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REGISTERED NUMBER: 10804708 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2020

for

Hazy Limited

Hazy Limited (Registered number: 10804708)

Contents of the Financial Statements
for the Year Ended 31 March 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Hazy Limited

Company Information
for the Year Ended 31 March 2020







DIRECTORS: Mr H R Keen
Mr J R D Arthur
Dr L A W Robinson





SECRETARY: CC Secretaries Limited





REGISTERED OFFICE: 1st Floor, Buckhurst House
42/44 Buckhurst Avenue
Sevenoaks
Kent
TN13 1LZ





REGISTERED NUMBER: 10804708 (England and Wales)





ACCOUNTANTS: Cameron Cunningham Limited
1st Floor, Buckhurst House
42/44 Buckhurst Avenue
Sevenoaks
Kent
TN13 1LZ

Hazy Limited (Registered number: 10804708)

Balance Sheet
31 March 2020

2020 2019
Notes £    £   
FIXED ASSETS
Tangible assets 4 15,383 13,665

CURRENT ASSETS
Debtors 5 147,310 39,000
Cash at bank 1,966,110 989,930
2,113,420 1,028,930
CREDITORS
Amounts falling due within one year 6 (240,679 ) (2,199,427 )
NET CURRENT ASSETS/(LIABILITIES) 1,872,741 (1,170,497 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,888,124

(1,156,832

)

CAPITAL AND RESERVES
Called up share capital 2,256 1,430
Share premium 7 5,259,660 364,198
Share based payments 7 626,842 52,597
Retained earnings 7 (4,000,634 ) (1,575,057 )
1,888,124 (1,156,832 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 10 December 2020 and were signed on its behalf by:





Mr H R Keen - Director


Hazy Limited (Registered number: 10804708)

Notes to the Financial Statements
for the Year Ended 31 March 2020


1. STATUTORY INFORMATION

Hazy 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.

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

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 12 (2019 - 9 ) .

Hazy Limited (Registered number: 10804708)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2020


4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2019 18,303
Additions 8,800
At 31 March 2020 27,103
DEPRECIATION
At 1 April 2019 4,638
Charge for year 7,082
At 31 March 2020 11,720
NET BOOK VALUE
At 31 March 2020 15,383
At 31 March 2019 13,665

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 49,998 5,760
Other debtors 97,312 33,240
147,310 39,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 64,035 14,464
Taxation and social security 118,041 25,379
Other creditors 58,603 2,159,584
240,679 2,199,427

7. RESERVES

The company has an equity settled option scheme.

273,206 of the options are granted over 4 years with an exercise price of £0.001.

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.

The fair value of the share options has been valued at £5.09 based on the share price with minor adjustments for forward value.

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)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2020


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020 2019
£    £   
Mr H R Keen
Balance outstanding at start of year 207 207
Amounts repaid (207 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 207

Mr J R D Arthur
Balance outstanding at start of year 139 139
Amounts repaid (139 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 139

Dr L A W Robinson
Balance outstanding at start of year 92 92
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 92 92

9. POST BALANCE SHEET EVENTS

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.