Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01No description of principal activity1110falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09219890 2023-01-01 2023-12-31 09219890 2022-01-01 2022-12-31 09219890 2023-12-31 09219890 2022-12-31 09219890 2022-01-01 09219890 c:Director3 2023-01-01 2023-12-31 09219890 d:PlantMachinery 2023-01-01 2023-12-31 09219890 d:PlantMachinery 2023-12-31 09219890 d:PlantMachinery 2022-12-31 09219890 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09219890 d:FurnitureFittings 2023-01-01 2023-12-31 09219890 d:FurnitureFittings 2023-12-31 09219890 d:FurnitureFittings 2022-12-31 09219890 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09219890 d:OfficeEquipment 2023-01-01 2023-12-31 09219890 d:OfficeEquipment 2023-12-31 09219890 d:OfficeEquipment 2022-12-31 09219890 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09219890 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09219890 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 09219890 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09219890 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09219890 d:CurrentFinancialInstruments 2023-12-31 09219890 d:CurrentFinancialInstruments 2022-12-31 09219890 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09219890 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09219890 d:ShareCapital 2023-01-01 2023-12-31 09219890 d:ShareCapital 2023-12-31 09219890 d:ShareCapital 2022-12-31 09219890 d:ShareCapital 2022-01-01 09219890 d:SharePremium 2023-01-01 2023-12-31 09219890 d:SharePremium 2023-12-31 09219890 d:SharePremium 2022-12-31 09219890 d:SharePremium 2022-01-01 09219890 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09219890 d:RetainedEarningsAccumulatedLosses 2023-12-31 09219890 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09219890 d:RetainedEarningsAccumulatedLosses 2022-12-31 09219890 d:RetainedEarningsAccumulatedLosses 2022-01-01 09219890 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09219890 c:OrdinaryShareClass1 2023-12-31 09219890 c:OrdinaryShareClass1 2022-12-31 09219890 c:OrdinaryShareClass2 2023-01-01 2023-12-31 09219890 c:OrdinaryShareClass2 2023-12-31 09219890 c:FRS102 2023-01-01 2023-12-31 09219890 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09219890 c:FullAccounts 2023-01-01 2023-12-31 09219890 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09219890 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 09219890 2 2023-01-01 2023-12-31 09219890 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 09219890 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09219890










PROXISENSE LIMITED








UNAUDITED


INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
PROXISENSE LIMITED
REGISTERED NUMBER: 09219890

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
93,906
99,918

Tangible assets
 5 
12,465
15,667

  
106,371
115,585

Current assets
  

Debtors: amounts falling due within one year
 6 
216,585
163,872

Cash at bank and in hand
 7 
367,274
78,108

  
583,859
241,980

Creditors: amounts falling due within one year
 8 
(114,736)
(81,570)

Net current assets
  
 
 
469,123
 
 
160,410

Total assets less current liabilities
  
575,494
275,995

  

Net assets
  
575,494
275,995


Capital and reserves
  

Called up share capital 
  
294
199

Share premium account
  
4,154,571
3,229,696

Profit and loss account
  
(3,579,371)
(2,953,900)

  
575,494
275,995


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Page 1

 
PROXISENSE LIMITED
REGISTERED NUMBER: 09219890

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




P Vickery
Director

Date: 16 October 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
PROXISENSE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
199
3,229,696
(2,778,597)
451,298


Comprehensive income for the year

Loss for the year
-
-
(175,303)
(175,303)



At 1 January 2023
199
3,229,696
(2,953,900)
275,995


Comprehensive income for the year

Loss for the year
-
-
(625,471)
(625,471)


Contributions by and distributions to owners

Shares issued during the year
95
924,875
-
924,970


At 31 December 2023
294
4,154,571
(3,579,371)
575,494


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
PROXISENSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Proxisense Limited is a private company, limited by share capital and incorporated in England and Wales.
The address of its registered office is: 2 Chawley Park, Cumnor Hill, Oxford, Oxfordshire, OX2 9GG and its principal place of business is Grassroots, 46 Woodstock Road, Oxford, OX2 6HT.
The Company's principal activity is the intelligent monitoring of high value, complex machinery and production lines. 

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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Going concern

The Directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant information about the existing status of the Company and of future potential scenarios.
As at the date of signing of these financial statements, the Directors consider that the Company has sufficient cash resources to operate for the foreseeable future. The Company anticipates a further financing round from equity investors.

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
PROXISENSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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 operates and generates income.

Research and development tax credits are recognised on an accruals basis.

 
2.8

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. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10
years

Page 5

 
PROXISENSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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:

Plant and machinery
-
25%
straight line
Test equipment
-
25%
straight line
Office equipment
-
25%
straight line

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 6

 
PROXISENSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).


4.


Intangible assets




Patents

£



Cost


At 1 January 2023
134,048


Additions
7,587



At 31 December 2023

141,635



Amortisation


At 1 January 2023
34,130


Charge for the year on owned assets
13,599



At 31 December 2023

47,729



Net book value



At 31 December 2023
93,906



At 31 December 2022
99,918



Page 7

 
PROXISENSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Test equipment
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
4,945
8,311
62,877
76,133


Additions
-
-
6,130
6,130



At 31 December 2023

4,945
8,311
69,007
82,263



Depreciation


At 1 January 2023
1,545
4,308
54,613
60,466


Charge for the year on owned assets
1,236
1,550
6,546
9,332



At 31 December 2023

2,781
5,858
61,159
69,798



Net book value



At 31 December 2023
2,164
2,453
7,848
12,465



At 31 December 2022
3,400
4,003
8,264
15,667


6.


Debtors

2023
2022
£
£


Trade debtors
-
24,000

Other debtors
18,060
4,626

Prepayments and accrued income
31,570
29,297

Tax recoverable
166,955
105,949

216,585
163,872



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
367,274
78,108

Less: bank overdrafts
(1,187)
-

366,087
78,108


Page 8

 
PROXISENSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,187
-

Other loans
-
20,000

Trade creditors
76,017
18,959

Other taxation and social security
21,080
25,390

Other creditors
3,715
1,272

Accruals and deferred income
12,737
15,949

114,736
81,570



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,130 (2022 - 19,930) Ordinary shares of £0.01 each
201
199
9,250 (2022 - 0 ) Seed preferred shares of £0.01 each
93
-

294

199


During the year 200 Ordinary and 9,250 Seed preferred shares of £0.01 were issued for a total consideration of £945,000. Costs of £20,030 directly attributable to the share issues have been posted to share premium.


10.


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 £12,304 (2022: £9,828). Contributions totalling £3,715 (2022: £1,271) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

In the opinion of the directors there is no one ultimate controlling party.

Page 9