0
(5,327)
(6,477)
At 31 December 2024
59,416
57,372
54,722
30,699
24,631
226,840
Carrying amount
At 31 December 2024
158,230
30,481
9,948
8,032
25,323
232,014
At 31 December 2023
179,995
40,641
13,300
9,733
8,970
252,639
5
Fixed asset investments
2024
2023
£
£
Investment in group undertakings
-
-
CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
388,540
Impairment
At 1 January 2024 & 31 December 2024
388,540
Carrying amount
At 31 December 2024
-
At 31 December 2023
-
6
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Caldeira USA Inc
USA
Sale and marketing of soft furnishings
Ordinary
100.00
Zhejiang Haosheng Textile
Company Limited
China
Soft furnishings
manufacture
Ordinary
100.00
7
Stocks
2024
2023
£
£
Stocks
811,538
522,422
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,326,615
730,476
Amounts owed by group undertakings
3,081,331
342,743
Other debtors
37,376
59,650
4,445,322
1,132,869
CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Debtors
(Continued)
- 10 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
0
2,650,954
Total debtors
4,445,322
3,783,823

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
111,549
291,577
Trade creditors
663,307
180,193
Amounts owed to group undertakings
375,245
376,347
Corporation tax
193,451
90,684
Other taxation and social security
187,336
127,728
Other creditors
108,917
159,088
1,639,805
1,225,617

Security has been given in respect of bank loans and overdrafts of £111,549 (2023: £291,577).

 

The bank borrowings with HSBC of £111,549 (2023: £291,577) are secured by a fixed and floating charge over the company's assets and fixed and floating charges over the assets of the following group companies; Caldeira Holdings Limited and Caldeira Limited.

 

There is also a personal guarantee given by the director, Mr A Caldeira De Almeida to HSBC to secure against all liabilities of Caldeira Limited, limited to £250,000.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,758
190,521

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.

CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
11
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
8,755
20,745
2024
Movements in the year:
£
Liability at 1 January 2024
20,745
Credit to profit or loss
(11,990)
Liability at 31 December 2024
8,755
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
51,000
51,000
51,000
51,000
13
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Andrew Moss BA FCA
Statutory Auditor:
DSG Audit
Date of audit report:
2 June 2025
CALDEIRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
14
Financial commitments, guarantees and contingent liabilities

There is an unlimited Cross Company Guarantee in place with HSBC to secure all liabilities across the Caldeira Group. The Cross Company Guarantee includes:

 

Caldeira Holdings Limited

Caldeira Limited

 

Total borrowings for the group are £111,549 (2023: £291,577).

 

There are other borrowings with Alliance Fund Managers Limited of £248,074 (2023: £358,175) which are secured by a fixed and floating charge over both company's assets. This loan is included in Caldeira Holdings Limited.

15
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company to its parent company, the lessor. The lease has a term of 5 years and rentals are fixed during the lease period.

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

2024
2023
£
£
Total commitments
340,000
476,000
16
Related party transactions

The company has taken advantage of the disclosure exemptions to which it is entitled regarding transactions with its parent and it's 100% owned subsidiaries.

17
Parent company

The ultimate parent company is Caldeira Holdings Limited (company number: 07102829), a company that is controlled by Mr A Caldeira De Almeida, a director of this company. Caldeira Holdings Limited is registered in England and Wales and the registered office is The Cushion Factory, 29 Lees Road, Knowsley Industrial Park, Liverpool, L33 7SE.

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