Caseware UK (AP4) 2023.0.135 2023.0.135 All amounts relate to continuing operations. There was no other comprehensive income for 2025 (2024:£NIL).The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: The financial statements have been prepared in accordance with applicable accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' (FRS102), and with Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to fair value basis for certain financial instruments as specified in the accounting policies below. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS102 "Financial Reporting Standard applicable in the UK and Ireland": The requirement of section 7 Statement of Cash Flows; The requirements of section 33 Related Party Disclosures paragraph 3.17(d). The requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48(a); The requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Segmental information in respect of turnover is not disclosed in these financial statements as in the opinion of the directors to do so would be prejudicial to the interests of the Company. All turnover arose within the United Kingdom.During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes. The highest paid director received remuneration of £177,259 (2024 - £158,018). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. Corporation tax and other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions. The above long term creditor represents amounts due to directors under their long term incentive plan with the Company.true true true true 2024-09-01 true false the provision of managed print services 45 46 false false NI006103 2024-09-01 2025-08-31 NI006103 2023-09-01 2024-08-31 NI006103 2025-08-31 NI006103 2024-08-31 NI006103 2023-09-01 NI006103 1 2024-09-01 2025-08-31 NI006103 d:CompanySecretary1 2024-09-01 2025-08-31 NI006103 d:Director1 2024-09-01 2025-08-31 NI006103 d:Director2 2024-09-01 2025-08-31 NI006103 d:Director3 2024-09-01 2025-08-31 NI006103 d:Director4 2024-09-01 2025-08-31 NI006103 d:Director5 2024-09-01 2025-08-31 NI006103 d:RegisteredOffice 2024-09-01 2025-08-31 NI006103 d:Agent1 2024-09-01 2025-08-31 NI006103 c:Buildings 2024-09-01 2025-08-31 NI006103 c:Buildings 2025-08-31 NI006103 c:Buildings 2024-08-31 NI006103 c:PlantMachinery 2024-09-01 2025-08-31 NI006103 c:PlantMachinery 2025-08-31 NI006103 c:PlantMachinery 2024-08-31 NI006103 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-09-01 2025-08-31 NI006103 c:MotorVehicles 2024-09-01 2025-08-31 NI006103 c:MotorVehicles 2025-08-31 NI006103 c:MotorVehicles 2024-08-31 NI006103 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-09-01 2025-08-31 NI006103 c:FurnitureFittings 2024-09-01 2025-08-31 NI006103 c:FurnitureFittings 2025-08-31 NI006103 c:FurnitureFittings 2024-08-31 NI006103 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-09-01 2025-08-31 NI006103 c:ComputerEquipment 2024-09-01 2025-08-31 NI006103 c:ComputerEquipment 2025-08-31 NI006103 c:ComputerEquipment 2024-08-31 NI006103 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-09-01 2025-08-31 NI006103 c:OwnedOrFreeholdAssets 2024-09-01 2025-08-31 NI006103 c:CurrentFinancialInstruments 2025-08-31 NI006103 c:CurrentFinancialInstruments 2024-08-31 NI006103 c:Non-currentFinancialInstruments 2025-08-31 NI006103 c:Non-currentFinancialInstruments 2024-08-31 NI006103 c:Non-currentFinancialInstruments c:AfterOneYear 2025-08-31 NI006103 c:Non-currentFinancialInstruments c:AfterOneYear 2024-08-31 NI006103 c:UKTax 2024-09-01 2025-08-31 NI006103 c:UKTax 2023-09-01 2024-08-31 NI006103 c:ShareCapital 2024-09-01 2025-08-31 NI006103 c:ShareCapital 2025-08-31 NI006103 c:ShareCapital 2024-08-31 NI006103 c:ShareCapital 2023-09-01 NI006103 c:CapitalRedemptionReserve 2024-09-01 2025-08-31 NI006103 c:CapitalRedemptionReserve 2025-08-31 NI006103 c:CapitalRedemptionReserve 2024-08-31 NI006103 c:CapitalRedemptionReserve 2023-09-01 NI006103 c:RetainedEarningsAccumulatedLosses 