Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312022-03-31trueNo description of principal activity2021-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false00false 11678365 2021-04-01 2022-03-31 11678365 2020-04-01 2021-03-31 11678365 2022-03-31 11678365 2021-03-31 11678365 2020-04-01 11678365 c:Director2 2021-04-01 2022-03-31 11678365 d:Buildings d:LongLeaseholdAssets 2021-04-01 2022-03-31 11678365 d:OfficeEquipment 2021-04-01 2022-03-31 11678365 d:ComputerEquipment 2021-04-01 2022-03-31 11678365 d:Goodwill 2021-04-01 2022-03-31 11678365 d:CurrentFinancialInstruments 2022-03-31 11678365 d:CurrentFinancialInstruments 2021-03-31 11678365 d:CurrentFinancialInstruments 2 2022-03-31 11678365 d:CurrentFinancialInstruments 2 2021-03-31 11678365 d:Non-currentFinancialInstruments 2022-03-31 11678365 d:Non-currentFinancialInstruments 2021-03-31 11678365 d:Non-currentFinancialInstruments 1 2022-03-31 11678365 d:Non-currentFinancialInstruments 1 2021-03-31 11678365 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11678365 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 11678365 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 11678365 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 11678365 d:ShareCapital 2021-04-01 2022-03-31 11678365 d:ShareCapital 2022-03-31 11678365 d:ShareCapital 2020-04-01 2021-03-31 11678365 d:ShareCapital 2021-03-31 11678365 d:ShareCapital 2020-04-01 11678365 d:SharePremium 2021-04-01 2022-03-31 11678365 d:SharePremium 2022-03-31 11678365 d:SharePremium 2020-04-01 2021-03-31 11678365 d:SharePremium 2021-03-31 11678365 d:SharePremium 2020-04-01 11678365 d:OtherMiscellaneousReserve 2021-04-01 2022-03-31 11678365 d:OtherMiscellaneousReserve 2022-03-31 11678365 d:OtherMiscellaneousReserve 2020-04-01 2021-03-31 11678365 d:OtherMiscellaneousReserve 2021-03-31 11678365 d:OtherMiscellaneousReserve 2020-04-01 11678365 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2022-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2021-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2020-04-01 11678365 c:OrdinaryShareClass1 2021-04-01 2022-03-31 11678365 c:OrdinaryShareClass1 2022-03-31 11678365 c:OrdinaryShareClass1 2021-03-31 11678365 c:OrdinaryShareClass2 2021-04-01 2022-03-31 11678365 c:OrdinaryShareClass2 2022-03-31 11678365 c:OrdinaryShareClass2 2021-03-31 11678365 c:PreferenceShareClass1 2021-04-01 2022-03-31 11678365 c:PreferenceShareClass1 2022-03-31 11678365 c:PreferenceShareClass1 2021-03-31 11678365 c:FRS102 2021-04-01 2022-03-31 11678365 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 11678365 c:FullAccounts 2021-04-01 2022-03-31 11678365 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 11678365 d:Subsidiary1 2021-04-01 2022-03-31 11678365 d:Subsidiary1 1 2021-04-01 2022-03-31 11678365 d:Subsidiary2 2021-04-01 2022-03-31 11678365 d:Subsidiary2 1 2021-04-01 2022-03-31 11678365 c:Consolidated 2022-03-31 11678365 c:ConsolidatedGroupCompanyAccounts 2021-04-01 2022-03-31 11678365 2 2021-04-01 2022-03-31 11678365 6 2021-04-01 2022-03-31 11678365 7 2021-04-01 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11678365










CRONDALL ENERGY LTD








UNAUDITED

DIRECTORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
763,070
414,016

Tangible assets
 5 
24,017
24,135

Investments
 6 
-
243,928

  
787,087
682,079

Current assets
  

Debtors: amounts falling due within one year
 7 
1,857,102
838,113

Cash at bank and in hand
  
1,179,643
833,798

  
3,036,745
1,671,911

Creditors: amounts falling due within one year
 8 
(1,284,635)
(518,034)

