Callidus Solutions Ltd
Callidus Solutions Ltd
Registered number: 9939234
Director's Report and
Financial Statements
For The Year Ended 31 December 2016
Tony R Pomfret & Associates
37a High Street
Hoddesdon
Herts
EN11 8TA
Callidus Solutions Ltd
Director's Report and Financial Statements
For The Year Ended 31 December 2016
Director's Report and Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Director's Report | 2 |
| Auditor's Report | 3—4 |
| Profit and Loss Account | 5 |
| Balance Sheet | 6—7 |
| Statement of Changes in Equity | 8 |
| Notes to the Financial Statements | 9—14 |
Callidus Solutions Ltd
Company Information
For The Year Ended 31 December 2016
Company Information
| Director |
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| Company Number |
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| Registered Office | 150 Minories |
| London | |
| EC3N 1LS | |
| Accountants | Tony R Pomfret & Associates |
| 37a High Street | |
| Hoddesdon | |
| Herts | |
| EN11 8TA | |
| Auditors |
|
| Chartered Accountants and Statutory Auditor | |
| Amwell House, 19 Amwell Street | |
| Hoddesdon | |
| Herts | |
| EN11 8TS | |
Page 1
Callidus Solutions Ltd
Company No. 9939234
Director's Report For The Year Ended 31 December 2016
Director's Report
The director presents his report and the financial statements for the year ended 31 December 2016 .
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director 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 the financial statements the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Statement of Disclosure of Information to Auditors
The directors of the company who held office at the date of approval of this annual report confirm that:
- so far as they are aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Directors
The directors who held office during the year were as follows:
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APPOINTED |
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Page 2
Callidus Solutions Ltd
Auditor's Report
For The Year Ended 31 December 2016
Auditor's Report
Independent Auditor's Report to the Members of Callidus Solutions Ltd
We have audited the financial statements of Callidus Solutions Ltd for the year ended 31 December 2016 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Respective Responsibilities of Directors and Auditors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board (APB's) Ethical Standards for Auditors, including APB Ethical Standard - Provisions Available for Small Entities (Revised), in the circumstances set out in note 12 to the financial statements.
Scope of the Audit of the Financial Statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on Financial Statements
In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at
31 December 2016 and of its profit/(loss) for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on Other Matter Prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Page 3
Callidus Solutions Ltd
Auditor's Report (continued)
For The Year Ended 31 December 2016
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 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;
- the financial statements are not in agreement with the accounting records or returns;
- certain disclosures of directors' remuneration specified by law are not made;
- we have not received all the information and explanations we require for our audit, or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
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Chartered Accountants and Statutory Auditor
Amwell House, 19 Amwell Street
Hoddesdon
Herts
EN11 8TS
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Page 4
Callidus Solutions Ltd
Profit and Loss Account
For The Year Ended 31 December 2016
Profit and Loss Account
| 2016 | ||
|---|---|---|
| Notes | £ | |
| TURNOVER |
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| Cost of sales |
( |
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| GROSS PROFIT |
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| Administrative expenses |
( |
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| OPERATING PROFIT AND PROFIT BEFORE TAXATION |
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| Tax on profit | 5 |
( |
| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
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The notes on pages 9 to 14 form part of these financial statements.
Page 5
Callidus Solutions Ltd
Balance Sheet
As at
31 December 2016
Balance Sheet
| 2016 | |||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 6 |
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| CURRENT ASSETS | |||
| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||
| Deferred Taxation | 9 |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 10 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 110,181 | ||
Page 6
Callidus Solutions Ltd
Balance Sheet (continued)
As at
31 December 2016
Director's responsibilities
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 9 to 14 form part of these financial statements.
Page 7
Callidus Solutions Ltd
Statement of Changes in Equity
For The Year Ended 31 December 2016
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at |
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200 |
| Profit for the year and total comprehensive income | - |
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109,981 |
| As at |
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110,181 |
Page 8
Callidus Solutions Ltd
Notes to the Accounts
For The Year Ended 31 December 2016
Notes to the Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.4.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.
Operating Profit
| 2016 | |
|---|---|
| £ | |
| Director's remuneration |
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| Audit fees |
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| Depreciation of tangible fixed assets |
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Page 9
Callidus Solutions Ltd
Notes to the Accounts (continued)
For The Year Ended 31 December 2016
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2016 | |
|---|---|
| £ | |
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2016 | |
|---|---|
| Office and administration |
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| Sales, marketing and distribution |
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Page 10
Callidus Solutions Ltd
Notes to the Accounts (continued)
For The Year Ended 31 December 2016
5.
Tax on Profit on Ordinary Activities
| Tax Rate | 2016 | ||
|---|---|---|---|
| 2016 | £ | ||
| UK Corporation Tax | 20% |
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| Total Current Tax Charge |
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| Deferred Taxation |
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| 2016 | |||
| £ | |||
| Profit on ordinary activities before tax | 139,338 | ||
| Breakdown of Tax Charge is: | |||
| Tax on profit at 20% (UK standard rate) |
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| Goodwill/depreciation not allowed for tax |
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| Expenses not deductible for tax purposes |
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| minus the following: | |||
| Capital allowances in excess of depreciation |
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| Short term timing differences |
( |
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| Current tax charge for the period | 29,357 | ||
Page 11
Callidus Solutions Ltd
Notes to the Accounts (continued)
For The Year Ended 31 December 2016
6.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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7.
Debtors
| 2016 | |
|---|---|
| £ | |
| Due within one year | |
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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Page 12
Callidus Solutions Ltd
Notes to the Accounts (continued)
For The Year Ended 31 December 2016
8.
Creditors: Amounts Falling Due Within One Year
| 2016 | |
|---|---|
| £ | |
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Director's loan account |
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9.
Deferred Taxation
| 2016 | |
|---|---|
| £ | |
| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 13
Callidus Solutions Ltd
Notes to the Accounts (continued)
For The Year Ended 31 December 2016
11.
Related Party Transactions
Director's Loan Account
At balance sheet date, the company owed £367 to Mr M Glover who is a director of the company.
Randall & Quilter Investment Holdings Ltd (R & Q)
During the year the company made sales of £21,042 to various other companies within the R & Q group. As at 31/12/16, the company was still owed £3,600. During the year the company made sales of £167,624 and £168,802 in purchases with R & Q Insurance Service Ltd, who is a member of the R & Q group. The company is subsidiary of R & Q Market Services Ltd, which is also a member of the R & Q group.
Callidus Group Ltd
During the year the company had purchases of £168,802 from Callidus Group Ltd, which owns 49% of the shares of the company. At the balance sheet date, the company was owed £2,888 by Callidus Group Ltd. Mr M Glover, who is the director of the company, was also a director and 100% shareholder of Callidus Group Ltd.
12.
APB Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is R & Q Market Services Limited. R & Q Market Services Limited was incorporated in England & Wales. Copies of the R & Q group accounts may be obtained from the secretary, 71 Fenchurch Street, London, EC3M 4BS. The controlling party is R & Q Insurance Services Limited which controls 75% or more of the shares in R & Q Market Services Limited, which in turn holds 51% of the shares of Callidus Solutions Limited.
14.
General Information
Callidus Solutions Ltd Registered number 9939234 is a limited by shares company incorporated in England & Wales. The Registered Office is 150 Minories, London, EC3N 1LS.
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