2024-09-01 2025-08-31 NI006103 c:RetainedEarningsAccumulatedLosses 2025-08-31 NI006103 c:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 NI006103 c:RetainedEarningsAccumulatedLosses 2024-08-31 NI006103 c:RetainedEarningsAccumulatedLosses 2023-09-01 NI006103 d:OrdinaryShareClass1 2024-09-01 2025-08-31 NI006103 d:OrdinaryShareClass1 2023-09-01 2024-08-31 NI006103 d:OrdinaryShareClass1 2025-08-31 NI006103 d:OrdinaryShareClass1 2024-08-31 NI006103 d:FRS102 2024-09-01 2025-08-31 NI006103 d:Audited 2024-09-01 2025-08-31 NI006103 d:FullAccounts 2024-09-01 2025-08-31 NI006103 d:PrivateLimitedCompanyLtd 2024-09-01 2025-08-31 NI006103 c:AcceleratedTaxDepreciationDeferredTax 2025-08-31 NI006103 c:AcceleratedTaxDepreciationDeferredTax 2024-08-31 NI006103 c:TaxLossesCarry-forwardsDeferredTax 2025-08-31 NI006103 c:TaxLossesCarry-forwardsDeferredTax 2024-08-31 NI006103 e:PoundSterling 2024-09-01 2025-08-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements Calvert Office Equipment Limited For the year ended 31 August 2025 Registered number: NI006103
Calvert Office Equipment Limited
Company Information
Directors | Mr D Calvert
| Mr R Calvert
| Mr K Houston
| Mr B Thompson
| Mr A Roper
Company secretary | Mr D Calvert
Registered number | NI006103
Registered office | 20 Orby Link
| Belfast
| Antrim
| BT5 5HU
Independent auditors | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegal Square West
| Belfast
| BT1 6JH
Bankers | Ulster Bank Limited
| 11-16 Donegal Square East
| Belfast
| Antrim
| BT1 5HD
Solicitors | Hewitt & Gilpin
| Thomas House
| 14-16 James Street South
| Belfast
| BT2 7GA
Calvert Office Equipment Limited
Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 25
Calvert Office Equipment Limited
Strategic report For the year ended 31 August 2025
Introduction
The directors present their Strategic report for the year ended 31 August 2025.
Principal activity and business review
The principal activity of the Company during the year was the provision of managed print services. The directors are satisfied with the trading results for the year which is in line with expectation. The results for the Company show a pre-tax profit of £2,236,090 (2024: £2,624,147) for the year ended 31 August 2025 and turnover for the year of £11,084,081 (2024: £10,423,479). The Company's net assets are £3,776,703 (2024: £4,113,708).
Principal risks and uncertainties
The Company uses various financial instruments including cash, overdrafts and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below. The main risks arising from the Company's financial instruments are credit risk, liquidity, interest rate, price and market risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. Credit risk The Company's principal financial assets are cash and debtors. The credit risk associated with cash is limited. The principal credit risk rises therefore from debtors. In order to manage credit risk the directors assess potential customers based on a mixture of past history, credit references and industry knowledge. Amounts owed are reviewed and followed up on a regular basis. Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short-term flexibility is achieved by cash balances and overdraft facilities. Interest rate risk The Company finances its operations through retained profits. The Company's exposure to interest rate fluctuations on its borrowings is managed through annual review of its borrowing requirements. Price and market risk As the Company does not normally make investments, price risk is considered inconsequential. Page 1
Calvert Office Equipment Limited
Strategic report (continued) For the year ended 31 August 2025
Financial key performance indicators
The main performance indicator used by the Company is the gross profit margin which has decreased by 4.2% in the year from 64.9% to 60.7%. This report was approved by the board and signed on its behalf.
