Tarantula.Net Limited
Tarantula.Net Limited
Registered number: 03314679
Financial Statements
For The Year Ended
31 December 2022
Tarantula.Net Limited
Financial Statements
For The Year Ended
31 December 2022
Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1 |
| Notes to the Financial Statements | 2—6 |
Tarantula.Net Limited
Statement of Financial Position
As At
31 December 2022
Statement of Financial Position
Registered number:
03314679
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.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 298,023 | 81,477 | |||
On behalf of the board
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Director
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Director
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The notes on pages 2 to 6 form part of these financial statements.
Tarantula.Net Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
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.
1.2.
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.
1.3.
Significant judgements and estimations
Preparation of the financial statements requires management to make significant judgements and estimates in
determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the
effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's
estimates and assumptions are based on historical experience and expectation of future events and are
reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of
measuring financial instruments.
Revenue Recognition
Management applies judgment when assessing whether certain deliverables in a customer arrangement should be
included or excluded from the unit for account to which contract accounting is applied. The judgment is typically
related to the sale and inclusion of third party hardware and license and customer arrangement and involves an
assessment that principally addresses whether the deliverable has stand-alone value on the customer that is not
dependent upon other components of the arrangement.
Management also assess whether the company is the primary obligor in the arrangement involving third party
services, license and or maintenance which is generally consistent with the company retaining fulfilment, inventory and
credit risks, among others.
Impairment of trade receivable
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of
trade and other receivables, management considers factors including the credit rating of receivable, the ageing profile
of receivables and historical experience.
Tarantula.Net Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
1.4.
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.
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.
1.5.
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 |
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1.6.
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.
Tarantula.Net Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
1.7.
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.
1.8.
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.
1.9.
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.
1.10.
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.
1.11.
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2021: 1)
Tarantula.Net Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
3.
Tangible Assets
| Computer Equipment | |
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| Depreciation | |
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| Net Book Value | |
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4.
Debtors
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| Trade debtors |
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| Prepayments and accrued income |
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| Amounts owed by group undertakings |
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5.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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7.
Capital Commitments
There are no capital commitments as of the balance sheet date.
8.
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.
Tarantula.Net Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
9.
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.
10.
Audit Information
The auditors report on the account of Tarantula.Net Limited for the year ended 31 December 2022 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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Registered Auditors
The Porter Building 1 Brunel Way
Slough
Berkshire
SL1 1FQ
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11.
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.