Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12757037 2022-01-01 2022-12-31 12757037 c:EntityControlledByKeyManagementPersonnel5 2022-01-01 2022-12-31 12757037 c:EntityControlledByKeyManagementPersonnel4 2022-01-01 2022-12-31 12757037 2020-07-20 2021-12-31 12757037 2022-12-31 12757037 c:EntityControlledByKeyManagementPersonnel5 2022-12-31 12757037 c:EntityControlledByKeyManagementPersonnel4 2022-12-31 12757037 2021-12-31 12757037 c:EntityControlledByKeyManagementPersonnel5 2021-12-31 12757037 d:Director4 2022-01-01 2022-12-31 12757037 c:CurrentFinancialInstruments 2022-12-31 12757037 c:CurrentFinancialInstruments 2021-12-31 12757037 c:Non-currentFinancialInstruments 2022-12-31 12757037 c:Non-currentFinancialInstruments 2021-12-31 12757037 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12757037 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 12757037 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 12757037 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 12757037 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 12757037 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2021-12-31 12757037 c:ShareCapital 2022-12-31 12757037 c:ShareCapital 2021-12-31 12757037 c:RetainedEarningsAccumulatedLosses 2022-12-31 12757037 c:RetainedEarningsAccumulatedLosses 2021-12-31 12757037 d:FRS102 2022-01-01 2022-12-31 12757037 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12757037 d:FullAccounts 2022-01-01 2022-12-31 12757037 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 12757037









BUTTER SPV 1 LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BUTTER SPV 1 LTD
REGISTERED NUMBER: 12757037

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
921,891
1,962,527

Cash at bank and in hand
 5 
455
440,225

  
922,346
2,402,752

Creditors: amounts falling due within one year
 6 
(2,057,160)
(2,187,969)

Net current (liabilities)/assets
  
 
 
(1,134,814)
 
 
214,783

Total assets less current liabilities
  
(1,134,814)
214,783

Creditors: amounts falling due after more than one year
 7 
-
(683,408)

  

Net liabilities
  
(1,134,814)
(468,625)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,134,815)
(468,626)

  
(1,134,814)
(468,625)


Page 1

 
BUTTER SPV 1 LTD
REGISTERED NUMBER: 12757037
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2023.




M A Linford
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
BUTTER SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Butter SPV 1 Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is One Angel Court C/O Tmf Group, 13th Floor, London, England, EC2R 7HJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Merchant fee and transaction fee revenue is generated upon the acquisition of the commercial rights to loan receivables. Revenue is recognised at the date of the acquisition.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

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 impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 3

 
BUTTER SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Debtors

2022
2021
£
£


Trade debtors
2,027
-

Amounts owed by group undertakings
919,864
416,552

Other debtors
-
1,545,975

921,891
1,962,527



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
455
440,225

455
440,225


Page 4

 
BUTTER SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other loans
-
20,942

Trade creditors
651,946
321,144

Amounts owed to group undertakings
1,270,715
1,716,784

Other creditors
129,099
125,099

Accruals and deferred income
5,400
4,000

2,057,160
2,187,969





7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
-
683,408

-
683,408




Page 5

 
BUTTER SPV 1 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Other loans
-
20,942


-
20,942

Amounts falling due 1-2 years

Other loans
-
683,408


-
683,408



-
704,350



9.


Related party transactions

As at the year end, the Company owed Skytech Capital Limited, a company under common control, a balance of 2022: £1,270,715 (2021: £1,621,376). This balance relates to the trade of servicing loan book receivables.
As at the year end, the Company owed Skytech Capital Limited a balance of 2022: £129,099 (2021:£125,099). This balance relates to an intercompany loan account.
As at the year end, a balance of £2,027 was owed to the company by Butter Holdings Limited, a parent company during the financial year.
The Company has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.


10.


Controlling party

The Company is a wholly owned subsidiary of Skytech Capital Limited, a company registered in England & Wales. The ultimate controlling party of the Company is Butter Holdings Limited, a company registered in England & Wales, that is the parent company of Skytech Capital Limited  
Post year end, 100% of the entire share capital of Butter Holdings Limited was acquired by Affirm, Inc. The registered address of Affirm Inc is 650 California Street, 12th Floor, San Francisco, CA 94108. Butter SPV1 Limited’s ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San Francisco, USA. 

 
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