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Registered number: 06840964










Senseco Systems Limited










Annual report and financial statements

For the year ended 30 April 2024

 
Senseco Systems Limited
 

Company Information


Directors
S B Thomas 
M K Duhan 
L Thompson 
S Butler 




Registered number
06840964



Registered office
6 Ambley Green
Gillingham Business Park

Gillingham

Kent

ME8 0NJ




Independent auditor
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU





 
Senseco Systems Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 28


 
Senseco Systems Limited
 

Strategic report
For the year ended 30 April 2024

Introduction
 
The Directors are pleased to present their strategic report for the financial year ending 30th April 2024.
Senseco provides fire protection & security services. It specialises in maintenance, installations and commissioning of fire alarms, sprinklers, suppression, passive, and security systems.

Business review
 
Overall, the Board is happy with the performance for the financial year ended April 2024.
During the year the company acquired Guide Security Services Limited. Guide Security has successfully been integrated into the business and continues trading very strongly.
Revenue increased to £13.3m for the year ended April 2024 and EBITDA has increased to £660k with a gross margin of 37%
Maintenance & Service work grew during the year by an impressive 18%. This is especially important as most of this work is recurring
During the year Senseco set up it’s own Passive Fire department as we are continually being asked if we could provide this service. We see this a being a big growth area over the coming years.  Our new job management platform is fully operational and providing us with lots of efficiencies also.

Principal risks and uncertainties
 
Senseco operates within the fire & security industry and due to this there are a number of inherent risks to manage. Rigorous training and development programmes are undertaken by our staff to ensure best practices within health and safety.
Senseco is an active member of a number of relevant industry trade bodies including the FIA, BAFE, NSI and others. We are also working towards gaining ISO 45001 to go with our already accredited ISO’s.
The continuity of the supply chain is ensured by maintaining close and collaborative links with suppliers. 
The Company sets high standards of delivery, responsiveness and these standards are reviewed regularly. The Company maintains the highest standards in design and delivery, and closely monitors feedback from customers and staff. 
The Company is aware of its obligations under General Data Protection Regulation (GDPR), and has procedures in place to manage compliance. 
The Company may offer credit terms to its customers, which allow for the payment of goods after the delivery of services. The Company mitigates this risk through internal process and with the use of analysis from a credit rating agency. 
Senseco also takes its responsibilities with regards to ESG very seriously. We regularly report at board level on it and are proud to be Carbon Neutral  certified.
The financial statements have been prepared on a going concern basis, and the Company had £1.0m in cash as at the year end. 

Page 1

 
Senseco Systems Limited
 

Strategic report (continued)
For the year ended 30 April 2024

Financial key performance indicators
 

2024
2023

£
£



Turnover
13,323,773
11,636,613
Gross profit margin
37.5%
34.7%
Profit before tax (excluding impairment to investment)
202,939
197,663
Cash at bank and in hand
1,034,374
2,178,885



This report was approved by the board on 27 January 2025 and signed on its behalf.



S Butler
Director

Page 2

 
Senseco Systems Limited
 

 
Directors' report
For the year ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

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 judgments 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.

Principal activity

The principal activity of the company during the year was that of the installation and maintenance of fire and security systems.

Results and dividends

The loss for the year, after taxation, amounted to £677,091 (2023 - profit £142,205).

Dividends of £Nil (2023: £Nil) were paid during the year.

Directors

The directors who served during the year were:

S B Thomas 
M K Duhan 
L Thompson 
S Butler (appointed 26 June 2023)

Future developments

We continue the roll out of our Group wide software platform which will enable future growth to be achieved more efficiently, with more precise financial management and job control. 
It is our intention to grow the business both organically and through acquisition.

Page 3

 
Senseco Systems Limited
 

 
Directors' report (continued)
For the year ended 30 April 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

Auditor

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 27 January 2025 and signed on its behalf.
 





