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Company Registration Number 06140020























SENSIO LIMITED





FINANCIAL STATEMENTS





 30 DECEMBER 2023

























img0799.png

 
SENSIO LIMITED
 

COMPANY INFORMATION


Directors
Michael Paul Linsky 
Raymond Linsky 




Company secretary
Michael Paul Linsky



Registered number
06140020



Registered office
Unit 7 Speedwell Road
Whitwood

Castleford

West Yorkshire

WF10 5PY




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Third Floor

10 South Parade

Leeds

West Yorkshire

LS1 5QS




Bankers
HSBC
PO Box 105

33 Park Row

Leeds

West Yorkshire

LS1 1LD





 
SENSIO LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Statement of financial position
 
10 - 11
Statement of cash flows
 
11 - 12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 29


 
SENSIO LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023

Principal Activity
 
Sensio designs and develops lighting solutions for the kitchen, bedroom and bathroom market.

Business review
 
Throughout the year we have continued to focus on our strategic plan, implementing critical improvements and focusing on a handful of important tasks, with the main goals of building on our position as the number one brand in our core UK market and to build a structure for EU expansion.
2023 saw another strong year of growth as we continued to strengthen performance with our existing customer base and we were successful at winning new business, leading us to achieving one of our critical goals of increased market share. This has been achieved against a market with uncertain trading conditions and an underlying market contraction.
Company revenue increased in the year ending December 2023, driven by ongoing investment into our brand and product innovation. Our people and culture are at the core of our success, and we continue to build and develop our people into a high-performance team. We further invested in our product, sales and marketing teams and our head count increased from 39 to 44 (12.8%) 
 

Company Performance
 
The Directors use a range of performance measures to monitor and manage the business effectively on a daily, weekly, monthly and annual basis. These include top level brand KPIs, customer experience KPI’s and department level KPIs. These all support delivery of our critical KPI’s: - turnover, gross profit and cashflow. 
The company increased revenue from £13.4m in 2022 to £13.5m in 2023, an increase of 1% achieving our annual financial turnover goal. 
Gross margins have increased by 14.3% mainly due to the settling of freight costs post COVID. COGs were held level through numerous VA/VE activities despite raw material pricing pressure. 

Distribution & Staff costs settled down after investment into building the company so it could maintain service and could support future growth in the previous year. 

We are very happy with this year’s performance considering the general market conditions.

Risks and Uncertainties
 
The key risks / uncertainties facing the business remain the ongoing performance of the UK economy and the continued disruption to freight forwarding within the Middle East. For the UK economy, we aim to minimise any downside risk through holding a diverse customer base, continuing our strong product innovation pipeline, and implementing range extensions where appropriate. For freight, we hold good relationships with our freight forwarders enabling a priority service for availability and we continue to monitor cost closely.
 
Additional risk factors that the company is exposed to are a variety of financial risks that include the effects of changes in exchange rates, credit risk and liquidity risk. The company manages these risks and seeks to limit the adverse effects on the financial performance on the company.  Exchange risks are controlled by monitoring levels of currency requirements and, where risks are considered material, rates are protected using foreign exchange forward contracts.  Credit risks are controlled through a credit assessments procedure on all new customers and the close monitoring of payments by existing customers.  Liquidity risks are controlled by a policy of balancing payment terms with stock holding and debtor terms where applicable and forecasting is undertaken to establish the future adequacy of its finance facilities. 
 

Page 1

 
SENSIO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023

Key Stakeholders
 
Employees 
The organisation acknowledges that our human capital is pivotal to our corporate success and the realisation of our strategic objectives. We endeavour to attract and retain top-tier talent throughout the organisational hierarchy. In our pursuit of fostering a high-calibre team, we have cultivated a culture anchored in transparency and trust. We remain committed to equipping our workforce with the requisite resources for growth, ensuring optimal well-being, effective communication, and overall job satisfaction.
Customers 
A cornerstone of our brand ethos is 'Exceptional Service', a commitment that has enabled us to foster long-term customer loyalty. We assess customer satisfaction through industry-standard metrics such as NPS, consistently achieving an OTIF rate exceeding 96% and maintaining a negligible faulty goods rate of less than 0.02%. Customer satisfaction remains a paramount KPI, subject to regular review and discourse within our organization.
Suppliers
For over 15 years, we have fostered enduring collaborations with our esteemed partners in the supply chain, fortifying strong relational ties. Our synergistic approach with suppliers has positioned us as the preferred market-leading brand they aspire to collaborate with. Our selection criteria gravitate towards an exclusive consortium of highly proficient specialist manufacturers, with whom we engage intimately in R&D initiatives.
Board of Directors
As the Board of Directors, we are committed to upholding our fiduciary duties to all stakeholders, ensuring our operations adhere to the highest ethical and responsibility standards. Our ongoing focus remains on advancing the company's objectives and fortifying our position as a market-leading brand.

