Company registration number 09063873 (England and Wales)
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
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 HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
COMPANY INFORMATION
Directors
B C N Gratton
S Mosser
P Smith
A Kilgour
Company number
09063873
Registered office
The Clockwork Building
45 Beavor Lane
London
W6 9AR
Auditor
Rayner Essex LLP
Tavistock House South
Tavistock Square
London
WC1H 9LG
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9 - 10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
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 group has had a strong year of growth, with Revenue at £30.9m, a 15% increase from £26.9m the prior year. Overall group operating profit improved from £0.0m to £0.3m, however this takes into account losses incurred in the last 3 months of the year following the acquisition of the assets of The Contact Company Ltd on Feb 5th 2024, an office based contact centre business based in Birkenhead.

 

The Contact Company has bought a number of benefits to the group, notably important client contracts and access to government framework contracts.

Whilst the group has benefited from the normalisation of home working following the Covid-19 pandemic, we have found that some clients prefer call centre operations to be in-building. The acquisition has enabled us to offer hybrid solutions that provide office based working as well as the efficiency advantages of the group’s microscheduling approach for home-working. Microscheduling is where agents are rostered for shifts in small increments (30 minutes) that better match call centre demand than a fixed shift pattern.

 

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 group has also continued its strategy of diversification by investing in R&D activities to develop the SaaS side of the group (Cloudworks) and support other organisations in their shift towards homeworking and hybrid working.

Principal risks and uncertainties

Financial risk management

The group 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 group finances its operations through a mixture of shareholders' funds, bank loans and overdrafts. The group 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 group 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 group 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

 

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

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

 

 

The key non-financial indicators are associated with the group'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.

On behalf of the board

B C N Gratton
Director
31 January 2025
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
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 group continued to be 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:

B C N Gratton
S Mosser
P Smith
A Kilgour
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 group's policy is to consult and discuss with employees, through management and departmental meetings, matters likely to affect employees' interests.

 

Information of 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 group's performance.

The group'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 group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in 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 group will be put at a General Meeting.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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 auditor of the company 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 auditor of the company 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 HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
- 5 -
Opinion

We have audited the financial statements of Sensée Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and parent 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 HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent 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:

 

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
- 7 -

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

 

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
31 January 2025
Rayner Essex LLP
Chartered Accountants
Statutory Auditor
Tavistock House South
Tavistock Square
London
WC1H 9LG
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
30,883,144
26,892,740
Cost of sales
(23,030,488)
(20,887,469)
Gross profit
7,852,656
6,005,271
Administrative expenses
(7,504,757)
(5,918,276)
Other operating expenses
-
(55,500)
Operating profit
4
347,899
31,495
Interest payable and similar expenses
8
(192,809)
(130,415)
Profit/(loss) before taxation
155,090
(98,920)
Tax on profit/(loss)
9
-
0
(12,428)
Profit/(loss) for the financial year
22
155,090
(111,348)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Negative goodwill
10
(73,727)
-
0
Other intangible assets
10
2,704,583
2,212,433
Total intangible assets
2,630,856
2,212,433
Tangible assets
11
137,569
108,034
2,768,425
2,320,467
Current assets
Debtors
14
9,306,796
5,238,989
Cash at bank and in hand
98,186
68,008
9,404,982
5,306,997
Creditors: amounts falling due within one year
15
(7,864,562)
(5,020,273)
Net current assets
1,540,420
286,724
Total assets less current liabilities
4,308,845
2,607,191
Creditors: amounts falling due after more than one year
16
(2,667,056)
(1,120,492)
Provisions for liabilities
Provisions
18
12,500
12,500
Deferred tax liability
19
33,176
33,176
(45,676)
(45,676)
Net assets
1,596,113
1,441,023
Capital and reserves
Called up share capital
21
268
268
Share premium account
22
749,986
749,986
Capital redemption reserve
22
59,868
59,868
Own shares
22
(3,665)
(3,665)
Profit and loss reserves
22
789,656
634,566
Total equity
1,596,113
1,441,023
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 10 -

