REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
LANDY TECH LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
LANDY TECH LIMITED |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LANDY TECH LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
BALANCE SHEET |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 11 |
Other reserves | 11 | - | 500,000 |
Share option reserve | 11 | 179,001 | 56,461 |
Retained earnings | 11 | (9,561,789 | ) | (5,015,526 | ) |
SHAREHOLDERS' FUNDS |
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 |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Landy Tech Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements and going concern |
Due to the significant investment in research and development costs in the past 3 years the Company has incurred losses and has a deficit in retained earnings of £9,561,789 (2022: £5,015,526). However, due to funds introduced by investors the Company has cash at bank of £5,925,331 and a surplus of shareholders funds of £5,860,023 at 30 November 2023. |
The Directors have produced cash flow forecasts that show that the Company will have sufficient funds for at least the next 24 months from the year end. |
On this basis the accounts have been prepared on a going concern basis. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The Company derives revenue from Core platform subscriptions. Revenues from subscriptions are recognised when control of the promised services are transferred to a customer in an amount that reflects the consideration that the Company expects to receive in exchange for those services. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Research and development tax credits are recognised on a receipts basis, as this is the point that HMRC recognises the validity of the claim. |
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. |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Share-based payments |
The Company issues equity-settled share options to certain employees. Equity-settled share-based payment transactions are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. |
Fair value is measured by use of the Black Scholes pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. |
The fair value of options offered under equity settled share based payment schemes is determined at grant date and expensed in the profit and loss account over the vesting period with a corresponding credit to retained earnings. |
Where vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. |
Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to cumulative share-based compensation resulting from a revision is recognised in the current period. |
The number of vested options ultimately exercised by holders does not impact the expense recorded in any period. |
Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, are allocated to share capital up to the nominal value of the shares issued with any difference allocated to the share premium account. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Lease deposit |
Aggregate amounts |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 74,944 | 89,253 |
11. | RESERVES |
Share |
Retained | Share | Other | option |
earnings | premium | reserves | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 December 2022 | ( |
) | 500,000 | 56,461 | 1,132,453 |
Deficit for the year | (4,546,263 | ) | (4,546,263 | ) |
Credit to equity for equity settled share-based payment |
- |
- |
- |
122,540 |
122,540 |
Premium on issue of shares | - | 9,651,065 | - | - | 9,651,065 |
Release of other reserve | - | - | (500,000 | ) | - | (500,000 | ) |
At 30 November 2023 | ( |
) | - | 179,001 | 5,859,795 |
Other Reserves in the previous year of £500,000 related to funds received in advance of the issue of shares by the Company. The shares were issued in January 2023 and the other reserve was therefore released. |
LANDY TECH LIMITED (REGISTERED NUMBER: 11666126) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | POST BALANCE SHEET EVENTS |
Subsequent to the year end, the company received £2,000,000 as part of a debt funding agreement that carries a total commitment of £5,000,000. The remaining £3,000,000 will be made available should the company achieve certain revenue targets by 31/12/24. |
14. | SHARE-BASED PAYMENT TRANSACTIONS |
The Company has a share option scheme for certain employees. The total number of employees of the Company that share options have been granted to is 36 (2022: 24). |
In certain circumstances the options may lapse if the relevant individual ceases to be a employee of the Company. |
Details of the share options outstanding during the year are as follows: |
Number of share options | Weighted average exercise price (£) |
Outstanding at 30 November 2023 | 50,070 | 5.14 |
During the year, the company issued 15,512 (2022: 14,837) options and 4,381 (2022: 926) options lapsed in the year. None of the options above were fully vested at the year end. |
Options are generally exercisable at a price equal to the estimated fair value of the Company's shares on the date of grant. The vesting period is four years. If the options remain unexercised after a period of ten years from the date of grant, the options expire. |
The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value. |
The Company recognised total expenses of £122,540 related to equity-settled share-based payment transactions in 2023 (2022: £37,973). |