REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Hazy Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Hazy Limited |
Hazy Limited (Registered number: 10804708) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Hazy Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1st Floor |
One Suffolk Way |
Sevenoaks |
Kent |
TN13 1YL |
Hazy Limited (Registered number: 10804708) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Other reserves | 8 |
Share based payments | 8 |
Convertible loan note equity | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
( |
) |
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. |
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 and authorised for issue on |
Hazy Limited (Registered number: 10804708) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Hazy Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures, fittings and bikes | - |
Computer equipment | - |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Tax credits shown are in relation to R&D claims. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Hazy Limited (Registered number: 10804708) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Computer |
and bikes | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
8. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves |
£ | £ | £ |
At 1 April 2022 | ( |
) |
Deficit for the year | ( |
) |
Cash share issue | 39,790 | 7,756,455 | (532,786 | ) |
At 31 March 2023 | ( |
) |
Hazy Limited (Registered number: 10804708) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | RESERVES - continued |
Share | Convertible |
based | loan note |
payments | equity | Totals |
£ | £ | £ |
At 1 April 2022 | (602,084 | ) |
Deficit for the year | ( |
) |
Cash share issue | - | (39,790 | ) | 7,223,669 |
Share based payment | (60,966 | ) | - | (60,966 | ) |
At 31 March 2023 | 2,344,725 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
9. | SHARE-BASED PAYMENT TRANSACTIONS |
The company has an equity settled option scheme. |
The company has 658,621 options outstanding at the end of the period. These were granted over 4 years at an exercise price of £0.001. |
The company had 273,869 (2022: 268,059) options at the start of the year. |
During the period 427,634 (2022: 122,911) options were granted. |
During the period 7,147 (2022:80,509) options were forfeited. |
During the period 35,735 (2022: 36,592) options were exercised. |
The company has 237,101 (2022: 130,459) exercisable options at the end of the period. |
The fair value of the share options has been valued at £5.09 and £9.59, per share, dependent on date of grant. |
The total carrying amount is £2,715,975 (2022: £1,331,800). |