Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr A Mulholland 03/02/2004 Mr G Murphy 03/02/2004 24 October 2023 The principal activity of the Company during the financial year was the development of software and online games. SC262870 2023-01-31 SC262870 bus:Director1 2023-01-31 SC262870 bus:Director2 2023-01-31 SC262870 2022-01-31 SC262870 core:CurrentFinancialInstruments 2023-01-31 SC262870 core:CurrentFinancialInstruments 2022-01-31 SC262870 core:ShareCapital 2023-01-31 SC262870 core:ShareCapital 2022-01-31 SC262870 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC262870 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC262870 core:LandBuildings 2022-01-31 SC262870 core:OtherPropertyPlantEquipment 2022-01-31 SC262870 core:LandBuildings 2023-01-31 SC262870 core:OtherPropertyPlantEquipment 2023-01-31 SC262870 core:CostValuation 2022-01-31 SC262870 core:AdditionsToInvestments 2023-01-31 SC262870 core:RevaluationsIncreaseDecreaseInInvestments 2023-01-31 SC262870 core:CostValuation 2023-01-31 SC262870 core:ProvisionsForImpairmentInvestments 2022-01-31 SC262870 core:ProvisionsForImpairmentInvestments 2023-01-31 SC262870 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-01-31 SC262870 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-01-31 SC262870 bus:OrdinaryShareClass1 2023-01-31 SC262870 2022-02-01 2023-01-31 SC262870 bus:FullAccounts 2022-02-01 2023-01-31 SC262870 bus:SmallEntities 2022-02-01 2023-01-31 SC262870 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC262870 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC262870 bus:Director1 2022-02-01 2023-01-31 SC262870 bus:Director2 2022-02-01 2023-01-31 SC262870 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 SC262870 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC262870 2021-02-01 2022-01-31 SC262870 core:LandBuildings 2022-02-01 2023-01-31 SC262870 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC262870 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC262870 (Scotland)

HUNTED COW STUDIOS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

HUNTED COW STUDIOS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

HUNTED COW STUDIOS LTD.

BALANCE SHEET

AS AT 31 JANUARY 2023
HUNTED COW STUDIOS LTD.

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 775,962 795,165
Investments 4 2,236,806 1,864,177
3,012,768 2,659,342
Current assets
Debtors 5 549,255 541,236
Cash at bank and in hand 282,209 487,046
831,464 1,028,282
Creditors: amounts falling due within one year 6 ( 426,051) ( 407,481)
Net current assets 405,413 620,801
Total assets less current liabilities 3,418,181 3,280,143
Provision for liabilities 0 ( 70,306)
Net assets 3,418,181 3,209,837
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 3,418,081 3,209,737
Total shareholders' funds 3,418,181 3,209,837

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hunted Cow Studios Ltd. (registered number: SC262870) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

Mr A Mulholland
Director
HUNTED COW STUDIOS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
HUNTED COW STUDIOS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hunted Cow Studios Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 35 South Street, Elgin, IV30 1JZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the development of software and online games net of VAT.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and other creditors are recognised at transaction price.

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Research and Development

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 36

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 952,996 266,943 1,219,939
Additions 0 24,921 24,921
At 31 January 2023 952,996 291,864 1,244,860
Accumulated depreciation
At 01 February 2022 222,374 202,400 424,774
Charge for the financial year 19,060 25,064 44,124
At 31 January 2023 241,434 227,464 468,898
Net book value
At 31 January 2023 711,562 64,400 775,962
At 31 January 2022 730,622 64,543 795,165

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 February 2022 1,864,177 1,864,177
Additions 622,909 622,909
Movement in fair value ( 250,280) ( 250,280)
At 31 January 2023 2,236,806 2,236,806
Provisions for impairment
At 01 February 2022 0 0
At 31 January 2023 0 0
Carrying value at 31 January 2023 2,236,806 2,236,806
Carrying value at 31 January 2022 1,864,177 1,864,177

5. Debtors

2023 2022
£ £
Trade debtors 21,892 21,892
Amounts owed by related parties 59,484 104,273
Other debtors 467,879 415,071
549,255 541,236

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 21,580 20,333
Taxation and social security 217,287 245,998
Other creditors 187,184 141,150
426,051 407,481

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Contingencies

Contingent liabilities

2023 2022
£ £
Total contingent liabilities 90,000 90,000

In the year ended 31 January 2011, the company received a grant amounting to £90,000 from Highlands & Islands Enterprise. The company would only be required to pay this amount should it breach the specified grant conditions. The directors consider it unlikely that such a circumstance will arise.

9. Related party transactions

Transactions with the entity's directors

Advances

At 1 February 2022, key management personnel owed the company £30,364. During the year £7,465 was advanced, £30,361 was repaid and interest of £404 at a rate of 2% was charged on this balance. At 31 January 2023, key management personnel owed the company £7,872. The balance has no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Amounts due from other related parties 59,485 104,273

The above balances are unsecured, interest free and have no fixed repayment terms.