REGISTERED NUMBER: 02056049 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CHRONOS TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C W T Curry

A M Curry

M D Lea

E R New

J Akers

C A Dalmeny

SECRETARY:

J Akers

REGISTERED OFFICE:

Stowfield House

Upper Stowfield

Lydbrook

Gloucestershire

GL17 9PD

REGISTERED NUMBER:

02056049 (England and Wales)

ACCOUNTANTS:

Arthur Gait & Company Limited

Chartered Certified Accountants

18 Gold Tops

Newport

NP20 5WJ

FIXED ASSETS

Tangible assets

4

1,134,265

1,284,591

CURRENT ASSETS

Stocks

286,917

288,401

Debtors

5

1,259,000

1,183,402

Cash at bank

1,001,229

1,948,215

2,547,146

3,420,018

CREDITORS

Amounts falling due within one year

6

1,557,437

2,037,260

NET CURRENT ASSETS

989,709

1,382,758

TOTAL ASSETS LESS CURRENT LIABILITIES

2,123,974

2,667,349

CREDITORS

Amounts falling due after more than one year

7

172,910

189,261

NET ASSETS

1,951,064

2,478,088

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Revaluation reserve

8

456,648

490,209

Retained earnings

1,444,416

1,937,879

1,951,064

2,478,088

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

E R New - Director

1.	STATUTORY INFORMATION

Chronos Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company has adequate resources to continue in operational existence for the foreseeable future. As there are no uncertainties about its ability to continue as a going concern, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts earned in respect of goods sold and services provided during the year, exclusive of Value Added Tax, together with income from the spares support programme ("SSP") as detailed below. The company provides support to customers in the form of module replacement for faulty units. Such support is invoiced on installation of the equipment sold, or annually on an ongoing basis. Turnover in respect of this income is recognised over the term of the support agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

at varying rates on cost

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 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 the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates two defined contribution pension schemes, a self administered scheme operated for the benefit of Prof. C.W.T Curry and A. M. Curry, and a separate money purchase scheme available to all other employees. The assets of the schemes are held separate from those of the company in independently administered funds.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

730,000

3,479,201

4,209,201

Additions

-

26,100

26,100

At 31 December 2024

730,000

3,505,301

4,235,301

DEPRECIATION

At 1 January 2024

163,785

2,760,825

2,924,610

Charge for year

14,604

161,822

176,426

At 31 December 2024

178,389

2,922,647

3,101,036

NET BOOK VALUE

At 31 December 2024

551,611

582,654

1,134,265

At 31 December 2023

566,215

718,376

1,284,591

The SSP assets were revalued at depreciated replacement cost during 2005. The surplus arising of £306,518 was recognised in the revaluation reserve. The freehold property was last revalued at open market value by KJT Residential Chartered Surveyors on 21 December 2012. The surplus arising of £68,833 was recognised in the revaluation reserve. The remaining revaluation reserve balance is made up of surpluses arising from revaluations performed prior to 2012.

Upon transition to FRS102 in 2016, the company applied the transitional arrangements of Section 25 of FRS102 and used previous valuations as the deemed cost for the freehold property and the spares support programme assets. The assets are being depreciated from transition date.

All other assets are stated at historical cost.

Historical cost

If freehold property had not been included at deemed cost it would have been included at an historical cost of £444,948 (2023 £444,948) and accumulated depreciation of £262,770 (2023 £257,070). If SSP assets had not been included at deemed costs they would have been included at an historical cost of £621,346 (2023 £604,060) and accumulated depreciation of £388,702 (2023 £360,841).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,035,831

1,049,407

Other debtors

223,169

133,995

1,259,000

1,183,402

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

536,674

571,519

Taxation and social security

139,444

189,339

Other creditors

881,319

1,276,402

1,557,437

2,037,260

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

172,910

189,261

8.

RESERVES

Revaluation

reserve

£

At 1 January 2024

490,209

Revaluation adjustments

(33,561

)

At 31 December 2024

456,648

9.	OTHER FINANCIAL COMMITMENTS

The total amount of non cancellable financial commitments not included in the balance sheet is £68,356 (2023 £109,190).

10.	RELATED PARTY DISCLOSURES

The company rents a property owned by the Chronos Retirement Benefit Scheme. During the year the company paid rent to the Scheme amounting to £20,000 (2023 £20,000).

Chronos Technology EOT Limited was established in August 2021. Charles and Angela Curry, founders and owners of Chronos Technology Limited, subsequently transferred 75% of their shareholding in Chronos Technology Limited into the Chronos Technology EOT Limited.

Chronos Technology Limited made a capital contribution of £200,000 during the year (2023 £159,750) to Chronos Technology EOT Limited from retained earnings and retains a funding obligation for the balance of the consideration.