Outlook 2024 

We believe we are in a strategically advantageous position to grow the company in the coming years, both within our core Uk market and in new European markets. We will continue to focus on our main goals of providing added value to our customers and delivering long term growth and sustainable profit.

This report was approved by the board on 24 September 2024 and signed on its behalf.



Michael Paul Linsky
Director
 
Page 2

 
SENSIO LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023

The directors present their report and the financial statements for the year ended 30 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Dividends

The profit for the year, after taxation, amounted to £2,266,717 (2022 - £823,722). A dividend was paid of £482,104 (2022 - £326,293).

Directors

The directors who served during the year were:

Michael Paul Linsky 
Raymond Linsky 

Future developments

We believe we are in a strategically advantageous position to grow the company in the coming years, having established a firm operational base, strategic supplier relationships and an enviable customer base which we continue to expand and who we continue to build increasing close working relationships with.
We remain committed to achieving our main objectives of delivering more value to our customers, delivering long term sustainable growth and sustainable profit and are confident we have the right strategic plan in place to deliver this. 

Page 3

 
SENSIO LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023

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'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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsArmstrong Watson Audit Limitedwill 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.
 





Michael Paul Linsky
Director

Date: 24 September 2024

Page 4

 
SENSIO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIO LIMITED
 

Opinion


We have audited the financial statements of Sensio Limited (the 'Company') for the year ended 30 December 2023, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows 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 Company's affairs as at 30 December 2023 and of its 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 Company 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 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.


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.


Page 5

 
SENSIO LIMITED
 

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


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SENSIO LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SENSIO 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 financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:

• We obtained an understanding of laws and regulations that affect the Company, focusing on those that    had a direct effect on the financial statements or that had a fundamental effect on its operations.  Key    laws and regulations that we identified included the UK Companies Act and tax legislation.
• We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting    minutes for evidence of non-compliance with relevant laws and regulations.
• We also reviewed controls the directors have in place to ensure compliance.
• We gained an understanding of the controls that the directors have in place to prevent and detect fraud.    We enquired of the directors about any incidences of fraud that had taken place during the accounting    period.
• The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and   tests were planned and performed to address these risks. We identified the potential for fraud in the    following areas: management override of controls and revenue recognition.
• We reviewed financial statement disclosures and tested to supporting documentation to assess     compliance with laws and regulations discussed above.
• We enquired of the directors and third-party advisors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might    indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the     appropriateness of journal entries and assessed whether the judgements made in making accounting    estimates were indicative of potential bias.


Page 7

 
SENSIO LIMITED
 

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


 

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.


A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk /Our-Work/Audit/Audit -and-assurance/Standards -and-guidance /Standards-and-guidance -for-auditors /Auditors-responsibilities -for-audit/Description -of-auditors -responsibilities -for-audit.aspx. This description forms part of our auditor’s report.


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.





Steven Williams (Senior statutory auditor)
  
for and on behalf of
Armstrong Watson Audit Limited
 
Chartered Accountants & Statutory Auditors
  
Third Floor
10 South Parade
Leeds
West Yorkshire
LS1 5QS

24 September 2024
Page 8

 
SENSIO LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,487,032
13,354,344

Cost of sales
  
(7,053,464)
(8,889,928)

Gross profit
  
6,433,568
4,464,416

Administrative expenses
  
(3,312,669)
(3,346,925)

Operating profit
 5 
3,120,899
1,117,491

Amounts written off investments
  
-
(8,059)

Interest payable and similar expenses
 9 
(105,838)
(101,744)

Profit before tax
  
3,015,061
1,007,688

Tax on profit
 10 
(748,344)
(183,966)

Profit after tax
  
2,266,717
823,722

  

  

Retained earnings at the beginning of the year
  
3,667,260
3,169,831

  
3,667,260
3,169,831

Profit for the year
  
2,266,717
823,722

Dividends declared and paid
  
(482,104)
(326,293)

Retained earnings at the end of the year
  
5,451,873
3,667,260
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

There was no other comprehensive income for 2023 (2022: £Nil). 

