Chronos Technology Limited - Accounts to registrar (filleted) - small 18.2
Chronos Technology Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
FOR |
CHRONOS TECHNOLOGY LIMITED |
CHRONOS TECHNOLOGY LIMITED (REGISTERED NUMBER: 02056049) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CHRONOS TECHNOLOGY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
18 Gold Tops |
Newport |
South Wales |
NP20 5WJ |
CHRONOS TECHNOLOGY LIMITED (REGISTERED NUMBER: 02056049) |
BALANCE SHEET |
31 DECEMBER 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
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 |
CHRONOS TECHNOLOGY LIMITED (REGISTERED NUMBER: 02056049) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | STATUTORY INFORMATION |
Chronos Technology Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
Government grants |
Grants relating to research and development expenditure are treated as deferred income and released to the profit and loss account as the related expenditure is incurred. |
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. |
CHRONOS TECHNOLOGY LIMITED (REGISTERED NUMBER: 02056049) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
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 (2019 £444,948) and an accumulated depreciation of £245,670 (2019 £236,771). If SSP assets had not been included at deemed costs they would have been included at an historical cost of £551,017 (2019 £531,487) and an accumulated depreciation of £261,621(2019 £214,644) |
CHRONOS TECHNOLOGY LIMITED (REGISTERED NUMBER: 02056049) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 75,000 | 75,000 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other creditors |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2020 |
Revaluation adjustments | (22,729 | ) |
At 31 December 2020 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
The total amount of non cancellable financial commitments not included in the balance sheet is £56,821 (2019-£68,093) |
CHRONOS TECHNOLOGY LIMITED (REGISTERED NUMBER: 02056049) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019: |
31.12.20 | 31.12.19 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
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 (2019-20000). |
The company has a loan balance outstanding with Chronos Retirement Benefits Scheme of £143,750 (2019-£218,750). Interest of £6,005 was incurred during the year (2019- £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. |