Company registration number 08749533 (England and Wales)
SIRENUM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SIRENUM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 11
SIRENUM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
Unaudited
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
18,249
Current assets
Debtors
5
1,607,078
448,103
Cash at bank and in hand
-
0
2,228,143
1,607,078
2,676,246
Creditors: amounts falling due within one year
6
(1,334,389)
(1,944,970)
Net current assets
272,689
731,276
Net assets
272,689
749,525
Capital and reserves
Called up share capital
9
17
15
Share premium account
3,518,869
3,474,344
Profit and loss reserves
(3,246,197)
(2,724,834)
Total equity
272,689
749,525

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
13 November 2023
13 November 2023
and are signed on its behalf by:
Mr B Sylvester
Director
Company Registration No. 08749533
SIRENUM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
15
1,489,998
(1,768,146)
(278,133)
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(956,688)
(956,688)
Issue of share capital
9
-
0
1,984,346
-
1,984,346
Balance at 31 December 2020
15
3,474,344
(2,724,834)
749,525
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(521,363)
(521,363)
Issue of share capital
9
2
44,525
-
44,527
Balance at 31 December 2021
17
3,518,869
(3,246,197)
272,689
SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Sirenum Limited is a private company limited by shares incorporated in England and Wales. The registered office is 155 Bishopsgate, 8th Floor, London, Greater London, United Kingdom, EC2M 3AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention,. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.true

 

At the year end the company made a loss before tax of £1,283,697 (2020: £1,322,539), while presenting a net current asset position of £272,689 (2020: £731,276).

 

The director has reviewed detailed forecasts and plans and made enquiries, indicating that the company has sufficient funding to continue its operations for a minimum of 12 months from the date of approval of these financial statements, noting that the company has been profitable in the post year end period. After the reporting date, Sirenum software was marketed and invoiced by other group companies, with Sirenum Limited receiving a royalty from group companies. The director has received confirmation that intercompany balances will not be required to be paid for a period until at least 12 months following the approval of these financial statements, and has also received a letter of support, which indicates that Bullhorn Inc, the main trading US group company, will continue to support the company to enable it to meet it's liabilities as and when they fall due.

 

Having made enquiries to assess the ability of Bullhorn Inc to provide such support, the director is confident that if required, such support could be provided.

 

For the reasons set out above, the director has prepared the financial statements on a going concern basis, and has concluded that there are no material uncertainties related to going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue generated from the sales of licenses is recognised in the period to which it relates, and professional service revenue in the period when the service has been provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Research and development expenditure

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.

SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
44
26
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
41,692
Disposals
(41,692)
At 31 December 2021
-
0
Depreciation and impairment
At 1 January 2021
23,443
Eliminated in respect of disposals
(23,443)
At 31 December 2021
-
0
Carrying amount
At 31 December 2021
-
0
At 31 December 2020
18,249
SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
934,342
376,739
Amounts owed by group undertakings
140,856
-
0
Other debtors
36,299
10,800
Prepayments and accrued income
210,708
60,564
1,322,205
448,103
Deferred tax asset (note 7)
284,873
-
0
1,607,078
448,103

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
-
0
52,198
Other borrowings
-
0
22,445
Trade creditors
4,306
273,312
Amounts owed to group undertakings
136,145
-
0
Taxation and social security
135,085
150,588
Other creditors
136,338
843,564
Accruals and deferred income
922,515
602,864
1,334,389
1,944,971

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2021
2020
Balances:
£
£
Tax losses
283,859
-
Retirement benefit obligations
1,014
-
284,873
-
SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Deferred taxation
(Continued)
- 9 -
2021
Movements in the year:
£
Liability at 1 January 2021
-
Credit to profit or loss
(284,873)
Asset at 31 December 2021
(284,873)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

8
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,317
32,002

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
129,928
114,683
13
13
A Ordinary shares of 0.01p each
37,362
37,362
4
2
167,290
152,045
17
15

During the year the company issued 15,245 ordinary shares for £44,527 cash considerarion.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Audit report information
(Continued)
- 10 -

Qualified opinion

We have audited the financial statements of Sirenum Limited (the 'company') for the year ended 31 December 2021 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion paragraph, the financial statements:

 

Basis for qualified opinion

The company has not recognised an equity settled share-based payment transaction in the current or preceding periods in respect of share options issued to employees of the company which is contrary to the requirements of FRS102 Section 26. This includes an accelerated share based payment charge in the year ended 31 December 2021, when the Bullhorn group acquired the company. The necessary information to make such accounting entries including assessing the fair value of the share options at grant date is not available to management following the change of control, and therefore we are also unable to obtain sufficient and appropriate evidence as to whether a material error is present both within administrative expenses in the years ended 31 December 2021 and 31 December 2020 and within equity as at 31 December 2021, 31 December 2020 and 31 December 2019.

Additionally, accounting records pertaining to deferred income totalling £528,850 as at 31 December 2020 are not available to management following the change of control, and therefore we are also unable to obtain sufficient and appropriate evidence as to whether a material error is present within deferred income as at 31 December 2020. Any adjustment to this figure would have a consequential effect on revenue and the result for the year ended 31 December 2020 along with revenue and the result for the year ended 31 December 2021. Retained earnings within equity at both 31 December 2020 and 31 December 2021 are also possibly materially misstated.

Any disclosures required by FRS102 are also omitted for both of the above possible misstatements. Any references to totals or balances in the directors’ report such as net assets or the result for the period, would also need to be amended were any material adjustments required.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

The senior statutory auditor was Ben Sheldon ACA and the auditor was Azets Audit Services
SIRENUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
-
0
12,060
12
Related party transactions

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.true

13
Parent company

Until the 19th July 2021 the company was under the control of the director E Rubin by virtue of their 64% shareholding in the company.

 

On the 9th November 2021 the entire share capital was purchased by Invenias Limited (part of the Bullhorn Group), a company incorporated in the United Kingdom, with its registered office at 155 Bishopsgate, 8th Floor, London, EC2M 3AJ.

 

The ultimate parent company is BH Acquisition Holding Company LP, a company incorporated in the US, whose registered address is 20 Horseneck Lane, Greenwich, Connecticut, 06830.

 

The ultimate controlling party is Stone Point Capital LLC, a Private Equity firm registered in the US.

 

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