Company registration number 11599578 (England and Wales)
Houdini Software Limited
Unaudited financial statements
For the year ended 30 April 2022
Houdini Software Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Houdini Software Limited
Statement of financial position
as at 30 April 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
2
100
100
Cash at bank and in hand
90,000
90,100
100
Creditors: amounts falling due within one year
3
(30,343)
Net current assets
59,757
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
59,657
Total equity
59,757
100
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2022 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 9 August 2022 and are signed on its behalf by:
Mr P J Carnall
Director
Company Registration No. 11599578
Houdini Software Limited
Notes to the financial statements
For the year ended 30 April 2022
- 2 -
1
Accounting policies
Company information
Houdini Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Evolution, Lymedale Business Park, Hooters Hall Road, Newcastle under Lyme, Staffordshire, ST5 9QF.
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.
Houdini Software Limited is a wholly owned subsidiary of Houdini IP Holdings Limited
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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.
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.
Houdini Software Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.4
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Houdini Software Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
- 4 -
3
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
28,994
Other creditors
1,349
30,343
4
Parent company
The parent company is Houdini IP Holdings Limited, a company incorporated in England and Wales.
Their registered office address is Unit 4 Evolution, Lymedale Business Park, Hooters Hall Road, Newcastle Under Lyme, Staffordshire, United Kingdom, ST5 9QF.