Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-312023-04-01falsefalseVibration Sensors8688falsefalse 05964260 2023-04-01 2024-03-31 05964260 2022-04-01 2023-03-31 05964260 2024-03-31 05964260 2023-03-31 05964260 2022-04-01 05964260 c:Director1 2023-04-01 2024-03-31 05964260 c:Director2 2023-04-01 2024-03-31 05964260 c:Director3 2023-04-01 2024-03-31 05964260 c:Director3 2024-03-31 05964260 c:Director4 2023-04-01 2024-03-31 05964260 c:Director4 2024-03-31 05964260 c:RegisteredOffice 2023-04-01 2024-03-31 05964260 d:PlantMachinery 2023-04-01 2024-03-31 05964260 d:PlantMachinery 2024-03-31 05964260 d:PlantMachinery 2023-03-31 05964260 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05964260 d:MotorVehicles 2023-04-01 2024-03-31 05964260 d:MotorVehicles 2024-03-31 05964260 d:MotorVehicles 2023-03-31 05964260 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05964260 d:FurnitureFittings 2023-04-01 2024-03-31 05964260 d:FurnitureFittings 2024-03-31 05964260 d:FurnitureFittings 2023-03-31 05964260 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05964260 d:ComputerEquipment 2023-04-01 2024-03-31 05964260 d:ComputerEquipment 2024-03-31 05964260 d:ComputerEquipment 2023-03-31 05964260 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05964260 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05964260 d:CurrentFinancialInstruments 2024-03-31 05964260 d:CurrentFinancialInstruments 2023-03-31 05964260 d:Non-currentFinancialInstruments 2024-03-31 05964260 d:Non-currentFinancialInstruments 2023-03-31 05964260 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05964260 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05964260 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05964260 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05964260 d:ShareCapital 2024-03-31 05964260 d:ShareCapital 2023-03-31 05964260 d:ShareCapital 2022-04-01 05964260 d:ForeignCurrencyTranslationReserve 2023-04-01 2024-03-31 05964260 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05964260 d:RetainedEarningsAccumulatedLosses 2024-03-31 05964260 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05964260 d:RetainedEarningsAccumulatedLosses 2023-03-31 05964260 d:RetainedEarningsAccumulatedLosses 2022-04-01 05964260 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 05964260 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 05964260 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-03-31 05964260 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-03-31 05964260 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05964260 c:OrdinaryShareClass1 2024-03-31 05964260 c:OrdinaryShareClass1 2023-03-31 05964260 c:FRS102 2023-04-01 2024-03-31 05964260 c:Audited 2023-04-01 2024-03-31 05964260 c:FullAccounts 2023-04-01 2024-03-31 05964260 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05964260 d:Subsidiary1 2023-04-01 2024-03-31 05964260 d:Subsidiary1 1 2023-04-01 2024-03-31 05964260 d:Subsidiary2 2023-04-01 2024-03-31 05964260 d:Subsidiary2 1 2023-04-01 2024-03-31 05964260 d:WithinOneYear 2024-03-31 05964260 d:WithinOneYear 2023-03-31 05964260 d:BetweenOneFiveYears 2024-03-31 05964260 d:BetweenOneFiveYears 2023-03-31 05964260 d:MoreThanFiveYears 2024-03-31 05964260 d:MoreThanFiveYears 2023-03-31 05964260 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 05964260 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05964260 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 05964260 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05964260 c:Consolidated 2024-03-31 05964260 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 05964260 6 2023-04-01 2024-03-31 05964260 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05964260










HANSFORD SENSORS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
HANSFORD SENSORS LIMITED
 

COMPANY INFORMATION


Directors
C M Hansford 
P J Carter 
K L Thiebes (resigned 10 August 2023)
R Da Silva Peneda (appointed 12 June 2024)




Registered number
05964260



Registered office
Artisan
Hillbottom Road

Sands Industrial Estate

High Wycombe

Buckinghamshire

HP12 4HJ




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
HANSFORD SENSORS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 29


 
HANSFORD SENSORS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
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.

Business review
 
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.
 
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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.

Page 1

 
HANSFORD SENSORS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
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.



C M Hansford
Director

Date: 3 September 2024

Page 2

 
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.

Directors

The directors who served during the year were:

C M Hansford 
P J Carter 
K L Thiebes (resigned 10 August 2023)

Results and dividends

The profit for the year, after taxation, amounted to £986 thousand (2023 - £1,069 thousand).

Directors' responsibilities statement

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.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Future developments

See strategic report. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 3

 
HANSFORD SENSORS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditors

The auditorsJames Cowper Kreston Auditwill 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.
 





C M Hansford
Director

Date: 3 September 2024

Page 4

 
HANSFORD SENSORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
HANSFORD SENSORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
HANSFORD SENSORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 7

 
HANSFORD SENSORS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HANSFORD SENSORS LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Alan Poole BA (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

4 September 2024
Page 8

 
HANSFORD SENSORS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
14,140
14,121

Cost of sales
  
(9,243)
(9,443)

Gross profit
  
4,897
4,678

Administrative expenses
  
(3,470)
(3,357)

Operating profit
 5 
1,427
1,321

Interest payable and similar expenses
 9 
(33)
(23)

Profit before taxation
  
1,394
1,298

Tax on profit
 10 
(408)
(229)

Profit for the financial year
  
986
1,069

  

Foreign exchange (losses)/gains
  
5
(8)

Other comprehensive income for the year
  
5
(8)

Total comprehensive income for the year
  
991
1,061

  



The notes on pages 16 to 29 form part of these financial statements.

Page 9

 
HANSFORD SENSORS LIMITED
REGISTERED NUMBER: 05964260

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
425
463

  
425
463

Current assets
  

Stocks
 14 
1,303
1,007

Debtors: amounts falling due within one year
 15 
1,787
2,190

Cash at bank and in hand
 16 
474
476

  
3,564
3,673

Creditors: amounts falling due within one year
 17 
(2,509)
(2,567)

Net current assets
  
 
 
1,055
 
 
1,106

Total assets less current liabilities
  
1,480
1,569

Creditors: amounts falling due after more than one year
 18 
(205)
(200)

Net assets
  
1,275
1,369


Capital and reserves
  

Called up share capital 
 21 
1
1

Foreign exchange reserve
 22 
48
43

Profit and loss account
 22 
1,226
1,325

  
1,275
1,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C M Hansford
Director

Date: 3 September 2024

The notes on pages 16 to 29 form part of these financial statements.

Page 10

 
HANSFORD SENSORS LIMITED
REGISTERED NUMBER: 05964260

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
421
459

Investments
 13 
20
20

  
441
479

Current assets
  

Stocks
 14 
1,131
859

Debtors: amounts falling due within one year
 15 
1,868
2,225

Cash at bank and in hand
 16 
374
402

  
3,373
3,486

Creditors: amounts falling due within one year
 17 
(2,432)
(2,449)

Net current assets
  
 
 
941
 
 
1,037

Total assets less current liabilities
  
1,382
1,516

  

Creditors: amounts falling due after more than one year
 18 
(205)
(200)

  

Net assets
  
1,177
1,316


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account
 22 
1,176
1,315

  
1,177
1,316


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


C M Hansford
Director

Date: 3 September 2024

The notes on pages 16 to 29 form part of these financial statements.

Page 11

 
HANSFORD SENSORS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 April 2023
1
43
1,325
1,369



Profit for the year
-
-
986
986

Currency translation  differences
-
5
-
5

Dividends: Equity capital
-
-
(1,085)
(1,085)


At 31 March 2024
1
48
1,226
1,275



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£000
£000
£000
£000

At 1 April 2022
1
51
1,166
1,218



Profit for the year
-
-
1,069
1,069

Currency translation  differences
-
(8)
-
(8)

Dividends: Equity capital
-
-
(910)
(910)


At 31 March 2023
1
43
1,325
1,369


The notes on pages 16 to 29 form part of these financial statements.

Page 12

 
HANSFORD SENSORS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 April 2023
1
1,315
1,316



Profit for the year
-
946
946

Dividends: Equity capital
-
(1,085)
(1,085)


At 31 March 2024
1
1,176
1,177



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 April 2022
1
1,187
1,188



Profit for the year
-
1,038
1,038

Dividends: Equity capital
-
(910)
(910)


At 31 March 2023
1
1,315
1,316


The notes on pages 16 to 29 form part of these financial statements.

Page 13

 
HANSFORD SENSORS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
986
1,069

Adjustments for:

Depreciation of tangible assets
99
56

Loss on disposal of tangible assets
-
(35)

Interest paid
33
23

Taxation charge
408
229

(Increase) in stocks
(295)
(145)

Decrease/(increase) in debtors
403
(237)

(Decrease)/increase in creditors
(302)
189

Corporation tax (paid)
(195)
(279)

Foreign exchange
4
13

Net cash generated from operating activities

1,141
883


Cash flows from investing activities

Purchase of tangible fixed assets
(60)
(665)

Sale of tangible fixed assets
-
344

Net cash from investing activities

(60)
(321)

Cash flows from financing activities

(Repayment of)/new loans
1
(8)

Repayment of finance leases
(251)
(111)

New finance leases
286
252

Dividends paid
(1,085)
(910)

Interest paid
(33)
(23)

Net cash used in financing activities
(1,082)
(800)

Net (decrease) in cash and cash equivalents
(1)
(238)

Cash and cash equivalents at beginning of year
475
713

Cash and cash equivalents at the end of year
474
475


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
474
475

474
475


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 
HANSFORD SENSORS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£000

£000

£000

Cash at bank and in hand

476

(2)

474

Debt due within 1 year

(8)

8

-

Finance leases

(252)

(34)

(286)


216
(28)
188

The notes on pages 16 to 29 form part of these financial statements.

Page 15

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

Page 16

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Turnover is recognised at the fair value of the consideration received or received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. 

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. 

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 17

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance leases: the group 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.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.10

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.

