IRIS Accounts Production v24.1.4.33 11666126 Board of Directors 1.12.22 30.11.23 30.11.23 16.5.2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh116661262022-11-30116661262023-11-30116661262022-12-012023-11-30116661262021-11-30116661262021-12-012022-11-30116661262022-11-3011666126ns15:EnglandWales2022-12-012023-11-3011666126ns14:PoundSterling2022-12-012023-11-3011666126ns10:Director12022-12-012023-11-3011666126ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3011666126ns10:SmallEntities2022-12-012023-11-3011666126ns10:Audited2022-12-012023-11-3011666126ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3011666126ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3011666126ns10:FullAccounts2022-12-012023-11-3011666126ns10:Director22022-12-012023-11-3011666126ns10:Director32022-12-012023-11-3011666126ns10:Director42022-12-012023-11-3011666126ns10:Director52022-12-012023-11-3011666126ns10:RegisteredOffice2022-12-012023-11-3011666126ns5:CurrentFinancialInstruments2023-11-3011666126ns5:CurrentFinancialInstruments2022-11-3011666126ns5:Non-currentFinancialInstruments2023-11-3011666126ns5:Non-currentFinancialInstruments2022-11-3011666126ns5:ShareCapital2023-11-3011666126ns5:ShareCapital2022-11-3011666126ns5:SharePremiumOrdinaryShares2023-11-3011666126ns5:SharePremiumOrdinaryShares2022-11-3011666126ns5:LeaseholdImprovements2022-12-012023-11-3011666126ns5:FurnitureFittings2022-12-012023-11-3011666126ns5:MotorVehicles2022-12-012023-11-3011666126ns5:ComputerEquipment2022-12-012023-11-3011666126ns5:LeaseholdImprovements2022-11-3011666126ns5:FurnitureFittings2022-11-3011666126ns5:MotorVehicles2022-11-3011666126ns5:ComputerEquipment2022-11-3011666126ns5:LeaseholdImprovements2023-11-3011666126ns5:FurnitureFittings2023-11-3011666126ns5:MotorVehicles2023-11-3011666126ns5:ComputerEquipment2023-11-3011666126ns5:LeaseholdImprovements2022-11-3011666126ns5:FurnitureFittings2022-11-3011666126ns5:MotorVehicles2022-11-3011666126ns5:ComputerEquipment2022-11-3011666126ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-3011666126ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-012023-11-3011666126ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-3011666126ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-3011666126ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3011666126ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3011666126ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3011666126ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3011666126ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-11-3011666126ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-11-3011666126ns5:HirePurchaseContracts2023-11-3011666126ns5:HirePurchaseContracts2022-11-3011666126ns5:WithinOneYear2023-11-3011666126ns5:WithinOneYear2022-11-3011666126ns5:BetweenOneFiveYears2023-11-3011666126ns5:BetweenOneFiveYears2022-11-3011666126ns5:AllPeriods2023-11-3011666126ns5:AllPeriods2022-11-3011666126ns5:RetainedEarningsAccumulatedLosses2022-11-3011666126ns5:SharePremium2022-11-3011666126ns5:RetainedEarningsAccumulatedLosses2023-11-3011666126ns5:SharePremium2023-11-301166612612022-12-012023-11-30
REGISTERED NUMBER: 11666126 (England and Wales)


















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: G H M Chouette
J M Costa
M W R Dobson
B D G Moute
G Nani



REGISTERED OFFICE: 52a Cromwell Road
London
London
SW7 5BE



REGISTERED NUMBER: 11666126 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA



AUDITORS: THP Limited
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 5 407,185 329,358

CURRENT ASSETS
Debtors 6 691,877 518,774
Cash at bank 5,925,331 1,862,676
6,617,208 2,381,450
CREDITORS
Amounts falling due within one year 7 1,062,828 1,461,777
NET CURRENT ASSETS 5,554,380 919,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,961,565

1,249,031

CREDITORS
Amounts falling due after more than one
year

8

(58,542

)

(76,407

)

PROVISIONS FOR LIABILITIES (43,000 ) (40,000 )
NET ASSETS 5,860,023 1,132,624

CAPITAL AND RESERVES
Called up share capital 228 171
Share premium 11 15,242,583 5,591,518
Other reserves 11 - 500,000
Share option reserve 11 179,001 56,461
Retained earnings 11 (9,561,789 ) (5,015,526 )
SHAREHOLDERS' FUNDS 5,860,023 1,132,624

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 16 May 2024 and were signed on its behalf by:





B D G Moute - Director


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 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
The financial statements have been prepared under the historical cost convention.

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
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.
Improvements to property - Over the period of the lease
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 50% on cost

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 62 (2022 - 45 ) .

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 227,636 26,743 105,510 52,927 412,816
Additions 148,184 27,853 - 32,524 208,561
At 30 November 2023 375,820 54,596 105,510 85,451 621,377
DEPRECIATION
At 1 December 2022 2,719 23,312 24,292 33,135 83,458
Charge for year 73,070 7,347 26,376 23,941 130,734
At 30 November 2023 75,789 30,659 50,668 57,076 214,192
NET BOOK VALUE
At 30 November 2023 300,031 23,937 54,842 28,375 407,185
At 30 November 2022 224,917 3,431 81,218 19,792 329,358

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 105,510
DEPRECIATION
At 1 December 2022 24,292
Charge for year 26,376
At 30 November 2023 50,668
NET BOOK VALUE
At 30 November 2023 54,842
At 30 November 2022 81,218

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 328,703 122,615
Other debtors 7,707 6,245
VAT 1,949 41,297
Prepayments and accrued income 203,206 198,305
541,565 368,462

Amounts falling due after more than one year:
Lease deposit 150,312 150,312

Aggregate amounts 691,877 518,774

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) 16,402 12,846
Trade creditors 357,529 290,106
Social security and other taxes 180,240 122,841
Other creditors 14,526 781,626
Accrued expenses 494,131 254,358
1,062,828 1,461,777

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 58,542 76,407

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,402 12,846
Between one and five years 58,542 76,407
74,944 89,253

Non-cancellable operating leases
2023 2022
£    £   
Within one year 250,521 219,206
Between one and five years 198,329 448,850
448,850 668,056

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 (5,015,526 ) 5,591,518 500,000 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 (9,561,789 ) 15,242,583 - 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.

Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited

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 202350,0705.14

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).