Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-312023-04-01falseNo description of principal activity00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11678365 2023-04-01 2024-03-31 11678365 2022-04-01 2023-03-31 11678365 2024-03-31 11678365 2023-03-31 11678365 2022-04-01 11678365 c:Director2 2023-04-01 2024-03-31 11678365 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 11678365 d:OfficeEquipment 2023-04-01 2024-03-31 11678365 d:ComputerEquipment 2023-04-01 2024-03-31 11678365 d:Goodwill 2023-04-01 2024-03-31 11678365 d:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 11678365 d:CurrentFinancialInstruments 2024-03-31 11678365 d:CurrentFinancialInstruments 2023-03-31 11678365 d:CurrentFinancialInstruments 2 2024-03-31 11678365 d:CurrentFinancialInstruments 2 2023-03-31 11678365 d:Non-currentFinancialInstruments 2024-03-31 11678365 d:Non-currentFinancialInstruments 2023-03-31 11678365 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11678365 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11678365 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11678365 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11678365 d:ShareCapital 2023-04-01 2024-03-31 11678365 d:ShareCapital 2024-03-31 11678365 d:ShareCapital 2023-03-31 11678365 d:ShareCapital 2022-04-01 11678365 d:SharePremium 2023-04-01 2024-03-31 11678365 d:SharePremium 2024-03-31 11678365 d:SharePremium 2023-03-31 11678365 d:SharePremium 2022-04-01 11678365 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 11678365 d:OtherMiscellaneousReserve 2024-03-31 11678365 d:OtherMiscellaneousReserve 2023-03-31 11678365 d:OtherMiscellaneousReserve 2022-04-01 11678365 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2024-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2023-03-31 11678365 d:RetainedEarningsAccumulatedLosses 2022-04-01 11678365 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11678365 c:OrdinaryShareClass1 2023-03-31 11678365 c:OrdinaryShareClass2 2023-04-01 2024-03-31 11678365 c:OrdinaryShareClass2 2023-03-31 11678365 c:OrdinaryShareClass5 2023-04-01 2024-03-31 11678365 c:OrdinaryShareClass5 2024-03-31 11678365 c:PreferenceShareClass1 2023-04-01 2024-03-31 11678365 c:PreferenceShareClass1 2023-03-31 11678365 c:FRS102 2023-04-01 2024-03-31 11678365 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11678365 c:FullAccounts 2023-04-01 2024-03-31 11678365 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11678365 d:Subsidiary1 2023-04-01 2024-03-31 11678365 d:Subsidiary1 1 2023-04-01 2024-03-31 11678365 d:Subsidiary2 2023-04-01 2024-03-31 11678365 d:Subsidiary2 1 2023-04-01 2024-03-31 11678365 c:Consolidated 2024-03-31 11678365 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 11678365 2 2023-04-01 2024-03-31 11678365 6 2023-04-01 2024-03-31 11678365 7 2023-04-01 2024-03-31 11678365 f:PoundSterling 2023-04-01 2024-03-31 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 2024

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
602,346
668,424

Tangible assets
 5 
62,635
44,506

  
664,981
712,930

Current assets
  

Debtors: amounts falling due after more than one year
 7 
4,800
-

Debtors: amounts falling due within one year
 7 
3,033,881
2,460,583

Cash at bank and in hand
  
1,166,524
979,141

  
4,205,205
3,439,724

Creditors: amounts falling due within one year
 8 
(2,105,644)
(1,547,545)

Net current assets
  
 
 
2,099,561
 
 
1,892,179

Total assets less current liabilities
  
2,764,542
2,605,109

Creditors: amounts falling due after more than one year
 9 
-
(712,291)

Provisions for liabilities
  

Deferred taxation
 10 
-
(643)

Other provisions
 11 
(10,250)
(27,563)

  
 
 
(10,250)
 
 
(28,206)

Net assets
  
2,754,292
1,864,612


Capital and reserves
  

Called up share capital 
 12 
156
112

Share premium account
 13 
440,735
363,059

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

Profit and loss account
 13 
1,012,388
198,489

Equity attributable to owners of the parent company
  
2,754,292
1,862,673

Non-controlling interests
  
-
1,939

  
2,754,292
1,864,612


Page 1

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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: 31 July 2024

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 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 6 
4,166,501
4,166,501

  
4,166,501
4,166,501

Current assets
  

Debtors: amounts falling due after more than one year
 7 
4,800
-

Debtors: amounts falling due within one year
 7 
9,402
33,463

Cash at bank and in hand
  
82,756
371

  
96,958
33,834

Creditors: amounts falling due within one year
 8 
(942,893)
(1,303,499)

Net current liabilities
  
 
 
(845,935)
 
 
(1,269,665)

Total assets less current liabilities
  
3,320,566
2,896,836

  

Creditors: amounts falling due after more than one year
 9 
-
(712,291)

  

