Company registration number 7244860 (England and Wales)
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
298,161
298,161
Current assets
Debtors
4
91,552
Cash at bank and in hand
1,161,969
1,253,521
Creditors: amounts falling due within one year
5
(733,117)
(2,270,219)
Net current liabilities
(733,117)
(1,016,698)
Net liabilities
(434,956)
(718,537)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(434,957)
(718,538)
Total equity
(434,956)
(718,537)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr L P Gill
Director
Company registration number 7244860 (England and Wales)
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Hornbill Service Management Applications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Hornbill Service Management Applications Limited is a wholly owned subsidiary of Hornbill Corporate Limited and the results of Hornbill Service Management Applications Limited are included in the consolidated financial statements of Hornbill Corporate Limited which are available from 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
As part of a group reorganisation, the company entered into an agreement, effective on 31 December 2023, to hive up its business and all its assets and liabilities to Hornbill Corporate Limited, the ultimate parent company. The hive up is reflected in the financial statements and the company is now dormant.
1.2
Going concern
Given the inter-dependencies of all entities within the Hornbill Corporate Limited group ('Group'), the directors consider the assessment of going concern on the Group's forecast cash-flows to assess going concern for the Group, parent company and all subsidiaries. Management considers the Group's cash headroom and transfers funds between group companies as is required to meet obligations as they fall due. The Group meets its day-to-day working capital requirements from cash headroom generated from operations.true
The directors have a reasonable expectation that the Group had adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from approval of these financial statements.
As noted above, the company ceased to trade on 31 December 2023.
1.3
Turnover
Revenue from Software-as-a-Service (SaaS) subscriptions are recognised in accordance with the company's revenue recognition policy as set out below.
Subscription Revenue: Revenue from SaaS subscriptions is recognised ratably over the contract term, reflecting the pattern or transfer of control of the service to the customer.
Contract Modifications: Any modifications to subscription contracts are evaluated to determine if they represent separate performance obligations or changes to existing obligations under IFRS 15.
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Variable Consideration: Consideration related to variable elements, such as usage-based fees or discounts, is estimated and recognised as revenue when it is highly probable that a significant reverse of cumulative revenue recognised will not occur.
Impairment of Revenue: Revenue recognised is assessed for impairment, particularly related to any refunds, following the company's impairment policy.
Measurement and Recognition: Revenue recognised from SaaS subscriptions is measured at the transaction price agreed upon with customers, net of any discounts, rebates, and applicable taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion can be estimated reliably. The stage of completion is calculated by comparing time incurred, as a proportion of total time estimated to complete the project. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the time recognised that it is probable will be recovered.
1.4
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.6
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
1.7
Financial instruments
The company has elected to apply the recognition and measurement 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.
Basic financial assets
Basic financial assets, which include cash and bank balances and loans to fellow group companies, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies, are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
298,161
298,161
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
91,547
Other debtors
5
91,552
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
733,117
2,200,919
Taxation and social security
69,300
733,117
2,270,219
No interest is payable on inter-company debt and there are no fixed terms for repayment.
HORNBILL SERVICE MANAGEMENT APPLICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Parent company
The immediate and ultimate parent undertaking and controlling party is Hornbill Corporate Limited, which prepares group financial statements. The registered office of Hornbill Corporate Limited is 86-90 Paul Street, 3rd Floor, London, England, EC2A 4NE.