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REGISTERED NUMBER: 06498008 (England and Wales)






















Financial Statements

for the Year Ended 31 March 2023

for

Butterfly World Project Limited

Butterfly World Project Limited (Registered number: 06498008)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Butterfly World Project Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: J N E Breheny





SECRETARY: S Aziz





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 06498008 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Butterfly World Project Limited (Registered number: 06498008)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,635,000 3,635,000

CURRENT ASSETS
Debtors 5 166 733
Cash at bank 69,188 85,017
69,354 85,750
CREDITORS
Amounts falling due within one year 6 2,822,649 2,845,169
NET CURRENT LIABILITIES (2,753,295 ) (2,759,419 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

881,705

875,581

CAPITAL AND RESERVES
Called up share capital 7 1,500,001 1,500,001
Share premium 8 1,500,000 1,500,000
Retained earnings 8 (2,118,296 ) (2,124,420 )
SHAREHOLDERS' FUNDS 881,705 875,581

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 October 2023 and were signed by:





J N E Breheny - Director


Butterfly World Project Limited (Registered number: 06498008)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Butterfly World Project Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis which assumes that the ultimate controlling party, Breheny Group Limited, will continue to support the company. If support were not to continue then the basis may not be appropriate. As at 31 March 2023 the companies net current liabilities exceeded its assets by £2,753,295 (2022: £2,759,419).

Tangible fixed assets
In accordance with FRS102 section 17, land and development costs have been measured on the revaluation model. All other classes of asset have been measured on the cost model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Land and
development
costs
£   
COST
At 1 April 2022
and 31 March 2023 3,635,000
NET BOOK VALUE
At 31 March 2023 3,635,000
At 31 March 2022 3,635,000

The land and development costs were valued on 31 March 2016 by Lambert Smith Hampton.

The directors have assessed the valuation during the year ended 31 March 2023 and believe it to be accurate.

Butterfly World Project Limited (Registered number: 06498008)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 166 733

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 12,582
Amounts owed to group undertakings 2,366,483 2,390,236
Other creditors 456,166 442,351
2,822,649 2,845,169

7. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
3,000,002 Ordinary 50p 1,500,001 1,500,001

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 (2,124,420 ) 1,500,000 (624,420 )
Profit for the year 6,124 6,124
At 31 March 2023 (2,118,296 ) 1,500,000 (618,296 )

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shaw BSc FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

10. OTHER FINANCIAL COMMITMENTS

The company is party to a an omnibus guarantee and set off agreement, with an unlimited guarantee given by Breheny Group Limited, all subsidiaries within the Breheny Group, and by Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. This is supported by debentures by Breheny Group Limited, by all subsidiaries within the Breheny Group, and by Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited.

The Facility is further secured by a first legal charge over all property held by the Breheny Group and its subsidiaries, and over freehold land and buildings held by Redbourne Homes (Epworth) Limited.

The total borrowings of the above entities to which this guarantee refers amounted to £Nil.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Breheny Group. The parent company is Butterfly World Project (Holdings) Limited. The company's registered office is as follows:

15 Newland
Lincoln
Lincoln
LN1 1XG