Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity11truefalse13trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04643351 2023-04-01 2024-03-31 04643351 2022-04-01 2023-03-31 04643351 2024-03-31 04643351 2023-03-31 04643351 2022-04-01 04643351 c:Director1 2023-04-01 2024-03-31 04643351 d:PlantMachinery 2023-04-01 2024-03-31 04643351 d:PlantMachinery 2024-03-31 04643351 d:PlantMachinery 2023-03-31 04643351 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04643351 d:OfficeEquipment 2023-04-01 2024-03-31 04643351 d:OfficeEquipment 2024-03-31 04643351 d:OfficeEquipment 2023-03-31 04643351 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04643351 d:ComputerEquipment 2023-04-01 2024-03-31 04643351 d:ComputerEquipment 2024-03-31 04643351 d:ComputerEquipment 2023-03-31 04643351 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04643351 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04643351 d:Goodwill 2023-04-01 2024-03-31 04643351 d:Goodwill 2024-03-31 04643351 d:Goodwill 2023-03-31 04643351 d:CurrentFinancialInstruments 2024-03-31 04643351 d:CurrentFinancialInstruments 2023-03-31 04643351 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04643351 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04643351 d:ShareCapital 2024-03-31 04643351 d:ShareCapital 2023-03-31 04643351 d:RetainedEarningsAccumulatedLosses 2024-03-31 04643351 d:RetainedEarningsAccumulatedLosses 2023-03-31 04643351 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04643351 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04643351 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 04643351 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 04643351 d:RetirementBenefitObligationsDeferredTax 2024-03-31 04643351 d:RetirementBenefitObligationsDeferredTax 2023-03-31 04643351 c:FRS102 2023-04-01 2024-03-31 04643351 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04643351 c:FullAccounts 2023-04-01 2024-03-31 04643351 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04643351 d:WithinOneYear 2024-03-31 04643351 d:WithinOneYear 2023-03-31 04643351 d:BetweenOneFiveYears 2024-03-31 04643351 d:BetweenOneFiveYears 2023-03-31 04643351 2 2023-04-01 2024-03-31 04643351 6 2023-04-01 2024-03-31 04643351 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04643351










CHASE RESEARCH CRYOGENICS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CHASE RESEARCH CRYOGENICS LTD
REGISTERED NUMBER:04643351

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
118,108
109,700

Investments
 6 
1
1

  
118,109
109,701

Current assets
  

Stocks
  
581,072
494,405

Debtors: amounts falling due within one year
 7 
77,901
157,420

Cash at bank and in hand
  
276,809
403,420

  
935,782
1,055,245

Creditors: amounts falling due within one year
 8 
(187,785)
(357,460)

Net current assets
  
 
 
747,997
 
 
697,785

Total assets less current liabilities
  
866,106
807,486

Provisions for liabilities
  

Deferred tax
 9 
-
(19,730)

Net assets
  
866,106
787,756


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
865,106
786,756

  
866,106
787,756


Page 1

 
CHASE RESEARCH CRYOGENICS LTD
REGISTERED NUMBER:04643351
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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 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 on 28 October 2024.




Dr S T Chase
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Chase Research Cryogenics Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 04643351). Its registered office is Cool Works, 2 Albion Works, Savile Street, Sheffield, S4 7UD. The principal activity of the Company throughout the year continued to be that of the design and manufacture of ultra-low temperature cryogenic equipment. 

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.

Page 3

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value 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 Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Page 4

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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, as follows.

The depreciation rates used are: 

Plant and machinery
-
25%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
25%
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 the Statement of Comprehensive Income.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
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.

Page 5

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

 
2.12

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income.

The current 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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.

Page 6

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 11).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
30,000



At 31 March 2024

30,000



Amortisation


At 1 April 2023
30,000



At 31 March 2024

30,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 7

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 April 2023
201,569
19,196
33,680
254,445


Additions
58,117
-
-
58,117


Disposals
-
(772)
-
(772)



At 31 March 2024

259,686
18,424
33,680
311,790



Depreciation


At 1 April 2023
128,278
4,321
12,146
144,745


Charge for the year on owned assets
38,319
4,561
6,829
49,709


Disposals
-
(772)
-
(772)



At 31 March 2024

166,597
8,110
18,975
193,682



Net book value



At 31 March 2024
93,089
10,314
14,705
118,108



At 31 March 2023
73,291
14,875
21,534
109,700


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 April 2023
1



At 31 March 2024
1




Page 8

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
46,240
121,528

Other debtors
2,094
15,561

Prepayments and accrued income
23,119
20,331

Deferred taxation
6,448
-

77,901
157,420



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,909
22,041

Other taxation and social security
13,447
7,643

Other creditors
1,391
1,403

Accruals and deferred income
167,038
326,373

187,785
357,460


Page 9

 
CHASE RESEARCH CRYOGENICS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
19,730
12,642


Charged to profit or loss
(26,178)
7,088



At end of year
(6,448)
19,730

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
29,527
27,425

Losses and other deductions
(35,759)
(7,487)

Short term timing differences
(216)
(208)

(6,448)
19,730


10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,109 (2023 - £83,223). Contributions totalling £1,390 (2023 - £832) were payable to the fund at the Balance Sheet date and are included in creditors.


11.


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
33,850
33,850

Later than 1 year and not later than 5 years
75,833
108,333

109,683
142,183

 
Page 10