Net current assets
  
 
 
1,752,110
 
 
1,153,877

Total assets less current liabilities
  
2,539,197
1,835,956

Creditors: amounts falling due after more than one year
 9 
(1,091,772)
(552,474)

Provisions for liabilities
  

Deferred taxation
 10 
-
(841)

Other provisions
 11 
(24,563)
(1,250)

  
 
 
(24,563)
 
 
(2,091)

Net assets
  
1,422,862
1,281,391


Capital and reserves
  

Called up share capital 
 12 
112
100

Share premium account
 13 
363,059
149,987

Other reserves
 13 
1,301,013
1,301,013

Profit and loss account
 13 
(227,232)
(159,645)

Equity attributable to owners of the parent company
  
1,436,952
1,291,455

Non-controlling interests
  
(14,090)
(10,064)

  
1,422,862
1,281,391


Page 1

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A-L Peters
Director

Date: 3 August 2022

The notes on pages 10 to 25 form part of these financial statements.

Page 2

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 6 
4,166,501
2,637,151

  
4,166,501
2,637,151

Current assets
  

Debtors: amounts falling due within one year
 7 
14,439
40,350

Cash at bank and in hand
  
4,222
184,526

  
18,661
224,876

Creditors: amounts falling due within one year
 8 
(695,475)
(1,016,982)

Net current liabilities
  
 
 
(676,814)
 
 
(792,106)

Total assets less current liabilities
  
3,489,687
1,845,045

  

Creditors: amounts falling due after more than one year
 9 
(1,091,772)
(552,474)

  

Net assets
  
2,397,915
1,292,571


Capital and reserves
  

Called up share capital 
 12 
112
100

Share premium account
 13 
363,059
149,987

Other reserves
 13 
1,301,013
1,301,013

Profit and loss account
 13 
733,731
(158,529)

  
2,397,915
1,292,571


Page 3

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A-L Peters
Director

Date: 3 August 2022

The notes on pages 10 to 25 form part of these financial statements.

Page 4

 

 
CRONDALL ENERGY LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 April 2021
100
149,987
1,301,013
(159,645)
1,291,455
(10,064)
1,281,391





Profit for the year
-
-
-
173,883
173,883
(4,026)
169,857


Currency translation differences
-
-
-
2,758
2,758
-
2,758


Conversion of associate to subsidiary
-
-
-
(244,228)
(244,228)
-
(244,228)

Total comprehensive income for the year
-
-
-
(67,587)
(67,587)
(4,026)
(71,613)


Shares issued during the year
12
213,072
-
-
213,084
-
213,084



At 31 March 2022
112
363,059
1,301,013
(227,232)
1,436,952
(14,090)
1,422,862



The notes on pages 10 to 25 form part of these financial statements.

Page 5

 

 
CRONDALL ENERGY LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 April 2020
100
149,987
1,301,013
(214,644)
1,236,456
(6,425)
1,230,031





Profit for the year
-
-
-
64,298
64,298
(3,639)
60,659


Currency translation differences
-
-
-
(9,299)
(9,299)
-
(9,299)

Total comprehensive income for the year
-
-
-
54,999
54,999
(3,639)
51,360



At 31 March 2021
100
149,987
1,301,013
(159,645)
1,291,455
(10,064)
1,281,391



The notes on pages 10 to 25 form part of these financial statements.

Page 6

 
CRONDALL ENERGY LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2020
100
149,987
1,301,013
(42,122)
1,408,978



Loss for the year
-
-
-
(116,407)
(116,407)
Total comprehensive income for the year
-
-
-
(116,407)
(116,407)



At 1 April 2021
100
149,987
1,301,013
(158,529)
1,292,571



Profit for the year
-
-
-
892,260
892,260
Total comprehensive income for the year
-
-
-
892,260
892,260


Contributions by and distributions to owners

Shares issued during the year
12
213,072
-
-
213,084


At 31 March 2022
112
363,059
1,301,013
733,731
2,397,915


The notes on pages 10 to 25 form part of these financial statements.

