Company registration number 08381496 (England and Wales)
CHRONICLE SOFTWARE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
CHRONICLE SOFTWARE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CHRONICLE SOFTWARE LTD
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,369
37,455
Investments
5
857,740
857,740
887,109
895,195
Current assets
Debtors
7
865,502
1,047,718
Cash at bank and in hand
228,656
800,236
1,094,158
1,847,954
Creditors: amounts falling due within one year
8
(1,606,605)
(1,605,896)
Net current (liabilities)/assets
(512,447)
242,058
Total assets less current liabilities
374,662
1,137,253
Creditors: amounts falling due after more than one year
9
(3,856)
(13,590)
Provisions for liabilities
(3,170)
(4,382)
Net assets
367,636
1,119,281
Capital and reserves
Called up share capital
10
41
37
Share premium account
15,382
13,584
Capital redemption reserve
1
1
Profit and loss reserves
352,212
1,105,659
Total equity
367,636
1,119,281
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has 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.
CHRONICLE SOFTWARE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
31 January 2025
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 May 2025
Mr P Lawrey
Director
Company Registration No. 08381496
CHRONICLE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Chronicle Software Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received.
1.3
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.
1.4
Intangible fixed assets other than goodwill
Other intangibles are development costs. They will be amortised to profit and loss account over estimated life of when the project is complete.
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:
Land and buildings Freehold
Straight line over 10 years
Fixtures, fittings & equipment
Straight line over 3 years
Computer equipment
Straight line over 3 years
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.
CHRONICLE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities including creditors and bank loan, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CHRONICLE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
1.14
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.
CHRONICLE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
2
Employees
The average monthly number of employees (including director) employed by the company during the year was :
2025
2024
Number
Number
Total
12
10
3
Intangible fixed assets
Development Costs
£
Cost
At 1 February 2024 and 31 January 2025
35,976
Amortisation and impairment
At 1 February 2024 and 31 January 2025
35,976
Carrying amount
At 31 January 2025
At 31 January 2024
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
27,053
66,830
93,883
Additions
5,591
5,591
Disposals
(11,291)
(11,291)
At 31 January 2025
27,053
61,130
88,183
Depreciation and impairment
At 1 February 2024
7,657
48,771
56,428
Depreciation charged in the year
2,705
9,469
12,174
Eliminated in respect of disposals
(9,787)
(9,787)
At 31 January 2025
10,362
48,453
58,815
Carrying amount
At 31 January 2025
16,691
12,678
29,369
At 31 January 2024
19,396
18,059
37,455
CHRONICLE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
857,740
857,740
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 & 31 January 2025
857,740
Carrying amount
At 31 January 2025
857,740
At 31 January 2024
857,740
6
Subsidiaries
Details of the company's subsidiaries at 31 January 2025 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Chronicle Software APAC Pty Ltd
Australia
Ordinary
100.00
Chronicle Software Pte Ltd
Singapore
Ordinary
100.00
R. D. Simmons Ltd
England
Ordinary
100.00
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
494,757
577,880
Amounts owed by group undertakings
135,221
Other debtors
370,745
334,617
865,502
1,047,718
CHRONICLE SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loan
10,000
10,000
Trade creditors
205,961
69,269
Amounts owed to group undertakings
163,104
195,307
Taxation and social security
283,717
288,932
Other creditors
943,823
1,042,388
1,606,605
1,605,896
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loan
3,856
13,590
The bank loan is 100% backed by the UK government and is therefore not secured. The loan carries interest at 2.5% p.a.
10
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
4,073,167 (2024: 3,761,500) Ordinary share of 0.001p each
41
37
During the year, 311,667 Ordinary shares of 0.001p each were issued on 29 September 2024 at a premium of £0.00999 per share.
11
Related party transactions
Amounts owed to group undertakings include an amount of £67,977 (2024: £124,621) and £685 (2024: £70,685) the company owed to Chronicle Software APAC Pty Ltd Australia and R. D. Simmons Ltd respectively, being wholly owned subsidiaries.
Amounts owed to group undertakings include an amount of £94,443 (2024: £135,221 owed by) the company owed to Chronicle Software Pte Ltd, Singapore, a wholly owned subsidiary.
12
Directors' transactions
Included within other debtors is an amount of £9,563 (2024: £50,906 owed to) the company was owed by the director, Mr. P Lawrey. Interest of £361 (2024: £Nil) was charged during the year.