Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 16 August 2024 1 January 2023 31 December 2023 31 December 2023 03314679 Mr David Nyland Mr Tony Garcia Constellation Software Inc. true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03314679 2022-12-31 03314679 2023-12-31 03314679 2023-01-01 2023-12-31 03314679 frs-core:CurrentFinancialInstruments 2023-12-31 03314679 frs-core:ComputerEquipment 2023-12-31 03314679 frs-core:ComputerEquipment 2023-01-01 2023-12-31 03314679 frs-core:ComputerEquipment 2022-12-31 03314679 frs-core:ShareCapital 2023-12-31 03314679 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03314679 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03314679 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03314679 frs-bus:SmallEntities 2023-01-01 2023-12-31 03314679 frs-bus:Audited 2023-01-01 2023-12-31 03314679 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03314679 1 2023-01-01 2023-12-31 03314679 frs-bus:Director1 2023-01-01 2023-12-31 03314679 frs-bus:Director2 2023-01-01 2023-12-31 03314679 frs-core:CurrentFinancialInstruments 1 2023-12-31 03314679 frs-countries:EnglandWales 2023-01-01 2023-12-31 03314679 2021-12-31 03314679 2022-12-31 03314679 2022-01-01 2022-12-31 03314679 frs-core:CurrentFinancialInstruments 2022-12-31 03314679 frs-core:ShareCapital 2022-12-31 03314679 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 03314679 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 03314679
Tarantula.Net Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—5
Page 1
Statement of Financial Position
Registered number: 03314679
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 670 1,193
670 1,193
CURRENT ASSETS
Debtors 5 716,136 1,182,688
Cash at bank and in hand 145,689 92,380
861,825 1,275,068
Creditors: Amounts Falling Due Within One Year 6 (414,951 ) (978,238 )
NET CURRENT ASSETS (LIABILITIES) 446,874 296,830
TOTAL ASSETS LESS CURRENT LIABILITIES 447,544 298,023
NET ASSETS 447,544 298,023
CAPITAL AND RESERVES
Called up share capital 7 90 90
Income Statement 447,454 297,933
SHAREHOLDERS' FUNDS 447,544 298,023
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr David Nyland
Director
15/08/2024
The notes on pages 2 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tarantula.Net Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03314679 . The registered office is Mayfield House, 14 Rochfords Gardens, Slough, Berkshire, SL2 5XJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered
relevant information, including the annual budget and future cash flows in making their assessment. In particular, in
response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the
impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that
they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to
mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they
can continue to adopt the going concern basis in preparing the annual report and accounts.
2.3. Turnover
Turnover represents the amount the Company expects to receive for products and services in its contracts with customers, net of discounts and sales taxes. The Company reports revenue under three revenue categories being, Software, Maintenance and License fees.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Revenue

Perpetual License
Perpetual license fees are recognised as revenue when the software is delivered, no significant obligations or contingencies related to the software exist, other than maintenance, and all other revenue recognition criteria are met.

Maintenance
Revenue from maintenance is recognised rateably over the service period.

Software-as-a-Service (SaaS)
The company offers products via SaaS model, which is a subscription-based model. Subscription revenue derived from these agreements is generally recognised on a straight-line basis over the subscription term, provided persuasive evidence of an arrangement exists, access to the software has been granted to the customer, the fee for the subscription is fixed or determinable, and collection of subscription fee is probable.

Contracts with multiple products or services

Typically, the Company enters into contracts that contain multiple products across these revenue categories and evaluates these arrangements to determine the appropriate unit of accounting (performance obligation) for revenue recognition purposes based on whether the product or service is distinct from some or all of the other products or services in the arrangement.

Revenue from the license of software that involves complex implementation or customization that is not distinct, and/or includes sales of hardware that is not distinct, is recognized as a combined performance obligation using the percentage-of-completion method based either on the achievement of contractually defined milestones or based on labour hours.

Professional services revenue including installation, implementation, training and customization of software is recognized by the stage of completion of the performance obligation determined using the percentage of completion method noted above or as such services are performed as appropriate in the circumstances.

A product or service is distinct if the customer can benefit from it on its own or together with other readily available resources and the Company's promise to transfer the good or service is separately identifiable from other promises in the contractual arrangement with the customer.

...CONTINUED
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2.3. Turnover - continued
Non-distinct products and services are combined with other goods or services until they are distinct as a bundle and therefore form a single performance obligation. Where a contract consists of more than one performance obligation, revenue is allocated to each based on their estimated SSP.

The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in work in progress. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of deferred revenue.


2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment Straight Line method over 3 years
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statements of comprehensive income.


2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairments.
2.9. Creditors
Creditors are obligations to pay for goods or services that have been aquired in the ordinary course of business from suppliers.

Creditors are recongised intially at fair value and subsequently measures at amortised cost using the effective interest method.
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2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 1,536
As at 31 December 2023 1,536
Depreciation
As at 1 January 2023 343
Provided during the period 523
As at 31 December 2023 866
Net Book Value
As at 31 December 2023 670
As at 1 January 2023 1,193
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 186,471 832,109
Prepayments and accrued income 40,120 166,438
Amounts owed by group undertakings 489,545 184,141
716,136 1,182,688
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,575 20,581
Corporation tax 45,870 50,991
Other taxes and social security 3,290 3,118
VAT 96,472 135,921
Withholding Tax 41,994 61,274
Accruals and deferred income 218,750 706,353
414,951 978,238
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 90 90
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8. Capital Commitments
There are no capital commitments as of the balance sheet date.
9. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
10. Ultimate Controlling Party
The company's immediate controlling party is Tarantula Global Holdings Pte. Ltd. (Singapore) by virture of its ownership of 100% of the issued share capital in the company. The directors consider that the company's ultimate parent undertaking is Consetellation Software Inc, incorporated in Toronto Canada. The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Constellation Software Inc. 
11. Audit Information
The auditors report on the account of Tarantula.Net Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Amjad Ashraf (Senior Statutory Auditor) for and on behalf of Albaraka Limited , Statutory Auditor
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