Net assets
  
3,320,566
2,184,545


Capital and reserves
  

Called up share capital 
 12 
156
112

Share premium account
 13 
440,735
363,059

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

Profit and loss account
 13 
1,578,662
520,361

  
3,320,566
2,184,545


Page 3

 
CRONDALL ENERGY LTD
REGISTERED NUMBER: 11678365
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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: 31 July 2024

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 2024



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 2023
112
363,059
1,301,013
198,489
1,862,673
1,939
1,864,612



Comprehensive income for the year


Profit for the year
-
-
-
939,090
939,090
-
939,090


Currency translation differences
-
-
-
(13,103)
(13,103)
-
(13,103)

Total comprehensive income for the year
-
-
-
925,987
925,987
-
925,987


Dividends: Equity capital
-
-
-
(112,088)
(112,088)
-
(112,088)


Shares issued during the year
44
77,676
-
-
77,720
-
77,720


Release of minority interest
-
-
-
-
-
(1,939)
(1,939)



Total transactions with owners
44
77,676
-
(112,088)
(34,368)
(1,939)
(36,307)



At 31 March 2024
156
440,735
1,301,013
1,012,388
2,754,292
-
2,754,292



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 2023



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



Comprehensive income for the year


Profit for the year
-
-
-
483,675
483,675
16,029
499,704


Currency translation differences
-
-
-
9,299
9,299
-
9,299

Total comprehensive income for the year
-
-
-
492,974
492,974
16,029
509,003


Dividends: Equity capital
-
-
-
(67,253)
(67,253)
-
(67,253)



Total transactions with owners
-
-
-
(67,253)
(67,253)
-
(67,253)



At 31 March 2023
112
363,059
1,301,013
198,489
1,862,673
1,939
1,864,612



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 2024


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

£
£
£
£
£


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


Comprehensive income for the year

Loss for the year
-
-
-
(146,117)
(146,117)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(67,253)
(67,253)



At 1 April 2023
112
363,059
1,301,013
520,361
2,184,545


Comprehensive income for the year

Profit for the year
-
-
-
1,170,389
1,170,389


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(112,088)
(112,088)

Shares issued during the year
44
77,676
-
-
77,720


At 31 March 2024
156
440,735
1,301,013
1,578,662
3,320,566


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 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
939,090
499,704

Adjustments for:

Amortisation of intangible assets
95,383
94,646

Depreciation of tangible assets
30,544
18,748

Loss on disposal of tangible assets
41
-

Interest paid
112,795
111,365

Interest received
-
(19)

Taxation charge
(197,705)
79,691

(Increase) in debtors
(293,155)
(607,479)

Increase in creditors
64,817
26,055

Increase in amounts owed to groups
726,954
-

(Decrease)/increase in provisions
(17,313)
3,000

Corporation tax received/(paid)
-
(115,475)

Foreign exchange movement
(13,103)
9,299

R&D tax credit income
(86,676)
(50,687)

Minority interest release
(1,939)
-

Net cash generated from operating activities

1,359,733
68,848


Cash flows from investing activities

Purchase of intangible fixed assets
(29,305)
-

Purchase of tangible fixed assets
(48,714)
(39,237)

Interest received
-
19

Net cash from investing activities

(78,019)
(39,218)

Cash flows from financing activities

Issue of ordinary shares
77,720
-

Repayment of loans
(917,168)
(21,514)

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

Dividends paid
(112,088)
(67,253)

Interest paid
(112,795)
(111,365)

Net cash used in financing activities
(1,094,331)
(230,132)

Net increase/(decrease) in cash and cash equivalents
187,383
(200,502)

Cash and cash equivalents at beginning of year
979,141
1,179,643

Cash and cash equivalents at the end of year
1,166,524
979,141


Cash and cash equivalents at the end of year comprise:
Page 8

 
CRONDALL ENERGY LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


Cash at bank and in hand
1,166,524
979,141

1,166,524
979,141


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 2024

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 2024

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

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.

 
2.7

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.

Page 11

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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 separate 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 separately from the group in independently administered funds.
 

 
2.11

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 2024

2.Accounting policies (continued)

 
2.12

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 reporting 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.

 
2.13

Intangible assets

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
Computer software
-
5
years

Page 13

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Valuation of investments

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

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

Page 14

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

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. 

 
2.22

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.

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 number of group employees during the year was 45 (2023 - 38). 






Page 15

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2023
-
946,464
946,464


Additions
29,305
-
29,305



At 31 March 2024

29,305
946,464
975,769



Amortisation


At 1 April 2023
-
278,040
278,040


Charge for the year on owned assets
737
94,646
95,383



At 31 March 2024

737
372,686
373,423



Net book value



At 31 March 2024
28,568
573,778
602,346



At 31 March 2023
-
668,424
668,424



Page 16

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets

Group






Leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
13,211
20,565
85,806
119,582


Additions
-
5,904
42,810
48,714


Disposals
-
(294)
(2,358)
(2,652)


Exchange adjustments
-
(99)
(62)
(161)



At 31 March 2024

13,211
26,076
126,196
165,483



Depreciation


At 1 April 2023
9,439
10,449
55,188
75,076


Charge for the year on owned assets
2,718
5,113
22,713
30,544


Disposals
-
(298)
(2,313)
(2,611)


Exchange adjustments
-
(99)
(62)
(161)



At 31 March 2024

12,157
15,165
75,526
102,848



Net book value



At 31 March 2024
1,054
10,911
50,670
62,635



At 31 March 2023
3,772
10,116
30,618
44,506

Page 17

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
4,166,501



At 31 March 2024
4,166,501





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%
Buoyant Production Technologies Limited
UK
Ordinary
100%
Crondall Energy Subsea Ltd
UK
Ordinary
20%

Crondall Training Ltd was dissolved in the year.