Page 18

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Plant and machinery
-
25%
on reducing balance
Motor vehicles
-
20%
on cost
Fixtures and fittings
-
33%
on cost
Computer equipment
-
33%
on cost

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historic experience and other factors that are considered to be applicable. Due to the inherent subjectivity in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Vibration sensors
13,829
13,889

Carriage
261
226

Other income
50
6

14,140
14,121


2024
2023
£000
£000

Europe
7,401
6,609

Rest of the world
6,739
7,512

14,140
14,121



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
99
56

Exchange differences
87
55

Other operating lease rentals
273
259

Page 21

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£000
£000

Statutory audit of parent company and consolidated accounts
21
19

All other non-audit services
3
4


7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Wages and salaries
3,166
3,139
2,740
2,757

Social security costs
331
348
273
298

Cost of defined contribution scheme
125
119
113
112

3,622
3,606
3,126
3,167


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
93
95
86
88


8.


Director's remuneration

2024
2023
£000
£000



Aggregate emoluments
664
650

Company contributions to money purchase pension schemes
13
12

677
662

During the year retirement benefits were accruing to 1 directors (2023: 3) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £394,000 (2023: £374,000).

Page 22

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest payable and similar expenses

2024
2023
£000
£000


Finance leases and hire purchase contracts
33
23


10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
369
229

Adjustments in respect of previous periods
39
-

Total current tax
408
229

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
1,394
1,298


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022: 19%)
349
247

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6
8

Capital allowances for year in excess of depreciation
-
(9)

Other timing differences leading to an increase (decrease) in taxation
53
-

Remeasurement of deferred tax
-
(17)

Total tax charge for the year
408
229


Factors that may affect future tax charges

There were no significant factors that may affect future tax charges.

Page 23

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£000
£000


Dividends - A Ordinary Shares
1,085
910


12.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 April 2023
250
249
94
49
642


Additions
30
-
5
26
61



At 31 March 2024

280
249
99
75
703



Depreciation


At 1 April 2023
97
-
52
30
179


Charge for the year
39
32
13
15
99



At 31 March 2024

136
32
65
45
278



Net book value



At 31 March 2024
144
217
34
30
425



At 31 March 2023
153
249
42
19
463

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£000
£000



Motor vehicles
233
252

233
252

Page 24

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           12.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000

Cost or valuation


At 1 April 2023
250
249
68
49
616


Additions
30
-
4
26
60



At 31 March 2024

280
249
72
75
676



Depreciation


At 1 April 2023
97
-
31
30
158


Charge for the year
39
32
11
15
97



At 31 March 2024

136
32
42
45
255



Net book value



At 31 March 2024
144
217
30
30
421



At 31 March 2023
153
249
37
19
458






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£000
£000



Motor vehicles
233
252

233
252

Page 25

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 April 2023
20



At 31 March 2024
20





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Hansford Sensors GmbH
Ordinary
100%
Hansford Sensors Inc
Ordinary
100%








14.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Stock
1,303
1,007
1,131
859


Page 26

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Trade debtors
1,400
1,800
924
1,356

Amounts owed by group undertakings
-
-
587
495

Other debtors
141
143
122
132

Prepayments and accrued income
246
247
235
242

1,787
2,190
1,868
2,225



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Cash at bank and in hand
474
476
374
402



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Trade creditors
1,755
1,948
1,736
1,919

Corporation tax
341
128
308
107

Other taxation and social security
76
87
69
80

Obligations under finance lease and hire purchase contracts
80
52
80
52

Other creditors
99
55
98
53

Accruals and deferred income
158
297
141
238

2,509
2,567
2,432
2,449


The obligations under hire purchase are secured on the underlying assets.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Net obligations under finance leases and hire purchase contracts
205
200
205
200


The obligations under hire purchase are secured on the underlying assets.


Page 27

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Within one year
80
52
80
52

Between 1-5 years
205
200
205
200

285
252
285
252

The obligations under hire purchase are secured on the underlying assets.


20.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Financial assets

Financial assets that are debt instuments
measured at amortised cost
1,541
1,944
1,633
1,987

Cash at bank and in hand
474
476
375
402

2,015
2,420
2,008
2,389


Financial liabilities

Financial liabilities measured at amortised
cost
1,852
2,002
1,834
1,973


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and amounts owed to group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other loans and other creditors.


21.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



1,000 (2023 - 1,000) A Ordinary shares of £1.00 each
1
1


Page 28

 
HANSFORD SENSORS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Reserves

Foreign exchange reserve

Foreign exchange reserves consist of the difference on exchange rates between profit and loss and balance sheet entries on consolidation between companies with base operating currencies other than Pounds.

Profit and loss account

Cumulative profit and loss net of distributions to owners.


23.


Pension commitments

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.


24.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Not later than 1 year
152
152
152
152

Later than 1 year and not later than 5 years
609
609
609
609

Later than 5 years
462
615
462
615

1,223
1,376
1,223
1,376


25.


Related party transactions

The Company has taken advantage of the exemptions provided by Section 33 of FRS 102 ‘Related Party Disclosures’ and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
At the year end, the Company owed £8,110 to a director (2023: £6,681). The loan is non-interest bearing and repayable on demand. 


26.


Controlling party

The Company is controlled by C M Hansford through ownership of 100% of share capital.

Page 29