Caldonote Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Caldonote Ltd

(Registration number: 11647143)
Statement of Financial Position as at 31 May 2026

	Note	2026 £	(As restated) 2025 £
Fixed assets
Tangible assets	4	1,293	-
Current assets
Debtors	6	152,235	152,365
Other financial assets	5	719,284	608,465
Cash at bank and in hand		24,753	133,250
		896,272	894,080
Creditors: Amounts falling due within one year	7	(3,986)	(8,873)
Net current assets		892,286	885,207
Total assets less current liabilities		893,579	885,207
Provisions for liabilities		(140,502)	(125,449)
Net assets		753,077	759,758
Capital and reserves
Called up share capital		2	2
Profit and loss account		753,075	759,756
Shareholders' funds		753,077	759,758

For the financial year ending 31 May 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 September 2026 and signed on its behalf by:
 

Mrs J L Vernon Director

Caldonote Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lower Quarry
Moortown
Tavistock
Devon
PL19 9JZ
United Kingdom

Principal activity

The principal activity of the company is that of managing an investment portfolio.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Caldonote Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2026 (continued)

2	Accounting policies (continued)

Prior period errors

In the previous period, a deferred tax provision was not recognised on unrealised gains/losses. In the previous period an adjustment has been made to recognise the deferred tax provision of £125,449. £144,595 of this provision related to periods previous to 1 June 2024, the remaining £(19,146) relates to the period ended 31 May 2025.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

Page 3

Caldonote Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2026 (continued)

2	Accounting policies (continued)

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 statement of financial position 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
Fixtures, fittings and equipment	25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

Caldonote Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2026 (continued)

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 June 2025	770	770
Additions	1,724	1,724
At 31 May 2026	2,494	2,494
Depreciation
At 1 June 2025	770	770
Charge for the year	431	431
At 31 May 2026	1,201	1,201
Carrying amount
At 31 May 2026	1,293	1,293

5	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Current financial assets
Cost or valuation
At 1 June 2025	608,465	608,465
Fair value adjustments	60,212	60,212
Additions	69,826	69,826
Disposals	(19,219)	(19,219)
At 31 May 2026	719,284	719,284
Impairment
Carrying amount
At 31 May 2026	719,284	719,284

Caldonote Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2026 (continued)

6

Debtors

	2026 £	2025 £
Other debtors	150,050	150,050
Accrued income	2,185	2,315
	152,235	152,365

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Taxation and social security	544	5,853
Accruals and deferred income	3,442	3,020
	3,986	8,873

8

Reserves

Profit and loss account:

This reserve records retained earnings, accumulated losses and fair value movement on current asset investments.

As at 31 May 2026, the retained earnings amounted to £753,075 (2025: £759,756) and the non-distributable fair value gains on current asset investments amounted to £421,505 (2025: £376,346).