Company registration number 12214286 (England and Wales)
HORNETSECURITY UK HOLDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HORNETSECURITY UK HOLDING LIMITED
COMPANY INFORMATION
Director
Mr C Lupi
Company number
12214286
Registered office
2nd Floor
Midas House
62 Goldsworth Road
Woking
Surrey
United Kingdom
GU21 6LQ
Auditor
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
HORNETSECURITY UK HOLDING LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Statement of financial position
8
Notes to the financial statements
9 - 16
HORNETSECURITY UK HOLDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The company is a wholly owned subsidiary of Hornetsecurity Holding GmbH. The principal activity of the company during this year was that of a holding company for the investments shown in these financial statements, as well as to hold the intellectual property developed by the wider group.
Review of the business
The company’s performance is strictly related to the performance of its subsidiaries. During the year ended 31 December 2024, it's subsidiary Hornetsecurity Ltd had an increase in revenue, which has led to an increase in the Royalty received by Hornetsecurity UK Holding Limited.
Hornetsecurity UK Holding Limited is in a net current liability position due to amounts owed to its subsidiary Hornetsecurity Ltd. The amount owed is expected to decrease each year as royalties are generated from Hornetsecurity Ltd. Overall there is a strong net asset position.
The directors' expect Hornetsecurity Ltd to continue increasing revenue year on year, and so royalties and profitability will continue to increase.
Principal risks and uncertainties
Finding talented personnel resources proved to be a limiting factor of the group. To mitigate this, over the years the Group has incorporated companies in different countries to expand its hiring reach at advantageous cost levels and to ensure that the talent especially in the team responsible for the development of the technology is available to the group. Keeping the technology up to date and therefore the products attractive will help grow the b2b business of Hornetsecurity Limited and hence ensure growth in royalties for Hornetsecurity UK Holding.
Key performance indicators
There are no other meaningful KPI’s considered by management to be applicable to the company.
Mr C Lupi
Director
12 June 2025
HORNETSECURITY UK HOLDING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The director presents his annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of a holding company for investments, as well as to hold the intellectual property developed by the wider group.
Results and dividends
The results for the year are set out on page 7.
Interim ordinary dividends were paid amounting to €6,000,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr C Lupi
Auditor
The auditor, Kirk Rice LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
HORNETSECURITY UK HOLDING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr C Lupi
Director
12 June 2025
HORNETSECURITY UK HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HORNETSECURITY UK HOLDING LIMITED
- 4 -
Opinion
We have audited the financial statements of Hornetsecurity UK Holding Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
HORNETSECURITY UK HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HORNETSECURITY UK HOLDING LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit approach was developed by obtaining an understanding of the company’s activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the company’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the company financial statements. Our tests included, but were not limited to:
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
HORNETSECURITY UK HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HORNETSECURITY UK HOLDING LIMITED
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Graham Jennings
Senior Statutory Auditor
For and on behalf of Kirk Rice LLP
24 June 2025
Statutory Auditor
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
HORNETSECURITY UK HOLDING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
€
€
Revenue
3
1,584,638
1,435,656
Administrative expenses
(1,322,702)
(1,235,468)
Operating profit
4
261,936
200,188
Investment income
6
9,229,122
7,381,244
Finance costs
7
(1,587)
(3,186)
Profit before taxation
9,489,471
7,578,246
Tax on profit
8
(1,827,000)
(2,381,244)
Profit for the financial year
7,662,471
5,197,002
Retained earnings brought forward
1,132,116
935,114
Dividends
9
(6,000,000)
(5,000,000)
Retained earnings carried forward
2,794,587
1,132,116
The income statement has been prepared on the basis that all operations are continuing operations.
HORNETSECURITY UK HOLDING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
€
€
€
€
Non-current assets
Intangible assets
10
8,216,058
8,646,871
Investments
11
19,553,785
19,553,785
27,769,843
28,200,656
Current assets
Trade and other receivables
13
4,160,763
5,006,503
Cash and cash equivalents
83,785
22,239
4,244,548
5,028,742
Current liabilities
14
(9,666,019)
(12,543,497)
Net current liabilities
(5,421,471)
(7,514,755)
Net assets
22,348,372
20,685,901
Equity
Called up share capital
15
19,553,785
19,553,785
Retained earnings
2,794,587
1,132,116
Total equity
22,348,372
20,685,901
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 12 June 2025
Mr C Lupi
Director
Company registration number 12214286 (England and Wales)
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
Hornetsecurity UK Holding Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Midas House, 62 Goldsworth Road, Woking, Surrey, United Kingdom, GU21 6LQ.
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.
The financial statements are prepared in euros, 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Hornetsecurity Holding GmbH. These consolidated financial statements are available from its registered office, Am Listholze 78, 30177, Hannover, Germany.
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.
Hornetsecurity UK Holding Limited is a wholly owned subsidiary of Hornetsecurity Holding GmbH and the results of Hornetsecurity UK Holding Limited are included in the consolidated financial statements of Hornetsecurity Holding GmbH which are available from Am Listholze 78, 30177 Hannover, Germany.
