Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity1516truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07747043 2023-04-01 2024-03-31 07747043 2022-04-01 2023-03-31 07747043 2024-03-31 07747043 2023-03-31 07747043 2022-04-01 07747043 c:Director2 2023-04-01 2024-03-31 07747043 d:OfficeEquipment 2023-04-01 2024-03-31 07747043 d:OfficeEquipment 2024-03-31 07747043 d:OfficeEquipment 2023-03-31 07747043 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07747043 d:ComputerEquipment 2023-04-01 2024-03-31 07747043 d:ComputerEquipment 2024-03-31 07747043 d:ComputerEquipment 2023-03-31 07747043 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07747043 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07747043 d:CurrentFinancialInstruments 2024-03-31 07747043 d:CurrentFinancialInstruments 2023-03-31 07747043 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07747043 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07747043 d:ShareCapital 2024-03-31 07747043 d:ShareCapital 2023-03-31 07747043 d:CapitalRedemptionReserve 2024-03-31 07747043 d:CapitalRedemptionReserve 2023-03-31 07747043 d:RetainedEarningsAccumulatedLosses 2024-03-31 07747043 d:RetainedEarningsAccumulatedLosses 2023-03-31 07747043 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07747043 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07747043 d:OtherDeferredTax 2024-03-31 07747043 d:OtherDeferredTax 2023-03-31 07747043 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 07747043 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 07747043 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 07747043 c:FRS102 2023-04-01 2024-03-31 07747043 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07747043 c:FullAccounts 2023-04-01 2024-03-31 07747043 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07747043 d:WithinOneYear 2024-03-31 07747043 d:WithinOneYear 2023-03-31 07747043 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07747043










CRONDALL ENERGY SUBSEA LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CRONDALL ENERGY SUBSEA LTD
REGISTERED NUMBER: 07747043

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
-
3,469

Current assets
  

Debtors
 5 
445,528
1,407,018

Bank and cash balances
  
48,811
272,784

  
494,339
1,679,802

Creditors: amounts falling due within one year
 6 
(494,123)
(543,956)

Net current assets
  
 
 
216
 
 
1,135,846

Total assets less current liabilities
  
216
1,139,315

Provisions for liabilities
  

Other provisions
 8 
-
(20,313)

  
 
 
-
 
 
(20,313)

Net assets
  
216
1,119,002


Capital and reserves
  

Called up share capital 
  
120
120

Capital redemption reserve
  
96
96

Profit and loss account
  
-
1,118,786

  
216
1,119,002


Page 1

 
CRONDALL ENERGY SUBSEA LTD
REGISTERED NUMBER: 07747043
    
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 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 by: 






A-L Peters
Director

Date: 29 July 2024

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

Page 2

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

1.


General information

Crondall Energy Subsea Ltd is a private company limited by shares. It is incorporated in England and Wales and its registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. Its registered number is 07747043.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

Page 3

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

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 operates and generates 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.

 
2.7

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.

Page 4

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

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Office equipment
-
33.33%
straight line
Computer equipment
-
33.33%
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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

  
2.11

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.

 
2.12

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.

Page 5

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

2.Accounting policies (continued)

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.14

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 15 (2023 - 16).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£





At 1 April 2023
44,514
137,155
181,669


Additions
1,440
10,242
11,682


Disposals
(45,954)
(147,397)
(193,351)



At 31 March 2024

-
-
-





At 1 April 2023
41,722
136,478
178,200


Charge for the year on owned assets
1,849
2,906
4,755


Disposals
(43,571)
(139,384)
(182,955)



At 31 March 2024

-
-
-



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
2,792
677
3,469

Page 6

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

5.


Debtors


2024
2023
£
£

Trade debtors
418,969
561,246

Amounts owed by group undertakings
2,257
728,319

Other debtors
17,164
21,870

Prepayments and accrued income
4,987
94,812

Deferred taxation
2,151
771

445,528
1,407,018



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
91,910
301,083

Amounts owed to group undertakings
255,693
-

Other taxation and social security
95,742
142,713

Other creditors
50,778
40,275

Accruals and deferred income
-
59,885

494,123
543,956



7.


Deferred taxation




2024
2023


£

£






At beginning of year
771
(1,027)


Charged to profit or loss
1,380
1,798



At end of year
2,151
771

Page 7

 
CRONDALL ENERGY SUBSEA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
7.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(659)

Short term timing difference
2,151
1,430

2,151
771


8.


Provisions




Dilapidation provision

£





At 1 April 2023
20,313


Charged to profit or loss
(20,313)



At 31 March 2024
-


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company n an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £249,122 (2023 - £159,728). Contributions totalling £50,778 (2023 - £40,275) were payable to the fund at the reporting date and are included in creditors.


10.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
-
10,540

-
10,540

Page 8

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

11.


Related party transactions

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


12.


Controlling party

The immediate parent company is Crondall Energy Ltd, a company incorporated in England, by virtue of its 80% direct holding and 20% indirect holding. 
The ultimate parent company is Crondall Energy Holdings Ltd, a company incorporated in England, by virtue of its 100% holding of Crondall Energy Ltd.
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 9