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REGISTERED NUMBER: 10073658 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

HURRICANE MODULAR COMMERCE LIMITED

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HURRICANE MODULAR COMMERCE LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2023







DIRECTORS: Mr A P Dexter
Mr M F Noble
Mr M J Palmer
Mr I N Venner
Mr H N Reilly
Deepbridge NED Limited





REGISTERED OFFICE: 6B Parkway
Porters Wood
St. Albans
Hertfordshire
AL3 6PA





REGISTERED NUMBER: 10073658 (England and Wales)





AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

BALANCE SHEET
30 April 2023

30.4.23 30.4.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,983,075 3,138,538
Tangible assets 5 13,695 17,353
3,996,770 3,155,891

CURRENT ASSETS
Debtors 6 2,351,781 2,462,046
Cash at bank and in hand 559,997 117,756
2,911,778 2,579,802
CREDITORS
Amounts falling due within one year
(including convertible debt)

7

854,469

1,036,382
NET CURRENT ASSETS 2,057,309 1,543,420
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,054,079

4,699,311

CREDITORS
Amounts falling due after more than one
year

8

(24,725

)

(33,434

)

PROVISIONS FOR LIABILITIES 11 (842,255 ) (766,510 )
NET ASSETS 5,187,099 3,899,367

CAPITAL AND RESERVES
Called up share capital 12 15 14
Share premium 13 12,701,054 10,444,035
Other reserves 13 (9,905 ) -
Retained earnings 13 (7,504,065 ) (6,544,682 )
SHAREHOLDERS' FUNDS 5,187,099 3,899,367

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

BALANCE SHEET - continued
30 April 2023


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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by:




Mr A P Dexter - Director



Mr M F Noble - Director


HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Hurricane Modular Commerce 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on sufficient and continuing financial support being made available by the company's directors, the shareholders, and the creditors. The directors consider this achievable by continued investment into their core products, development of new products enhancing organic growth and maintaining the highest customer experience for partners.

Post year end further equity finance has been generated demonstrating the investment in the brand and confidence in the growth of the company.

If the company were unable to continue to trade adjustments would have to be made to reduce the value of assets to their realisable amount, to reclassify fixed assets as current assets, long-term liabilities as current liabilities, and to provide for any further liabilities that may arise.

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 acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets comprise primarily of development expenditure incurred internally and externally for the and innovation and advancement of the core products of the business. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 20 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on reducing balance
Computer equipment - Straight line over 3 years

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is no possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset, or cash generating unit, is estimated to be less than its carrying amount, the carrying amount of the asset, or cash generating unit, is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed, if and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset, or cash generating unit, is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset, or cash generating unit, in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 34 ) .

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

4. INTANGIBLE FIXED ASSETS
Software
costs
£   
COST
At 1 May 2022 3,480,028
Additions 1,072,162
At 30 April 2023 4,552,190
AMORTISATION
At 1 May 2022 341,490
Amortisation for year 227,625
At 30 April 2023 569,115
NET BOOK VALUE
At 30 April 2023 3,983,075
At 30 April 2022 3,138,538

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2022 3,467 40,920 44,387
Additions - 5,504 5,504
Disposals - (7,350 ) (7,350 )
At 30 April 2023 3,467 39,074 42,541
DEPRECIATION
At 1 May 2022 2,019 25,015 27,034
Charge for year 362 8,418 8,780
Eliminated on disposal - (6,968 ) (6,968 )
At 30 April 2023 2,381 26,465 28,846
NET BOOK VALUE
At 30 April 2023 1,086 12,609 13,695
At 30 April 2022 1,448 15,905 17,353

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Computer
equipment
£   
COST
At 1 May 2022 8,403
Additions 4,900
At 30 April 2023 13,303
DEPRECIATION
At 1 May 2022 3,501
Charge for year 2,937
At 30 April 2023 6,438
NET BOOK VALUE
At 30 April 2023 6,865
At 30 April 2022 4,902

6. DEBTORS
30.4.23 30.4.22
as restated
£    £   
Amounts falling due within one year:
Trade debtors 274,276 375,380
Other debtors 1,220 -
Tax 35,673 95,968
Value added tax 75,587 64,620
Deferred tax asset - 3
Accrued income 39,975 64,404
Prepayments 230,713 260,817
657,444 861,192

Amounts falling due after more than one year:
Deferred tax asset 1,685,324 1,591,841
Prepayments 9,013 9,013
1,694,337 1,600,854

Aggregate amounts 2,351,781 2,462,046

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

6. DEBTORS - continued

Deferred tax asset
30.4.23 30.4.22
as restated
£    £   
Accelerated capital allowances (2,602 ) (3,297 )
Tax losses carried forward 1,687,926 1,595,141
1,685,324 1,591,844

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
as restated
£    £   
Bank loans and overdrafts (see note 9) 9,973 9,727
Other loans (see note 9) 152,210 -
Hire purchase contracts (see note 10) 3,500 2,801
Trade creditors 295,725 294,176
Amounts owed to participating interests 104,324 285,760
Social security and other taxes 37,480 42,257
Other creditors 28,879 31,478
Deferred income 110,855 121,909
Accruals 111,523 248,274
854,469 1,036,382

The company issued 832 convertible loan notes at a discounted value of £176.19 per share during the year. The applicable conversion price is £176.19 on ordinary shares at the date the convertible loan notes were issued.

