25 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 217,143 217,143 217,143 xbrli:pure xbrli:shares iso4217:GBP NI637702 2023-04-01 2024-03-31 NI637702 2024-03-31 NI637702 2023-03-31 NI637702 2022-04-01 2023-03-31 NI637702 2023-03-31 NI637702 2022-03-31 NI637702 core:PlantMachinery 2023-04-01 2024-03-31 NI637702 core:FurnitureFittings 2023-04-01 2024-03-31 NI637702 bus:Director1 2023-04-01 2024-03-31 NI637702 bus:Director2 2023-04-01 2024-03-31 NI637702 core:PlantMachinery 2023-03-31 NI637702 core:FurnitureFittings 2023-03-31 NI637702 core:PlantMachinery 2024-03-31 NI637702 core:FurnitureFittings 2024-03-31 NI637702 core:WithinOneYear 2024-03-31 NI637702 core:WithinOneYear 2023-03-31 NI637702 core:AfterOneYear 2024-03-31 NI637702 core:AfterOneYear 2023-03-31 NI637702 core:ShareCapital 2024-03-31 NI637702 core:ShareCapital 2023-03-31 NI637702 core:SharePremium 2024-03-31 NI637702 core:SharePremium 2023-03-31 NI637702 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI637702 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI637702 core:PlantMachinery 2023-03-31 NI637702 core:FurnitureFittings 2023-03-31 NI637702 bus:Director1 2023-03-31 NI637702 bus:Director1 2024-03-31 NI637702 bus:Director2 2023-03-31 NI637702 bus:Director2 2024-03-31 NI637702 bus:Director1 2022-03-31 NI637702 bus:Director1 2023-03-31 NI637702 bus:Director2 2022-03-31 NI637702 bus:Director2 2023-03-31 NI637702 bus:SmallEntities 2023-04-01 2024-03-31 NI637702 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 NI637702 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI637702 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI637702 bus:FullAccounts 2023-04-01 2024-03-31 NI637702 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI637702 core:OfficeEquipment 2023-04-01 2024-03-31 NI637702 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 NI637702 core:IntangibleAssetsOtherThanGoodwill 2024-03-31 NI637702 core:OtherPropertyPlantEquipment 2023-03-31 NI637702 core:OfficeEquipment 2023-03-31 NI637702 core:OtherPropertyPlantEquipment 2024-03-31 NI637702 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: NI637702
Sensoteq Ltd
Filleted Unaudited Financial Statements
31 March 2024
Sensoteq Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
217,143
Tangible assets
7
103,739
35,252
---------
--------
320,882
35,252
Current assets
Stocks
663,696
567,156
Debtors
8
1,567,672
972,381
Cash at bank and in hand
1,064,376
268,768
------------
------------
3,295,744
1,808,305
Creditors: amounts falling due within one year
9
838,433
929,879
------------
------------
Net current assets
2,457,311
878,426
------------
---------
Total assets less current liabilities
2,778,193
913,678
Creditors: amounts falling due after more than one year
10
1,150,449
1,225,661
------------
------------
Net assets/(liabilities)
1,627,744
( 311,983)
------------
------------
Capital and reserves
Called up share capital
5,337
3,640
Share premium account
3,596,663
498,523
Profit and loss account
( 1,974,256)
( 814,146)
------------
---------
Shareholders funds/(deficit)
1,627,744
( 311,983)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 .
Sensoteq Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr. I Boudaoud
Director
Company registration number: NI637702
Sensoteq Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 23, Ormeau Business Park, Cromac Avenue, Belfast, County Antrim, BT7 2JA, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Sensoteq Ltd continues to invest in the development of business and R&D activities and as a consequence is dependent on continued financial support of shareholders and investors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Office and Computer Equipment
-
33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 25 ).
5. Intangible assets
Other intangible assets
£
Cost
Additions
217,143
---------
At 31 March 2024
217,143
---------
Amortisation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
217,143
---------
At 31 March 2023
---------
6. Going concern
The accounts are prepared by the directors on a going concern basis despite continued losses. The company is dependent on the continued funding support of outside agencies and of the shareholders until such times as the company can achieve profitability and generate positive cash flows from trading.
7. Tangible assets
Plant and machinery
Fixtures and fittings
Lab Equipment
Computer and Office Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
7,251
29,218
19,606
78,176
134,251
Additions
2,950
5,154
87,049
95,153
--------
--------
--------
---------
---------
At 31 March 2024
10,201
34,372
19,606
165,225
229,404
--------
--------
--------
---------
---------
Depreciation
At 1 April 2023
4,982
21,911
16,537
55,569
98,999
Charge for the year
1,584
4,732
2,702
17,648
26,666
--------
--------
--------
---------
---------
At 31 March 2024
6,566
26,643
19,239
73,217
125,665
--------
--------
--------
---------
---------
Carrying amount
At 31 March 2024
3,635
7,729
367
92,008
103,739
--------
--------
--------
---------
---------
At 31 March 2023
2,269
7,307
3,069
22,607
35,252
--------
--------
--------
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
880,063
477,130
Other debtors
687,609
495,251
------------
---------
1,567,672
972,381
------------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
103,952
376,217
Trade creditors
347,873
319,512
Social security and other taxes
114,144
61,637
Other creditors
272,464
172,513
---------
---------
838,433
929,879
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,150,449
1,225,661
------------
------------
11. Contingent liability
Over the course of the year Sensoteq Ltd received financial assistance by way of grants. In certain cases grant income may be liable to be repaid, in whole or in part.
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. I Boudaoud
( 55,939)
2,350
( 53,589)
Mr. A McCall
( 60,914)
( 60,914)
---------
-------
---------
( 116,853)
2,350
( 114,503)
---------
-------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr. I Boudaoud
( 55,939)
( 55,939)
Mr. A McCall
( 60,914)
( 60,914)
---------
----
---------
( 116,853)
( 116,853)
---------
----
---------