Page 7

 
CRONDALL ENERGY LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022

2022
2021
£
£

Cash flows from operating activities

Profit for the financial year
169,857
60,659

Adjustments for:

Amortisation of intangible assets
57,389
54,002

Depreciation of tangible assets
10,267
39,809

Loss on disposal of tangible assets
(50)
6,417

Interest paid
60,163
51,770

Interest received
(403)
(61)

Taxation charge
24,566
27,667

(Increase)/decrease in debtors
(265,196)
415,114

(Decrease) in creditors
(28,586)
(164,279)

Increase in provisions
3,000
1,250

Share of operating profit in associates
324
1,355

Corporation tax (paid)
(616)
(38,172)

Foreign exchange movement
2,729
(9,176)

R&D tax credit income
(22,703)
(2,172)

Net cash generated from operating activities

10,741
444,183


Cash flows from investing activities

Purchase of tangible fixed assets
(4,734)
(22,703)

Purchase of subsidiary (net of cash acquired)
21,944
-

Sale of tangible fixed assets
50
636

Interest received
403
61

Net cash from investing activities

17,663
(22,006)

Cash flows from financing activities

New secured loans
1,000,000
535,000

Repayment of loans
(592,396)
(337,620)

Shares treated as debt - redeemed
(30,000)
(60,000)

Interest paid
(60,163)
(51,770)

Net cash used in financing activities
317,441
85,610

Net increase in cash and cash equivalents
345,845
507,787

Cash and cash equivalents at beginning of year
833,798
326,011

Cash and cash equivalents at the end of year
1,179,643
833,798
Page 8

 
CRONDALL ENERGY LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022


2022
2021

£
£



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,179,643
833,798

1,179,643
833,798


The notes on pages 10 to 25 form part of these financial statements.

Page 9

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Crondall Energy Ltd is a private company limited by shares. It is incorporated in England and its registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. Its registered number is 11678365.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 10

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue for training courses is recognised on the training course date.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 11

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a seperate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive income when they fall due. Amounts unpaid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held seperately from the group in independently adminstered funds.
 

 
2.12

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Consolidated Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Page 12

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

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

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 13

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the life of the lease
Office equipment
-
20%, 33% and 50% straight line
Computer equipment
-
20% and 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment in the company accounts.

 
2.17

Associates

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the group's share of the post-tax results. In the consolidated statement of financial position, the interests in associated undertakings are shown as the group's share of the identifiable net assets.

 
2.18

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 14

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.20

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Holiday pay and time in lieu accrual

A liability is recognised to the extent of any unused holiday pay entitlement and accumulated time in lieu which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future entitlement so accrued at the Statement of Financial Position date.

 
2.22

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.23

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of group employees during the year was 20 (2021 - 19).

Page 15

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2021
540,021


Additions
406,443



At 31 March 2022

946,464



Amortisation


At 1 April 2021
126,005


Charge for the year on owned assets
57,389



At 31 March 2022

183,394



Net book value



At 31 March 2022
763,070



At 31 March 2021
414,016



Page 16

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Tangible fixed assets

Group






Leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2021
12,136
14,245
43,249
69,630


Additions
-
3,028
7,092
10,120


Exchange adjustments
-
19
193
212



At 31 March 2022

12,136
17,292
50,534
79,962



Depreciation


At 1 April 2021
1,349
3,709
40,437
45,495


Charge for the year on owned assets
4,045
2,371
3,851
10,267


Exchange adjustments
-
14
169
183



At 31 March 2022

5,394
6,094
44,457
55,945



Net book value



At 31 March 2022
6,742
11,198
6,077
24,017



At 31 March 2021
10,787
10,536
2,812
24,135


6.


Fixed asset investments

Group





Investments in associates

£





At 1 April 2021
243,928


On acquisition of subsidiaries
(244,252)


Share of profit
324



At 31 March 2022
-




Page 17

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2021
2,637,151


Additions
1,529,350



At 31 March 2022
4,166,501




On 18 February 2022, the company acquired the remaining 80% of Crondall Energy Subsea Ltd that was not already indirectly held and therefore, the consolidated financial statements include the Crondall Energy Subsea Ltd results from this date.