The notes on pages 14 to 29  form part of these financial statements

Page 9

 
SENSIO LIMITED
REGISTERED NUMBER: 06140020

STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
9,903
11,338

Tangible assets
 12 
1,439,688
1,323,086

  
1,449,591
1,334,424

Current assets
  

Stocks
  
4,017,198
2,476,490

Debtors: amounts falling due within one year
 13 
3,326,385
5,972,904

Cash at bank and in hand
  
744,683
532,629

  
8,088,266
8,982,023

Creditors: amounts falling due within one year
 14 
(3,222,604)
(5,599,364)

Net current assets
  
 
 
4,865,662
 
 
3,382,659

Total assets less current liabilities
  
6,315,253
4,717,083

Creditors: amounts falling due after more than one year
 15 
(768,791)
(984,958)

Provisions for liabilities
  

Deferred tax
 18 
(94,489)
(64,765)

  
 
 
(94,489)
 
 
(64,765)

Net assets
  
5,451,973
3,667,360


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
5,451,873
3,667,260

  
5,451,973
3,667,360


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




Michael Paul Linsky
Director

Date: 24 September 2024

The notes on pages 14 to 29  form part of these financial statements.

Page 10

 
SENSIO LIMITED
REGISTERED NUMBER: 06140020

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,266,717
823,722

Adjustments for:

Amortisation of intangible assets
5,854
4,719

Depreciation of tangible assets
204,137
173,618

Interest paid
105,838
101,744

Taxation charge
313,839
183,966

(Increase) in stocks
(1,540,707)
(774,785)

Decrease/(increase) in debtors
3,011,534
(1,428,017)

(Increase) in amounts owed by groups
(503,021)
(185,398)

Decrease in amounts owed by participating interests
138,004
7

Increase/(decrease) in creditors
145,642
(314,994)

Net cash generated from operating activities

4,147,837
(1,415,418)

Page 11

 
SENSIO LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023


2023
2022

£
£



Cash flows from investing activities

Purchase of intangible fixed assets
(4,418)
(8,729)

Purchase of tangible fixed assets
(320,739)
(216,955)

Revaluation of unlisted investments
-
8,059

HP interest paid
(6,544)
(9,309)

Net cash from investing activities

(331,701)
(226,934)

Cash flows from financing activities

New secured loans
-
193,350

Repayment of loans
(380,638)
(191,321)

Hire purchase repayments
(26,299)
(30,722)

Dividends paid
(482,104)
(326,293)

Interest paid
(99,294)
(92,435)

Net cash used in financing activities
(988,335)
(447,421)

Net increase/(decrease) in cash and cash equivalents
2,827,801
(2,089,773)

Cash and cash equivalents at beginning of year
(2,083,118)
6,655

Cash and cash equivalents at the end of year
744,683
(2,083,118)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
744,683
532,629

Invoice discounting facility
-
(2,615,747)

744,683
(2,083,118)


The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
SENSIO LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 DECEMBER 2023




At 31 December 2022
Cash flows
At 30 December 2023
£

£

£

Cash at bank and in hand

532,629

212,054

744,683

Invoice discounting facility

(2,615,747)

2,615,747

-

Debt due after 1 year

(894,079)

189,688

(704,391)

Debt due within 1 year

(424,735)

216,719

(208,016)

Finance leases

(117,178)

26,299

(90,879)


(3,519,110)
3,260,507
(258,603)

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

1.


General information

Sensio Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The principal activity of the company in the year under review was the design and development of lighting solutions for the kitchen, bedroom and bathroom market.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have assessed the company’s ability to continue as a going concern, considering various factors including the current financial position, operating performance and foreseeable market conditions.
Following consideration of the expected cash flows for the next 12 months, it is believed that the company has the necessary resources and strategies in place to continue its operations as a going concern for at least 12 months from the signing date of these financial statements.
The accompanying financial statements assume the Company will continue as a going concern relying on normal business activities to meet its obligations.

