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REGISTERED NUMBER: 03403261 (England and Wales)







Financial Statements for the Year Ended 31 December 2021

for

Sensornet Limited

Sensornet Limited (Registered number: 03403261)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sensornet Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: T M Burns
R Hance
M E Weishaar


SECRETARIES: R Hance
Oakwood Corporate Secretary Limited


REGISTERED OFFICE: 3rd Floor
1 Ashley Road
Altrincham
Cheshire
WA14 2DT


REGISTERED NUMBER: 03403261 (England and Wales)


SENIOR STATUTORY AUDITOR: Matthew Dobbins FCA


AUDITORS: Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY


BANKERS: HSBC Bank plc
London Bridge
28 Borough High St
London
SE1 1YB

Sensornet Limited (Registered number: 03403261)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,721 9,389
7,721 9,389

CURRENT ASSETS
Stocks 6 111,353 272,097
Debtors 7 646,864 534,059
Cash at bank 110,453 113,727
868,670 919,883
CREDITORS
Amounts falling due within one year 8 4,133,885 3,745,796
NET CURRENT LIABILITIES (3,265,215 ) (2,825,913 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,257,494 ) (2,816,524 )

CREDITORS
Amounts falling due after more than one year 9 12,766 47,085
NET LIABILITIES (3,270,260 ) (2,863,609 )

CAPITAL AND RESERVES
Called up share capital 12 3,264,435 3,264,435
Share premium 7,121,662 7,121,662
Capital reserve 22,204 22,204
Retained earnings (13,678,561 ) (13,271,910 )
SHAREHOLDERS' FUNDS (3,270,260 ) (2,863,609 )

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 16 August 2022 and were signed on its behalf by:





T M Burns - Director


Sensornet Limited (Registered number: 03403261)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Sensornet 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition
Revenue will not be recognised unless it is probable that economic benefit will flow to the company and the amount can be measured reliably.

Sale of goods
Revenue is recognised at the point that the significant risks and rewards of ownership are transferred to the buyer.

Rendering of services
Revenue is recognised on a straight line basis over the specified period.

Construction contracts
Revenue and associated costs are recognised using the percentage of completion method.
For contracts not deemed significant, work in progress for construction contracts is deemed to be 0% complete until delivered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - Straight line over the life of the lease
Equipment, Fixtures and Fittings - Straight line over 5 - 10 years
Computer and Optical Equipment - Straight line over 3 - 7 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based upon a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.


Sensornet Limited (Registered number: 03403261)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
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
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.


Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 10 ) .

Sensornet Limited (Registered number: 03403261)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021 6,451
Disposals (6,451 )
At 31 December 2021 -
AMORTISATION
At 1 January 2021 6,451
Eliminated on disposal (6,451 )
At 31 December 2021 -
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

5. TANGIBLE FIXED ASSETS
Equipment, Computer
Fixtures and
Leasehold and Optical
improvements Fittings Equipment Totals
£    £    £    £   
COST
At 1 January 2021 258,239 212,070 154,771 625,080
Additions - 8,291 645 8,936
Disposals (258,239 ) (30,166 ) (53,983 ) (342,388 )
At 31 December 2021 - 190,195 101,433 291,628
DEPRECIATION
At 1 January 2021 253,270 210,233 152,188 615,691
Charge for year 4,970 3,678 1,957 10,605
Eliminated on disposal (258,240 ) (30,166 ) (53,983 ) (342,389 )
At 31 December 2021 - 183,745 100,162 283,907
NET BOOK VALUE
At 31 December 2021 - 6,450 1,271 7,721
At 31 December 2020 4,969 1,837 2,583 9,389

6. STOCKS
31.12.21 31.12.20
£    £   
Raw materials 78,863 200,228
Finished goods 32,490 71,869
111,353 272,097

Sensornet Limited (Registered number: 03403261)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 457,610 192,000
Amounts recoverable on contract 112,000 154,406
Other debtors 33,399 108,023
VAT 4,124 8,650
Prepayments and accrued income 39,731 70,980
646,864 534,059

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 300,604 103,436
Amounts owed to group undertakings 3,648,260 3,502,503
Social security and other taxes 4,590 17,522
Other creditors 164,423 15,846
Accruals and deferred income 16,008 106,489
4,133,885 3,745,796

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21 31.12.20
£    £   
Accruals and deferred income 12,766 47,085

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.21 31.12.20
£    £   
Within one year 50,901 301
Between one and five years 54,817 -
105,718 301

11. SECURED DEBTS

Bank facilities, although not presently utilised, are secured by a fixed charge on all book debts and a floating charge on all other assets of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
326,443,514 Ordinary 1p 3,264,435 3,264,435

Sensornet Limited (Registered number: 03403261)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We were not appointed as auditor of the company until after 31 December 2021 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2021, which are included in the balance sheet at £111,35. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Matthew Dobbins FCA (Senior Statutory Auditor)
for and on behalf of Dunkleys Dunkley's

14. PENSION COMMITMENTS

During the year, the company operated a defined contribution pension scheme through an external provider.

Employer contributions to the scheme for the year totalled £12,336 (2020 - £19,092).

Accrued pension contributions outstanding at the balance sheet date totalled £nil (2020 - £2,918).

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following material transactions with related parties were conducted during the financial period.
These exclude any transactions with members of the group at the balance sheet date, in accordance with the above statement.

Transactions with owners holding a participating interest in the small entity
Nature of the relationship at the time of the transaction, is that of entities under common ownership.
The related parties involved in the following disclosure ceased to be related parties as at 19 February 2021.

Total sales to related parties - £229,110 (2020 - £391,466)
Total sales from related parties - £64,787 (2020 - £354,761)
Loans from related parties - £nil (2020 - £nil). The balance at the date the relationship ended was £198,050.
Loans to related parties - £nil (2020 - £58,642l). The balance at the date the relationship ended was £nil.

Transactions with companies in which the small entity has a participating interest and Transactions with the entity's directors

None

The parent of the smallest group for which consolidated financial statements are drawn up of which this company is a member is Resonetics LLC (U.S.) (registered in the United States of America). The registered office is 26 Whipple St Nashua, NH, 03060-3044 United States.

16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.