Company registration number 02931435 (England and Wales)
DART SENSORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DART SENSORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DART SENSORS LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
48,202
46,878
Tangible assets
4
305,086
325,195
Investments
5
252,437
252,437
605,725
624,510
Current assets
Stocks
1,318,672
1,104,409
Debtors
6
868,218
1,582,063
Cash at bank and in hand
3,583,056
1,949,409
5,769,946
4,635,881
Creditors: amounts falling due within one year
7
(485,905)
(426,393)
Net current assets
5,284,041
4,209,488
Total assets less current liabilities
5,889,766
4,833,998
Provisions for liabilities
8
(66,243)
(53,690)
Net assets
5,823,523
4,780,308
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,823,423
4,780,208
Total equity
5,823,523
4,780,308

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

DART SENSORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2024 and are signed on its behalf by:
Mr J J A King
Director
Company Registration No. 02931435
DART SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Dart Sensors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Fore Street, Totnes, Devon, TQ9 5RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for goods, net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents
5% per annum on a straight-line basis
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10% per annum on a straight-line basis
Plant and machinery
15% per annum on a straight line basis
Fixtures, fittings & equipment
10% per annum on a straight line basis
Computer equipment
20% per annum on a straight line basis
Motor vehicles
20% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

DART SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and is calculated on the weighted average basis.

1.7
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

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

DART SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
24
19
DART SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Intangible fixed assets
Patents
£
Cost
At 1 June 2022
107,516
Additions
5,945
At 31 May 2023
113,461
Amortisation and impairment
At 1 June 2022
60,638
Amortisation charged for the year
4,621
At 31 May 2023
65,259
Carrying amount
At 31 May 2023
48,202
At 31 May 2022
46,878
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
200,341
762,612
962,953
Additions
-
0
53,836
53,836
At 31 May 2023
200,341
816,448
1,016,789
Depreciation and impairment
At 1 June 2022
44,363
593,395
637,758
Depreciation charged in the year
20,036
53,909
73,945
At 31 May 2023
64,399
647,304
711,703
Carrying amount
At 31 May 2023
135,942
169,144
305,086
At 31 May 2022
155,978
169,217
325,195
DART SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Investments
8
8
Other investments
250,000
250,000
Loans
2,429
2,429
252,437
252,437

 

The company holds 100% of the ordinary issued share capital of Dart Sensors (Hong Kong) Limited whose company of registration is Hong Kong. Its principal activity is a general commercial chemical company.

 

Additionally, Dart Sensors (Hong Kong) Limited has ownership of a wholly owned foreign enterprise, Dart Sensors Shenzhen Ltd, registered in China. Dart Sensors Shenzhen Ltd has no issued share capital but is controlled by Dart Sensors (Hong Kong) Limited. Its principal activity is a general commercial chemical company.

 

Other investments represent a bond with Ecotricity Bonds.

 

The loans represent a loan to Dart Sensors Shenzen Ltd.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
736,774
403,206
Amounts owed by group undertakings
120
1,068,586
Other debtors
112,147
96,764
Prepayments and accrued income
19,177
13,507
868,218
1,582,063
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,114
17,114
Trade creditors
282,390
334,813
Amounts owed to group undertakings
5,549
971
Corporation tax
140,894
27,072
Other taxation and social security
25,553
16,378
Other creditors
2,142
10,525
Accruals and deferred income
12,263
19,520
485,905
426,393
DART SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
66,243
53,690
2023
Movements in the year:
£
Liability at 1 June 2022
53,690
Charge to profit or loss
8,578
Effect of change in tax rate - profit or loss
3,975
Liability at 31 May 2023
66,243

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the foreseeable future.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
125,000
185,000
10
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption under FRS 102 for small groups from disclosing intra-group transactions.

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