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

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:
31 January 2025
B C N Gratton
Director
Company registration number 09063873 (England and Wales)
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
65,355
65,354
Current assets
Debtors
14
3,284,122
2,283,122
Cash at bank and in hand
100
100
3,284,222
2,283,222
Creditors: amounts falling due within one year
15
(322,105)
(707,901)
Net current assets
2,962,117
1,575,321
Total assets less current liabilities
3,027,472
1,640,675
Creditors: amounts falling due after more than one year
16
(2,667,056)
(1,120,492)
Net assets
360,416
520,183
Capital and reserves
Called up share capital
21
268
268
Share premium account
22
749,986
749,986
Own shares
22
(3,665)
(3,665)
Profit and loss reserves
22
(386,173)
(226,406)
Total equity
360,416
520,183

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £159,767 (2023 - £113,203 loss).

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:
31 January 2025
B C N Gratton
Director
Company registration number 09063873 (England and Wales)
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
ESOP reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 May 2022
268
749,986
59,868
(3,665)
745,914
1,552,371
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
-
-
(111,348)
(111,348)
Balance at 30 April 2023
268
749,986
59,868
(3,665)
634,566
1,441,023
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
-
155,090
155,090
Balance at 30 April 2024
268
749,986
59,868
(3,665)
789,656
1,596,113
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
ESOP reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
268
749,986
(3,665)
(113,203)
633,386
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
-
(113,203)
(113,203)
Balance at 30 April 2023
268
749,986
(3,665)
(226,406)
520,183
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
-
(159,767)
(159,767)
Balance at 30 April 2024
268
749,986
(3,665)
(386,173)
360,416
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
713,111
911,399
Interest paid
(192,809)
(17,212)
Income taxes paid
(256,253)
(26,450)
Net cash inflow from operating activities
264,049
867,737
Investing activities
Purchase of business
(250,000)
-
Purchase of intangible assets
(979,356)
(1,263,309)
Purchase of tangible fixed assets
(51,079)
-
Repayment of loans
-
9,636
Net cash used in investing activities
(1,280,435)
(1,253,673)
Financing activities
Proceeds from borrowings
1,500,000
-
Repayment of borrowings
(453,436)
429,981
Net cash generated from financing activities
1,046,564
429,981
Net increase in cash and cash equivalents
30,178
44,045
Cash and cash equivalents at beginning of year
68,008
23,963
Cash and cash equivalents at end of year
98,186
68,008
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Sensée Holding Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office and principal place of business is The Clockwork Building, 45 Beavor Lane, London, W6 9AR.

 

Sensée Holding Limited and subsidiary undertakings ("the group") consists of the holding company and all of its subsidiaries.

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.

Sensée Holding Limited is a qualifying entity for the purposes of FRS 102. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

The consolidated statement of total comprehensive income, balance sheet and statement of cash flows include the financial statements of the company and its subsidiary undertakings made up to 30 April 2024. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from the data control passes, unless merger accounting is a more appropriate method. Intra-group sales and profits are eliminated fully on consolidation.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Sensée Holding Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

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.

1.5
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.

1.6
Intangible fixed assets - goodwill

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a negative intangible non-current asset at the residual value on acquisition and is subsequently measured at residual less accumulated amortisation. Negative goodwill is considered to have a finite useful life and is amortised on a straight line basis over the remaining life of the identifiable assets acquired.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Research and development
Over 5 years
Contracts
Over the remaining life of the contracts
Other intangibles
Over 5 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group 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 group 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.

 

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. Amounts payable 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.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’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 tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Home-based customer services advisors to call centres
25,947,808
26,892,740
Office-based customer service advisors to call centres
4,935,336
-
30,883,144
26,892,740
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
30,883,144
26,892,740
2024
2023
£
£
Other revenue
Grants received
-
(55,500)
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
55,500
Depreciation of owned tangible fixed assets
42,338
36,021
Amortisation of intangible assets
737,206
477,201
Release of negative goodwill
(390,713)
-
Operating lease charges
202,144
-
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
2,500
Audit of the financial statements of the company's subsidiaries
34,000
25,600
36,500
28,100
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
-
-
Admin
138
71
-
-
Home agents
1,665
1,127
-
-
Total
1,807
1,202
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
23,881,384
22,374,040
-
0
-
0
Social security costs
1,846,828
1,690,460
-
-
Pension costs
387,996
318,793
-
0
-
0
26,116,208
24,383,293
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
587,544
556,085
Company pension contributions to defined contribution schemes
5,284
2,642
592,828
558,727
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
148,839
191,367
8
Interest payable and similar expenses
2024
2023
£
£
Dividends on redeemable preference shares not classified as equity
113,203
113,203
Other interest on financial liabilities
46,564
-
Other interest
33,042
17,212
Total finance costs
192,809
130,415
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(59,937)
Adjustments in respect of prior periods
-
0
72,365
Total current tax
-
0
12,428

