Harbr Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10671007 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2022

for

Harbr Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

G Butler

M H Chalfen

A J Cosgrove

L Spiegel

E G Sim

E Plotnikova

Secretary:

B Johnson

Registered office:

41 Luke Street

London

EC2A 4DP

Registered number:

10671007 (England and Wales)

Accountants:

Crowthers Chartered Accountants

15 St Georges Road

Cheltenham

Gloucestershire

GL50 3DT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

82,924

35,042

Investments

6

8

8

82,932

35,050

CURRENT ASSETS

Debtors

7

5,941,108

1,839,677

Cash at bank

20,681,256

29,092,460

26,622,364

30,932,137

CREDITORS

Amounts falling due within one year

8

1,605,488

1,644,754

NET CURRENT ASSETS

25,016,876

29,287,383

TOTAL ASSETS LESS CURRENT LIABILITIES

25,099,808

29,322,433

CAPITAL AND RESERVES

Called up share capital

9

341

333

Share premium

10

37,084,038

37,078,639

Share option reserve

10

332,367

247,123

Retained earnings

10

(12,316,938

)

(8,003,662

)

25,099,808

29,322,433

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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.

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 9 September 2022 and were signed on its behalf by:

G Butler - Director

1.	STATUTORY INFORMATION

Harbr 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured on a straight-line basis over the period of time services are provided.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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.

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.

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.

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 payment

The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2021 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

Cost

At 1 February 2021

and 31 January 2022

1,518,799

Amortisation

At 1 February 2021

and 31 January 2022

1,518,799

Net book value

At 31 January 2022

-

At 31 January 2021

-

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

Cost

At 1 February 2021

45,470

Additions

70,476

Disposals

(1,018

)

At 31 January 2022

114,928

Depreciation

At 1 February 2021

10,428

Charge for year

21,894

Eliminated on disposal

(318

)

At 31 January 2022

32,004

Net book value

At 31 January 2022

82,924

At 31 January 2021

35,042

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 February 2021

and 31 January 2022

8

Net book value

At 31 January 2022

8

At 31 January 2021

8

7.

DEBTORS

2022

2021

as restated

£

£

Amounts falling due within one year:

Trade debtors

8,925

510,852

Amounts owed by group undertakings

4,671,263

273,752

Other debtors

19,798

-

Tax

967,666

766,661

VAT

35,934

234,355

Accrued income

48,272

1,805

Prepayments

185,336

48,338

5,937,194

1,835,763

Amounts falling due after more than one year:

Called up share capital not paid

3,914

3,914

Aggregate amounts

5,941,108

1,839,677

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

£

£

Trade creditors

492,782

226,985

Social security and other taxes

241,755

96,775

Credit card

6,830

-

Accrued expenses

316,302

133,944

Deferred income

547,819

1,187,050

1,605,488

1,644,754

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Class:

Number:

Nominal Value:

2022

2021

£

£

Ordinary

9,900,523

0.001p

99

91

Seed Preferred

4,701,010

0.001p

47

47

Seed 2 Preferred

4,923,070

0.001p

49

49

Seed 3 Preferred

5,813,954

0.001p

58

58

Series A Preferred

8,769,933

0.001p

88

88

During the year ended 31 January 2022 the company issued 827,780 Ordinary shares as a result of employees exercising share options.

10.

RESERVES

Share

Retained

Share

option

earnings

premium

reserve

Totals

£

£

£

£

At 1 February 2021

(8,003,662

)

37,078,639

247,123

29,322,100

Deficit for the year

(4,313,276

)

(4,313,276

)

Cash share issue

-

5,399

-

5,399

Share option reserve

-

-

85,244

85,244

At 31 January 2022

(12,316,938

)

37,084,038

332,367

25,099,467

11.	SHARE OPTIONS

As at the year ended 31 January 2022 the company had granted 4,322,570 share options, of which 1,973,472 were vested, with the remaining 2,349,098 unvested.

The share option reserve represents the fair value of the outstanding share options, pro-rated over the vesting period, as at the year ended 31 January 2022. The movement in the year is reflected in the profit and loss account.

When a holder exercises their option at the end of a vesting period, this is reflected within share capital and reserves.

An adjustment has been made to reflect the value of options granted in the prior period.