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Company No: 05472768 (England and Wales)

CHELONIA LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CHELONIA LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CHELONIA LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
CHELONIA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR Dr N J C Tregenza
SECRETARY Prof T B Tregenza
REGISTERED OFFICE The Barkhouse North Cliff
Mousehole
Penzance
TR19 6PH
United Kingdom
COMPANY NUMBER 05472768 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
CHELONIA LIMITED

BALANCE SHEET

As at 30 June 2024
CHELONIA LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 251,513 253,247
Investments 5 19,894 19,894
271,407 273,141
Current assets
Stocks 155,666 213,480
Debtors 6 198,521 101,222
Cash at bank and in hand 2,619,833 2,365,977
2,974,020 2,680,679
Creditors: amounts falling due within one year 7 ( 230,689) ( 392,603)
Net current assets 2,743,331 2,288,076
Total assets less current liabilities 3,014,738 2,561,217
Provision for liabilities ( 3,088) ( 3,371)
Net assets 3,011,650 2,557,846
Capital and reserves
Called-up share capital 100 100
Profit and loss account 3,011,550 2,557,746
Total shareholder's funds 3,011,650 2,557,846

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Chelonia Limited (registered number: 05472768) were approved and authorised for issue by the Director on 23 March 2025. They were signed on its behalf by:

Dr N J C Tregenza
Director
CHELONIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CHELONIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chelonia Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barkhouse North Cliff, Mousehole, Penzance, TR19 6PH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provisions of services in the ordinary course of the company's activities. Turnover is shown net of the value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
And specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 50,000 50,000
At 30 June 2024 50,000 50,000
Accumulated amortisation
At 01 July 2023 50,000 50,000
At 30 June 2024 50,000 50,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

The aggregate amount of research and development expenditure recognised as an expense during the period is £76,064 (2023 - £61,962).

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 237,603 78,474 20,290 336,367
Additions 0 1,942 0 1,942
At 30 June 2024 237,603 80,416 20,290 338,309
Accumulated depreciation
At 01 July 2023 0 66,469 16,651 83,120
Charge for the financial year 0 3,130 546 3,676
At 30 June 2024 0 69,599 17,197 86,796
Net book value
At 30 June 2024 237,603 10,817 3,093 251,513
At 30 June 2023 237,603 12,005 3,639 253,247

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 19,894 19,894
At 30 June 2024 19,894 19,894
Carrying value at 30 June 2024 19,894 19,894
Carrying value at 30 June 2023 19,894 19,894

6. Debtors

2024 2023
£ £
Trade debtors 192,376 74,560
Other debtors 6,145 26,662
198,521 101,222

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 19,819 23,354
Taxation and social security 188,632 282,586
Other creditors 22,238 86,663
230,689 392,603