S Butler
Director

Page 4

 
Senseco Systems Limited
 

 
Independent auditor's report to the members of Senseco Systems Limited
 

Opinion


We have audited the financial statements of Senseco Systems Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 April 2024 and of its loss 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 Auditor's 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 Auditor's 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

 
Senseco Systems Limited
 

 
Independent auditor's report to the members of Senseco Systems 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

 
Senseco Systems Limited
 

 
Independent auditor's report to the members of Senseco Systems Limited (continued)


Auditor's 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 Auditor's 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risk is non-compliance with laws and regulations related to fire safety. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice and taxation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as revenue and margin recognition on long-term contracts.  Audit procedures performed by the engagement team included:
 
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including fire safety) and fraud, and review of the reports made by management;
Assessment of identified fraud risk factors;
Challenging assumptions and judgements made by management in its significant accounting estimates;
Checking and reperforming the reconciliation of key control accounts;
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
Reading minutes of meetings of those charged with governance, reviewing internal audit reports and
reviewing correspondence with relevant tax and regulatory authorities;
Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity;
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
 
Page 7

 
Senseco Systems Limited
 

 
Independent auditor's report to the members of Senseco Systems 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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 Auditor's 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.


Page 8

 
Senseco Systems Limited
 

 
Independent auditor's report to the members of Senseco Systems Limited (continued)





Rodney Sutton BA FCA FCCA CA (SA) (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
Chartered Accountants
  
Chatham Maritime

27 January 2025
Page 9

 
Senseco Systems Limited
 

Statement of comprehensive income
For the year ended 30 April 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,323,773
11,636,613

Cost of sales
  
(8,332,123)
(7,595,992)

Gross profit
  
4,991,650
4,040,621

Administrative expenses
  
(4,710,896)
(3,816,270)

Operating profit
  
280,754
224,351

Amounts written off investments
  
(838,000)
-

Interest receivable and similar income
 7 
14,199
9,189

Interest payable and similar expenses
 8 
(92,014)
(35,877)

(Loss)/profit before tax
  
(635,061)
197,663

Tax on (loss)/profit
 9 
(42,030)
(55,458)

(Loss)/profit for the financial year
  
(677,091)
142,205

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
Senseco Systems Limited
Registered number: 06840964

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
18,603
15,367

Tangible assets
 11 
2,051,802
1,516,143

Investments
 12 
12,976,446
3,228,817

  
15,046,851
4,760,327

Current assets
  

Stocks
 13 
472,974
386,387

Debtors: amounts falling due within one year
 14 
2,038,590
2,335,187

Cash at bank and in hand
 15 
1,034,374
2,178,885

  
3,545,938
4,900,459

Creditors: amounts falling due within one year
 16 
(13,378,777)
(4,055,813)

Net current (liabilities)/assets
  
 
 
(9,832,839)
 
 
844,646

Total assets less current liabilities
  
5,214,012
5,604,973

Creditors: amounts falling due after more than one year
 17 
(982,938)
(738,838)

Provisions for liabilities
  

Deferred tax
 20 
(80,696)
(38,666)

Net assets
  
4,150,378
4,827,469


Capital and reserves
  

Called up share capital 
 21 
1,310
1,310

Share premium account
  
4,269
4,269

Profit and loss account
  
4,144,799
4,821,890

  
4,150,378
4,827,469


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 January 2025.




S Butler
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
Senseco Systems Limited
 

Statement of changes in equity
For the year ended 30 April 2024


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

£
£
£
£


At 1 May 2022
1,310
4,269
4,679,685
4,685,264


Comprehensive income for the year

Profit for the year
-
-
142,205
142,205



At 1 May 2023
1,310
4,269
4,821,890
4,827,469


Comprehensive income for the year

Loss for the year
-
-
(677,091)
(677,091)


At 30 April 2024
1,310
4,269
4,144,799
4,150,378


Called up share capital
This represents the nominal value of ordinary shares that have been issued by the company and which are classified as equity instruments.
Share premium account
This reserve represents the excess of the fair value of the consideration receivable on the issue of ordinary share capital, net of the direct costs incurred in their issue, over the nominal value of those shares (which is recognised as called up share capital). Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

Page 12

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Senseco Systems Limited is a limited liability company incorporated in England and Wales, company number 06840964. The address of the company's principal place of business is the registered office. For details on the principal activity please refer to the Directors' Report.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Fire and Security Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements show a net liability position of £10,098,113.  This is however as a result of amounts owned to group entities of £10,524,471.  These amounts are interest free and payable on demand but are not expected to be repaid until the company is in a position to do so.
In light of this, the financial statements have been prepared on the going concern basis.

