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REGISTERED NUMBER: 10299571 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

HATCH DIGITAL GROUP LIMITED

HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

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 GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R Bhasin
P B Blackwell
G Ferro
J P Marmion
N E Spencer





REGISTERED OFFICE: 167-169 5th Floor
Great Portland Street
London
W1W 5PF





REGISTERED NUMBER: 10299571 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 2,003 2,003

CURRENT ASSETS
Cash at bank 39 60

CREDITORS
Amounts falling due within one year 5 453,001 1,908,978
NET CURRENT LIABILITIES (452,962 ) (1,908,918 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(450,959

)

(1,906,915

)

CREDITORS
Amounts falling due after more than one
year

6

(1,075,167

)

(6,429,647

)

PROVISIONS FOR LIABILITIES 7 (629,386 ) (629,386 )
NET LIABILITIES (2,155,512 ) (8,965,948 )

CAPITAL AND RESERVES
Called up share capital 8 5,238,746 4,949,823
Share premium 9 8,036,226 2,380,734
Capital redemption reserve 9 208 208
Retained earnings 9 (15,430,692 ) (16,296,713 )
SHAREHOLDERS' FUNDS (2,155,512 ) (8,965,948 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

BALANCE SHEET - continued
31 MAY 2024


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 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 27 November 2024 and were signed on its behalf by:





G Ferro - Director


HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Hatch Digital Group 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.

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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Hatch Digital Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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 GROUP LIMITED (REGISTERED NUMBER: 10299571)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 5,922,018
PROVISIONS
At 1 June 2023
and 31 May 2024 5,920,015
NET BOOK VALUE
At 31 May 2024 2,003
At 31 May 2023 2,003

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 2,003 2,003
Other creditors 450,998 1,906,975
453,001 1,908,978

HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors 1,075,167 6,429,647

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions 629,386 629,386

Other
provisions
£   
Balance at 1 June 2023 629,386
Balance at 31 May 2024 629,386

Various group members have given a guarantee to a funding provider in respect of loans to a subsidiary. The amount due on these loans by the subsidiary to the funding provider as at 31 May 2024 amounted to £629,386 (2023 - £629,386).

The subsidiary entered into administration on 17 November 2022 and it is probable that this guarantee will be called upon.

HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Nominal 2024 2023
Number: Class: value: £ £

58,646 A Ordinary £1 58,646 45,653
510,096 B Ordinary £1 510,096 234,166
3,885,000 Preferred £1 3,885,000 3,885,000
785,000 Convertible preference shares £1 785,000 785,000
3,830 C Ordinary 0.1p 4 4
5,238,746 4,949,823

In July 2023 the company issued the following shares:

617 A Ordinary £1 shares at a premium of £31.43 in a debt to equity conversion.
1833 A Ordinary £1 shares at a premium of £9.91 in a debt to equity conversion.
4686 A Ordinary £1 shares at a premium of £20.34 for cash.
121659 B Ordinary £1 shares at a premium of £31.43 in a debt to equity conversion.
146563 B Ordinary £1 shares at a premium of £9.91 in a debt to equity conversion.
468 A Ordinary £1 shares at a premium of £20.34 for cash.

In August 2023 the company issued the following shares:

2343 A Ordinary £1 shares at a premium of £20.34 for cash.
703 A Ordinary £1 shares at a premium of £20.34 in a debt to equity conversion.
1640 B Ordinary £1 shares at a premium of £20.34 in a debt to equity conversion.
2343 A Ordinary £1 shares at a premium of £20.34 for cash.

In March 2024 the company issued the following shares:

6068 B Ordinary £1 shares at a premium of £15.48 per share for cash.

9. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 June 2023 (16,296,713 ) 2,380,734 208 (13,915,771 )
Profit for the year 866,021 866,021
Shares issued in year - 5,655,492 - 5,655,492
At 31 May 2024 (15,430,692 ) 8,036,226 208 (7,394,258 )

HATCH DIGITAL GROUP LIMITED (REGISTERED NUMBER: 10299571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. RELATED PARTY DISCLOSURES

TRANSACTIONS WITH GROUP COMPANIES

Non interest bearing loans on which no terms of repayment have been agreed. The amount due to group companies at the balance sheet date amounted to £2,003 (2023 - £2,003).

Non interest bearing loans which are deemed irrecoverable from group companies have been fully written off. The amount deemed irrecoverable as at 31 May 2024 amounted to £2,810,430 (2023 - £2,086,193). The amount charged to the profit and loss account in the year amounted to £724,737 (2023 - £526,189).

11. SHARE-BASED PAYMENT TRANSACTIONS

On 1 June 2021 the 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 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.