Direct subsidiary undertakings


The following were direct subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Crondall Energy Consultants Ltd
UK
Ordinary
100%
Crondall Energy Subsea Ltd
UK
Ordinary
80%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Crondall Energy Consultants PTE Ltd, including a permanent establishment in Indonesia
Singapore
Ordinary
100%
Crondall Energy Consultants Inc
USA
Ordinary
100%
Crondall Energy Consultants AS
Norway
Ordinary
100%
Crondall Training Ltd
UK
Ordinary
51%
Buoyant Production Technologies Limited
UK
Ordinary
100%
Crondall Energy Subsea Ltd
UK
Ordinary
20%

Interest in associates
In the year ended 31 March 2021, the company indirectly held a 20% interest in Crondall Energy Subsea Ltd. During the year ended 31 March 2022, 80% of Crondall Energy Subsea Ltd is directly held and 20% is indirectly held.


7.


Debtors


Page 18

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

7.Debtors (continued)


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Due within one year

Trade debtors
1,252,116
576,532
-
-

Amounts owed by joint ventures and associated undertakings
-
55,560
-
-

Other debtors
139,740
131,572
14,439
40,350

Prepayments and accrued income
463,902
74,449
-
-

Deferred taxation
1,344
-
-
-

1,857,102
838,113
14,439
40,350


Page 19

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Other loans
21,514
38,604
21,514
38,604

Trade creditors
307,224
19,519
-
-

Amounts owed to group undertakings
-
-
407,783
935,411

Amounts owed to associates
-
62,527
-
-

Corporation tax
128,500
5,750
-
5,750

Other taxation and social security
350,858
64,851
-
-

Other creditors
278,800
1,252
216,906
-

Accruals and deferred income
167,739
295,531
19,272
7,217

Share capital treated as debt
30,000
30,000
30,000
30,000

1,284,635
518,034
695,475
1,016,982



The following liabilities were secured:
Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Other loans
21,514
38,604
21,514
38,604

Details of security provided:

The other loans at 31 March 2022 are secured by fixed and floating charges over the property or undertakings of the group companies.
The other loans at 31 March 2021 were secured by a fixed and floating charge over the property or undertakings of the company.

Page 20

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Other loans
917,168
492,474
917,168
492,474

Other creditors
144,604
-
144,604
-

Share capital treated as debt
30,000
60,000
30,000
60,000

1,091,772
552,474
1,091,772
552,474


Disclosure of the terms and conditions attached to the non-equity shares is made in note 17.


The following liabilities were secured:
Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Other loans 1-2 yrs
917,168
492,474
917,168
492,474

(917,168)
(492,474)
(917,168)
(492,474)

Details of security provided:

The other loans at 31 March 2022 are secured by fixed and floating charges over the property or undertakings of the group companies.
The other loans at 31 March 2021 were secured by a fixed and floating charge over the property or undertakings of the company.


10.


Deferred taxation


Group



2022
2021


£

£






At beginning of year
(841)
28,614


Charged to profit or loss
3,860
(29,455)


Arising on business combinations
(1,675)
-



At end of year
1,344
(841)

Page 21

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
 
10.Deferred taxation (continued)


2021





At beginning of year
11,945


Charged to profit or loss
(11,945)



At end of year
-
The deferred taxation balance is made up as follows:

Group
Group
2022
2021
£
£

Accelerated capital allowances
(5,685)
(4,280)

Tax losses carried forward
4,891
2,964

Short term timing differences
2,138
475

1,344
(841)


11.


Provisions


Group



Dilapidation provision

£





At 1 April 2021
1,250


Charged to profit or loss
3,000


Arising on business combinations
20,313



At 31 March 2022
24,563



Page 22

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

12.