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

2024
2023
£
£
Profit/(loss) before taxation
155,090
(98,920)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
38,773
(24,730)
Tax effect of expenses that are not deductible in determining taxable profit
(36,892)
32,881
Unutilised tax losses carried forward
100,355
-
0
Adjustments in respect of prior years
-
0
72,365
Effect of change in corporation tax rate
-
(7,262)
Group relief
(101,994)
109,258
Permanent capital allowances in excess of depreciation
(9,537)
(660)
Depreciation on assets not qualifying for tax allowances
9,295
9,005
Research and development tax credit
-
0
(178,429)
Taxation charge
-
12,428
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
10
Intangible fixed assets
Group
Negative goodwill
Research and development
Contracts
Other intangibles
Total
£
£
£
£
£
Cost
At 1 May 2023
-
0
2,985,911
-
0
-
2,985,911
Additions
(464,440)
1,029,358
199,994
4
764,916
At 30 April 2024
(464,440)
4,015,269
199,994
4
3,750,827
Amortisation and impairment
At 1 May 2023
-
0
773,478
-
0
-
773,478
Amortisation charged for the year
(390,713)
712,207
24,999
-
346,493
At 30 April 2024
(390,713)
1,485,685
24,999
-
1,119,971
Carrying amount
At 30 April 2024
(73,727)
2,529,584
174,995
4
2,630,856
At 30 April 2023
-
0
2,212,433
-
0
-
2,212,433
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
11
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
95,302
956,195
-
0
1,051,497
Additions
7,960
43,498
20,415
71,873
At 30 April 2024
103,262
999,693
20,415
1,123,370
Depreciation and impairment
At 1 May 2023
81,560
861,903
-
0
943,463
Depreciation charged in the year
3,959
37,191
1,188
42,338
At 30 April 2024
85,519
899,094
1,188
985,801
Carrying amount
At 30 April 2024
17,743
100,599
19,227
137,569
At 30 April 2023
13,742
94,292
-
0
108,034
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
65,355
65,354
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
65,354
Additions
1
At 30 April 2024
65,355
Carrying amount
At 30 April 2024
65,355
At 30 April 2023
65,354
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking and country
Nature of business
Class of
% Held
of incorporation
shareholding
Direct
Indirect
Sensée Financial Services Limited
UK
Home-based customer service advisors to call centres
Ordinary
100
-
Sensée Limited
UK
Home-based customer service advisors to call centres
Ordinary
100
-
Sensée (NI) Limited
UK
Employment of NI based employees for the fulfilment of the Invest In Northern Ireland funding agreement
Ordinary
100
-
Sensée Operations Limited
UK
Office-based customer service advisors to call centres
Ordinary
100
-
Cloudworks Software Limited
UK
Dormant
Ordinary
-
100.00
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,897,789
3,944,417
-
0
-
0
Corporation tax recoverable
127,480
59,937
-
0
-
0
Amounts owed by group undertakings
-
-
3,284,122
2,283,122
Other debtors
-
18,953
-
0
-
0
Prepayments and accrued income
1,281,527
1,215,682
-
0
-
0
9,306,796
5,238,989
3,284,122
2,283,122
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
-
0
500,000
-
0
500,000
Trade creditors
1,025,066
384,673
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,001
-
0
Corporation tax payable
-
0
188,710
-
0
-
0
Other taxation and social security
1,190,784
800,069
-
-
Other creditors
4,026,920
1,734,688
321,104
207,901
Accruals and deferred income
1,621,792
1,412,133
-
0
-
0
7,864,562
5,020,273
322,105
707,901

Included in other creditors is accrued interest payable on preference shares of £321,104 (2023: £207,901).

