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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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Hazy Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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Hazy Limited |
Hazy Limited (Registered number: 10804708) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Hazy Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1st Floor, Buckhurst House |
42/44 Buckhurst Avenue |
Sevenoaks |
Kent |
TN13 1LZ |
Hazy Limited (Registered number: 10804708) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 7 |
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Share based payments | 7 |
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Retained earnings | 7 | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Hazy Limited (Registered number: 10804708) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Hazy Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Tax credits shown are in relation to R&D claims. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Hazy Limited (Registered number: 10804708) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | RESERVES |
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The company has an equity settled option scheme. |
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273,206 of the options are granted over 4 years with an exercise price of £0.001. |
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The company had 148,675 options at the start of the year. |
The company granted 277,085 (2019: 148,675) in the year. |
No options where forfeited and 1,472 were exercised in the year. |
151,082 options expired during the year. (2019: NIL) |
The company has 273,206 options outstanding at the end of the period. |
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The fair value of the share options has been valued at £5.09 based on the share price with minor adjustments for forward value. |
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The value of the options vested in the period was £612,145 (2018: £52,597), this was charged to the profit and loss, the total carrying amount is £664,742. (2018: £52,597) |
Hazy Limited (Registered number: 10804708) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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9. | POST BALANCE SHEET EVENTS |
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The company's year end is 31 March 2020 which was during the COVID crisis. At the date of approval of the accounts it has not been possible to quantify with any certainty the financial impact of COVID-19. No adjustments have been made to any figures in the accounts as a result of the pandemic. Subsequent to the year end the Company made a number of commercial, financial and operational adjustments in order to lower its operating costs, extend its cash runway and respond to changing customer requirements. These actions included ending its office space leases and moving to an all remote configuration, reducing headcount and salaries. The potential impacts of COVID-19 on the company are not fully known yet and due to this is not currently materially effecting the figures. |