Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Dr Michael Robin Carter 22/10/2013 Charles Mathew Fallon 25/05/2023 Maureen Gray-Scott 06/02/2024 Michael John Roe 22/10/2013 29 September 2024 The principal activity of the Company during the financial year was that of business and management consultancy services and the development of business analytics software. 03988890 2024-05-31 03988890 bus:Director1 2024-05-31 03988890 bus:Director2 2024-05-31 03988890 bus:Director3 2024-05-31 03988890 bus:Director4 2024-05-31 03988890 2023-05-31 03988890 core:CurrentFinancialInstruments 2024-05-31 03988890 core:CurrentFinancialInstruments 2023-05-31 03988890 core:Non-currentFinancialInstruments 2024-05-31 03988890 core:Non-currentFinancialInstruments 2023-05-31 03988890 core:ShareCapital 2024-05-31 03988890 core:ShareCapital 2023-05-31 03988890 core:SharePremium 2024-05-31 03988890 core:SharePremium 2023-05-31 03988890 core:RetainedEarningsAccumulatedLosses 2024-05-31 03988890 core:RetainedEarningsAccumulatedLosses 2023-05-31 03988890 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 03988890 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 03988890 core:ComputerEquipment 2023-05-31 03988890 core:ComputerEquipment 2024-05-31 03988890 bus:OrdinaryShareClass1 2024-05-31 03988890 2023-06-01 2024-05-31 03988890 bus:FilletedAccounts 2023-06-01 2024-05-31 03988890 bus:SmallEntities 2023-06-01 2024-05-31 03988890 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03988890 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03988890 bus:Director1 2023-06-01 2024-05-31 03988890 bus:Director2 2023-06-01 2024-05-31 03988890 bus:Director3 2023-06-01 2024-05-31 03988890 bus:Director4 2023-06-01 2024-05-31 03988890 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-06-01 2024-05-31 03988890 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 03988890 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 03988890 2022-06-01 2023-05-31 03988890 core:ComputerEquipment 2023-06-01 2024-05-31 03988890 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 03988890 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 03988890 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 03988890 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03988890 (England and Wales)

TENSENSE.AI LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

TENSENSE.AI LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

TENSENSE.AI LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
TENSENSE.AI LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 122,077 181,596
Tangible assets 4 5,868 5,345
127,945 186,941
Current assets
Debtors 5 114,070 159,990
Cash at bank and in hand 159,700 114,845
273,770 274,835
Creditors: amounts falling due within one year 6 ( 577,502) ( 319,097)
Net current liabilities (303,732) (44,262)
Total assets less current liabilities (175,787) 142,679
Creditors: amounts falling due after more than one year 7 ( 31,075) ( 36,834)
Net (liabilities)/assets ( 206,862) 105,845
Capital and reserves
Called-up share capital 8 3,251 2,828
Share premium account 2,811,028 2,512,453
Profit and loss account ( 3,021,141 ) ( 2,409,436 )
Total shareholder's (deficit)/funds ( 206,862) 105,845

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tensense.AI Limited (registered number: 03988890) were approved and authorised for issue by the Board of Directors on 29 September 2024. They were signed on its behalf by:

Dr Michael Robin Carter
Director
TENSENSE.AI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
TENSENSE.AI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tensense.AI Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has sought an additional funding round which has taken place after year end, which will provide the cash required to trade for at least a further 12 months. Therefore, the directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due over the year following the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 9

3. Intangible assets

Development costs Total
£ £
Cost
At 01 June 2023 1,130,316 1,130,316
Additions 51,100 51,100
At 31 May 2024 1,181,416 1,181,416
Accumulated amortisation
At 01 June 2023 948,720 948,720
Charge for the financial year 110,619 110,619
At 31 May 2024 1,059,339 1,059,339
Net book value
At 31 May 2024 122,077 122,077
At 31 May 2023 181,596 181,596

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 June 2023 22,370 22,370
Additions 4,978 4,978
Disposals ( 7,226) ( 7,226)
At 31 May 2024 20,122 20,122
Accumulated depreciation
At 01 June 2023 17,025 17,025
Charge for the financial year 4,130 4,130
Disposals ( 6,901) ( 6,901)
At 31 May 2024 14,254 14,254
Net book value
At 31 May 2024 5,868 5,868
At 31 May 2023 5,345 5,345

5. Debtors

2024 2023
£ £
Trade debtors 43,776 59,713
Other debtors 70,294 100,277
114,070 159,990

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,763 5,622
Trade creditors 6,818 4,716
Other taxation and social security 44,516 14,758
Other creditors 520,405 294,001
577,502 319,097

£199,998 of the Other creditors balance represents cash received for investment where the share certificates are in the process of being issued. Due to the timing of the share certificates issuance, the cash is being treated as a creditor as at 31 May 2024.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 31,075 36,834

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
325,069 Ordinary "A" shares of £ 0.01 each (2023: 282,778 shares of £ 0.01 each) 3,251 2,828

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,127 3,195