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Registered Number: 09219890
England and Wales

 

 

 

PROXISENSE LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024

PROXISENSE LIMITED
Contents Page
For the year ended 31 December 2024
Directors Kamaljit Singh Chana
Philip John Radford
Paul Vickery
Registered Number 09219890
Registered Office Monkswell
Little Baldon
Oxford
OX44 9PU
Accountants Cypher
Monkswell
Little Baldon
Oxford
OX44 9PU
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 December 2024.
Principal activities
Principal activity of the company during the financial year was that of the intelligent monitoring of high value, complex machinery and production lines.
Directors
The directors who served the company throughout the year were as follows:
Kamaljit Singh Chana
Matthew Myers
Philip John Radford
Paul Vickery
Parkwalk Advisors Ltd
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Paul Vickery
Director

Date approved: 02 September 2025
2
 
 		 Notes
 		 2024
£		   2023
£
Fixed assets      
Intangible fixed assets 3 85,871    93,906 
Tangible fixed assets 4 11,727    12,465 
97,598    106,371 
Current assets      
Debtors 5 84,341    216,585 
Cash at bank and in hand 197,692    367,275 
282,033    583,860 
Creditors: amount falling due within one year 6 (11,091)   (111,022)
Net current assets 270,942    472,838 
 
Total assets less current liabilities 368,540    579,209 
Creditors: amount falling due after more than one year 7 (21,000)   - 
Provisions for liabilities 8 (3,240)   (3,715)
Net assets 344,300    575,494 
 

Capital and reserves 		     
Called up share capital 9 294    294 
Share premium account 10 4,154,571    4,154,571 
Profit and loss account (3,810,565)   (3,579,371)
Shareholders' funds 344,300    575,494 
 


For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 September 2025 and were signed on its behalf by:


-------------------------------
Paul Vickery
Director
3
General Information
PROXISENSE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09219890, registration address Monkswell, Little Baldon, Oxford, OX44 9PU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The Directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant information about the existing status of the Company and of future potential scenarios.
As at the date of signing of these financial statements, the Directors consider that the Company has sufficient cash resources to operate for the foreseeable future. The Company anticipates a further financing round from equity investors.
Government grants
Grants are accounted under teh accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the patents of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Office Equipment 25% Straight Line
Plant and Machinery 25% Straight Line
Test Equipment 25% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 11).
3.

Intangible fixed assets

Cost Patents   Total
  £   £
At 01 January 2024 141,635    141,635 
Additions 6,485    6,485 
Disposals -    - 
At 31 December 2024 148,120    148,120 
Amortisation
At 01 January 2024 47,729    47,729 
Charge for year 14,520    14,520 
On disposals -    - 
At 31 December 2024 62,249    62,249 
Net book values
At 31 December 2024 85,871    85,871 
At 31 December 2023 93,906    93,906 


4.

Tangible fixed assets

Cost or valuation Test Equipment   Plant and Machinery   Office Equipment   Total
  £   £   £   £
At 01 January 2024 8,311    4,945    69,007    82,263 
Additions 6,190    -    -    6,190 
Disposals -    -    -    - 
At 31 December 2024 14,501    4,945    69,007    88,453 
Depreciation
At 01 January 2024 5,858    2,781    61,159    69,798 
Charge for year 3,097    1,237    2,594    6,928 
On disposals -    -    -    - 
At 31 December 2024 8,955    4,018    63,753    76,726 
Net book values
Closing balance as at 31 December 2024 5,546    927    5,254    11,727 
Opening balance as at 01 January 2024 2,453    2,164    7,848    12,465 


5.

Debtors: amounts falling due within one year

2024
£		   2023
£
Trade Debtors 461    - 
Prepayments & Accrued Income 2,221    31,570 
Corporation Tax 77,865    166,955 
PAYE & Social Security 1,034    - 
VAT 2,760    18,060 
84,341    216,585 

6.

Creditors: amount falling due within one year

2024
£		   2023
£
Trade Creditors 8,091    76,017 
PAYE & Social Security -    21,080 
Accrued Expenses 3,000    12,738 
Other Creditors -    1,187 
11,091    111,022 

7.

Creditors: amount falling due after more than one year

2024
£		   2023
£
Debenture Loans 21,000    - 
21,000    - 

8.

Provisions for liabilities

2024
£		   2023
£
Pension Provisions 3,240    3,715 
3,240    3,715 

9.

Share Capital

Allotted, called up and fully paid
2024
£		   2023
£
20,130 Ordinary shares of £0.01 each 201    201 
9,250 Seed preferred shares of £0.01 each 93    93 
294    294 

10.

Share premium account

2024
£		   2023
£
Equity Share Premium b/fwd 4,154,571    4,154,571 
4,154,571    4,154,571 

4