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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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Hazy Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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2021 | 2020 |
as restated |
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 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 8 |
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Share based payments | 8 |
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Fair value reserve | 8 |
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Retained earnings | 8 | ( |
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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 2021 |
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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 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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Disposals |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Other creditors |
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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 2021 |
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8. | RESERVES |
Share | Fair |
Retained | Share | based | value |
earnings | premium | payments | reserve | Totals |
£ | £ | £ | £ | £ |
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At 1 April 2020 | ( |
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1,934,543 |
Prior year adjustment | ( |
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Deficit for the year | ( |
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Convertible Loan Note Equity | - | - | - | 39,790 | 39,790 |
Share Based Payment | - | - | 564,726 | - | 564,726 |
At 31 March 2021 | ( |
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415,058 |
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The company issued convertible equity loans during the year totalling £800,000. The proceeds of the loans have been allocated between equity and other creditors due in more than 1 year. |
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During the year 122,500 ordinary shares of £0.001 were re-designated as Deferred Shares. |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020: |
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2021 | 2020 |
as restated |
£ | £ |
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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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( |
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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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10. | POST BALANCE SHEET EVENTS |
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The company's year end is 31 March 2021 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. |
Hazy Limited (Registered number: 10804708) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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11. | SHARE-BASED PAYMENT TRANSACTIONS |
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Number of options: | 2021 | 2020 (restated | ) |
Outstanding at the beginning of the period | 274,678 | 148,675 |
Granted during the year | - | 277,085 |
Forfeited during the year | (6,619 | ) | (151,082 | ) |
Exercised during the year | - | - |
Outstanding at the end of the period | 268,059 | 274,678 |
Exercisable at the end of the period | 206,425 | 138,307 |
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The company has an equity settled option scheme. Options are granted over a period fo 4 years with an exercise price of £0.001. Options expire after a period of 10 years. |
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Vested options can be exercised when an employment ceases, in the event of a sale, takeover or admission and at the discretion of the Directors in whole or in part on such terms as they may determine any time before the tenth anniversary of the date of the grant. |
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The value of options vested during the period was £557,982 (2020: £574,245), this was charged to the profit and loss, the total carrying amount is £1,191,568. (2020 restated: £633,586). |