Acorah Software Products - Accounts Production 16.2.850 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10418869 Ms J Gale Mr P Slater Mr D Armour 7 Bell Yard, London, WC2A 2JR true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10418869 2023-03-31 10418869 2024-03-31 10418869 2023-04-01 2024-03-31 10418869 frs-core:CurrentFinancialInstruments 2024-03-31 10418869 frs-core:Non-currentFinancialInstruments 2024-03-31 10418869 frs-core:ComputerEquipment 2024-03-31 10418869 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10418869 frs-core:ComputerEquipment 2023-03-31 10418869 frs-core:FurnitureFittings 2024-03-31 10418869 frs-core:FurnitureFittings 2023-04-01 2024-03-31 10418869 frs-core:FurnitureFittings 2023-03-31 10418869 frs-core:ShareCapital 2024-03-31 10418869 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10418869 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10418869 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10418869 frs-bus:SmallEntities 2023-04-01 2024-03-31 10418869 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10418869 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10418869 1 2023-04-01 2024-03-31 10418869 frs-bus:Director1 2023-04-01 2024-03-31 10418869 frs-bus:Director2 2023-04-01 2024-03-31 10418869 frs-bus:Director3 2023-04-01 2024-03-31 10418869 frs-countries:EnglandWales 2023-04-01 2024-03-31 10418869 2022-03-31 10418869 2023-03-31 10418869 2022-04-01 2023-03-31 10418869 frs-core:CurrentFinancialInstruments 2023-03-31 10418869 frs-core:Non-currentFinancialInstruments 2023-03-31 10418869 frs-core:ShareCapital 2023-03-31 10418869 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 10418869
Mysense Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10418869
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,479 12,078
9,479 12,078
CURRENT ASSETS
Stocks 5 990,929 275,206
Debtors 6 2,493,343 2,047,835
Cash at bank and in hand 45,418 89,743
3,529,690 2,412,784
Creditors: Amounts Falling Due Within One Year 7 (470,711 ) (298,950 )
NET CURRENT ASSETS (LIABILITIES) 3,058,979 2,113,834
TOTAL ASSETS LESS CURRENT LIABILITIES 3,068,458 2,125,912
Creditors: Amounts Falling Due After More Than One Year 8 (544,423 ) (282,517 )
NET ASSETS 2,524,035 1,843,395
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 2,523,935 1,843,295
SHAREHOLDERS' FUNDS 2,524,035 1,843,395
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P Slater
Director
24 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mysense Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10418869 . The registered office is 7 Bell Yard, London, WC2A 2JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. An assessment of going concern has been undertaken by the directors for the 12 months from the date of the approval of the financial statements.

The directors are confident about the group's outlook following a realignment of management and technical resources within the Company. This is supported by continuing positive market commentary and increasing demand for the services the Company provides, underpinned by national and local government initiatives to support independent living in older age.

The principal financial risks faced by the Company have been considered and reflected in cash flow forecasts, taking account of potential downsides. The directors have prepared a base case cashflow forecast for 12 months from the date of signing the financial statements, which assumes revenue in line with current performance and pipeline opportunities and identifies a number of controllable mitigations in the event that the forecasts are not achieved.

Day to day operations of the Company is dependent upon the continued support of its investors and lenders, who have provided a letter of support for the base case projections.

Having taken all of the above factors into consideration, the directors have reached a conclusion that the Company is able to meet its financial obligations for the going concern review period. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% straightline
Computer Equipment 20% & 33% straightline
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. 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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial instruments
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 constitute and financing transaction, where the debt instrument is measured at the present value of future payments 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 creditor 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 at amortised cost using the effective interest method.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.9. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 27)
27 27
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 17,590 60,519 78,109
Additions - 1,291 1,291
As at 31 March 2024 17,590 61,810 79,400
Depreciation
As at 1 April 2023 17,590 48,441 66,031
Provided during the period - 3,890 3,890
As at 31 March 2024 17,590 52,331 69,921
Net Book Value
As at 31 March 2024 - 9,479 9,479
As at 1 April 2023 - 12,078 12,078
5. Stocks
2024 2023
£ £
Stock 990,929 275,206
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,168 529
Prepayments and accrued income 21,640 459,492
Other debtors 2,104 7,156
Deferred tax current asset 2,428,431 1,580,658
2,493,343 2,047,835
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,213 4,773
Trade creditors 183,150 187,837
Other taxes and social security 192,083 39,264
Net wages 16,807 15,617
Other creditors 385 2,039
Accruals and deferred income 77,073 49,420
470,711 298,950
Mr A Head holds three floating charges over the tangible and intangible assets of the company in respect of a convertible loan note to secure the obligations under the loan note. Highland and Universal Investments Ltd hold five floating charges over the tangible and intangible assets of the company in respect of a convertible loan note to secure the obligations under the loan note.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 544,423 282,517
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
In the period an intercompany loan between Mysense Ltd (a wholly owned subsidiary) and Mysense Group Ltd has been waived. The value of the waived intercompany loan is £3,254,777.

At year-end, Mysense Ltd had an outstanding loan with Highland and Universal Investments Limited, a related party due to Pauline Anne Bradley, a director of Mysense Group Ltd, the parent company of Mysense Ltd. The outstanding loan balance at year-end was £544,423, with interest accrued at a rate of 8% per annum. The loan does not have a fixed repayment date and is repayable on demand.
11. Exceptional Items
Included within exceptional items is the waiver of an intercompany loan from Mysense Group Ltd.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is MySense Group Ltd.

The ultimate parent undertaking is MySense Group Ltd (incorporated in England & Wales). Its registered office is 7 Bell Yard, London, WC2A 2JR
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