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COMPANY REGISTRATION NUMBER: 04461104
Sensory International Limited
Filleted Unaudited Financial Statements
30 June 2024
Sensory International Limited
Balance Sheet
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
6,933
4,370
Investments
6
1,588,138
------------
-------
1,595,071
4,370
Current assets
Stocks
506,896
506,896
Debtors
7
2,648,165
2,094,114
Cash at bank and in hand
82
91
------------
------------
3,155,143
2,601,101
Creditors: amounts falling due within one year
8
3,019,340
1,710,706
------------
------------
Net current assets
135,803
890,395
------------
---------
Total assets less current liabilities
1,730,874
894,765
Creditors: amounts falling due after more than one year
9
920,406
555,891
------------
---------
Net assets
810,468
338,874
------------
---------
Capital and reserves
Called up share capital
3,586,520
3,586,520
Profit and loss account
( 2,776,052)
( 3,247,646)
------------
------------
Shareholders funds
810,468
338,874
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sensory International Limited
Balance Sheet (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mr M L Glossop
Director
Company registration number: 04461104
Sensory International Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit G1 Redwood Court, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The business continues to receive the support of the Principal Shareholder and as a result, it is considered appropriate to prepare the financial statements on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Determination of whether there are indicators of impairment of the company's tangible and intangible fixed assets. Factors considered include the expected future financial performance of the asset - Determination of the recoverability of trade and group debtors. A specific provision is made against certain debtors where in the opinion of the directors the debt is not fully recoverable. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually, considering factors such as technological innovation, future market conditions, product life cycles and projected disposal values - Recoverability of trade debtors
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are in respect of software development costs. These are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% straight line
Fixtures & fittings
-
25% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2023: 36 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
36,787
18,373
2,395
175,768
233,323
Additions
6,766
6,766
--------
--------
-------
---------
---------
At 30 June 2024
36,787
18,373
2,395
182,534
240,089
--------
--------
-------
---------
---------
Depreciation
At 1 July 2023
36,787
18,373
2,394
171,399
228,953
Charge for the year
4,203
4,203
--------
--------
-------
---------
---------
At 30 June 2024
36,787
18,373
2,394
175,602
233,156
--------
--------
-------
---------
---------
Carrying amount
At 30 June 2024
1
6,932
6,933
--------
--------
-------
---------
---------
At 30 June 2023
1
4,369
4,370
--------
--------
-------
---------
---------
6. Investments
Loans to participating interests
£
Cost
At 1 July 2023
Additions
1,588,138
------------
At 30 June 2024
1,588,138
------------
Impairment
At 1 July 2023 and 30 June 2024
------------
Carrying amount
At 30 June 2024
1,588,138
------------
At 30 June 2023
------------
7. Debtors
2024
2023
£
£
Trade debtors
1,581,949
443,067
Amounts owed by group undertakings and undertakings in which the company has a participating interest
381,104
1,298,457
Other debtors
685,112
352,590
------------
------------
2,648,165
2,094,114
------------
------------
Included within amounts owed by related parties is £381,104 that the directors do not expect to receive repayment before 30 June 2025.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
278,166
13,204
Trade creditors
469,428
545,739
Amounts owed to group undertakings and undertakings in which the company has a participating interest
270,000
291,010
Social security and other taxes
121,580
203,610
Other creditors
1,880,166
657,143
------------
------------
3,019,340
1,710,706
------------
------------
Included within creditors due within 1 year is: bank loans and overdrafts £10,184 and within creditors due within more than 1 year £11,417, in respect of a Bounce back loan. This 6 year loan is repayable in monthly instalments commencing August 2021 at interest rate 2.5%. Also included within creditors due within 1 year is: bank loans and overdrafts £49,597 and within creditors due within more than 1 year £250,676, in respect of a loan advanced during the year. This 5 year loan is repayable in monthly instalments commencing May 2024 at interest rate 11.2%. Also included within creditors due within 1 year is: bank loans and overdrafts £87,027 and within creditors due within more than 1 year £112,312, in respect of a loan advanced during the year. This 3 year loan is repayable in monthly instalments commencing August 2023 at interest rate 7.3%. During the year, a loan was received from Lusso Travel Ltd, a company under common control. As at 30 June 2024 £270,000 was outstanding in respect of this loan. The facility is repayable on demand and subject to interest at 1%.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
374,406
21,424
Amounts owed to group undertakings and undertakings in which the company has a participating interest
180,000
Other creditors
366,000
534,467
---------
---------
920,406
555,891
---------
---------
Included within other creditors is £325,000 (2022 £534,467) in respect of a loan from the majority shareholder. There is no interest charged on the loan, and the agreement specifies a 366 day notice period, therefore the directors consider the loan to be due in more than one year and the difference between amortised cost and present value not to be material. During the year, a loan was received from Worldwide Escapes Ltd, a company under common control. As at 30 June 2024 £180,000 was outstanding in respect of this loan. The facility is available on a rolling 12 month basis, subject to annual review. The facility can be terminated with 30 days notice. Interest at 7.5% is subject to annual review and should be added to the facility. The loan was renewed at 27th October 2024
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,975
6,986
Later than 1 year and not later than 5 years
39,944
39,944
--------
--------
49,919
46,930
--------
--------
11. Related party transactions
During the year repayments totalling £209,467 were made to Mr M Weaver, 70% shareholder, so that at 30 June 2024 £325,000 (2023 £534,467) was outstanding in respect of his loan. No interest is charged on the loan and the agreement specifies a 366 day notice period for repayment. Also during the year, £41,000 was advanced to the company by Mr J Weaver, Mr M Weaver's son, There is no loan agreement in respect of this amount, and the directors do not expect to repay the loan before 30 June 2025. During the year, further payments were made on behalf of Pinnacle Systems Ltd, a company under common control. As at 30 June 2024, £1,588,138 (2023 £1,127,612) is outstanding and a loan facility was agreed. The loan agreement specifies a rolling 12 month facility, with annual review by the lender and 7.5% interest rate. The loan was reviewed at 1 June 2024 and extended to 31 May 2025. The directors do not expect to repay the loan before 30 June 2025. Also during the year, further amounts were advanced in respect of the loan to Sensory Energy Ltd, a company under common control, and at 30 June 2024 £381,103 (2023 £170,825) was outstanding in respect of the loan. The directors do not expect to receive repayment before 30 June 2025. During the year, a loan was received from Worldwide Escapes Ltd, a company under common control. As at 30 June 2024 £180,000 was outstanding in respect of this loan. The facility is available on a rolling 12 month basis, subject to annual review. The facility can be terminated with 30 days notice. Interest at 7.5% is subject to annual review and should be added to the facility. The loan was renewed at 27th October 2024. Also during the year, a loan was received from Lusso Travel Ltd, a company under common control. As at 30 June 2024 £270,000 was outstanding in respect of this loan. The facility is repayable on demand and subject to interest at 1%.