REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
HATCH DIGITAL SKILLS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
HATCH DIGITAL SKILLS LTD |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HATCH DIGITAL SKILLS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
BALANCE SHEET - continued |
31 MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Hatch Digital Skills Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis as the directors and investors have indicated that they will continue to support the business with sufficient funds to cover the ongoing cashflow needs for a period of at least 12 months from the date of approving these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less and accumulated amortisation and any accumulated impairment losses. |
Branding is being amortised over its estimated useful life of three years. |
Software development is being amortised over its estimated useful life of three years. |
Tangible fixed assets |
Fixtures and fittings | - |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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 |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
4. | INTANGIBLE FIXED ASSETS |
Software |
Branding | development | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
and 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
Amortisation for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 11,433 | 9,201 |
Pension payable | 2,015 | 1,959 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed and floating charge over the assets of the company. |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Other provisions | 629,386 | - |
The company has given a guarantee to a funding provider in respect of loans to a fellow subsidiary. The amount due on these loans by the fellow subsidiary to the funding provider as at 31 May 2023 amounted to £629,386. |
The fellow subsidiary entered into administration on 17 November 2022 and it is probable that this guarantee will be called upon. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE PARENT COMPANY |
The company's ultimate parent company is Route2Work Limited, incorporated in England & Wales with company number 10299571. |
13. | SHARE-BASED PAYMENT TRANSACTIONS |
On 1 June 2021 the company's parent company granted 70,500 share options under an Enterprise Management Incentive scheme at a weighted average exercise price of 0.01p per share. |
During the current year, 14,604 options were forfeited (2022 - Nil). At 31 May 2023, none of the options had been exercised, with 55,896 options remaining outstanding. No amounts have been reflected in the accounts on the basis that any adjustment would not be material. |
On 1 June 2021 the company's parent company granted 25,641 share options under an Unapproved scheme at a weighted average exercise price of 0.01p per share. |
During the current year, 7,711 options were forfeited (2022 - Nil). At 31 May 2023, 3,830 of the options had been exercised, with 14,100 options remaining outstanding. No amounts have been reflected in the financial statements on the basis that any adjustment would not be material. |