Company registration number 09256977 (England and Wales)
SENSEE FINANCIAL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
SENSEE FINANCIAL SERVICES LIMITED
COMPANY INFORMATION
Directors
S M Mosser
B C N Gratton
Mr A Kilgour
(Appointed 3 May 2024)
Company number
09256977
Registered office
The Clockwork Building
45 Beavor Lane
London
W6 9AR
Auditor
Rayner Essex LLP
Tavistock House South
Tavistock Square
London
WC1H 9LG
SENSEE FINANCIAL SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
SENSEE FINANCIAL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The company has had a strong year of growth in terms of profit. Overall operating profit improved from £0.5m to £1.5m mainly due to increased margins and keeping administrative costs under control.

 

The underlying operating profit improvement was driven by better operational performance, informed by updated HR and MI systems, whilst still supporting investment in business development activity. In parallel the company has also continued its strategy of diversification by investing in R&D activities to develop the SaaS side of the group (Cloudworks) in which the company is a member and support other organisations in their shift towards homeworking and hybrid working.

Principal risks and uncertainties

Financial risk management

The company uses financial instruments comprising bank facilities and cash, together with various items such as trade debtors and trade creditors that arise directly from its operations.

The main risks arising from the financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing these risks as detailed below.

Bank balances are structured so as to enable cash to be available when required. Most are instant access accounts. No transactions in derivatives are undertaken.

Interest rate risk
The company finances its operations through a mixture of inter group loans and invoice discounting facilities. The company accepts the risk attached to interest rate fluctuations as interest remains a small proportion of operating costs. The fluctuations are limited to changes to the Bank of England base rate.

Liquidity risk
The company manages liquidity risk by a combination of controls such as monitoring gearing levels and ensuring facilities are readily available for future use.

Credit risk

The company currently has credit risk exposure due to a small number of customers. However, this risk is minimised as these customers are large corporate blue chip companies.

 

Other risks and uncertainties facing the group include:

The strengths and performance of the economy as a whole

The outsourced call centre sector remaining a highly competitive market

The retention of valued employees

The recruitment of operatives to fulfil new contracts when required

Customers continually changing own strategies towards outsourcing

Key performance indicators

The directors use a number of measures, both financial and non-financial to monitor and benchmark the performance of the company. They regard the following as key financial indicators of performance:

 

Gross profit - measuring the profits generated by the company's operations on a contract by contract basis.

Percentage of agents payable hours invoiced to clients - measuring profitability and recoverability of direct labour costs.

Net cash flow from operating activities - measuring the performance in translating operating profit into cash flow through management of working capital.

 

The key non-financial indicators are associated with the company's ability to maintain its existing customer base and to attract new customers. In addition, the level of direct labour head count is key to fulfilling contracts and ensuring service levels are maintained.

SENSEE FINANCIAL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

On behalf of the board

B C N Gratton
Director
31 January 2025
SENSEE FINANCIAL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the provision of home-based customer services advisors to call centres.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S M Mosser
B C N Gratton
Mr A Kilgour
(Appointed 3 May 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Rayner Essex LLP be reappointed as auditor of the company will be put at a General Meeting.

SENSEE FINANCIAL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
B C N Gratton
Director
31 January 2025
SENSEE FINANCIAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSEE FINANCIAL SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Sensee Financial Services Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 UK, including the FRC’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 report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SENSEE FINANCIAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSEE FINANCIAL SERVICES LIMITED (CONTINUED)
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

The extent to which the audit was considered capable of detecting irregularities including fraud

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

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

SENSEE FINANCIAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSEE FINANCIAL SERVICES LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 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.

Simon Essex FCA
Senior Statutory Auditor
For and on behalf of Rayner Essex LLP
31 January 2025
Chartered Accountants
Statutory Auditor
Tavistock House South
Tavistock Square
London
WC1H 9LG
SENSEE FINANCIAL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
25,083,566
25,409,614
Cost of sales
(18,784,316)
(19,871,422)
Gross profit
6,299,250
5,538,192
Administrative expenses
(4,828,988)
(5,043,886)
Operating profit
4
1,470,262
494,306
Interest payable and similar expenses
7
(94)
(186)
Profit before taxation
1,470,168
494,120
Tax on profit
8
-
0
208,021
Profit for the financial year
1,470,168
702,141
SENSEE FINANCIAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
9
5,186,786
5,031,882
Cash at bank and in hand
2,154
1,090
5,188,940
5,032,972
Creditors: amounts falling due within one year
10
(1,613,942)
(2,928,142)
Net current assets
3,574,998
2,104,830
Capital and reserves
Called up share capital
12
64,100
64,100
Profit and loss reserves
13
3,510,898
2,040,730
Total equity
3,574,998
2,104,830

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
B C N Gratton
Director
Company registration number 09256977 (England and Wales)
SENSEE FINANCIAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
64,100
1,338,589
1,402,689
Year ended 30 April 2023:
Profit and total comprehensive income
-
702,141
702,141
Balance at 30 April 2023
64,100
2,040,730
2,104,830
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,470,168
1,470,168
Balance at 30 April 2024
64,100
3,510,898
3,574,998
SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Sensee Financial Services Limited is a company limited by shares incorporated in England and Wales. The registered office and principal place of business is The Clockwork Building, 45 Beavor Lane, London, W6 9AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Sensée Holding Limited. These consolidated financial statements are available from www.companieshouse.gov.uk.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Sensee Financial Services Limited is a wholly owned subsidiary of [Parent Name] and the results of Sensee Financial Services Limited are included in the consolidated financial statements of [Parent Name] which are available from [Address].

SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

The company is a member of the Sensee Holding Group.true

 

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. On 26 January 2024 the group secured a £1.5m 3 year loan from its shareholders which supports this view.  In addition, in July 2024 the Group entered into a new Invoice Discounting agreement with one provider for the whole group, resulting in an increase in drawdown percentage and an increase in the overall facility level creating additional funding and headroom.  The validity of this assumption depends upon the continued financial support of the shareholders.

 

The group has prepared forecasts and projections, which support its ability to continue trading taking into account the bank facilities and continued support of the shareholders referred to above. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The financial statements do not include any adjustment that would result from the withdrawal of the continued support described above.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover is recognised at the point that a call is recorded by the customer service advisors.

1.4
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 current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between he treatment of certain items for taxation and accounting purposes. The deferred tax has not been discounted.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense in the period in which they are incurred, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Home-based customer services advisors to call centres
25,083,566
25,409,614
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
25,083,566
25,409,614
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
12,500
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
2
2
Admin
67
67
Home agents
999
1,082
Total
1,068
1,151

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
20,067,311
21,374,418
Social security costs
1,503,601
1,555,727
Pension costs
320,346
302,376
21,891,258
23,232,521
SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
148,839
141,750
Company pension contributions to defined contribution schemes
1,321
1,321
150,160
143,071

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

7
Interest payable and similar expenses
2024
2023
£
£
Other interest
94
186
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
-
0
Adjustments in respect of prior periods
-
0
(208,021)
Total current tax
-
0
(208,021)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,470,168
494,120
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
367,542
123,530
Tax effect of expenses that are not deductible in determining taxable profit
194
188
Adjustments in respect of prior years
-
0
(208,021)
Effect of change in corporation tax rate
-
0
(7,262)
Group relief
(367,736)
(116,456)
Taxation charge/(credit) for the year
-
(208,021)
SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,875,290
3,708,838
Corporation tax recoverable
25,705
-
0
Amounts owed by group undertakings
1,727,204
332,647
Prepayments and accrued income
558,587
990,397
5,186,786
5,031,882
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,887
17,592
Amounts owed to group undertakings
325,750
1,274,619
Corporation tax
-
0
12,513
Other creditors
1,259,347
1,442,259
Accruals and deferred income
19,958
181,159
1,613,942
2,928,142

Included in other creditors is £1,259,347 (2023: £1,442,259) relating to an invoice financing facility. The facility is secured by way of a fixed and floating charge over the company's assets.

11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
320,346
302,376

The company participates in a defined contribution pension scheme for all qualifying employees that is run by a fellow subsidiary undertaking. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
64,100
64,100
64,100
64,100
13
Reserves
Profit and loss reserves

This reserve includes all current and prior period retained profits and losses.

SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
14
Ultimate controlling party

The parent undertaking and ultimate controlling party is Sensée Holding Limited, a company registered in England and Wales.

15
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Creditors due within one year
Taxation
(38,218)
25,705
(12,513)
Other creditors
(2,375,776)
(539,853)
(2,915,629)
Net assets
2,618,978
(514,148)
2,104,830
Capital and reserves
Profit and loss reserves
2,554,878
(514,148)
2,040,730
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Administrative expenses
(4,504,033)
(539,853)
(5,043,886)
Taxation
182,316
25,705
208,021
Profit for the financial period
1,216,289
(514,148)
702,141
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Adjustment of prior year error
-
(539,853)
Tax affect on decrease in profit
-
25,705
Total adjustments
-
(514,148)
Equity as previously reported
1,402,689
2,618,978
Equity as adjusted
1,402,689
2,104,830
Analysis of the effect upon equity
Profit and loss reserves
-
(514,148)
SENSEE FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Prior period adjustment
(Continued)
- 19 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Adjustment of prior year error
(539,853)
Tax affect on decrease in profit
25,705
Total adjustments
(514,148)
Profit as previously reported
1,216,289
Profit as adjusted
702,141
Notes to reconciliation

During the year it was identified that an error was made in the prior period relating to the classification of VAT balances. The amounts were previously reported within Administration expenses however, relate to transactions transferred inter group and therefore should have been reported within the balance sheet.

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