Chronos Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02056049 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CHRONOS TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C W T Curry

A M Curry

M D Lea

E R New

J Akers

C A Dalmeny

SECRETARY:

J Akers

REGISTERED OFFICE:

Stowfield House

Upper Stowfield

Lydbrook

Gloucestershire

GL17 9PD

REGISTERED NUMBER:

02056049 (England and Wales)

AUDITORS:

Arthur Gait & Company

Chartered Accountants and Statutory Auditors

18 Gold Tops

Newport

South Wales

NP20 5WJ

FIXED ASSETS

Tangible assets

4

1,248,490

1,333,363

CURRENT ASSETS

Stocks

332,809

396,766

Debtors

5

888,620

1,601,563

Cash at bank and in hand

1,768,894

2,154,610

2,990,323

4,152,939

CREDITORS

Amounts falling due within one year

6

1,540,505

1,591,245

NET CURRENT ASSETS

1,449,818

2,561,694

TOTAL ASSETS LESS CURRENT LIABILITIES

2,698,308

3,895,057

CREDITORS

Amounts falling due after more than one year

7

(84,125

)

(149,396

)

PROVISIONS FOR LIABILITIES

(8,260

)

(14,875

)

NET ASSETS

2,605,923

3,730,786

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Revaluation reserve

8

555,879

578,608

Retained earnings

2,000,044

3,102,178

2,605,923

3,730,786

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2022 and were signed on its behalf by:

E R New - Director

1.	STATUTORY INFORMATION

Chronos Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts earned in respect of goods sold and services provided during the year, exclusive of Value Added Tax, together with income from the spares support programme ("SSP") as detailed below.

The company provides support to customers in the form of module replacement for faulty units. Such support is invoiced on installation of the equipment sold, or annually on an ongoing basis. Turnover in respect of this income is recognised over the term of the support agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

at varying rates on cost

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 stocks 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 it's selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates two defined contribution pension schemes, a self administered scheme operated for the benefit of Prof. C.W.T Curry and A. M. Curry, and a separate money purchase scheme available to all other employees. The assets of the schemes are held separate from those of the company in independently administered funds.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2020 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

730,000

3,152,958

3,882,958

Additions

-

74,255

74,255

Disposals

-

(17,094

)

(17,094

)

At 31 December 2021

730,000

3,210,119

3,940,119

DEPRECIATION

At 1 January 2021

119,985

2,429,610

2,549,595

Charge for year

14,600

128,795

143,395

Eliminated on disposal

-

(1,361

)

(1,361

)

At 31 December 2021

134,585

2,557,044

2,691,629

NET BOOK VALUE

At 31 December 2021

595,415

653,075

1,248,490

At 31 December 2020

610,015

723,348

1,333,363

The SSP assets were revalued at depreciated replacement cost during 2005. The surplus arising of £306,518 was recognised in the revaluation reserve. The freehold property was last revalued at open market value by KJT Residential, chartered surveyors on 21 December 2012. The surplus arising of £68,833 was recognised in the revaluation reserve. The remaining revaluation reserve balance is made up of surpluses arising from revaluations performed prior to 2012.

Upon transition to FRS102 in 2016, the company applied the transitional arrangements of Section 25 of FRS102 and used previous valuations as the deemed cost for the freehold property and the spares support programme assets. The assets are being depreciated from transition date.

All other assets are stated at historical cost.

Historical cost

If freehold property had not been included at deemed cost it would have been included at an historical cost of £444,948 (2020 £444,948) and an accumulated depreciation of £251,370 (2020 £245,670). If SSP assets had not been included at deemed costs they would have been included at an historical cost of £588,203 (2020 £551,017) and an accumulated depreciation of £300,919 (2020 £261,621).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

693,447

1,465,327

Other debtors

195,173

136,236

888,620

1,601,563

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

369,445

328,656

Amounts owed to participating interests

68,750

75,000

Taxation and social security

118,227

208,766

Other creditors

984,083

978,823

1,540,505

1,591,245

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

84,125

149,396

8.

RESERVES

Revaluation

reserve

£

At 1 January 2021

578,608

Revaluation adjustments

(22,729

)

At 31 December 2021

555,879

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christine Pritchard FCA (Senior Statutory Auditor)

for and on behalf of Arthur Gait & Company

10.	OTHER FINANCIAL COMMITMENTS

The total amount of non cancellable financial commitments not included in the balance sheet is £29,257 (2020 £56,821)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

C W T Curry

Balance outstanding at start of year

-

225

Amounts repaid

-

(225

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	RELATED PARTY DISCLOSURES

The company rents a property owned by the Chronos Retirement Benefit Scheme. During the year rent has been paid of £20,000 (2020 £20,000).

The company has a loan balance outstanding with Chronos Retirement Benefits Scheme of £68,750 (2020 £143,750). Interest of £6,005 was incurred during the year (2020 £8,424). The loan is being repaid over 60 months with an interest rate of 3.25%. The company property is secured against this loan.

Chronos Technology EOT Limited was established in August 2021. Charles and Angela Curry, founders and owners of Chronos Technology Limited, subsequently transferred 75% of their shareholding in Chronos Technology Ltd into the Chronos Technology EOT Ltd.

Chronos Technology Ltd made a capital contribution of £1,000,000 from retained earnings and retains a funding obligation for the balance of the consideration.