Company registration number 05788493 (England and Wales)
HORUS SECURITY CONSULTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
HORUS SECURITY CONSULTANCY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HORUS SECURITY CONSULTANCY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,180
13,195
Current assets
Debtors
4
1,274,068
1,209,337
Cash at bank and in hand
303,129
206,354
1,577,197
1,415,691
Creditors: amounts falling due within one year
5
(351,707)
(377,648)
Net current assets
1,225,490
1,038,043
Total assets less current liabilities
1,234,670
1,051,238
Creditors: amounts falling due after more than one year
6
(63,334)
(102,134)
Provisions for liabilities
(2,294)
(3,994)
Net assets
1,169,042
945,110
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,169,041
945,109
Total equity
1,169,042
945,110

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

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

HORUS SECURITY CONSULTANCY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
Mr J  Whiteley
Director
Company registration number 05788493 (England and Wales)
HORUS SECURITY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Horus Security Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.

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
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.3
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.

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:

Short leasehold building
Over the term of the lease
Fixtures and fittings
25% reducing balance
Office equipment
33% straight line

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.

1.4
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.

HORUS SECURITY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.

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.

1.6
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.

1.7
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.

HORUS SECURITY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.8
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.

1.9
Retirement benefits

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

1.10
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.

1.11
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.

1.12

Factored debts

The company factors it's sales ledger without recourse. The total amount of factored debts is included in trade debtors, the monies received in advance is included in current creditors.

1.13

Research and development

Research and development expenditure is written off as incurred.

HORUS SECURITY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
31
39
3
Tangible fixed assets
Short leasehold building
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
14,393
61,231
126,173
201,797
Depreciation and impairment
At 1 September 2022
14,393
49,056
125,153
188,602
Depreciation charged in the year
-
0
3,044
971
4,015
At 31 August 2023
14,393
52,100
126,124
192,617
Carrying amount
At 31 August 2023
-
0
9,131
49
9,180
At 31 August 2022
-
0
12,175
1,020
13,195

Included within the net book value of land and buildings above is £nil (2020 - £nil) in respect of short leasehold land and buildings.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
532,113
567,855
Corporation tax recoverable
47,017
95,978
Amounts owed by group undertakings
69,223
29,763
Other debtors
625,715
515,741
1,274,068
1,209,337
HORUS SECURITY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
38,000
38,000
Trade creditors
143,127
146,861
Taxation and social security
128,680
141,214
Other creditors
10,510
12,708
Accruals and deferred income
31,390
38,865
351,707
377,648

All loans of Horus Security Consultancy Limited are secured by a personal guarantee by J Whiteley.

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £38,000 (2022 - £38,000).

6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
63,334
102,134

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £63,334 (2022 - £102,134).

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
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:

2023
2022
£
£
241,380
305,748
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

HORUS SECURITY CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
9
Related party transactions
(Continued)
- 8 -

During the year the company acquired services from Horus Security Consultancy (Asia Pacific) PTE Ltd of £105,738 (2022- £103,605). The company is related by virtue of the director having an interest in the company.

The following amounts were outstanding at the reporting end date:

Other information

Summary of transactions with entities with joint control or significant interest

Horus Global Limited

Horus Global Limited is a subsidiary undertaking of The Horus Intelligence Group Limited which is the parent company. During the year, loan advances to Horus Global Limited of £33,239 (2022 - £83,790) was written off and released to profit and loss account.

Additionally, in 2022, trade debts amounting to £83,623 (Net of VAT - £69,686) were provided for as were not considered recoverable.

 

Horus North America LLC

Horus North America LLC is a company incorporated in the United States of America which has common shareholders as Horus Security Consultancy Limited.

During the year, loan advances to Horus North America LLC of £127,000 were provided for and released to profit and loss account.

At the year end a loan remained outstanding from Horus North America LLC of £221,073 (2022 - £210,575). The loan is free of interest and the balance is repayable on demand

 

10
Directors' transactions

Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

At the year end a loan remained due from J Whiteley of £92,750 (2022 - £(5,547). The loan is repayable on demand.

11
Parent company

Summary of transactions with parent

The Horus Intelligence Group Limited

Horus Security Consultancy Limited is a subsidiary of The Horus Intelligence Group Limited. At the year end a loan remained outstanding from The Horus Intelligence Group Limited of £69,223 (2022 - £29,763). The loan is free of interest and repayable on demand.

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