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 Unaudited Financial Statements

31 March 2023

The Hazel Project Ltd

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	2

Notes to the financial statements	4

The Hazel Project Ltd

Statement of Income and Retained Earnings

Year ended 31 March 2023

	2023	2022
Note	£	£
Retained earnings at the start of the year	1,214,703	873,683
	------------	------------
Retained earnings at the end of the year	2,005,754	1,214,703
	------------	------------

The Hazel Project Ltd

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	51,030	–
Investments	6	1,903,135	1,903,135
		------------	------------
		1,954,165	1,903,135

Current assets

Debtors	7	2,274,676	1,510,000
Cash at bank and in hand		9,096	–
		------------	------------
		2,283,772	1,510,000

Creditors: amounts falling due within one year	8	430,887	397,998
		------------	------------
Net current assets		1,852,885	1,112,002
		------------	------------
Total assets less current liabilities		3,807,050	3,015,137

Provisions	862	–
	------------	------------
Net assets	3,806,188	3,015,137
	------------	------------

Capital and reserves

Called up share capital	434	434
Share premium account	700,000	700,000
Capital redemption reserve	1,100,000	1,100,000
Profit and loss account	2,005,754	1,214,703
	------------	------------
Shareholders funds	3,806,188	3,015,137
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

The Hazel Project Ltd

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , 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

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 London Road, Sittingbourne, Kent, ME10 1NA, 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 3 (2022: 3 ).

5. Tangible assets

	Plant and machinery
	£
Cost
At 1 April 2022	–
Additions	56,700
	--------
At 31 March 2023	56,700
	--------
Depreciation
At 1 April 2022	–
Charge for the year	5,670
	--------
At 31 March 2023	5,670
	--------
Carrying amount
At 31 March 2023	51,030
	--------
At 31 March 2022	–
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2022 and 31 March 2023	1,903,135
	------------
Impairment
At 1 April 2022 and 31 March 2023	–
	------------

Carrying amount
At 31 March 2023	1,903,135
	------------
At 31 March 2022	1,903,135
	------------

7. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	129,755	–
Other debtors	2,144,921	1,510,000
	------------	------------
	2,274,676	1,510,000
	------------	------------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	415	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	74,430	306,672
Corporation tax	354,342	79,992
Other creditors	1,700	11,334
	---------	---------
	430,887	397,998
	---------	---------

The company has a fixed and floating charge over its assets.

9. Directors' advances, credits and guarantees

At the year end, the Director owed £546,682 (2022: the company owed £134) to the company. During the year, advances of £546,816 were made to the Director. Repayments of £Nil were made. No interest has been charged on the loan.

10. Related party transactions

At the year end, the company was owed £129,755 (2022: the company owed £195,551) to a group company. At the year end, the company owed £74,430 (2022: £111,122) to a group company.