Company registration number 07878590 (England and Wales)
CRONOFY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CRONOFY LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CRONOFY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of application development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A E Bird
G Shutler
R Muirhead
S Allott
J Vallender
(Appointed 10 September 2024)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J Vallender
Director
13 September 2024
CRONOFY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,060
66,492
Current assets
Debtors
4
717,537
632,492
Cash at bank and in hand
223,667
476,700
941,204
1,109,192
Creditors: amounts falling due within one year
5
(1,109,075)
(1,002,145)
Net current (liabilities)/assets
(167,871)
107,047
Total assets less current liabilities
(128,811)
173,539
Creditors: amounts falling due after more than one year
6
(15,273)
(24,930)
Net (liabilities)/assets
(144,084)
148,609
Capital and reserves
Called up share capital
1,634
1,634
Share premium account
1,249,367
1,249,367
Profit and loss reserves
(1,395,085)
(1,102,392)
Total equity
(144,084)
148,609

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CRONOFY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
J Vallender
Director
Company registration number 07878590 (England and Wales)
CRONOFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Cronofy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9A Beck Street, Nottingham, NG1 1EQ. The company registration number is 07878590.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company continues to trade as a going concern due to the continued support of its directors and shareholders who have signified their willingness to support the company for a period of at least one year from the date of approval of the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised when services are provided

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
33% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CRONOFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CRONOFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
25
24
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
50,764
10,084
98,414
159,262
Additions
-
0
3,227
2,762
5,989
At 31 December 2023
50,764
13,311
101,176
165,251
Depreciation and impairment
At 1 January 2023
10,153
8,426
74,191
92,770
Depreciation charged in the year
16,752
1,139
15,530
33,421
At 31 December 2023
26,905
9,565
89,721
126,191
Carrying amount
At 31 December 2023
23,859
3,746
11,455
39,060
At 31 December 2022
40,611
1,658
24,223
66,492
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
492,793
319,246
Corporation tax recoverable
65,241
119,237
Amounts owed by group undertakings
7,200
42,211
Other debtors
35,824
63,357
Prepayments and accrued income
116,479
88,441
717,537
632,492
CRONOFY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,656
9,890
Trade creditors
162,776
210,032
Taxation and social security
73,160
46,866
Deferred income
781,011
691,181
Other creditors
25,558
32,758
Accruals
56,914
11,418
1,109,075
1,002,145
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,273
24,930
2023-12-312023-01-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityA E BirdG ShutlerR MuirheadS AllottJ Vallenderfalsefalse078785902023-01-012023-12-3107878590bus:Director12023-01-012023-12-3107878590bus:Director22023-01-012023-12-3107878590bus:Director32023-01-012023-12-3107878590bus:Director42023-01-012023-12-3107878590bus:Director52023-01-012023-12-31078785902023-12-31078785902022-12-3107878590core:LeaseholdImprovements2023-12-3107878590core:FurnitureFittings2023-12-3107878590core:ComputerEquipment2023-12-3107878590core:LeaseholdImprovements2022-12-3107878590core:FurnitureFittings2022-12-3107878590core:ComputerEquipment2022-12-3107878590core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107878590core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107878590core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3107878590core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107878590core:CurrentFinancialInstruments2023-12-3107878590core:CurrentFinancialInstruments2022-12-3107878590core:ShareCapital2023-12-3107878590core:ShareCapital2022-12-3107878590core:SharePremium2023-12-3107878590core:SharePremium2022-12-3107878590core:RetainedEarningsAccumulatedLosses2023-12-3107878590core:RetainedEarningsAccumulatedLosses2022-12-3107878590core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3107878590core:FurnitureFittings2023-01-012023-12-3107878590core:ComputerEquipment2023-01-012023-12-31078785902022-01-012022-12-3107878590core:LeaseholdImprovements2022-12-3107878590core:FurnitureFittings2022-12-3107878590core:ComputerEquipment2022-12-31078785902022-12-3107878590core:LeaseholdImprovements2023-01-012023-12-3107878590core:Non-currentFinancialInstruments2023-12-3107878590core:Non-currentFinancialInstruments2022-12-3107878590bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107878590bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107878590bus:FRS1022023-01-012023-12-3107878590bus:AuditExemptWithAccountantsReport2023-01-012023-12-3107878590bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP