IRIS Accounts Production
v19.3.2.199
06838479
Board of Directors
1.1.19
31.12.19
31.12.19
20/3/2020
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Auditors Opinion
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REGISTERED NUMBER:
06838479
(England and Wales)
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CHRONOS THERAPEUTICS LIMITED
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|
AUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 DECEMBER 2019
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Notes to the Financial Statements
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3
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SECRETARY:
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C G Hoyer Millar |
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REGISTERED OFFICE:
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41 Cornmarket Street
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REGISTERED NUMBER:
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06838479 (England and Wales)
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AUDITORS:
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Mercer Lewin Ltd
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Chartered Accountants and Registered Auditors
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Intangible assets
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5
|
1,163,388
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|
1,678,349
|
|
|
Tangible assets
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6
|
1,284
|
|
1,925
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|
|
Debtors
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7
|
324,752
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|
288,274
|
|
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Cash at bank
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583,375
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720,378
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Amounts falling due within one year
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8
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205,112
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252,602
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NET CURRENT ASSETS
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703,015
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756,050
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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1,867,687
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2,436,324
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Called up share capital
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4,647
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4,497
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Share premium
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17,823,582
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16,713,490
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|
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Retained earnings
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(15,960,542
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) |
(14,281,663
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) |
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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 on
20 March 2020 and were signed on its
behalf by:
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Chronos Therapeutics Limited is a
private company, limited by shares , registered in England and
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Wales. The company's registered number and registered office address can be found on the Company
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BASIS OF PREPARING THE FINANCIAL STATEMENTS
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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. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES
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The preparation of the financial statements requires management to make judgements, estimates and
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assumptions that affect the amounts reported. These estimates and judgements are continually
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reviewed and are based on experience and other factors, including expectations of future events that
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are believed to be reasonable under the circumstances.
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There are no judgements that are deemed to have had a significant effect on amounts recognised in
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the financial statements.
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Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
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at cost less any accumulated amortisation and any accumulated impairment losses.
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Patents and licences are being amortised evenly over their estimated useful life of nil years. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery etc
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-
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25% on cost |
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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except to the extent that it relates to items recognised in other comprehensive income or directly in
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Current or deferred taxation assets and liabilities are not discounted.
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
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enacted or substantively enacted by the balance sheet date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
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expected to apply to the reversal of the timing difference.
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
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The company operates a defined contribution pension scheme. Contributions payable to the
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company's pension scheme are charged to profit or loss in the period to which they relate.
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
14 (2018 -
21 ) .
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4.
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AUDITORS' REMUNERATION
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Fees payable to the company's auditors for the audit of the
company's financial statements
|
3,000 |
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3,000 |
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5.
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INTANGIBLE FIXED ASSETS
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|
At 1 January 2019
|
1,949,100
|
|
|
|
At 31 December 2019
|
2,039,443
|
|
|
|
At 1 January 2019
|
270,751
|
|
|
|
At 31 December 2019
|
876,055
|
|
|
|
At 31 December 2019
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1,163,388
|
|
|
|
At 31 December 2018
|
1,678,349
|
|
|
|
At 1 January 2019
|
309,712
|
|
|
|
At 31 December 2019
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82,726
|
|
|
|
At 1 January 2019
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307,787
|
|
|
|
Eliminated on disposal
|
(226,987
|
) |
|
|
At 31 December 2019
|
81,442
|
|
|
|
At 31 December 2019
|
1,284
|
|
|
|
At 31 December 2018
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1,925
|
|
|
7.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|
|
Other debtors
|
324,752
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|
288,250
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|
|
8.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
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Trade creditors
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114,628
|
|
104,575
|
|
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Taxation and social security
|
20,607
|
|
34,059
|
|
|
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Other creditors
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69,877
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|
113,968
|
|
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9.
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DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006
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The Report of the Auditors was unqualified.
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|
Andrew Churchill Stone (Senior Statutory Auditor)
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for and on behalf of
Mercer Lewin Ltd |