Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31trueManufacture of parts for motor vehicles2022-04-01false109trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04680560 2022-04-01 2023-03-31 04680560 2021-04-01 2022-03-31 04680560 2023-03-31 04680560 2022-03-31 04680560 c:Director1 2022-04-01 2023-03-31 04680560 d:PlantMachinery 2022-04-01 2023-03-31 04680560 d:PlantMachinery 2023-03-31 04680560 d:PlantMachinery 2022-03-31 04680560 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04680560 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04680560 d:MotorVehicles 2022-04-01 2023-03-31 04680560 d:MotorVehicles 2023-03-31 04680560 d:MotorVehicles 2022-03-31 04680560 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04680560 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04680560 d:FurnitureFittings 2022-04-01 2023-03-31 04680560 d:FurnitureFittings 2023-03-31 04680560 d:FurnitureFittings 2022-03-31 04680560 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04680560 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04680560 d:OfficeEquipment 2022-04-01 2023-03-31 04680560 d:OfficeEquipment 2023-03-31 04680560 d:OfficeEquipment 2022-03-31 04680560 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04680560 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04680560 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04680560 d:OtherPropertyPlantEquipment 2023-03-31 04680560 d:OtherPropertyPlantEquipment 2022-03-31 04680560 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04680560 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04680560 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04680560 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 04680560 d:CurrentFinancialInstruments 2023-03-31 04680560 d:CurrentFinancialInstruments 2022-03-31 04680560 d:Non-currentFinancialInstruments 2023-03-31 04680560 d:Non-currentFinancialInstruments 2022-03-31 04680560 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04680560 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04680560 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04680560 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04680560 d:ShareCapital 2023-03-31 04680560 d:ShareCapital 2022-03-31 04680560 d:RetainedEarningsAccumulatedLosses 2023-03-31 04680560 d:RetainedEarningsAccumulatedLosses 2022-03-31 04680560 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04680560 c:OrdinaryShareClass1 2023-03-31 04680560 c:OrdinaryShareClass1 2022-03-31 04680560 c:FRS102 2022-04-01 2023-03-31 04680560 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04680560 c:FullAccounts 2022-04-01 2023-03-31 04680560 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04680560 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 04680560 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04680560 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04680560










FIRST SENSORS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
FIRST SENSORS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8


 
FIRST SENSORS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRST SENSORS LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Sensors Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of First Sensors Limited in accordance with the terms of our engagement letter dated 25 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of First Sensors Limited  and state those matters that we have agreed to state to the director of First Sensors Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Sensors Limited and its director for our work or for this report. 

It is your duty to ensure that First Sensors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of First Sensors Limited. You consider that First Sensors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of First Sensors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
16 February 2024
Page 1

 
FIRST SENSORS LIMITED
REGISTERED NUMBER: 04680560

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
101,963
128,788

  
101,963
128,788

Current assets
  

Stocks
  
9,473
6,635

Debtors: amounts falling due within one year
 5 
417,401
458,661

Cash at bank and in hand
  
54,426
43,195

  
481,300
508,491

Creditors: amounts falling due within one year
 6 
(301,749)
(351,097)

Net current assets
  
 
 
179,551
 
 
157,394

Total assets less current liabilities
  
281,514
286,182

Creditors: amounts falling due after more than one year
 7 
-
(39,319)

Provisions for liabilities
  

Deferred tax
  
(8,103)
(9,795)

  
 
 
(8,103)
 
 
(9,795)

Net assets
  
273,411
237,068


Capital and reserves
  

Called up share capital 
 8 
20,000
20,000

Profit and loss account
  
253,411
217,068

  
273,411
237,068


Page 2

 
FIRST SENSORS LIMITED
REGISTERED NUMBER: 04680560
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 February 2024.




................................................
Mr S Barnett
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
FIRST SENSORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office and principal place of activity is Waveney House, Vinces Road, Diss, Norfolk, IP22 4HY. 
The company's principal activity is that of the design and manufacture of data collection devices in motorsport.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover compromises revenue recognised by the company in respect of design and manufacture of data collection devices in motorsport. Turnover is exclusive of value added tax and is recognised on an accruals basis. 
Turnover is recognised to the extent that it is probably that economic benefits with flow to the company and the turnover can be reliably measured. 

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become due.

Page 4

 
FIRST SENSORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

 

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Leasehold improvements
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments that are payable or receivable within one yesar, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other conisderation expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).

Page 5

 
FIRST SENSORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Leasehold improvements
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
259,283
65,871
56,493
24,495
1,449
407,591


Additions
3,113
-
3,296
-
-
6,409


Disposals
(14,783)
-
(1,769)
-
-
(16,552)



At 31 March 2023

247,613
65,871
58,020
24,495
1,449
397,448



Depreciation


At 1 April 2022
191,712
28,735
47,972
10,023
362
278,804


Charge for the year on owned assets
17,280
83
2,939
1,447
272
22,021


Charge for the year on financed assets
-
9,201
-
-
-
9,201


Disposals
(12,835)
-
(1,706)
-
-
(14,541)



At 31 March 2023

196,157
38,019
49,205
11,470
634
295,485



Net book value



At 31 March 2023
51,456
27,852
8,815
13,025
815
101,963



At 31 March 2022
67,571
37,136
8,521
14,473
1,087
128,788

Page 6

 
FIRST SENSORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
254,898
208,803

Other debtors
141,089
91,894

Prepayments and accrued income
21,414
157,964

417,401
458,661



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
90,549
96,291

Trade creditors
55,924
68,547

Other taxation and social security
96,350
165,836

Obligations under finance lease and hire purchase contracts
39,319
8,473

Other creditors
12,099
10,362

Accruals and deferred income
7,508
1,588

301,749
351,097


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
39,319

-
39,319


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 7

 
FIRST SENSORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



9.


Pension commitments

Contributions totalling £3,636 (2022 - £1,673) were payable to the fund at the balance sheet date and are included in creditors.


10.


Transactions with directors

As at 1 April 2022 the balance on the director's loan account was £66,789 overdrawn. During the year, the director introduced funds to the company amounting to £nil and total withdrawals amounted to £37,738.  Interest of £1,696 was charged. As at 31 March 2023 the director owed the company £104,527 as included within other debtors in note 5 to the financial statements.
The interest rate charged was 2.00% on the overdrawn balances and the loan is repayable on demand.

 
Page 8