 

Included in other creditors are amounts outstanding relating to invoice discounting of £2,315,250 (2023: £nil) from IGF and £1,259,347 (2023: £1,442,259) from RBS, which are secured over the assets of the group.

16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
2,667,056
1,120,492
2,667,056
1,120,492
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Preference shares
1,120,492
1,120,492
1,120,492
1,120,492
Other loans
1,546,564
500,000
1,546,564
500,000
2,667,056
1,620,492
2,667,056
1,620,492
Payable within one year
-
0
500,000
-
0
500,000
Payable after one year
2,667,056
1,120,492
2,667,056
1,120,492

Included within redeemable preference shares are the following:

 

18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations provision
12,500
12,500
-
-
Movements on provisions:
Dilapidations provision
Group
£
Additional provisions in the year
12,500
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
ACAs
33,176
33,176
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Deferred taxation
(Continued)
- 28 -

The deferred tax liability on accelerated capital allowances set out above relates to the reversal of timing differences on tangible fixed assets and is expected to reverse within the assets usefull economic life.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
387,996
318,793

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
268,000
268,000
268
268
22
Reserves
Share premium

This reserve records the amounts above the nominal value received for shares sold, less transactional cost.

Capital redemption reserve

This reserve is used when the company buys its own shares which reduces share capital and is non-distributable to shareholders.

Profit and loss reserves

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

24
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
259,679
81,796
-
-
259,679
81,796
-
-
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
25
Events after the reporting date

On 25 April 2023 the group incorporated a new company, Cloudworks Software Ltd, with the intention of transferring the Cloudworks trade and assets / liabilities from the existing companies in the group to facilitate greater clarity of Cloudworks’ financial performance and accelerate growth. The transfer of trade has not yet taken place but is planned before 30 April 2025

26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Group
Other related parties
89,100
74,430

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
35,640
17,820
Other information

During the period a loan of £1.5m was provided by a related party to the company. No repayments have been made during the period and the amount outstanding at the statement of financial position date is £1,546,564. The loan carries a varying rate of interest ranging from 12% to 20%.

SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
27
Business combinations
28
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
155,090
(111,348)
Adjustments for:
Taxation charged
-
0
12,428
Finance costs
192,809
130,415
Amortisation and impairment of intangible assets
346,493
477,201
Depreciation and impairment of tangible fixed assets
42,338
36,021
Movements in working capital:
(Increase)/decrease in debtors
(134,589)
14,940
Increase in creditors
110,970
351,742
Cash generated from operations
713,111
911,399
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
29
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
68,008
30,178
98,186
Borrowings excluding overdrafts
(1,620,492)
(1,046,564)
(2,667,056)
(1,552,484)
(1,016,386)
(2,568,870)
30
Off balance sheet arrangements

The company has fixed and floating charges over its assets in respect of fellow group companies debt in

connection with the groups invoice financing arrangements. No outflow of resource is expected.

31
Prior period adjustment
Changes to the statement of financial position - group
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Current assets
Debtors due within one year
5,778,832
(539,843)
5,238,989
Creditors due within one year
Taxation
(1,014,484)
25,705
(988,779)
Other creditors
(3,531,484)
(10)
(3,531,494)
Net assets
1,955,171
(514,148)
1,441,023
Capital and reserves
Profit and loss reserves
1,148,714
(514,148)
634,566
Changes to the income statement - group
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Administrative expenses
(5,378,423)
(539,853)
(5,918,276)
Taxation
(38,133)
25,705
(12,428)
Profit/(loss) after taxation
402,800
(514,148)
(111,348)
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
31
Prior period adjustment
(Continued)
- 32 -
Reconciliation of changes in equity - group
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
1,552,371
1,955,171
Equity as adjusted
1,552,371
1,441,023
Analysis of the effect upon equity
Profit and loss reserves
-
(514,148)
Reconciliation of changes in profit/(loss) 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
402,800
Loss as adjusted
(111,348)
SENSEE HOLDING LIMITED AND SUBSIDIARY UNDERTAKINGS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
31
Prior period adjustment
(Continued)
- 33 -
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
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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