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Company Registration No. 11391179 (England and Wales)
Chronicle Computing Ltd Unaudited accounts for the year ended 31 May 2024
Chronicle Computing Ltd Unaudited accounts Contents
Page
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Chronicle Computing Ltd Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
527,574 
367,339 
Tangible assets
25,799 
13,710 
553,373 
381,049 
Current assets
Inventories
30,048 
60,646 
Debtors
113,266 
114,878 
Cash at bank and in hand
143,835 
143,234 
287,149 
318,758 
Creditors: amounts falling due within one year
(667,412)
(456,315)
Net current liabilities
(380,263)
(137,557)
Total assets less current liabilities
173,110 
243,492 
Creditors: amounts falling due after more than one year
(3,573)
(7,628)
Provisions for liabilities
Deferred tax
(2,925)
(3,428)
Net assets
166,612 
232,436 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
166,412 
232,236 
Shareholders' funds
166,612 
232,436 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by
R Lassen Director Company Registration No. 11391179
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Chronicle Computing Ltd Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Chronicle Computing Ltd is a private company, limited by shares, registered in England and Wales, registration number 11391179. The registered office is Unit 52, Shrivenham 100 Business Park, Majors Road, Watchfield, Swindon, SN6 8TY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% straight line
Intangible fixed assets
Intangible fixed assets are included at cost less accumulated amortisation. Development costs are being amortised at 10% straight line.
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Chronicle Computing Ltd Notes to the Accounts for the year ended 31 May 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 June 2023
479,778 
Additions
231,348 
At 31 May 2024
711,126 
Amortisation
At 1 June 2023
112,439 
Charge for the year
71,113 
At 31 May 2024
183,552 
Net book value
At 31 May 2024
527,574 
At 31 May 2023
367,339 
5
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 June 2023
13,737 
758 
9,024 
23,519 
Additions
15,000 
3,112 
2,644 
20,756 
Disposals
- 
(491)
- 
(491)
At 31 May 2024
28,737 
3,379 
11,668 
43,784 
Depreciation
At 1 June 2023
2,862 
253 
6,694 
9,809 
Charge for the year
6,156 
402 
1,787 
8,345 
On disposals
- 
(169)
- 
(169)
At 31 May 2024
9,018 
486 
8,481 
17,985 
Net book value
At 31 May 2024
19,719 
2,893 
3,187 
25,799 
At 31 May 2023
10,875 
505 
2,330 
13,710 
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Chronicle Computing Ltd Notes to the Accounts for the year ended 31 May 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
105,012 
110,681 
Accrued income and prepayments
3,892 
822 
Other debtors
4,362 
3,375 
113,266 
114,878 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
3,484 
2,825 
VAT
73,576 
68,872 
Trade creditors
36,206 
7,415 
Taxes and social security
11,847 
11,352 
Other creditors
18,814 
2,718 
Deferred income
523,485 
363,133 
667,412 
456,315 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
3,573 
7,628 
9
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
22,680 
12,834 
Later than one year and not later than five years
35,910 
- 
58,590 
12,834 
10
Average number of employees
During the year the average number of employees was 13 (2023: 10).
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