Company registration number 12288093 (England and Wales)
HORNETSECURITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HORNETSECURITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HORNETSECURITY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
882,656
1,176,875
Tangible assets
5
5,304
5,766
Investments
6
100
100
888,060
1,182,741
Current assets
Debtors
7
860,690
933,120
Cash at bank and in hand
508,579
565,876
1,369,269
1,498,996
Creditors: amounts falling due within one year
8
(3,473,511)
(3,412,182)
Net current liabilities
(2,104,242)
(1,913,186)
Net liabilities
(1,216,182)
(730,445)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,216,282)
(730,545)
Total equity
(1,216,182)
(730,445)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 11 June 2025 and are signed on its behalf by:
D Hofmann
Director
Company registration number 12288093 (England and Wales)
HORNETSECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Hornetsecurity Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Baker Street, London, W1U 7EU.
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. 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.
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 Limited is a wholly owned subsidiary of Hornetsecurity Holding Gmbh and the results of Hornetsecurity Limited are included in the consolidated financial statements of Hornetsecurity Holding Gmbh which are available from Am Listholze 78, 30177 Hannover, Germany.
1.2
Going concern
As the company is loss making, with a negative balance sheet, the director’s have placed reliance on a letter of support received from its ultimate parent company, that confirms it will continue to provide support to Hornetsecurity Limited. The directors feel there is a lot of potential in the UK and Northern Europe market, which they are currently working towards to further grow within. This is reflected further by the continued growth in revenue that Hornetsecurity Limited has seen in the past few years. Revenue continues to grow significantly year on year in the UK entity. 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.true
1.3
Turnover
Turnover relates to cloud security services provided to companies and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in line with the performance of these services.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 8 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
HORNETSECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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
20% on original cost
Computers
Between 4% and 20% on original cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 profit and loss account 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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
14
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
1,765,313
Amortisation and impairment
At 1 January 2024
588,438
Amortisation charged for the year
294,219
At 31 December 2024
882,657
Carrying amount
At 31 December 2024
882,656
At 31 December 2023
1,176,875
On 31 December 2021, the trade and assets of EveryCloud Antispam Limited, the Company's subsidiary, were transferred to the Company for consideration equal to the net book value of the subsidiary's assets and liabilities. Goodwill was recognised on the excess of the Company's original investment over the fair value of the net assets. Two years of amortisation, being £588,438, was recognised directly in profit and loss reserves to reflect the period of ownership prior to the hive-up.
HORNETSECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,108
5,601
6,709
Depreciation and impairment
At 1 January 2024
222
721
943
Depreciation charged in the year
222
240
462
At 31 December 2024
444
961
1,405
Carrying amount
At 31 December 2024
664
4,640
5,304
At 31 December 2023
886
4,880
5,766
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
826,675
901,759
Other debtors
34,015
31,361
860,690
933,120
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,630
38,685
Amounts owed to group undertakings
2,682,448
2,487,270
Corporation tax
98,124
190,245
Other taxation and social security
128,528
143,311
Deferred income
366,719
429,892
Other creditors
39,270
1,099
Accruals and deferred income
117,792
121,680
3,473,511
3,412,182
HORNETSECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Graham Jennings
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
12 June 2025
10
Parent company
The company's immediate parent undertaking is Hornetsecurity GmbH, a company incorporated in Germany. The registered address is Am Listholze 78, 30177 Hannover, Germany.
The company's ultimate parent undertaking is Hornetsecurity Holding GmbH, a company incorporated in Germany. The registered address is Am Listholze 78, 30177 Hannover, Germany.
Hornetsecurity Limited is exempt from the requirement to prepare and deliver group accounts because it is itself a subsidiary undertaking.