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Registered number: 12152325 CHRONOS SECURITIES LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 AUGUST 2025
CHRONOS SECURITIES LIMITED COMPANY INFORMATION
Director | C T Rolls
Registered number | 12152325
Registered office | Didling Farm
| Manor Farm Ingrams Green Lane
| Didling
| Midhurst
| West Sussex
| GU29 0LQ
Accountants | Rawlinson & Hunter LLP
| Chartered Accountants
| Eighth Floor
| 6 New Street Square
| New Fetter Lane
| London
| EC4A 3AQ
CHRONOS SECURITIES LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 - 11
CHRONOS SECURITIES LIMITED REGISTERED NUMBER: 12152325 BALANCE SHEET AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 30,199,963 |  | 27,578,267
|  |  | 30,199,963 |  | 27,578,267
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 13,040 |  | 13,040 |
Cash at bank and in hand | 6 | 366,452 |  | 555,317 |
|  | 379,492 |  | 568,357 |
Creditors: amounts falling due within one year | 7 | (29,786,891) |  | (30,152,108) |
Net current liabilities |  |  | (29,407,399) |  | (29,583,751)
Total assets less current liabilities |  |  | 792,564 |  | (2,005,484)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (315,000) |  | - |
|  |  | (315,000) |  | -
Net assets/(liabilities) |  |  | 477,564 |  | (2,005,484)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Fair value reserve | 11 |  | 5,842,152 |  | 4,892,649
Profit and loss account | 11 |  | (5,364,688) |  | (6,898,233)
|  |  | 477,564 |  | (2,005,484)
Page 1
CHRONOS SECURITIES LIMITED REGISTERED NUMBER: 12152325 BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025 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 profit and loss account 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 by:
C T Rolls
Director
Date: 23 April 2026
The notes on pages 4 to 11 form part of these financial statements. Page 2
CHRONOS SECURITIES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2025
| Called up share capital | Fair value reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 September 2023 | 100 | 90,550 | (5,036,288) | (4,945,638)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,940,154 | 2,940,154
Total comprehensive income for the year | - | - | 2,940,154 | 2,940,154
Transfer from profit and loss account | - | 4,802,099 | (4,802,099) | -
Total transactions with owners | - | 4,802,099 | (4,802,099) | -
At 1 September 2024 | 100 | 4,892,649 | (6,898,233) | (2,005,484)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,483,048 | 2,483,048
Total comprehensive income for the year | - | - | 2,483,048 | 2,483,048
Transfer from profit and loss account | - | 949,503 | (949,503) | -
Total transactions with owners | - | 949,503 | (949,503) | -
At 31 August 2025 | 100 | 5,842,152 | (5,364,688) | 477,564
| The notes on pages 4 to 11 form part of these financial statements.
Page 3
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
Chronos Securities Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 12152325. The registered office is Didling Farm, Manor Farm Ingrams Green Lane, Didling, Midhurst, West Sussex, United Kingdom, GU29 0LQ. 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 | Going concern
The ongoing conflicts around the world have created significant operational and financial pressures on the company. Having considered the contingency plans in place, having reviewed updated cashflow forecasts, considering the post balance sheet events as disclosed in note 12 to the financial statements and after reviewing the working capital requirements of the company the sole shareholder has confirmed that he will provide the company with such financial support as is necessary for it to meet its liabilities for a period of at least twelve months from the date of signing of these financial statements of the company. Therefore the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and hence considers the adoption of the going concern basis in preparing these financial statements is appropriate. Page 4
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.3 | 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'Difference in foreign exchange on investments'.
| 2.4 | Revenue
Revenue is comprised of income received from investments, dividends and realised gains and losses arising on the sale of investments. 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income 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. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 6
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the Page 7
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including the director, during the year was 1 (2024 - 1).
4. | Fixed asset investments
|  | Listed investments | Unlisted investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 September 2024 | 23,893,783 | 3,684,484 | 27,578,267
| Additions | 7,071,103 | 387,489 | 7,458,592
| Disposals | (5,958,665) | (142,735) | (6,101,400)
| Foreign exchange movement | (293,994) | (155,033) | (449,027)
| Revaluations | 1,519,674 | 193,857 | 1,713,531
| At 31 August 2025 | 26,231,901 | 3,968,062 | 30,199,963
| The cost of listed investments at 31 August 2025 was £20,581,560 (2024 - £19,469,122), and the cost of unlisted investments at 31 August 2025 was £3,461,251 (2024 - £3,216,496).
Page 8
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 13,040 | 13,040
|  | 13,040 | 13,040
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 366,452 | 555,317
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 8,827 | 4,613
| Other creditors | 29,725,352 | 30,084,536
| Accruals and deferred income | 52,712 | 62,959
|  | 29,786,891 | 30,152,108
| Other creditors relate to amounts owed to the company's sole shareholder and sole director. Refer to note 12 for further details on how this amount was converted into equity post year end.
8. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 26,598,353 | 24,449,100
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and listed investments.
Page 9
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | -
| Charged to profit or loss | (315,000)
| At end of year | (315,000)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised gains on investments | (315,000) | -
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
11. | Reserves
Fair value reserve This fair value reserve arises from the valuation of the listed and unlisted investments. Profit and loss account The profit and loss account represents accumulated result for the year and prior periods less dividends.
12. | Other financial commitments
The total amount of financial commitments not included in the balance sheet as at 31 August 2025 is £1,439,596 (2024: £1,865,375). This amount relates to future commitments in relation to the unlisted investments shown in Note 4. Page 10
CHRONOS SECURITIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
13. | Post balance sheet events
On 20 November 2025 the company passed a resolution to capitalise the directors loan balance (included within other creditors due within one year) for a sum not exceeding £30,181,500. Also on that date the company issued 10,000 Ordinary Shares with a nominal value of £1 at a premium of £3,017.15 per share. On 21 November 2025 the company redesignated 10,000 Ordinary Shares as B Ordinary Shares, each with a nominal value of £1.
Page 11