Share capital

2022
2021
£
£
Shares classified as equity

Allotted, called up and fully paid



99,088 (2021 - 87,000) A Ordinary shares of £0.001 each
99
87
13,000 (2021 - 13,000) B Ordinary shares of £0.001 each
13
13

112

100

2022
2021
£
£
Shares classified as debt

Allotted, called up and fully paid



60,000 (2021 - 90,000) Redeemable preference shares of £1.000 each
60,000
90,000


On 18 February 2022 the company issued 12,088 A Ordinary shares of £0.001 each as part of the consideration for the purchase of 80% of Crondall Energy Subsea Ltd.
The A Ordinary shares and B Ordinary shares carry equal voting rights and rank pari passu, after the redeemable preference shares, on the return of capital on winding up..

On 7 December 2018 the company issued 150,000 redeemable preference shares of £1 each at par. 30,000 shares are redeemable at par on each anniversary, unless otherwise agreed with the holder, until the final redemption on 7 December 2023.
The redeemable preference shares carry no voting rights and have priority over the Ordinary shares on winding up.


13.


Reserves

Share premium account

The share premium account represents the amount paid in excess of the nominal value for equity share capital.

Merger relief reserve

The merger relief reserve represents the fair value in excess of the nominal value for equity share capital issued on the acquisition of Crondall Energy Consultants Ltd.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of other adjustments.

Page 23

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

14.


Share based payments

In December 2015 Crondall Energy Consultants Ltd issued Enterprise Management Investment share option contracts (EMI3) to certain employees.  Each option under EMI3 gives the right, subject to certain terms and conditions, to subscribe for a maximum number of ‘C’ ordinary shares of £0.001 each at £3.16 per share.  A portion of the shares vested on the date of grant, and the remainder of the shares vest annually over the next 5 years, up to the financial year ending 31 March 2020.  The options over the vested shares are eligible for exercise after the occurrence of certain events and may not be exercised after 30 November 2022.
In December 2017 Crondall Energy Consultants Ltd issued Enterprise Management Investment share option contracts (EMI4) to certain employees.  Each option under EMI4 gives the right, subject to certain terms and conditions, to subscribe for a maximum number of ‘C’ ordinary shares of £0.001 each at £1.13 per share.  A portion of the shares vested on the date of grant, and the remainder of the shares vest annually over the next 3 years, up to the financial year ending 31 March 2020.  The options over the vested shares are eligible for exercise after the occurrence of certain events and may not be exercised after 30 November 2022.
During the year ended 31 March 2019, the Enterprise Management Investment share option contracts (EMI3 and EMI4) were rolled over to Enterprise Management Investment share option contracts (CEC3 at £1.65 each and CEC4 at £0.59 each) in Crondall Energy Ltd.
In September 2019 the company issued Enterprise Management Investment share options contracts (CE1) to certain employees. Each option under CE1 gives the right, subject to certain terms and conditions, to subscribe for a maximum number of 'D' ordinary shares of £0.001 each at £2.00 per share. A portion of the shares vested on the date of grant, and the remainder of the shares vest annually over the next 2 years, up to the financial year ended 31 March 2022. the options over the vested shares are eligible for exercise after the occurrence of certain events and may not be exercised after 30 November 2022.

Details of the number of shares on options outstanding during the period for the group are as follows: 

Number of shares on options (CEC3)
Number of shares on options (CEC4)
Number of shares on options (CE1)

Outstanding at the beginning of the year

17,039

11,558

10,281
 
Granted during the year

-

-

-
 
Forfeited during the year

(1,098)

-

(494)
 
Exercised during the year

-

-

-
 
Cancelled during the year

-

-

-
 
Outstanding at the end of the year

15,941

11,558

9,787
 
Exercisable at the end of the year

-

-

-
 


15.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £156,091 (2021 - £118,107). Contributions totalling £16,433 (2021- £nil) were payable to the fund at the reporting date.

Page 24

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

16.


Commitments under operating leases

At 31 March 2022 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£
£

Not later than 1 year
47,675
24,675

Later than 1 year and not later than 5 years
10,005
-

57,680
24,675

The company had no commitments under non-cancellable operating leases as at the reporting date.

 
Page 25