Hadean Supercomputing Ltd - Accounts to registrar (filleted) - small 18.2
Hadean Supercomputing Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2021 |
| for |
| Hadean Supercomputing Ltd |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Hadean Supercomputing Ltd |
| Company Information |
| for the Year Ended 31 January 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 5 Technology Park |
| Colindeep Lane |
| Colindale |
| London |
| NW9 6BX |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Statement of Financial Position |
| 31 January 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Fair value reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Statement of Financial Position - continued |
| 31 January 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2021 |
| 1. | STATUTORY INFORMATION |
| Hadean Supercomputing Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts have been prepared on a going concern basis, since in the opinion of the directors, it is appropriate to assume that the company will receive the continued support of its existing shareholders for a period in excess of twelve months from the date of approval of these financial statements. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Hadean Supercomputing Ltd 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. |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. Depending on the type of revenue, income is recognised according to the stage of delivery of the service or evenly over the term of the contract. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Government grants |
| The company recognises government grants received relating to the Coronavirus Job Retention Scheme on an accruals basis. The grants are recognised in the Income Statement over the period in which the company recognises the related costs for which the grant is intended to compensate. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less impairment. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Debtors |
| Basic financial assets, including trade and other debtors, are measured at transaction price, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents represented by cash in hand are measured at amortised cost. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, are recognised at transaction price. |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred, until such point as when the project is able to clearly demonstrate with no uncertainty that is commercially viable, and will generate future economic benefits, at which point it is recognised as an intangible asset. |
| Foreign currencies |
| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 |
| 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. |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Share-based payments |
| Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 10. |
| 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 equity instruments that will eventually vest unless the exercise period commences immediately following the grant date, in which case the entire fair value of the equity-settled share-based payment is expensed to the income statement. At each balance sheet date, the Company revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. |
| Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. |
| In respect of equity settled share based payments entered into or granted prior to the start of the financial period where the accounting policies adopted did not require recognition of the fair value thereof annual charges in respect to earlier periods are recognised as prior year adjustments to the opening position and reflected in the comparative numbers where appropriate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2020 |
| Additions |
| At 31 January 2021 |
| DEPRECIATION |
| At 1 February 2020 |
| Charge for year |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Value added tax |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Hadean Supercomputing Ltd (Registered number: 09808169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2021 |
| 9. | SHARE-BASED PAYMENT TRANSACTIONS |
| The Company has a share option scheme for all employees of the Company. Options are exercisable at a price determined by the Board and at a minimum of the price agreed with HMRC prior to the date of grant. The options vest either on the date of grant or upon a schedule over up to four years. Options are forfeited if the employee leaves the Company's employment before the options have fully vested, although a period is provided in which they may be exercised following such end of employment to the extent that options have actually vested. The share option scheme also provides for the issue of non-EMI options to employees where they do not qualify for EMI option grant or to non-employees. For any non-EMI options granted under the share option scheme the exercise price is set at a price determined by the Board. In addition, certain advisers to the Company have been granted ad hoc options exercisable at a price determined by the Board at the time of grant. |
| Details of the share options and warrants outstanding during the year ended 31st January 2021 and the period ended 31st January 2020 are as follows: |
| 2021 | 2021 | 2020 | 2020 |
Number of ordinary shares under option | Weighted average exercise price | Number of ordinary shares under option | Weighted average exercise price |
| £ | £ |
| Outstanding at beginningof period | 375,726 | 1.3342 | 411,194 | 1.2706 |
| Issued in year | 315,212 | - | 23,441 | - |
| Exercised in year | (101,022 | ) | - | (31,823 | ) | - |
| Forfeited in year | (19,114 | ) | - | (27,086 | ) | - |
| Expired in year | - | - | - | - |
| Outstanding at end of the year | 570,802 | 2.1385 | 375,726 | 1.2706 |
| The option outstanding at 31st January 2021 had a weighted average exercise price of £2.1385 and a weighted average remaining contractual life of 9 years. In the period to 31st January 2021 rights to acquire equity shares were granted in October 2020. The aggregate of the estimated fair value of these options granted in the period to 31st January 2021 was £466,421. |
| The inputs to the Black-Scholes model are as follows: |
| 2021 | 2020 | 2019 |
| Value at grant | £6.00 | £6.00 | £5.29 |
| Expected volatility | 18.9% | 18.5% | 15.8% |
| Expected life | 10 years | 10 years | 10 years |
| Risk free interest rate | 0.25% | 0.69% | 1.28% |
| Expected dividend yield | 0% | 0% | 0% |
| Adjustment to reflect unquoted early stage | 50% | 0% | 50% |
| The Company recognised total expenses of £415,497 and £152,462 from equity share-based payment transactions in the financial year ended 31st January 2021 and the period ended 31st January 2020 respectively. |