The Hazel Project Ltd Filleted accounts for Companies House (small and micro)

THE HAZEL PROJECT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11971414

The Hazel Project Ltd

Filleted Financial Statements

31 March 2021

The Hazel Project Ltd

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Statement of changes in equity	2

Notes to the financial statements	3

The Hazel Project Ltd

Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

Fixed assets

Investments	5	1,903,135	1,903,135

Current assets

Debtors	6	1,070,000	–
Cash at bank and in hand		–	149,947
		------------	---------
		1,070,000	149,947

Creditors: amounts falling due within one year	7	299,018	253,701
		------------	---------
Net current assets/(liabilities)		770,982	( 103,754)
		------------	------------
Total assets less current liabilities		2,674,117	1,799,381
		------------	------------
Net assets		2,674,117	1,799,381
		------------	------------

Capital and reserves

Called up share capital	434	1,100,434
Share premium account	700,000	700,000
Capital redemption reserve	1,100,000	–
Profit and loss account	873,683	( 1,053)
	------------	------------
Shareholders funds	2,674,117	1,799,381
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 20 December 2021 , and are signed on behalf of the board by:

Mr J P Gorman	Mr K R Gorman
Director	Director

Company registration number: 11971414

The Hazel Project Ltd

Statement of Changes in Equity

Year ended 31 March 2021

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£	£
At 30 April 2019	–	–	–	–	–

Loss for the year				( 1,053)	( 1,053)
	----	----	----	-------	-------
Total comprehensive income for the year	–	–	–	( 1,053)	( 1,053)

Issue of shares	1,100,434	700,000	–	–	1,800,434
	------------	---------	----	-------	------------
Total investments by and distributions to owners	1,100,434	700,000	–	–	1,800,434

At 31 March 2020	1,100,434	700,000	–	( 1,053)	1,799,381

Profit for the year				1,993,736	1,993,736
	------------	---------	----	------------	------------
Total comprehensive income for the year	–	–	–	1,993,736	1,993,736

Dividends paid and payable	–	–	–	( 19,000)	( 19,000)
Redemption of shares	( 1,100,000)	–	1,100,000	( 1,100,000)	( 1,100,000)
	------------	----	------------	------------	------------
Total investments by and distributions to owners	( 1,100,000)	–	1,100,000	( 1,119,000)	( 1,119,000)

	------------	---------	------------	------------	------------
At 31 March 2021	434	700,000	1,100,000	873,683	2,674,117
	------------	---------	------------	------------	------------

The Hazel Project Ltd

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quayside House, Chatham Maritime, Chatham, ME4 4QZ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2020 and 31 March 2021	1,903,135
	------------
Impairment
At 1 April 2020 and 31 March 2021	–
	------------

Carrying amount
At 31 March 2021	1,903,135
	------------
At 31 March 2020	1,903,135
	------------

During the year, The Hazel Project acquired 100% of the shares in Xcel 2000 Limited and Diverse Care (UK) Limited.

6. Debtors

	2021	2020
	£	£
Other debtors	1,070,000	–
	------------	----

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	88,366	92,701
Corporation tax	197,518	–
Other creditors	13,134	161,000
	---------	---------
	299,018	253,701
	---------	---------

8. Summary audit opinion

The auditor's report for the year dated 20 December 2021 was unqualified .

The senior statutory auditor was Andrew Miles FCA , for and on behalf of Burgess Hodgson LLP .

9. Related party transactions

At the period end, the company owed £88,366 (2020: £92,701) to a group company. As at the period end the company owed a director £134 (2020: £150,000).