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Registration number: SC321042

Calanova Limited
Unaudited Financial Statements
30 June 2025

Calanova Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Financial Statements | 4

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Calanova Limited
for the Year Ended 30 June 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Calanova Limited for the year ended 30 June 2025 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Calanova Limited, as a body, in accordance with the terms of our engagement letter dated 25 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Calanova Limited and state those matters that we have agreed to state to the Board of Directors of Calanova Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Calanova Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Calanova Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Calanova Limited. You consider that Calanova Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Calanova Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

27 February 2026

Calanova Limited

(Registration number: SC321042)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 5 | - | 18,186
Tangible assets | 6 | 139,379 | 96,063
Other financial assets | 7 | 24,056 | -
|  | 163,435 | 114,249
Current assets |  |  |
Stocks |  | 500 | 500
Debtors | 8 | 183,403 | 198,499
Cash at bank and in hand |  | 1,221,900 | 962,371
|  | 1,405,803 | 1,161,370
Creditors: Amounts falling due within one year | 9 | (127,772) | (118,214)
Net current assets |  | 1,278,031 | 1,043,156
Total assets less current liabilities |  | 1,441,466 | 1,157,405
Provisions for liabilities |  | (28,806) | (18,708)
Net assets |  | 1,412,660 | 1,138,697
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 3 | 3
Capital redemption reserve |  | 2 | 2
Profit and loss account |  | 1,412,655 | 1,138,692
Total equity |  | 1,412,660 | 1,138,697

Calanova Limited

(Registration number: SC321042)
Balance Sheet as at 30 June 2025 (continued)

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2026

.........................................

C Alexander

Director

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
2 Melville Street
Falkirk
FK1 1HZ
Scotland

The principal place of business is:
34 Bridge Street
STRANRAER
DG9 0AA

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.
Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Long leasehold property | 2% reducing balance basis
Plant and equipment | 15% reducing balance basis
Furniture, fittings and office equipment | 15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line basis

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

Other financial assets

Other financial assets represent gold bullion coins. On initial recognition they are measured at cost. The assets are held for the purposes of capital appreciation and not for use in the company’s operations or for resale in the ordinary course of business.
After initial recognition, gold bullion coins are measured at fair value, with changes in fair value recognised directly in the profit or loss in the period in which they arise. Fair value is determined by reference to observable market prices for bullion coins of the same type, based on prices published by recognised precious metal markets.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year was 8 (2024 - 8).

4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 102,762 | 91,890
Deferred taxation |  |
Arising from origination and reversal of timing differences | 10,097 | (1,307)
Tax expense in the profit and loss account | 112,859 | 90,583

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

5 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 July 2024 | 303,100 | 303,100
At 30 June 2025 | 303,100 | 303,100
Amortisation
At 1 July 2024 | 284,914 | 284,914
Amortisation charge | 18,186 | 18,186
At 30 June 2025 | 303,100 | 303,100
Carrying amount
At 30 June 2025 | - | -
At 30 June 2024 | 18,186 | 18,186

6 | Tangible assets

| Long leasehold property £ | Plant and equipment £ | Motor vehicles £ | Furniture, fittings and office equipment £ | Total £
Cost or valuation
At 1 July 2024 | 27,635 | 220,493 | - | 62,367 | 310,495
Additions | 26,433 | 4,920 | 23,670 | - | 55,023
At 30 June 2025 | 54,068 | 225,413 | 23,670 | 62,367 | 365,518
Depreciation
At 1 July 2024 | 6,061 | 155,902 | - | 52,469 | 214,432
Charge for the year | 487 | 9,736 | - | 1,484 | 11,707
At 30 June 2025 | 6,548 | 165,638 | - | 53,953 | 226,139
Carrying amount
At 30 June 2025 | 47,520 | 59,775 | 23,670 | 8,414 | 139,379
At 30 June 2024 | 21,574 | 64,591 | - | 9,898 | 96,063

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

7 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Financial assets at fair value through profit and loss | 24,056 | -

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

| Financial assets at fair value through profit and loss £ | Total £
Non-current financial assets
Cost or valuation
Fair value adjustments | 2,977 | 2,977
Additions | 21,079 | 21,079
At 30 June 2025 | 24,056 | 24,056
Impairment
Carrying amount
At 30 June 2025 | 24,056 | 24,056

8 | Debtors

| 2025 £ | 2024 £
Trade debtors | 43,119 | 45,035
Other debtors | 140,284 | 153,464
| 183,403 | 198,499

9 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings |  | 3 | -
Trade creditors |  | 23,167 | 21,734
Taxation and social security |  | - | 2,054
Corporation tax liability |  | 102,802 | 91,890
Other creditors |  | 1,800 | 2,536
|  | 127,772 | 118,214

Calanova Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

10 | Related party transactions

Transactions with the director

2025 | At 1 July 2024 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 30 June 2025 £
C Alexander
Loan | 141,279 | 158,617 | (156,561) | - | (24,000) | 2,613 | 121,948

2024 | At 1 July 2023 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 30 June 2024 £
C Alexander
Loan | 95,404 | 1,970,986 | (1,934,019) | - | - | 8,908 | 141,279

Directors' advances are repayable on demand.
Interest has been charged on advances to directors at a rate of 2.25% until 5 April 2025 and 3.75% thereafter.