 
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
Page 13

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.4
Revenue (continued)

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 
2.6

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.

Depreciation is provided on the following bases:

Long-term leasehold property
-
over the term of the lease
Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
20%
to 33.3% 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.

Page 14

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks & Work in progress

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 balance sheet 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

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. 

 
2.11

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 Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 15

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
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.

 
2.13

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.

Page 16

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Interest income

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

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

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.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit or loss account.  A charge attributable to an item of income and expense is recognised as other comprehensive income.  An item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Page 17

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.20
Current and deferred taxation (continued)

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

 
2.21

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet 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 (or cash-generating unit to which the asset has been allocated) 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 (or CGU'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 (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgement has had the most significant impact on amounts recognised in the financial statements:
Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £2,051,802 at the reporting date (see note 11). These assets are stated at their cost less provision for depreciation and impairment. The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
 
Page 18

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

3.Judgments in applying accounting policies (continued)

Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
Investments in subsidiaries
The company considers whether investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.  During the year, the Directors deemed there to be an impairment of their investment in Arc Monitoring Limited of £838,000.
Work in progress
At each period end the directors consider jobs that are in progress, their stage of completion and the related entries included within the financial accounts.  Appropriate entries are then made in respect of this work in progress including consideration of required accrued or deferred income.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Employees

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


2024
2023
£
£

Wages and salaries
4,341,317
3,862,823

Social security costs
470,599
458,917

Cost of defined contribution scheme
87,670
84,497

4,899,586
4,406,237


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
102
97

Page 19

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
580,150
482,543

Company contributions to defined contribution pension schemes
6,510
1,321

586,660
483,864


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.


7.


Interest receivable

2024
2023
£
£


Other interest receivable
14,199
9,189


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
25,528
17,050

Finance leases and hire purchase contracts
53,368
18,804

Other interest payable
13,118
23

92,014
35,877


9.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(414)


Deferred tax


Origination and reversal of timing differences
42,030
55,872


Taxation on profit on ordinary activities
42,030
55,458
Page 20

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(635,061)
197,663


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(158,765)
49,416

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,611
16,718

Expenses not deductible for tax purposes, other than goodwill amortisation
4,380
6,359

Capital allowances for year in excess of depreciation
(22,966)
-

Adjustments to tax charge in respect of prior periods
-
(414)

Changes in provisions leading to an increase (decrease) in the tax charge
209,500
-

Change in tax rate
-
(5,434)

Group relief
7,270
(11,187)

Total tax charge for the year
42,030
55,458


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

10.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 May 2023
16,174
222,002
238,176


Additions
13,680
-
13,680



At 30 April 2024

29,854
222,002
251,856



Amortisation


At 1 May 2023
807
222,002
222,809


Charge for the year
10,444
-
10,444



At 30 April 2024

11,251
222,002
233,253



Net book value



At 30 April 2024
18,603
-
18,603



At 30 April 2023
15,367
-
15,367



Page 22

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

11.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 May 2023
766,009
78,631
982,860
309,428
2,136,928


Additions
-
10,094
988,042
67,846
1,065,982


Disposals
-
(7,794)
(397,525)
(5,280)
(410,599)



At 30 April 2024

766,009
80,931
1,573,377
371,994
2,792,311



Depreciation


At 1 May 2023
61,597
59,023
298,445
201,720
620,785


Charge for the year
6,578
6,429
313,330
46,737
373,074


Disposals
-
(5,066)
(245,855)
(2,429)
(253,350)



