Company registration number 3033585 (England and Wales)
HORNBILL SERVICE MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HORNBILL SERVICE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HORNBILL SERVICE MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
683
Current assets
Debtors
4
782,830
4,264,466
Cash at bank and in hand
860,171
782,830
5,124,637
Creditors: amounts falling due within one year
5
(4,620,960)
Net current assets
782,830
503,677
Net assets
782,830
504,360
Capital and reserves
Called up share capital
149
149
Share premium account
89,964
89,964
Profit and loss reserves
692,717
414,247
Total equity
782,830
504,360
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 19 September 2024 and are signed on its behalf by:
Mr L P Gill
Director
Company registration number 3033585 (England and Wales)
HORNBILL SERVICE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Hornbill Service Management 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.
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.
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 reversal 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.
HORNBILL SERVICE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Computer equipment
3 - 5 year straight line
1.5
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.
1.6
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 debtors, 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 creditors, and loans from fellow group companies, are recognised at transaction price.
1.7
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HORNBILL SERVICE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
31
41
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
101,521
Additions
837
Transfers
(102,358)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
100,838
Depreciation charged in the year
367
Transfers
(101,205)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
683
HORNBILL SERVICE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
627,463
Amounts owed by group undertakings
782,830
2,518,886
Other debtors
1,107,517
782,830
4,253,866
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
10,600
Total debtors
782,830
4,264,466
No interest is payable on inter-company debt and there are no fixed terms for repayment.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,538
Amounts owed to group undertakings
166,892
Taxation and social security
331,012
Other creditors
4,104,518
4,620,960
6
Parent company
The senior 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.