Company registration number 07245865 (England and Wales)
HORNBILL CORPORATE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HORNBILL CORPORATE LIMITED
COMPANY INFORMATION
Directors
Mr L P Gill
Mr G J Sweeney
Mr P Bolger
Mr T A Mackenzie
Secretary
Mr L P Gill
Company number
07245865
Registered office
3rd Floor
86-90 Paul Street
London
EC2A 4NE
Accountants
Dendy Neville Limited
3-4 Bower Terrace
Tonbridge Road
Maidstone
Kent
ME16 8RY
HORNBILL CORPORATE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Group balance sheet
4
Company balance sheet
5
Group statement of changes in equity
6
Company statement of changes in equity
7
Notes to the financial statements
8 - 14
HORNBILL CORPORATE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr L P Gill
Mr G J Sweeney
Mr P Bolger
Mr T A Mackenzie
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr L P Gill
Director
17 September 2024
HORNBILL CORPORATE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HORNBILL CORPORATE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hornbill Corporate Limited for the year ended 31 December 2023 set out on pages 3 to 14 from the accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Hornbill Corporate Limited, as a body, in accordance with the terms of our current engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hornbill Corporate Limited and state those matters that we have agreed to state to the board of directors of Hornbill Corporate Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hornbill Corporate Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Hornbill Corporate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hornbill Corporate Limited. You consider that Hornbill Corporate Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hornbill Corporate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dendy Neville Limited
18 September 2024
Chartered Accountants
3-4 Bower Terrace
Tonbridge Road
Maidstone
Kent
ME16 8RY
HORNBILL CORPORATE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Turnover
7,487,492
6,721,574
Cost of sales
(86,613)
(68,625)
Gross profit
7,400,879
6,652,949
Administrative expenses
(6,867,899)
(6,102,505)
Other operating income
-
554
Operating profit
532,980
550,998
Interest receivable and similar income
3
109,316
14,498
Profit before taxation
642,296
565,496
Tax on profit
(169,779)
(83,256)
Profit for the financial year
472,517
482,240
Profit for the financial year is all attributable to the owners of the parent company.
HORNBILL CORPORATE LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
356,143
263,830
Current assets
Debtors
8
1,405,261
1,306,200
Cash at bank and in hand
3,947,929
3,091,720
5,353,190
4,397,920
Creditors: amounts falling due within one year
9
(5,167,902)
(4,617,098)
Net current assets/(liabilities)
185,288
(219,178)
Total assets less current liabilities
541,431
44,652
Provisions for liabilities
(50,000)
(32,400)
Net assets
491,431
12,252
Capital and reserves
Called up share capital
298,160
298,160
Other reserves
9
(186,062)
(192,724)
Profit and loss reserves
379,333
(93,184)
Total equity
491,431
12,252
For the financial year ended 31 December 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
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;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and 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:
17 September 2024
Mr L P Gill
Director
Company registration number 07245865 (England and Wales)
HORNBILL CORPORATE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,700,000
Tangible assets
5
82,233
86,719
Investments
6
2
2
1,782,235
86,721
Current assets
Debtors
8
3,148,260
4,048,542
Cash at bank and in hand
3,372,598
608,571
6,520,858
4,657,113
Creditors: amounts falling due within one year
9
(6,086,265)
(2,561,305)
Net current assets
434,593
2,095,808
Net assets
2,216,828
2,182,529
Capital and reserves
Called up share capital
298,160
298,160
Other reserves
21,348
14,686
Profit and loss reserves
1,897,320
1,869,683
Total equity
2,216,828
2,182,529
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £27,637 (2022 - £74,578 profit).
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 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:
17 September 2024
Mr L P Gill
Director
Company registration number 07245865 (England and Wales)
HORNBILL CORPORATE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Share capital
Other reserves
Share option reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
298,160
(207,410)
7,570
(575,424)
(477,104)
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
482,240
482,240
Transfers
-
-
7,116
-
7,116
Balance at 31 December 2022
298,160
(207,410)
14,686
(93,184)
12,252
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
472,517
472,517
Transfers
-
-
6,662
-
6,662
Balance at 31 December 2023
298,160
(207,410)
21,348
379,333
491,431
HORNBILL CORPORATE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Share capital
Share option reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
298,160
7,570
1,795,105
2,100,835
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
74,578
74,578
Transfers
-
7,116
-
7,116
Balance at 31 December 2022
298,160
14,686
1,869,683
2,182,529
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
27,637
27,637
Transfers
-
6,662
-
6,662
Balance at 31 December 2023
298,160
21,348
1,897,320
2,216,828
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Company information
Hornbill Corporate Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
The group consists of Hornbill Corporate Limited and all of its subsidiaries.