Mr D Calvert Director
Date: 5 February 2026
Page 2
Calvert Office Equipment Limited
Directors' report For the year ended 31 August 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,662,995 (2024: £1,928,840). The directors have recommended a dividend of £2,000,000 (2024: £3,000,000).
Directors
The directors who served during the year were:
Mr D Calvert
Mr R Calvert
Mr K Houston
Mr B Thompson
Mr A Roper
Future developments
The Company is likely to continue in its efforts to secure additional customers whilst ensuring that existing customers continue to enjoy a first class after sales service. There will be no significant change to the Company's core activities. Page 3
Calvert Office Equipment Limited
Directors' report (continued) For the year ended 31 August 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Matters covered in the strategic report
Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008", the Company has elected to disclose the following directors report information in the Strategic report: −Principal activity and business review; −Principal risks and uncertainties; and −Financial key performance indicators.
Auditors
The auditors, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 5 February 2026 and signed on its behalf.
Mr D Calvert Director
Page 4
Independent auditors' report to the members of Calvert Office Equipment Limited
Opinion
We have audited the financial statements of Calvert Office Equipment Limited (the "Company"), which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the year ended 31 August 2025, and the related notes to the financial statements, including a summary of 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, Calvert Office Equipment Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 August 2025 and of its financial performance for the year then ended; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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. Page 5
Independent auditors' report to the members of Calvert Office Equipment Limited (continued)
Other information
Other information comprises the information included in the annual report, other than the financial statements and our Auditors' report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
Independent auditors' report to the members of Calvert Office Equipment Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 Auditors' report that includes their 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. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy law, Employment Law and Pensions Legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 7
Independent auditors' report to the members of Calvert Office Equipment Limited (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company's regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including determining and reassessing the useful lives of tangible assets and estimating an allowance for the impairment of stock and trade debtors; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed. Louise Kelly FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast 5 February 2026 Page 8
Calvert Office Equipment Limited
Statement of comprehensive income For the year ended 31 August 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,084,081 | 10,423,479
Cost of sales |  | (4,355,882) | (3,663,011)
Gross profit |  | 6,728,199 | 6,760,468
Administrative expenses |  | (4,519,224) | (4,171,027)
Operating profit | 5 | 2,208,975 | 2,589,441
Interest receivable and similar income | 8 | 27,115 | 34,706
Profit before tax |  | 2,236,090 | 2,624,147
Tax on profit | 9 | (573,095) | (695,307)
Profit for the financial year |  | 1,662,995 | 1,928,840
All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 25 form part of these financial statements.
Page 9
Calvert Office Equipment Limited Registered number:NI006103
Balance sheet As at 31 August 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 2,714,271 |  | 2,237,050
|  |  | 2,714,271 |  | 2,237,050
Current assets |  |  |  |  |
Stocks | 12 | 167,097 |  | 214,004 |
Debtors | 13 | 1,540,540 |  | 1,874,452 |
Cash at bank and in hand | 14 | 721,037 |  | 1,447,159 |
|  | 2,428,674 |  | 3,535,615 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 15 | (1,164,457) |  | (1,334,905) |
Net current assets |  |  | 1,264,217 |  | 2,200,710
Total assets less current liabilities |  |  | 3,978,488 |  | 4,437,760
Creditors: amounts falling due after more than one year | 16 |  | (160,219) |  | (324,052)
Deferred tax | 17 | (41,566) |  | - |
|  |  | (41,566) |  | -
Net assets |  |  | 3,776,703 |  | 4,113,708
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 2,088 |  | 2,088
Capital redemption reserve | 19 |  | 7,912 |  | 7,912
Profit and loss account | 19 |  | 3,766,703 |  | 4,103,708
Shareholders' funds |  |  | 3,776,703 |  | 4,113,708
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 February 2026.
