1 January 2023 v2024.41.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP034486652023-01-012023-12-31034486652023-12-31034486652022-12-3103448665core:WithinOneYear2023-12-3103448665core:WithinOneYear2022-12-3103448665core:AfterOneYear2023-12-3103448665core:AfterOneYear2022-12-3103448665core:ShareCapital2023-12-3103448665core:ShareCapital2022-12-3103448665core:RevaluationReserve2023-12-3103448665core:RevaluationReserve2022-12-3103448665core:RetainedEarningsAccumulatedLosses2023-12-3103448665core:RetainedEarningsAccumulatedLosses2022-12-3103448665bus:Director12023-01-012023-12-3103448665bus:RegisteredOffice2023-01-012023-12-3103448665core:LandBuildings2023-01-012023-12-3103448665core:PlantMachinery2023-01-012023-12-3103448665core:OfficeEquipment2023-01-012023-12-3103448665core:MotorVehicles2023-01-012023-12-31034486652022-01-012022-12-3103448665core:LandBuildings2023-01-0103448665core:PlantMachinery2023-01-01034486652023-01-0103448665core:LandBuildings2023-12-3103448665core:PlantMachinery2023-12-3103448665core:LandBuildings2022-12-3103448665core:PlantMachinery2022-12-310344866512023-01-012023-12-3103448665countries:EnglandWales2023-01-012023-12-3103448665bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103448665bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103448665bus:SmallEntities2023-01-012023-12-3103448665bus:FullAccounts2023-01-012023-12-31
Company registration number:
03448665
Sensory Technology Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Sensory Technology Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Sensory Technology Limited
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
Sensory Technology Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Gritstone Ilkeston Limited
Accountants
109a Bath Street
Ilkeston
Derbyshire
DE7 8AP
United Kingdom
Date:
11 September 2024
Sensory Technology Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
703,338
 
635,635
 
Current assets    
Stocks
188,806
 
183,762
 
Debtors 6
110,884
 
119,823
 
Cash at bank and in hand
489,836
 
365,348
 
789,526
 
668,933
 
Creditors: amounts falling due within one year 7
(331,716
)
(306,741
)
Net current assets
457,810
 
362,192
 
Total assets less current liabilities 1,161,148   997,827  
Creditors: amounts falling due after more than one year 8
(154,701
)
(173,969
)
Provisions for liabilities
(80,194
)
(49,218
)
Net assets
926,253
 
774,640
 
Capital and reserves    
Called up share capital
103
 
103
 
Revaluation reserve
383,970
 
358,528
 
Profit and loss account
542,180
 
416,009
 
Shareholders funds
926,253
 
774,640
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
11 September 2024
, and are signed on behalf of the board by:
Mr R Howe
Director
Company registration number:
03448665
Sensory Technology Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 3 Plot 21 Merlin Way
,
Quarry Hill Industrial Estate
,
Ilkeston
,
Derbyshire
,
DE7 4RA
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 50 years
Plant and machinery
25% straight line
Office equipment
25% straight line
Motor vehicles
25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
21
(2022:
19
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 January 2023
611,004
 
385,814
 
996,818
 
Additions
37,530
 
83,091
 
120,621
 
Revaluations
25,442
  -  
25,442
 
At
31 December 2023
673,976
 
468,905
 
1,142,881
 
Depreciation      
At
1 January 2023
86,004
 
275,179
 
361,183
 
Charge
12,972
 
65,388
 
78,360
 
At
31 December 2023
98,976
 
340,567
 
439,543
 
Carrying amount      
At
31 December 2023
575,000
 
128,338
 
703,338
 
At 31 December 2022
525,000
 
110,635
 
635,635
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20232022
££
Aggregate historical cost 290,006   252,476  
Aggregate depreciation (60,851 ) (55,050 )
Carrying amount 229,155   197,426  

6 Debtors

20232022
££
Trade debtors
71,205
 
100,624
 
Other debtors
39,679
 
19,199
 
110,884
 
119,823
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
15,949
 
15,949
 
Trade creditors
32,392
 
12,045
 
Taxation and social security
147,633
 
126,334
 
Other creditors
135,742
 
152,413
 
331,716
 
306,741
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
154,701
 
169,836
 
Other creditors -  
4,133
 
154,701
 
173,969
 

9 Guarantees and other financial commitments

The company had total guarantees and commitments at the balance sheet date of £31,549 (2022 - £5,549).