Chronos Technology Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Chronos Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02056049 . The registered office is Stowfield House, Upper Stowfield, Lydbrook, Gloucestershire, GL17 9PD.

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

Monetary amounts in these financial statements are rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The company has adequate resources to continue in operational existence for the foreseeable future and therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. 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.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Land and buildings - 2% on cost

Plant and machinery etc - at varying rates on cost

2.6. Stocks and Work in Progress

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.

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Chronos Technology Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Financial Instruments

The company only enters into basic financial instruments, transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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.

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

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.

2.11. Research and development

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

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Chronos Technology Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 36 (2024: 40)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2025	-
Additions	364,609

As at 31 December 2025	364,609

Amortisation
As at 1 January 2025	-
Provided during the period	21,269

As at 31 December 2025	21,269

Net Book Value
As at 31 December 2025	343,340

As at 1 January 2025	-

5. Tangible Assets

	Land & Property
	Land and Buildings	Plant and Machinery etc	Total
	£	£	£
Cost
As at 1 January 2025	730,000	3,505,301	4,235,301
Additions	-	65,933	65,933

As at 31 December 2025	730,000	3,571,234	4,301,234

Depreciation
As at 1 January 2025	178,389	2,922,647	3,101,036
Provided during the period	14,600	135,387	149,987

As at 31 December 2025	192,989	3,058,034	3,251,023

Net Book Value
As at 31 December 2025	537,011	513,200	1,050,211

As at 1 January 2025	551,611	582,654	1,134,265

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Chronos Technology Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	Land & Property
	Land and Buildings	Plant and Machinery etc	Total
	£	£	£
At cost	730,000	3,571,234	4,301,234

	730,000	3,571,234	4,301,234

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 land and buildings had not been included at deemed cost it would have been included at an historical cost of £444,948 (2024 £444,948) and accumulated depreciation of £268,470 (2024 £262,770). Plant and machinery etc includes the net book value of SSP assets amounting to £335,048. If these assets had not been included at deemed cost they would have been included at an historical cost of £644,548 (2024 £621,346) and accumulated depreciation of £418,540 (2024 £388,702).

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	638,118	1,035,831
Other debtors	154,556	223,169

	792,674	1,259,000

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	599,783	536,674
Other creditors	1,329,888	881,319
Taxation and social security	142,193	139,444

	2,071,864	1,557,437

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other creditors	37,062	172,910

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Chronos Technology Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	50,000	50,000

10. Other Commitments

The total amount of non cancellable financial commitments not included in the balance sheet is £67,224 (2024 £68,356).

11. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 January 2025	456,648	1,444,416
Profit for the year and total comprehensive income	-	504,546

Transfer to Chronos Technology EOT Limited	-	(150,000)
Transfer from revaluation reserve	-	33,561
Transfer to/from Profit & Loss Account	(33,561 )	-

As at 31 December 2025	423,087	1,832,523

12. Related Party Transactions

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 (2024 £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.

During the year, Chronos Technology Limited made a capital contribution from retained earnings of £150,000 (2024 £200,000) to Chronos Technology EOT Limited and retains a funding obligation for the balance of the consideration.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		343,340		-
Tangible Assets	5		1,050,211		1,134,265

			1,393,551		1,134,265
CURRENT ASSETS
Stocks		332,193		286,917
Debtors	6	792,674		1,259,000
Cash at bank and in hand		1,896,118		1,001,229

		3,020,985		2,547,146
Creditors: Amounts Falling Due Within One Year	7	(2,071,864 )		(1,557,437 )

NET CURRENT ASSETS (LIABILITIES)			949,121		989,709

TOTAL ASSETS LESS CURRENT LIABILITIES			2,342,672		2,123,974

Creditors: Amounts Falling Due After More Than One Year	8		(37,062 )		(172,910 )

NET ASSETS			2,305,610		1,951,064

CAPITAL AND RESERVES
Called up share capital	9		50,000		50,000
Revaluation reserve	11		423,087		456,648
Profit and Loss Account			1,832,523		1,444,416

SHAREHOLDERS' FUNDS			2,305,610		1,951,064