Mr D Calvert
Director
The notes on pages 12 to 25 form part of these financial statements. Page 10
Calvert Office Equipment Limited
Statement of changes in equity For the year ended 31 August 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 September 2024 | 2,088 | 7,912 | 4,103,708 | 4,113,708
Profit for the year | - | - | 1,662,995 | 1,662,995
Dividends: Equity capital | - | - | (2,000,000) | (2,000,000)
At 31 August 2025 | 2,088 | 7,912 | 3,766,703 | 3,776,703
Statement of changes in equity For the year ended 31 August 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 September 2023 | 2,088 | 7,912 | 5,174,868 | 5,184,868
Profit for the year | - | - | 1,928,840 | 1,928,840
Dividends: Equity capital | - | - | (3,000,000) | (3,000,000)
At 31 August 2024 | 2,088 | 7,912 | 4,103,708 | 4,113,708
| The notes on pages 12 to 25 form part of these financial statements.
Page 11
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025
1. | General information
Calvert Office Equipment Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 20 Orby Link, Belfast, Antrim, BT5 5HU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared in accordance with applicable accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' (FRS102), and with Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to fair value basis for certain financial instruments as specified in the accounting policies below. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS102 "Financial Reporting Standard applicable in the UK and Ireland": ∙The requirement of section 7 Statement of Cash Flows; ∙The requirements of section 33 Related Party Disclosures paragraph 3.17(d). ∙The requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48(a); ∙The requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29. This information is included in the consolidated financial statements of Orby Holdings Limited as at 31 August 2025 and these financial statements can be obtained from Companies House in the UK.
| 2.3 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. Page 12
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation (continued)
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 13
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 14
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold Property | - | 2% straight line
|  |  |  | Motor vehicles | - | 20% straight line
|  |  |  | Fixtures & fittings | - | 20% straight line
|  |  |  | Plant & Machinery | - | 33.33% straight line
|  |  |  | Computer equipment | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 15
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
| 2.16 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an Page 16
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following have significant effects on the financial statements. Allowance for impairment of trade debtors The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. Determining and reassessing the useful lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and physical condition of the assets. At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Statement of comprehensive income. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Statement of comprehensive income. Estimating an allowance for the impairment of stock Management estimates the net realisable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realisation of these inventories may be affected by future technology or other market-driven changes that may reduce future selling prices. Page 17
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025
4. | Turnover
Segmental information in respect of turnover is not disclosed in these financial statements as in the opinion of the directors to do so would be prejudicial to the interests of the Company.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 1,910,258 | 1,755,685
| Exchange differences | 8,898 | (4,647)
| Audit fee | 11,000 | 11,000
| Loss/(profit) on sale of tangible assets | 25,054 | 10,207
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,869,385 | 1,820,138
| Social security costs | 215,223 | 188,537
| Cost of defined contribution scheme | 32,510 | 32,174
|  | 2,117,118 | 2,040,849
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Number of servicing & repairs staff | 30 | 31
|  | Number of selling & distribution staff | 8 | 7
|  | Number of administration staff | 7 | 8
|  |  | 45 | 46
Page 18
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 579,668 | 524,471
| Company contributions to defined contribution pension schemes | 3,957 | 3,937
|  | 583,625 | 528,408
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £177,259 (2024 - £158,018).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 27,115 | 34,706
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 389,252 | 715,160
| Adjustments in respect of previous periods | - | 33,718
| Total current tax | 389,252 | 748,878
| Deferred tax |  |
| Origination and reversal of timing differences | 183,843 | (53,571)