The convertible loan notes attract an interest rate of 10%. Interest on the loan notes is expensed in the year and calculated by applying an effective interest rate of 3% to the liability component of the loan notes. The liability component is measured at amortised cost. The difference between the carrying amount of the liability component at the date of issue and the amount reported in the balance sheet represents the effective interest rate less interest paid or accrued to that date.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
as restated
£    £   
Bank loans (see note 9) 21,594 31,567
Hire purchase contracts (see note 10) 3,131 1,867
24,725 33,434

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

9. LOANS

An analysis of the maturity of loans is given below:

30.4.23 30.4.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,973 9,727
Other loans 152,210 -
162,183 9,727

Amounts falling due between two and five years:
Bank loans - 2-5 years 21,594 31,567

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.23 30.4.22
as restated
£    £   
Net obligations repayable:
Within one year 3,500 2,801
Between one and five years 3,131 1,867
6,631 4,668

Non-cancellable operating leases
30.4.23 30.4.22
as restated
£    £   
Within one year - 9,500

11. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
as restated
£    £   
Other provisions 842,255 766,510

Deferred Other
tax provisions
£    £   
Balance at 1 May 2022 (1,591,844 ) 766,510
Provided during year - 75,745
Credit to Profit and Loss account during year (93,480 ) -
Balance at 30 April 2023 (1,685,324 ) 842,255

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

11. PROVISIONS FOR LIABILITIES - continued

Other provisions represent amounts undercharged by related parties in relation to services provided to support and aid the cashflow of the company in its infancy. Although the amount can be reliably measured, all amounts are subject to an informal agreement that they will be repaid once the company achieves sustainable profitability and positive cashflow. Accordingly, at present, the timing of the outflows are uncertain.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: as restated
£    £   
146,854 Ordinary Shares £0.0001 15 14
2,300 Redeemable preference shares £0.0001 - -
15 14

The following fully paid shares were allotted during the period shown below:

10,248 Ordinary shares of £0.0001 each at £220.24 per share.
906 Ordinary shares issued at par of £0.0001 each.

13. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 May 2022 (8,789,831 ) 10,444,035 - 1,654,204
Prior year adjustment 2,245,149 2,245,149
(6,544,682 ) 3,899,353
Deficit for the year (959,383 ) (959,383 )
Share issue - 2,257,019 - 2,257,019
Issue of Convertible Loan - - (9,905 ) (9,905 )
At 30 April 2023 (7,504,065 ) 12,701,054 (9,905 ) 5,187,084

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

15. RELATED PARTY DISCLOSURES

During the year the company traded with Ascensa Consultants Ltd, a company who shares a common director.
The net value of expenses incurred from Ascensa Consultants Ltd amounted to £225,665 (2022: £215,675). The
net amount owed by Hurricane Modular Commerce Limited as at 30 April 2023 amounted to £32,424 (2022:
£22,424).

During the year the company traded with SKS & Partners Ltd, a company who shares a common director. The
net amount owed by Hurricane Modular Commerce Limited as at 30 April 2023 amounted to £15,900 (2022:
£15,900).

During the year the company traded with DJY International Ltd, a company who shares a common director. No expenses were incurred during the year (2022: £32,715). The net amount owed by Hurricane Modular Commerce Limited as at 30 April 2023 amounted to £Nil (2022: £200).

During the year the company traded with Supply Chain Compliance Ltd, a company who shares a common director . No expenses were incurred during the year (2022: £50,600). The net amount owed by Hurricane
Modular Commerce Limited as at 30 April 2023 amounted to £56,000 (2022: £56,000).

Additionally during the year, the company received consultancy services from the directors of the company, and reimbursed expenses, totalling £136,329 (2022: £132,151).

16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

HURRICANE MODULAR COMMERCE LIMITED (REGISTERED NUMBER: 10073658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2023

17. SHARE-BASED PAYMENT TRANSACTIONS

Hurricane Modular Commerce Limited has a share option scheme for key personnel employed or associated with the successful performance of the Company. These key personnel of the Company were granted options during 2017, 2018, 2019, 2020, 2021, 2022 and 2023. All options lapse on resignation unless the holder is deemed to be a Good Leaver in which case, they need to be exercised with the HMRC's time limit. Furthermore, management has made the decision to restructure the option scheme to the following:

Expiry date Exercise price 2023 2022
31 January 2022 £0.08 250
31 March 2021 £0.03 258
30 April 2021 £0.03 257
30 June 2021 £0.03 257
31 July 2021 £0.03 257
31 July 2021 £0.03 250
30 September 2021 £0.03 257
30 November 2021 £0.03 258
31 December 2021 £0.01 90

Options not yet vested:
31st December 2018 £0.05 500 500
31st March 2019 £0.03 325 325
31st March 2020 £0.12 1,175 1,175
30th June 2020 £0.08 840 840
31st December 2020 £0.12 1,187
31 January 2022 £0.08 500
30 April 2022 £0.0001 128
31 May 2022 £0.0001 129
30 June 2022 £0.0001 257
30 September 2022 £0.0001 258
30 April 2022 £0.0001 128
31 May 2022 £0.0001 129
30 June 2022 £0.0001 257
30 September 2022 £0.0001 258
30 April 2022 £0.0001 63
30 June 2022 £0.0001 125
30 September 2022 £0.0001 62
30 September 2022 £0.0001 171
31 December 2022 £0.0001 257

Additionally, there were 3,309 options granted within nominal prices to be exercised at an undefined future date.