At 30 April 2024

68,175
60,386
365,920
246,028
740,509



Net book value



At 30 April 2024
697,834
20,545
1,207,457
125,966
2,051,802



At 30 April 2023
704,412
19,608
684,415
107,708
1,516,143

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
1,207,457
671,739

Page 23

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
3,228,817


Additions
10,585,629



At 30 April 2024

13,814,446



Impairment


Charge for the period
838,000



At 30 April 2024

838,000



Net book value



At 30 April 2024
12,976,446



At 30 April 2023
3,228,817


The company owns the entire Ordinary Share capital of C.W. Fire Protection Services Limited and its wholly owned subsidiary, Senseco Sprinkler Systems Limited, along with Power Plus (Dewsbury) Limited.
On 5 May 2023 the company acquired the entire share capital of Guide Security Services Limited.
The registered office of each subsidiary is 6 Ambley Green, Gillingham Business Park, Gillingham, ME8 0NJ.


13.


Stocks

2024
2023
£
£

Raw materials and consumables
63,167
55,947

Work in progress
409,807
330,440

472,974
386,387


Page 24

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

14.


Debtors

2024
2023
£
£


Trade debtors
1,825,034
2,143,402

Amounts owed by group undertakings
-
27,055

Other debtors
3,471
2,049

Prepayments and accrued income
210,085
162,681

2,038,590
2,335,187



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,034,374
2,178,885



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
49,002
47,644

Trade creditors
774,625
973,947

Amounts owed to group undertakings
10,524,471
1,319,229

Corporation tax
8,553
190,895

Other taxation and social security
464,035
519,258

Obligations under finance lease and hire purchase contracts
365,940
185,968

Other creditors
41,754
83,204

Accruals and deferred income
1,150,397
735,668

13,378,777
4,055,813


Page 25

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
280,930
323,990

Net obligations under finance leases and hire purchase contracts
702,008
414,848

982,938
738,838


Secured loans
The bank loans are secured by fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.
Hire purchase assets are secured by a floating charge over the assets that are being leased.


18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
49,002
47,644

Amounts falling due 1-2 years

Bank loans
50,403
49,002

Amounts falling due 2-5 years

Bank loans
145,095
155,549

Amounts falling due after more than 5 years

Bank loans
85,432
119,439

329,932
371,634


Included within bank loans is a 10 year loan that is repayable in installments by December 2028 and bears interest at a rate of 2.19% over the Bank of England base rate and a further 10 year loan that is repayable in installments by January 2036 and bears interest at a rate of 2.35% over the Bank of England base rate.

Page 26

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
365,940

Between 1-5 years
-
702,008

-
1,067,948


20.


Deferred taxation




2024
2023


£

£






At beginning of year
(38,666)
17,206


Charged to profit or loss
(42,030)
(55,872)



At end of year
(80,696)
(38,666)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


(De)/Accelerated capital allowances
(88,052)
(50,239)

Other timing differences
7,356
11,573

(80,696)
(38,666)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,110 Ordinary Shares shares of £1.00 each
1,110
1,110
200 Ordinary B Shares shares of £1.00 each
200
200

1,310

1,310

The Ordinary and Ordinary B shares rank Pari Passu in all respects with the exception of the Ordinary B shares not holding any rights to vote or confer the right to any share of assets in excess of capital paid up on the shares on winding up.


Page 27

 
Senseco Systems Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

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. Contributions totaling £26,174 (2023: £70,855) were payable to the fund at the balance sheet date and are included in other creditors.


23.


Commitments

At 30 April 2024 the Company had future capital commitments of £48,178 in respect of the purchase of new vehicles.


24.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
10,522


25.


Related party transactions

The Company has taken advantage of the exemption from disclosing related party transactions with its fellow group members provided by Section 33 Related Party Disclosures paragraph 33.1A.


26.


Controlling party

The Company's immediate parent company is Fire and Security Holdings Limited, a company incorporated in England and Wales.
The ultimate parent undertaking of Senseco Systems Limited, is Foundation Investment Partners II (GP) LLP.
The Company is not under the control of any one individual.


Page 28