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Registration number: 07878150

Sensing Precision Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Sensing Precision Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Sensing Precision Limited

Company Information

Directors

DW Hassell

R Stewart

A K Hamshere

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Sensing Precision Limited

(Registration number: 07878150)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

536,211

546,934

Tangible assets

4

30,594

29,843

Investments

100

100

 

566,905

576,877

Current assets

 

Stocks

433,406

410,331

Debtors

262,977

290,597

Cash at bank and in hand

 

31,157

151,010

 

727,540

851,938

Creditors: Amounts falling due within one year

(82,981)

(103,730)

Net current assets

 

644,559

748,208

Total assets less current liabilities

 

1,211,464

1,325,085

Creditors: Amounts falling due after more than one year

(24,455)

(42,636)

Net assets

 

1,187,009

1,282,449

Capital and reserves

 

Called up share capital

104

104

Share premium reserve

475,000

475,000

Retained earnings

711,905

807,345

Shareholders' funds

 

1,187,009

1,282,449

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Sensing Precision Limited

(Registration number: 07878150)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

.........................................
DW Hassell
Director

.........................................
R Stewart
Director

.........................................
A K Hamshere
Director

     
 

Sensing Precision Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

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. .

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sensing Precision Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on reducing balance

Computer equipment

33.3% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

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

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 15).

 

Sensing Precision Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

3

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

2,156,126

Additions acquired separately

221,930

At 31 December 2023

2,378,056

Amortisation

At 1 January 2023

1,609,192

Amortisation charge

232,653

At 31 December 2023

1,841,845

Carrying amount

At 31 December 2023

536,211

At 31 December 2022

546,934

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

32,245

55,883

22,594

15,010

Additions

-

7,729

515

-

At 31 December 2023

32,245

63,612

23,109

15,010

Depreciation

At 1 January 2023

29,169

37,258

18,410

11,052

Charge for the year

1,990

2,358

2,155

990

At 31 December 2023

31,159

39,616

20,565

12,042

Carrying amount

At 31 December 2023

1,086

23,996

2,544

2,968

At 31 December 2022

3,076

18,625

4,184

3,958

 

Sensing Precision Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

10,428

104

10,428

104