REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
HATCH DIGITAL SKILLS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
HATCH DIGITAL SKILLS LTD |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
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 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
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 | ( |
) | ( |
) |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
BALANCE SHEET - continued |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 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 2024 |
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. |
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 | - |
Fixed assets are initially recognised at cost. |
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. |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 |
4. | INTANGIBLE FIXED ASSETS |
Software |
Branding | development | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | - | 11,433 |
Wages control | 12,671 | - |
Pension payable | 1,499 | 2,015 |
Accruals and deferred income |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is secured by a fixed and floating charge over the assets of the company. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions | 629,386 | 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 2024 amounted to £629,386 (2023 - £629,386). |
The fellow subsidiary entered into administration on 17 November 2022 and it is probable that this guarantee will be called upon. |
11. | RELATED PARTY DISCLOSURES |
TRANSACTIONS WITH GROUP COMPANIES |
Non interest bearing loan on which no terms of repayment have been agreed. The amount due to group companies at the balance sheet date amounted to £2,810,430 (2023 - £2,086,193). |
12. | ULTIMATE PARENT COMPANY |
The company's ultimate parent company is Hatch Digital Group Limited (formerly Route2Work Limited), incorporated in England & Wales with company number 10299571. |
HATCH DIGITAL SKILLS LTD (REGISTERED NUMBER: 11973450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
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. On 23 January 2024 a further 29,639 options were granted at a weighted average exercise price of 0.01p per share. |
During the current year, 37,264 options were forfeited (2023 - 14,604). At 31 May 2024 and 31 May 2023 no options had been exercised. As at 31 May 2024, 48,271 (2023 - 55,896) options were 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, no options were forfeited (2023 - 7,711). At 31 May 2024 3,830 (31 May 2023, 3,830) of the options had been exercised, with 14,100 (2023 14,100) options remaining outstanding. No amounts have been reflected in the financial statements on the basis that any adjustment would not be material. |