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Registration number: 07535763

Butterfly Bright Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Butterfly Bright Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Butterfly Bright Limited

Company Information

Director

Mrs A A Nurton

Registered office

Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

Accountants

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Butterfly Bright Limited
for the Year Ended 28 February 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Butterfly Bright Limited for the year ended 28 February 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Butterfly Bright Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Butterfly Bright Limited and state those matters that we have agreed to state to the Board of Directors of Butterfly Bright Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Butterfly Bright Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Butterfly Bright Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Butterfly Bright Limited. You consider that Butterfly Bright Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Butterfly Bright Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

7 September 2018

 

Butterfly Bright Limited

(Registration number: 07535763)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

1,591

1,988

Current assets

 

Stocks

6

9,135

14,573

Cash at bank and in hand

 

56

56

 

9,191

14,629

Creditors: Amounts falling due within one year

8

(53,504)

(55,271)

Net current liabilities

 

(44,313)

(40,642)

Net liabilities

 

(42,722)

(38,654)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(42,822)

(38,754)

Total equity

 

(42,722)

(38,654)

For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 September 2018
 

.........................................

Mrs A A Nurton

Director

 

Butterfly Bright Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

These financial statements were authorised for issue by the director on 7 September 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Butterfly Bright Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

Asset class

Amortisation method and rate

Goodwill

20% stratight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

 

Butterfly Bright Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2017

24,000

24,000

At 28 February 2018

24,000

24,000

Amortisation

At 1 March 2017

24,000

24,000

At 28 February 2018

24,000

24,000

Carrying amount

At 28 February 2018

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

 

Butterfly Bright Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2017

6,345

6,345

At 28 February 2018

6,345

6,345

Depreciation

At 1 March 2017

4,357

4,357

Charge for the year

397

397

At 28 February 2018

4,754

4,754

Carrying amount

At 28 February 2018

1,591

1,591

At 28 February 2017

1,988

1,988

6

Stocks

2018
£

2017
£

Other inventories

9,135

14,573

7

Debtors

2018
£

2017
£

Total current trade and other debtors

-

-

8

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

5,160

5,642

Trade creditors

 

810

1,357

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

46,055

43,151

Other creditors

 

1,479

5,121

 

53,504

55,271

 

Butterfly Bright Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

9

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

5,160

5,642

10

Related party transactions

Transactions with directors

2018

At 1 March 2017
£

Advances to directors
£

Repayments by director
£

At 28 February 2018
£

Mrs A A Nurton

The director maintains and interest free loan with the company which is repayable on demand

43,151

(350)

3,254

46,055

         
       

 

2017

At 1 March 2016
£

Advances to directors
£

Repayments by director
£

At 28 February 2017
£

Mrs A A Nurton

The director maintains and interest free loan with the company which is repayable on demand

40,577

(2,393)

4,967

43,151