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.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Hornbill Corporate Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
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.
The directors have a reasonable expectation that the Group and hence the company have 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. Thus, they continue to adopt the going concern basis in preparing the financial statements of the company.
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.5
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.
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.
1.6
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.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Intellectual Property
5 year straight line
1.8
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:
Fixtures and fittings
4 year straight line
Computers
3 - 5 year straight line
Motor vehicles
3 year straight line
1.9
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are measured at cost.
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.10
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.
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are recognised at transaction price.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is calculated using the Black Scholes model and is charged to profit or loss over the vested period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are factors beyond control of either party (such as target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
66
57
5
4
3
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
109,316
14,498
4
Intangible fixed assets
Company
Intellectual Property
£
Cost
At 1 January 2023
Additions
1,700,000
At 31 December 2023
1,700,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
1,700,000
At 31 December 2022
Hornbill Corporate Limited entered into an agreement, effective on 31 December 2023, with its subsidiary company, Hornbill Technologies Limited, to transfer the Intellectual Property rights for an agreed sum.
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
5
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 January 2023
655,444
Additions
182,460
At 31 December 2023
837,904
Depreciation and impairment
At 1 January 2023
391,614
Depreciation charged in the year
90,147
At 31 December 2023
481,761
Carrying amount
At 31 December 2023
356,143
At 31 December 2022
263,830
Company
Plant and machinery etc
£
Cost
At 1 January 2023
132,278
Additions
16,191
Transfers
1,154
At 31 December 2023
149,623
Depreciation and impairment
At 1 January 2023
45,559
Depreciation charged in the year
21,831
At 31 December 2023
67,390
Carrying amount
At 31 December 2023
82,233
At 31 December 2022
86,719
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
6
Fixed asset investments
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Shares in group undertakings and participating interests
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2
Carrying amount
At 31 December 2023
2
At 31 December 2022
2
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Hornbill Technologies Limited
3rd Floor, 86-90 Paul Street, London, EC2A 4NE
Ordinary
100.00
-
Hornbill Service Management Applications Limited
3rd Floor, 86-90 Paul Street, London, EC2A 4NE
Ordinary
100.00
-
Hornbill Service Management Limited
3rd Floor, 86-90 Paul Street, London, EC2A 4NE
Ordinary
-
100.00
Hornbill Systems Limited
3rd Floor, 86-90 Paul Street, London, EC2A 4NE
Ordinary
-
100.00
Hornbill SHPK
Rr. "Ismail Qemali" Hyrja 1, Pasuria Me nr. 9/100+1-5, Z.K. 8270, Tirane, Albania
Ordinary
-
100.00
As part of the group reorganisation, Hornbill Service Management Limited and Hornbill Service Management Applications Limited entered into agreements, effective from 31 December 2023, to hive up their businesses and all their assets and liabilities to Hornbill Corporate Limited. Both companies are now dormant.
HORNBILL CORPORATE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
8
Debtors
Group
Group
Company
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
888,051
627,463
889,010
Amounts owed by group undertakings
733,117
3,953,500
Other debtors
502,171
653,637
1,511,094
80,542
1,390,222
1,281,100
3,133,221
4,034,042
Amounts falling due after more than one year:
Other debtors
15,039
25,100
15,039
14,500
Total debtors
1,405,261
1,306,200
3,148,260
4,048,542
No interest is payable on inter-company debt and there are no fixed terms for repayment.
9
Creditors: amounts falling due within one year
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
67,156
28,107
71,893
13,495
Amounts owed to group undertakings
1,035,852
2,501,651
Taxation and social security
581,492
460,579
452,474
5,669
Other creditors
4,519,254
4,128,412
4,526,046
40,490
5,167,902
4,617,098
6,086,265
2,561,305
Other creditors includes £3,279,100 (2022 - £3,990,259) in respect of sales invoices in advance.
No interest is payable on inter-company debt and there are no fixed terms for repayment.
10
Other reserves
Other reserves comprises of the share option reserve totalling £21,348 (2022 - £14,686) and the deficit arising on historical group reconstructions and hiveups of £207,410 (2022 - £207,410).
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