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REGISTERED NUMBER: 04234523 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Horizon Software (U.K) Ltd

Horizon Software (U.K) Ltd (Registered number: 04234523)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Horizon Software (U.K) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S A Thieullent





SECRETARY: FTI (Secretariat) Ltd





REGISTERED OFFICE: 2nd Floor, 19 Margaret Street
London
W1W 8RR





REGISTERED NUMBER: 04234523 (England and Wales)





AUDITORS: PITTS & SEEUS
Chartered Certified Accountants and
Statutory Auditors
Studio 6, 6 HORNSEY STREET LONDON
N7 8GR

Horizon Software (U.K) Ltd (Registered number: 04234523)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 5 519 519

CURRENT ASSETS
Debtors 6 991,221 851,170
Cash at bank 79,559 192,621
1,070,780 1,043,791
CREDITORS
Amounts falling due within one year 7 1,195,486 1,207,848
NET CURRENT LIABILITIES (124,706 ) (164,057 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(124,187

)

(163,538

)

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings (125,187 ) (164,538 )
SHAREHOLDERS' FUNDS (124,187 ) (163,538 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





S A Thieullent - Director


Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Horizon Software (U.K) Ltd 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.

Preparation of consolidated financial statements
The financial statements contain information about Horizon Software (U.K) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent undertaking, Arpege SAS.

The group headed by Horizon Software (U.K) Ltd is also a small group.

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discount, rebates, value added tax and other sales taxes.

The income from software licence fee is recognised as revenue on a pro rata basis to reflect the consideration allocated over the licence period. Any part of the licence fee invoiced but not falling into the current accounting period is treated as deferred income.

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost
less any accumulated impairment losses. The investments are assessed for impairment at
each reporting date and any impairment losses or reversals of impairment losses are
recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial
and operating policies of the entity so as to obtain benefits from its activities.

Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 statement of financial position 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 trade and other receivables 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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Tax on profit comprises current and deferred tax where applicable.

Current tax
Current tax is the expected tax payable on the 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 expenses that are taxable or deductible in other years and items that are never taxable or deductible. Current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis. The director believes the company will be able to continue to operate and meet its obligation as they fall due for the foreseeable future. The director has reviewed the company's business activities, together with factors likely to affect the company's future development, performance and cash flow position.

The company reported:-
- Turnover for the year of £107,842 (2022: £138,889)
- Operating profit for the year of £6,936 (2022: £39,338)
- Annual profit for the year before tax of £39,351 (2022: £50,338)
- Net current liabilities of £124,706 (2022: £164,057)

Excluding group company receivables and payables, the company reported a net current assets of £81,150 (2022: £104,720).

This going concern assessment has given consideration to the cash flow forecast prepared for the company covering a period of at least 12 months from when the financial statements are authorised for issue. The assessment also considers the cash available to the group of companies to which this company belongs, the business model and the strategy, the regulatory environment, principal risks and uncertainties, the recent financial performance and outlook and any potential impact of Brexit on the business of the company.

Turnover of the company has decreased by 22% due to completion of certain contracts. The company currently has two major customers contributing to an annual profit before tax of £39,151 (2022: £50,338) and is actively looking to add new ones in the foreseeable future.

The director has reviewed the asset and liability bases of the company as at the date of approval of these financial statements and separately considered those that are third party and those that are "related" to other companies within the group.

The companies within the group form an operating model that ensure revenue and profits are economically allocated to the company which has earned them. As such there are significant amounts due to and from members of the group. The operating model calls for any group member to fund each other, however there are no obligations to do. The director has considered, that as part of a larger group of companies, the company has the ability to obtain financial support from the group where necessary and take action to ensure the continuity of the business.

Third party cash related liabilities will be settled from cash flows from operations and cash reserves in bank. The director has further mitigated any potential liquidity risk towards third party liability by receiving an undertaking from the parent undertaking that it will provide the company with any necessary cash to settle these liabilities.


Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
On the basis of the director's assessment of the company's financial position, the director considers that the company has sufficient cashflow for the foreseeable future, is well placed to manage its business risks successfully and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing these financial statements.

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.

Impairment of debtors (including intercompany receivables)
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, management considers factors including any current credit rating, the ageing profile of debtors and historical experience.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

7,500

7,500

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 519
NET BOOK VALUE
At 31 December 2023 519
At 31 December 2022 519

Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

The Investment is 99.90% ownership in the equity shares of Horizon software USA, a company that has remained dormant throughout the current and previous year.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 90,000 27,128
Amounts owed by group undertakings 901,221 824,042
991,221 851,170

2022 trade debtors included amounts owed by group undertakings of £27,128.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 29 1,119,973
Amounts owed to group undertakings 1,107,076 -
Taxation and social security 12,676 12,677
Other creditors 75,705 75,198
1,195,486 1,207,848

2022 trade creditors included amounts owed to group undertakings of £1,119,947.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Horizon Software (U.K) Ltd (Registered number: 04234523)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Included in debtors shown in note 8 to the financial statements is a trade debtor amount £90,000 which is being disputed. No provision for bad debt was made in the financial statements as Horizon Software (U.K) Ltd maintains that it has not breached any terms of the agreement with the trade debtor. So far, no resolution has been reached between the parties regarding a full payment or a settlement. We are of the opinion that a provision for bad debt should have been made in the financial statement with a proper evaluation of the likelihood of recoverability of the debt. The effect of this limitation is that profit for the year could be overstated by up to £75,000 and current assets could be overstated by up to the full amount.

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 Auditors' 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 opinion.

Anil Seechurn (Senior Statutory Auditor)
for and on behalf of PITTS & SEEUS

10. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company has provided a fixed and floating charge over its assets, for an amount of £10,000, to its bankers. Amount due, to the bank, at the year end was nil (2022: Nil)

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided by FRS102 S1A from disclosing
transactions with members of the same group that are wholly owned.

12. ULTIMATE CONTROLLING PARTY

Horizon Software (U.K) Ltd is a wholly owned subsidiary undertaking of Horizon Software SAS, a company registered in France and is the immediate parent undertaking. The ultimate parent undertaking is Arpege SAS, a company registered in France.

The registered address of Horizon Software SAS and Arpege SAS is 60 Rue de Monceau, 75008 Paris.