Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31falsetrue2022-06-01No description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10187404 2022-06-01 2023-05-31 10187404 2021-06-01 2022-05-31 10187404 2023-05-31 10187404 2022-05-31 10187404 c:Director2 2022-06-01 2023-05-31 10187404 d:CurrentFinancialInstruments 2023-05-31 10187404 d:CurrentFinancialInstruments 2022-05-31 10187404 d:Non-currentFinancialInstruments 2023-05-31 10187404 d:Non-currentFinancialInstruments 2022-05-31 10187404 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10187404 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10187404 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10187404 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 10187404 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 10187404 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 10187404 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 10187404 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 10187404 d:ShareCapital 2023-05-31 10187404 d:ShareCapital 2022-05-31 10187404 d:RetainedEarningsAccumulatedLosses 2023-05-31 10187404 d:RetainedEarningsAccumulatedLosses 2022-05-31 10187404 c:OrdinaryShareClass1 2022-06-01 2023-05-31 10187404 c:OrdinaryShareClass1 2023-05-31 10187404 c:OrdinaryShareClass1 2022-05-31 10187404 c:FRS102 2022-06-01 2023-05-31 10187404 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10187404 c:FullAccounts 2022-06-01 2023-05-31 10187404 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10187404 2 2022-06-01 2023-05-31 10187404 6 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10187404









CHRONOS ENERGY & UTILITIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
CHRONOS ENERGY & UTILITIES LIMITED
REGISTERED NUMBER: 10187404

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
  
50
-

  
50
-

Current assets
  

Debtors: amounts falling due within one year
 5 
50,009
16,981

Cash at bank and in hand
  
223,189
183,057

  
273,198
200,038

Creditors: amounts falling due within one year
 6 
(253,024)
(169,860)

Net current assets
  
 
 
20,174
 
 
30,178

Total assets less current liabilities
  
20,224
30,178

Creditors: amounts falling due after more than one year
 7 
(20,000)
(30,000)

  

Net assets
  
224
178


Capital and reserves
  

Called up share capital 
 9 
50
50

Profit and loss account
  
174
128

  
224
178


Page 1

 
CHRONOS ENERGY & UTILITIES LIMITED
REGISTERED NUMBER: 10187404
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

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 statement of income and retained earnings 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 on 19 February 2024.




TJ Watts
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 10187404.  The Company's registered office is Sterling House, 71 Francis Road, Edgbaston, United Kingdom, B16 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

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.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.

 
2.3

Operating leases: the Company 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.

Page 3

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 4

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

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.

 
2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 5

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Fixed asset investments





Investments in associates

£



Cost or valuation


Additions
50



At 31 May 2023
50




The company holds a 50% share in Grit Sports Limited (company registration number - 12978979).


5.


Debtors

2023
2022
£
£


Trade debtors
37,000
8,400

Amounts owed by group undertakings
-
7,535

Amounts owed by joint ventures and associated undertakings
12,172
-

Prepayments and accrued income
837
1,046

50,009
16,981



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
130
215

Amounts owed to group undertakings
136,074
66,359

Corporation tax
48,094
55,899

Other taxation and social security
32,684
13,468

Other creditors
23,382
21,209

Accruals and deferred income
2,660
2,710

253,024
169,860


Page 7

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,000
30,000

20,000
30,000



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
10,000
20,000


10,000
20,000


30,000
40,000



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50 (2022 - 50) Ordinary shares of £1.00 each
50
50


Page 8

 
CHRONOS ENERGY & UTILITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.Other financial commitments

The company had total financial commitments outstanding at 31 May 2023 of £24,928 (2022 - £Nil).


11.


Related party transactions

During the year the company received loans of £2,172 (2022 - £Nil) and made repayments of £Nil (2022 - £12,304) to directors of the company. The balances outstanding and due from the company to the directors as at 31 May 2023 totalled £23,381 (2022 - £21,209). 
During the year the company received loan repayments of  £Nil (2022 - £5,740) from a major shareholding company.  The company also received further loans in the year of £38,176 (2022 - £63,292). As at 31 May 2023 the balance due from this company and held within creditors was £104,534 (2022-  £66,359).
During the year the company received loans of £24,006 (2022 - £680). As at 31 May 2023 the balance due from this company and held within creditors was £31,541 (2022 -  £7,535 due to this company and held within debtors).
During the period the company made loans of £12,172 (2022 - £Nil) to a joint venture.  As at 31 May 2023 the balance due to the companyand held within debtors was £12,172 (2022 -  £Nil).

All loans are interest free and repayable on demand.

 
Page 9