Page 14

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

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 15

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leased assets: the Company as lessee

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

 
2.7

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 Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 16

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. The useful live of the company's intangible assets is considered to be 10 years.

 
2.11

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
20%, 25%, 33% and 100%
Motor vehicles
-
20% & 33%

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.

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

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 reporting 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.

Page 17

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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 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 Company's cash management.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company 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 Company's Statement of financial position when the Company 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 Company'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 Company after the deduction of all its liabilities.
Page 18

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

 
2.19

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to fair value risk on its foreign currency. These derivatives are measured at fair value at each reporting date.

 
2.20

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom be equal to the related actual results.

The directors consider the following estimates to have had the most significant effect on amounts recognised in the financial statements:

Provisions for trade debtors and obsolete stock are reviewed by the directors on an ongoing basis using their specific industry knowledge and experience to endure the correct judgements. At the year end the provisions for trade debtors and obsolete stock were £137,896 and £287,550 respectively (2023: £147,438 and £340,701).

Page 19

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

4.


Turnover

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


2023
2022
£
£

Sales
13,487,032
13,354,344

13,487,032
13,354,344


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,206,538
13,243,486

Rest of the world
280,494
110,858

13,487,032
13,354,344









5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Amortisation of intangible fixed assets
5,854
4,719

Exchange differences
(282,015)
(47,783)

Other operating lease rentals
314,350
247,000

Depreciation of tangible fixed assets
204,137
173,618


6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
26,200
24,950

Other fees paid to auditors
4,950
4,750

Page 20

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,602,501
1,595,624

Social security costs
168,370
158,318

Cost of defined contribution scheme
86,199
119,594

1,857,070
1,873,536


The average monthly number of employees, including directors, during the year was 44 (2022 - 39).


8.


Directors' remuneration

2023
2022
£
£



Directors' remuneration
117,431
60,927

Company contributions to defined contribution pensions schemes
56,666
39,996

174,097
100,923

The company pension contributions relate to 1 director (2022: 1 director)


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
65,420
58,783

Other loan interest payable
33,874
33,652

Finance leases and hire purchase contracts
6,544
9,309

105,838
101,744

Page 21

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
718,620
148,316


718,620
148,316


Total current tax
718,620
148,316

Deferred tax


Origination and reversal of timing differences
58,839
35,650

Adjustments in respect of prior periods
(29,115)
-

Total deferred tax
29,724
35,650


Tax on profit
748,344
183,966

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,015,061
1,007,688


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
708,539
191,461

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,339
2,824

Fixed asset differences
(209,439)
(45,969)

Adjustments to brought forward values
(1,242)
-

Adjustments to tax charge in respect of previous periods - deferred tax
(29,115)
-

Remeasurement of deferred tax for changes in tax rates
(13,392)
35,650

Movement in deferred tax not recognised
282,654
-

Total tax charge for the year
748,344
183,966

Page 22

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

11.


Intangible assets




Patents
Goodwill
Total

£
£
£



Cost


At 31 December 2022
21,544
225,000
246,544


Additions
4,418
-
4,418



At 30 December 2023

25,962
225,000
250,962



Amortisation


At 31 December 2022
10,206
225,000
235,206


Charge for the year on owned assets
5,854
-
5,854



At 30 December 2023

16,060
225,000
241,060



Net book value



At 30 December 2023
9,902
-
9,902



At 30 December 2022
11,338
-
11,338



Page 23

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 31 December 2022
1,104,036
1,176,188
82,155
2,362,379


Additions
-
320,739
-
320,739



At 30 December 2023

1,104,036
1,496,927
82,155
2,683,118



Depreciation


At 31 December 2022
133,601
888,149
17,543
1,039,293


Charge for the year on owned assets
27,688
158,331
18,118
204,137



At 30 December 2023

161,289
1,046,480
35,661
1,243,430



Net book value



At 30 December 2023
942,747
450,447
46,494
1,439,688



At 30 December 2022
970,436
288,039
64,612
1,323,087


13.


