Sense Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08196617 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2017 TO 31 DECEMBER 2018

FOR

SENSE PRODUCTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J R Ebsworth

P G Crossley

C D Kingsman

SECRETARY:

P G Crossley

REGISTERED OFFICE:

87-91 Newman Street

London

W1T 3EY

REGISTERED NUMBER:

08196617 (England and Wales)

ACCOUNTANTS:

Scodie Deyong LLP

Chartered Accountants

4 Prince Albert Road

London

NW1 7SN

FIXED ASSETS

Intangible assets

4

10,873

4,787

Tangible assets

5

2,322

-

13,195

4,787

CURRENT ASSETS

Stocks

23,064

8,330

Debtors

6

39,057

9,227

Cash at bank

403,640

75,508

465,761

93,065

CREDITORS

Amounts falling due within one year

7

112,550

24,874

NET CURRENT ASSETS

353,211

68,191

TOTAL ASSETS LESS CURRENT LIABILITIES

366,406

72,978

CREDITORS

Amounts falling due after more than one year

8

105,538

118,330

NET ASSETS/(LIABILITIES)

260,868

(45,352

)

CAPITAL AND RESERVES

Called up share capital

9

184

105

Share premium

1,073,165

268,973

Retained earnings

(812,481

)

(314,430

)

SHAREHOLDERS' FUNDS

260,868

(45,352

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors on 4 September 2019 and were signed on its behalf by:

J R Ebsworth - Director

1.	STATUTORY INFORMATION

Sense Products Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's financial statements have been prepared on a going concern basis. The Company will shortly

commence the process of raising additional funding.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Patents and licences

Patents and licences are being held at cost.

Website development

Website development is being amortised at 20% on cost.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Website

licences

development

Totals

£

£

£

COST

At 1 September 2017

1,010

5,395

6,405

Additions

-

8,600

8,600

At 31 December 2018

1,010

13,995

15,005

AMORTISATION

At 1 September 2017

-

1,618

1,618

Amortisation for period

-

2,514

2,514

At 31 December 2018

-

4,132

4,132

NET BOOK VALUE

At 31 December 2018

1,010

9,863

10,873

At 31 August 2017

1,010

3,777

4,787

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

1,846

775

2,621

At 31 December 2018

1,846

775

2,621

DEPRECIATION

Charge for period

92

207

299

At 31 December 2018

92

207

299

NET BOOK VALUE

At 31 December 2018

1,754

568

2,322

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,382

1,288

Other debtors

36,675

7,939

39,057

9,227

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

351

-

Trade creditors

67,515

18,359

Taxation and social security

1,428

-

Other creditors

43,256

6,515

112,550

24,874

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

105,538

118,330

The unsecured 15% Fixed Rate Convertible PIK Loan Note issued to Jonathan Ebsworth in the amount of

£141,240 was converted during the period into Ordinary C shares. PIK interest accrued in full in the amount of

£14,903 was waived in the period.

In addition Narbeth Developments Limited, a company owned by the family of Jonathan Ebsworth, have

provided an unsecured revolving overdraft loan facility repayable on demand. Interest is charged at 4% per

annum, unpaid and fully accrued from the date of the loan. The amount outstanding with Narbeth Developments

Limited increased during the period to £105,538 as at 31 December 2018.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

820

A Ordinary

£0.10

82

82

32

B Ordinary

£0.10

3

3

985

C Ordinary

£0.10

99

20

184

105

The Company has 1,837 issued ordinary shares consisting of the following:

- A Ordinary - 820

- B Ordinary - 32

- C Ordinary - 985

All classes of shares as above rank pari passu in all respects save that in the event of a Liquidity Event being a

£1m fundraising or more or an Exit (share sale, asset sale or listing) at a valuation of £5m or more, the voting,

capital and income rights of the B Shareholders shall reduce by 50% and the voting, capital and income rights of

the A Shareholders shall increase by the same amount, pro rata to their respective holdings.

10.	RELATED PARTY DISCLOSURES

J R Ebsworth

Director

Included within amounts falling due within one year is a current account due of £9,833 to J R Ebsworth.

2018

2017

£

£

Amount due to related party at the balance sheet date

9,833

83,741

Narbeth Developments Limited

A company which owns 200 Ordinary A shares in Sense Products Limited

Details of the loan facility provided by Narbeth Developments Limited are included in note 10.

2018

2017

£

£

Amount due to related party at the balance sheet date

105,538

36,950

Haldime Ltd

A company in which director P G Crossley is a shareholder

During the period Haldime Ltd provided consultancy services to the Company totalling £19,284. There were no

invoices outstanding as at the year-end.