Page 18

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other debtors
4,800
-
4,800
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
2,047,776
1,895,827
-
27,014

Other debtors
272,539
118,573
9,402
6,449

Prepayments and accrued income
486,813
446,183
-
-

Deferred taxation
226,753
-
-
-

3,033,881
2,460,583
9,402
33,463


Page 19

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
-
204,877
-
204,877

Trade creditors
522,893
447,321
15,323
-

Amounts owed to group undertakings
726,954
-
882,151
911,826

Corporation tax
1,838
-
1,838
-

Other taxation and social security
492,394
371,218
576
5,101

Other creditors
55,114
225,222
-
144,604

Accruals and deferred income
306,451
268,907
43,005
7,091

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

2,105,644
1,547,545
942,893
1,303,499


Disclosure of the terms and conditions attached to the non-equity shares is made in note 16.


The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
-
204,877
-
204,877

Details of security provided:

The other loans were secured by fixed and floating charges over the property or undertakings of the group companies. The security has now been satisfied.

Page 20

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
-
712,291
-
712,291

-
712,291
-
712,291



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Other loans
-
712,291
-
712,291

Details of security provided:

The other loans were secured by fixed and floating charges over the property or undertakings of the group companies. The security has now been satisfied.


10.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(643)
1,344


Charged to profit or loss
227,396
(1,987)



At end of year
226,753
(643)

The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(22,772)
(10,918)

Tax losses carried forward
247,374
4,891

Short term timing differences
2,151
5,384

226,753
(643)

Page 21

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Provisions


Group



Dilapidation provision

£





At 1 April 2023
27,563


Charged to profit or loss
(17,313)



At 31 March 2024
10,250

Page 22

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



0 (2023 - 99,088) A Ordinary shares of £0.001 each
-
99
0 (2023 - 13,000) B Ordinary shares of £0.001 each
-
13
155,751 (2023 - 0) Ordinary shares of £0.001 each
156
-

156

112

2023
£
Shares classified as debt

Allotted, called up and fully paid



0 (2023 - 30,000) Redeemable preference shares of £1.000 each
-
30,000


The A Ordinary shares and B Ordinary shares carry equal voting rights and rank pari passu, after the redeemable preferences shares, on the return of capital on winding up.
The C Ordinary shares and D Ordinary shares do not confer any right to vote or receive dividends. They rank pari passu on the return of capital on winding up.
The Ordinary shares carry full voting rights, dividend and capital distribution rights, including on winding up.

During the year the company issued 25,782 C Ordinary shares of £0.001 each for total consideration of £45,892 and 17,881 D Ordinary shares of £0.001 each for total consideration of £31,828.
On 28 March 2024, the A Ordinary shares, B Ordinary shares, C Ordinary shares and D Ordinary shares were redesignated as Ordinary shares.

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 shares have been fully redeemed in the year.
The redeemable preference shares carry no voting rights and have priority over the Ordinary shares on winding up.

Page 23

 
CRONDALL ENERGY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

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.


14.


Share based payments

In June 2022, the company issued new Enterprise Management Incentive share option contracts (CE2) to certain employees. Each option under CE2 gives the right, subject to certain terms and conditions, to subscribe for a maximum number of ‘C’ or ‘D’ ordinary shares of £0.001 each at £1.78 per share. All the shares vested on the date of grant.  The options over the vested shares are eligible for exercise after the occurrence of certain events and may not be exercised after 21 June 2032.   

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

Number of shares on options (CE2)

Outstanding at the beginning of the year

43,663

Granted during the year

-

Forfeited during the year

-

Exercised during the year

(43,663)

Cancelled during the year

-

Outstanding at the end of the year

-

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 £634,764 (2023 - £430,539). Contributions totalling £50,778 (2023- £77,952) 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 2024

16.


Commitments under operating leases

At 31 March 2024 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£


Not later than 1 year
62,639
51,081

62,639
51,081

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


17.


Related party transactions

TC Loans Limited holds a fixed and floating charge over the company's assets as security against a loan made to Crondall Energy Holdings Ltd.


18.


Controlling party

The immediate and ultimate parent company is Crondall Energy Holdings Ltd, a company incorporated in England, by virtue of its 100% holding. Crondall Energy Holdings Ltd was incorporated on 9 January 2024 and acquired the share holding in the company as part of a restructuring on 28 March 2024.
The smallest and largest group for which consolidated accounts are drawn up is that headed by Crondall Energy Ltd and its registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

 
Page 25