Debtors

2023
2022
£
£


Trade debtors
1,695,625
4,188,658

Amounts owed by group undertakings
688,419
185,398

Directors' loan account
174,928
312,932

Other debtors
393,241
816,146

Prepayments and accrued income
317,317
368,064

Taxation recoverable
56,855
101,706

3,326,385
5,972,904


Page 24

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Invoice discounting facility
-
2,615,747

Bank loans
192,000
382,950

Trade creditors
1,471,117
623,493

Corporation tax
714,715
430,600

Other taxation and social security
402,042
538,211

Obligations under finance lease and hire purchase contracts
26,479
26,299

Other creditors
16,060
41,786

Accruals and deferred income
400,191
940,278

3,222,604
5,599,364


The following liabilities were secured:

2023
2022
£
£



Bank loans < 1 year
192,000
382,950

Bank overdrafts
-
2,615,747

HP liabilities and finance leases
26,479
26,299

218,479
3,024,996

Details of security provided:

The above liabilities due within 1 year are secured by a fixed and floating charge over the undertaking and all property and assets, present and future.

Page 25

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
704,391
894,079

Net obligations under finance leases and hire purchase contracts
64,400
90,879

768,791
984,958


The following liabilities were secured:

2023
2022
£
£



Bank loans and overdrafts
704,391
894,079

Net obligations under finance leases and hire purchase contracts
64,400
90,879

768,791
984,958

Details of security provided:

The above liabilities due after one year are secured by a fixed and floating charge over the undertaking and all property and assets, present and future.

Page 26

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

16.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
192,000
382,950


192,000
382,950

Amounts falling due 1-2 years

Bank loans
192,000
192,000


192,000
192,000

Amounts falling due 2-5 years

Bank loans
314,316
480,529


314,316
480,529

Amounts falling due after more than 5 years

Bank loans
198,075
221,550

198,075
221,550

896,391
1,277,029



17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
 2022
£
£


Within one year
26,479
26,299

Between 1-5 years
64,400
90,879

90,879
117,178

Page 27

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

18.


Deferred taxation




2023
2022


£

£






At beginning of year
(64,765)
(29,115)


Charged to profit or loss
(29,724)
(35,650)



At end of year
(94,489)
(64,765)

The deferred tax balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(98,493)
(64,765)

Short term timing differences
4,004
-

(94,489)
(64,765)

Comprising:

Liability
(94,489)
(64,765)

(94,489)
(64,765)



19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



20.


Reserves

Profit and loss account

The profit and loss account consists of accumulated trading profits.


21.


Contingent liabilities

The company had outstanding forward foreign exchange contracts of £7,345,829 at 30 December 2023 (2022 - £4,782,969).

Page 28

 
SENSIO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

22.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost
charge represents contributions payable by the company to the fund and amounted to £86,199 (2022
- £119,594). Contributions totalling £16,016 (2022 - £41,784) were payable to the fund at the reporting date and are included in creditors.
 


23.


Commitments under operating leases

At 30 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
294,003
247,000

Later than 1 year and not later than 5 years
1,027,816
988,000

Later than 5 years
802,750
1,049,750

2,124,569
2,284,750


24.


Related party transactions

Included in debtors are intercompany loans of £577,913 (2022 - £8,276) with Pebble Grey Limited£1,432 (2022 - £4,967) with Glamour Mirrors Limited, £nil (2022 - £158,510) with Luka Smart Limited and £6,867 (2022 - £2,200) with Lumily Limited; these are companies with common shareholders and directors. These loans are interest free.
Included in directors' loan accounts are loans due to the company from M Linsky of £120,000 (2022 £197,004), R Linsky £54,928 (2022 £104,928) and J Linsky £Nil (2022 £11,000). The loans are interest free with no set terms of repayment. During the year dividends of £482,104 (2022 £326,293) were paid.


25.


Controlling party

The controlling party is L & Co Trading Limited. During the year and up to 18 September 2024, L & Co Trading Limited owned 50% of the share capital of Sensio Limited. On 18 September 2024, L & Co Trading Limited acquired a further 25% of the shares bringing the overall total to 75%. L & Co Trading Limited is registered at Unit 7 Speedwell Road, Whitwood, Castleford, West Yorkshire, England WF10 5PY. The ultimate controlling party is M Linsky & H Linsky.


Page 29