Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Andrew Mulholland 03/02/2004 Glenn Murphy 03/02/2004 28 October 2024 The principal activity of the Company during the financial year was the development of software and online games. SC262870 2024-01-31 SC262870 bus:Director1 2024-01-31 SC262870 bus:Director2 2024-01-31 SC262870 2023-01-31 SC262870 core:CurrentFinancialInstruments 2024-01-31 SC262870 core:CurrentFinancialInstruments 2023-01-31 SC262870 core:ShareCapital 2024-01-31 SC262870 core:ShareCapital 2023-01-31 SC262870 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC262870 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC262870 core:LandBuildings 2023-01-31 SC262870 core:FurnitureFittings 2023-01-31 SC262870 core:LandBuildings 2024-01-31 SC262870 core:FurnitureFittings 2024-01-31 SC262870 core:CostValuation 2023-01-31 SC262870 core:AdditionsToInvestments 2024-01-31 SC262870 core:RevaluationsIncreaseDecreaseInInvestments 2024-01-31 SC262870 core:CostValuation 2024-01-31 SC262870 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-01-31 SC262870 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-01-31 SC262870 bus:OrdinaryShareClass1 2024-01-31 SC262870 2023-02-01 2024-01-31 SC262870 bus:FilletedAccounts 2023-02-01 2024-01-31 SC262870 bus:SmallEntities 2023-02-01 2024-01-31 SC262870 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC262870 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC262870 bus:Director1 2023-02-01 2024-01-31 SC262870 bus:Director2 2023-02-01 2024-01-31 SC262870 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 SC262870 core:FurnitureFittings 2023-02-01 2024-01-31 SC262870 2022-02-01 2023-01-31 SC262870 core:LandBuildings 2023-02-01 2024-01-31 SC262870 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC262870 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC262870 (Scotland)

HUNTED COW STUDIOS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

HUNTED COW STUDIOS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

HUNTED COW STUDIOS LTD.

BALANCE SHEET

AS AT 31 JANUARY 2024
HUNTED COW STUDIOS LTD.

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 450,654 775,962
Investments 4 2,293,112 2,236,806
2,743,766 3,012,768
Current assets
Debtors 5 484,592 549,255
Cash at bank and in hand 806,199 282,209
1,290,791 831,464
Creditors: amounts falling due within one year 6 ( 405,936) ( 426,051)
Net current assets 884,855 405,413
Total assets less current liabilities 3,628,621 3,418,181
Net assets 3,628,621 3,418,181
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 3,628,521 3,418,081
Total shareholders' funds 3,628,621 3,418,181

For the financial year ending 31 January 2024 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 Board of Directors on 28 October 2024. They were signed on its behalf by:

Andrew Mulholland
Director
HUNTED COW STUDIOS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
HUNTED COW STUDIOS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
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 the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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
Fixtures and fittings 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.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

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, 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 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 36

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 February 2023 952,996 291,864 1,244,860
Additions 0 8,011 8,011
At 31 January 2024 952,996 299,875 1,252,871
Accumulated depreciation
At 01 February 2023 241,434 227,464 468,898
Charge for the financial year 19,060 21,757 40,817
Impairment losses 292,502 0 292,502
At 31 January 2024 552,996 249,221 802,217
Net book value
At 31 January 2024 400,000 50,654 450,654
At 31 January 2023 711,562 64,400 775,962

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 2,236,806 2,236,806
Additions 271,535 271,535
Movement in fair value ( 215,229) ( 215,229)
At 31 January 2024 2,293,112 2,293,112
Carrying value at 31 January 2024 2,293,112 2,293,112
Carrying value at 31 January 2023 2,236,806 2,236,806

5. Debtors

2024 2023
£ £
Trade debtors 0 21,892
Amounts owed by related parties 43,615 59,484
Other debtors 440,977 467,879
484,592 549,255

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,115 21,580
Taxation and social security 205,169 217,287
Other creditors 179,652 187,184
405,936 426,051

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Contingencies

Contingent liabilities

2024 2023
£ £
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 2023, key management personnel owed the Company £7,872. During the year £49,879 was advanced and interest of £1,107 at a rate of 2.25% was charged on this balance. At 31 January 2024, key management personnel owed the company £58,858. This balance is unsecured and has no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due from other related parties 43,615 59,485

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