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.2
Going concern
The Company has a net truecurrent liability position of €5,421,471 at the year end, most of which is related to a loan owed to a 100% subsidiary Hornetsecurity Limited Malta. The debt will be reduced over time by the company charging royalties to the subsidiary. The Directors of Hornetsecurity Ltd Malta have confirmed that the debt will not be recalled for a period of at least 12 months from the signing of these financial statements, otherwise it could harm the company’s ability to pay its liabilities as they fall due.
As the Company is not a trading entity, the director's have placed reliance on a letter of support received from its ultimate parent company, Hornetsecurity Holding GmbH, that confirms it will provide support to Hornetsecurity UK Holding Limited for a period of 12 months from the signing date of the financial statements. Whilst the letter of support is not legally binding, which has been taken into consideration, the directors have satisfied themselves of both the willingness and ability of Hornetsecurity Holding GmbH to provide such support as may be necessary in the worst-case downside scenarios, in order for the Company to fulfil its obligations to creditors and lenders as they fall due. Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at lest 12 months from the signing date of the financial statements and therefore have prepared the financial statements on a going concern basis.
As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the signing date of the financial statements, they have no reason to believe that it will not do so.
1.3
Revenue
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 value added tax and other sales taxes.
Royalties are calculated on the revenue of a fellow subsidiary within the group at an agreed percentage. Any revenue not invoiced is recognised in accrued income as at the year end.
1.4
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
10 years
1.5
Non-current 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.
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.6
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. The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
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.
1.8
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 income statement 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.
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.
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2
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.
3
Revenue
2024
2023
€
€
Revenue analysed by class of business
Royalties received
1,584,638
1,435,656
2024
2023
€
€
Revenue analysed by geographical market
European Union
1,584,638
1,435,656
2024
2023
€
€
Other revenue
Interest income
2
-
Dividends received
9,229,120
7,381,244
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
€
€
Exchange gains
(102)
(70)
Fees payable to the company's auditor for the audit of the company's financial statements
5,500
5,000
Amortisation of intangible assets
1,312,767
1,224,572
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
1
1
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
6
Investment income
2024
2023
€
€
Interest income
Interest on bank deposits
2
Other income from investments
Dividends received
9,229,120
7,381,244
Total income
9,229,122
7,381,244
7
Finance costs
2024
2023
€
€
Other interest
1,587
3,186
8
Taxation
2024
2023
€
€
Current tax
UK corporation tax on profits for the current period
46,447
Foreign current tax on profits for the current period
1,780,553
2,381,244
Total current tax
1,827,000
2,381,244
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
€
€
Profit before taxation
9,489,471
7,578,246
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
2,372,368
1,439,867
Tax effect of expenses that are not deductible in determining taxable profit
456
Effect of change in corporation tax rate
9,016
Group relief
(49,740)
Under/(over) provided in prior years
46,447
Dividend income
(2,307,280)
(1,402,436)
Foreign tax paid
1,780,553
2,381,244
Current year tax charge unprovided
(15,804)
(46,447)
Taxation charge for the year
1,827,000
2,381,244
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
9
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
€
€
€
€
Ordinary shares
Final paid
0.30
0.26
6,000,000
5,000,000
10
Intangible fixed assets
Intellectual Property
€
Cost
At 1 January 2024
12,245,716
Additions - internally developed
881,954
At 31 December 2024
13,127,670
Amortisation and impairment
At 1 January 2024
3,598,845
Amortisation charged for the year
1,312,767
At 31 December 2024
4,911,612
Carrying amount
At 31 December 2024
8,216,058
At 31 December 2023
8,646,871
11
Fixed asset investments
2024
2023
Notes
€
€
Investments in subsidiaries
12
19,553,785
19,553,785
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Altaro DOOEL SKOPJE
Vasil Gjorgov 31, Skopje,Vasil Gjorgov 31, Skopje, Macedonia
Ordinary
0
100.00
Hornetsecurity Ltd
Block LS3, Level 1, Life
Science Park, San
Gwann Industrial Estate,
San Gwann, SGN3000,
Malta
Ordinary
100.00
-
Altaro UK Ltd
One St Peter's Square,
Manchester M2 3DE
Ordinary
0
100.00
HORNETSECURITY UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
13
Trade and other receivables
2024
2023
Amounts falling due within one year:
€
€
Amounts owed by group undertakings
4,125,969
5,000,000
Other receivables
33,794
5,503
Prepayments and accrued income
1,000
1,000
4,160,763
5,006,503
14
Current liabilities
2024
2023
€
€
Trade payables
35
35
Amounts owed to group undertakings
9,665,348
12,536,862
Corporation tax
1,600
Accruals and deferred income
636
5,000
9,666,019
12,543,497
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €1 each
19,553,785
19,553,785
19,553,785
19,553,785
16
Financial commitments, guarantees and contingent liabilities
As at the balance sheet date, the company had pledged its shareholding in Hornetsecurity Ltd as security against group borrowings.
17
Ultimate controlling party
The company's immediate parent undertaking, and ultimate parent undertaking, is Hornetsecurity Holding GmbH, a company incorporated in Germany. The registered address is Am Listholze 78, 30177 Hannover, Germany.
Hornetsecurity UK Holding Limited is exempt from the requirement to prepare and deliver group accounts as it is itself a subsidiary undertaking.
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