Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
COMPANY INFORMATION
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HANSFORD SENSORS LIMITED
CONTENTS
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HANSFORD SENSORS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Hansford Sensors Group (“the Group”) manufactures and supplies vibration monitoring equipment to over 50 countries worldwide. Our products deliver measurable improvements in the performance and efficiency of industrial and process plant by providing vibration diagnostics that support predictive and preventative maintenance on key equipment such as fans, pumps, motors and gearboxes.
The Group achieved another year of good results, although our previous order income growth levelled off during this financial year resulting in no significant sales increase, £14.1m FY24 (£14.1m FY23). While revenues remained level, the Group has worked hard to protect the underlying profits and improved many efficiencies to deliver a profit before tax of £1.4m in FY2024 (£1.3m FY2023), an increase of 7%. This Group grew considerably over recent years despite the effects of COVD-19, Brexit, the energy and cost of living crisis’ this is the first year where revenues have not grown but we remain confident in the continued growth of the Group.
Key performance indicators monitored by the Board.
Revenue and Market Share
For the ended 31 March 2024 the Group generated revenues of £14.1m sustaining the increases generated in previous years. The focus for the year was to maintain revenues while developing cost savings and production efficiencies to improve our margins. The Group has achieved these goals as can be seen in our profits before tax. We continue to develop this strategy, while working to increase our market share in our developing US market. The group is still strong in the export market, with 9% of revenues generated in the UK (7% 2023). In 2024, the Group was awarded the prestigious Kings Award for Enterprise – International Trade which we will hold for 5 years. Profit margins The Group operating profit margin grew from 9% in 2023 to 10% in 2024. This was a result of a focused strategy of developing our supply chain options, together with the efficient management of staff and production processes. Design, supply, manufacturing, and distribution All manufacturing is performed within our UK head office. In 2022, the footprint for the production facility was significantly increased providing opportunities to increase production capacity. Manufacturing processes are also controlled through ISO 9001:2015.
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HANSFORD SENSORS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The are a number of risks and uncertainties associated with the Group. The following risks are the material risks of which the Directors are aware. Additional risks which are not presently known to the Directors, or that the Directors deem immaterial may also influence the Group’s business or results of operations.
The Group faces trade related risks that include continuing adverse economic conditions, political unrest, uncertainty in regions of trade and the effects of the ongoing unrest in Ukraine. The Group experiences operational risks in areas such as increases in prices of electronic components, technology and systems disruption, health and safety issues, legal and regulatory developments and the reduction of a readily available skilled workforce in electro-mechanical engineering in the region. The Group experiences financial risk in the management of future growth, adequacy of financial resources, liquidity, securing trade finance solutions, exchange rate fluctuations, insurance cover and changes in tax legislation. The Board manages and mitigates these risks through various internal reporting systems, It’s ISO Quality accreditation system, regular Board meetings and financial reports including forecasts. The Board also works closely with external advisors to ensure that risks within the Board’s reasonable control are effectively managed. Going Concern As part of the regular financial management of the Group, the Directors review the detailed cash flow projections and cash requirements of the Group. These cashflow projections include the net cash flows arising form operations, capital expenditure proposals and the financial effect of any planned business expansion. The projections consider banking and any other financing facilities available to the Group and assess the cashflow adequacy of the Group on a month-by-month basis for a twelve month forward period form the date the financial statements are signed. Having reviewed these projections the Directors consider that there is reasonable expectation that the Group has adequate cash and related financial resources to continue in business for the foreseeable future.
This report was approved by the board and signed on its behalf.
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HANSFORD SENSORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £986 thousand (2023 - £1,069 thousand).
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
See strategic report.
There have been no significant events affecting the Group since the year end.
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HANSFORD SENSORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HANSFORD SENSORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED
We have audited the financial statements of Hansford Sensors Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HANSFORD SENSORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HANSFORD SENSORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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HANSFORD SENSORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Reading
RG1 8LS
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HANSFORD SENSORS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
REGISTERED NUMBER: 05964260
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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HANSFORD SENSORS LIMITED
REGISTERED NUMBER: 05964260
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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HANSFORD SENSORS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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HANSFORD SENSORS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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HANSFORD SENSORS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Hanaford Sesnsors Limited is a private company limited by shares incorporated in England and Wales. It is the parent company of the group. The registered office is Artisan, Hillbottom Road, Sands Industrial Estate, High Wycombe, Buckinghamshire, England, HP12 4HJ.
Hansford Sensors GmbH is a subsidiary of Hansford Sensors Limited. It is a private company limited by shares incorporated in Germany. The registered office is Kaiserstrbe, 100, 52132, Herzogenrath, Germany. Hansford Sensors Inc is also a subsidiary of Hansford Sensors Limited. It is a private company limited by shares incorporated in the USA. The registered office is 2240 Hwy 292, Inman, South Carolina, 29349, United States of America.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue for the sales of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefit 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.
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Depreciation of tangible fixed assets Tangible fixed assets are depreciated across their useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors. Stock provision The valuation of stock at the year end requires estimates to be made about its anticipated post year end recovery. Management estimate that the recoverable value of stock decreases with its respective age, and accordingly apply a provision against stock based on how long it has been held by the Company.
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no significant factors that may affect future tax charges.
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Tangible fixed assets (continued)
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HANSFORD SENSORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Foreign exchange reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £125,000 (2023: £119,000). Contributions totalling £15,000 (2023: £1,000) were payable to the fund at the balance sheet date and are included in creditors.
The Company is controlled by
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