| Total deferred tax | 183,843 | (53,571)
| Taxation on profit on ordinary activities | 573,095 | 695,307
Page 19
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,236,090 | 2,624,147
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 559,023 | 656,037
| Effects of: |  |
| Expenses not deductible for tax purposes | 1,241 | 1,934
| Capital allowances for year in excess of depreciation | 3,617 | 3,618
| Adjustments to tax charge in respect of prior periods | (117,994) | 33,718
| Adjustments to tax charge in respect of previous periods - deferred tax | 121,234 | -
| Other timing differences | 5,974 | -
| Total tax charge for the year | 573,095 | 695,307
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 2,000,000 | 3,000,000
Page 20

|  | Calvert Office Equipment Limited |
Notes to the financial statements For the year ended 31 August 2025
| 11. | Tangible fixed assets
|  | Freehold property | Plant & machinery | Motor vehicles | Fixtures & fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 September 2024 | 839,966 | 8,071,273 | 474,813 | 194,813 | 405,300 | 9,986,165
| Additions | - | 2,396,926 | - | 1,445 | 14,162 | 2,412,533
| Disposals | - | (1,216,314) | - | - | - | (1,216,314)
| At 31 August 2025 | 839,966 | 9,251,885 | 474,813 | 196,258 | 419,462 | 11,182,384
| Depreciation |  |  |  |  |  |
| At 1 September 2024 | 384,458 | 6,540,169 | 299,525 | 164,780 | 360,183 | 7,749,115
| Charge for the year | 14,466 | 1,779,398 | 78,836 | 14,308 | 23,250 | 1,910,258
| Disposals | - | (1,191,260) | - | - | - | (1,191,260)
| At 31 August 2025 | 398,924 | 7,128,307 | 378,361 | 179,088 | 383,433 | 8,468,113
| Net book value |  |  |  |  |  |
| At 31 August 2025 | 441,042 | 2,123,578 | 96,452 | 17,170 | 36,029 | 2,714,271
| At 31 August 2024 | 455,508 | 1,531,104 | 175,288 | 30,033 | 45,117 | 2,237,050
Page 21

Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 167,097 | 214,004
13. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,394,195 | 1,417,728
| Amounts owed by group undertakings | 72,497 | 72,497
| Other debtors | 30,770 | -
| Prepayments and accrued income | 43,078 | 120,716
| Deferred taxation | - | 263,511
|  | 1,540,540 | 1,874,452
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand. Included in other debtors is £30,770 (2024: £Nil) in relation to corporation tax recoverable.
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 721,037 | 1,447,159
Page 22
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 512,645 | 351,195
| Corporation tax | - | 443,701
| Other taxation and social security | 311,019 | 394,482
| Accruals and deferred income | 340,793 | 145,527
|  | 1,164,457 | 1,334,905
| Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. Corporation tax and other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 160,219 | 324,052
| The above long term creditor represents amounts due to directors under their long term incentive plan with the Company.
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 263,511
| Charged to profit or loss | (251,506)
| Adjustments in respect of prior periods | (53,571)
| At end of year | (41,566)
Page 23
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025 17.Deferred taxation (continued)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (143,561) | 187,622
| Short term timing differences | 101,995 | 75,889
|  | (41,566) | 263,511
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,088 (2024 - 2,088) Ordinary shares of £1.00 each | 2,088 | 2,088
19. | Reserves
Share capital Share capital represents the nominal value of the shares that have been issued. Capital redemption reserve Capital redemption reserves includes share capital purchased by the Company. Profit & loss account Profit and loss account includes all current and prior period retained profits and losses.
20. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £32,510 (2024: £32,174). Contributions totaling £6,123 (2024: £5,668) were payable to the fund at the balance sheet date and are included in creditors.
21. | Related party transactions
| The Company has availed of the exemption in FRS 102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
Page 24
Calvert Office Equipment Limited
Notes to the financial statements For the year ended 31 August 2025
22. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
23. | Ultimate parent undertaking and controlling party
The immediate parent undertaking of the Company is Orby Holdings Limited, a company incorporated in Northern Ireland. The ultimate parent undertakings of the Company are Orby Capital Ltd and West Investment Holdings Ltd, companies incorporated in Northern Ireland. The largest and smallest group in which the results of Calvert Office Equipment Limited are consolidated is that headed by Orby Holdings Limited. Copies of the group financial statements are available from Companies House. The ultimate controlling parties are Mr D Calvert and Mr R Calvert.
Page 25