REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
Sensornet Limited |
REGISTERED NUMBER: |
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: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Woodlands Grange |
Woodlands Lane |
Bradley Stoke |
Bristol |
BS32 4JY |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium |
Capital reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
Sensornet Limited (Registered number: 03403261) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Sensornet Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Leasehold improvements | - |
Equipment, Fixtures and Fittings | - |
Computer and Optical Equipment | - |
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 |
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 |
Disposals | ( |
) |
At 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
Eliminated on disposal | ( |
) |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Raw materials |
Finished goods |
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 |
Amounts recoverable on contract |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Accruals and deferred income |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
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. |
for and on behalf of Dunkleys |
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. |