Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2022-01-01falseNo description of principal activity1112trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12119671 2022-01-01 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel5 2022-01-01 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel4 2022-01-01 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel3 2022-01-01 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel2 2022-01-01 2022-12-31 12119671 2021-01-01 2021-12-31 12119671 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel5 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel4 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel3 2022-12-31 12119671 c:EntityControlledByKeyManagementPersonnel2 2022-12-31 12119671 2021-12-31 12119671 c:EntityControlledByKeyManagementPersonnel5 2021-12-31 12119671 c:EntityControlledByKeyManagementPersonnel4 2021-12-31 12119671 c:EntityControlledByKeyManagementPersonnel3 2021-12-31 12119671 c:EntityControlledByKeyManagementPersonnel2 2021-12-31 12119671 d:Director5 2022-01-01 2022-12-31 12119671 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 12119671 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12119671 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 12119671 c:CurrentFinancialInstruments 2022-12-31 12119671 c:CurrentFinancialInstruments 2021-12-31 12119671 c:Non-currentFinancialInstruments 2022-12-31 12119671 c:Non-currentFinancialInstruments 2021-12-31 12119671 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12119671 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 12119671 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 12119671 c:Non-currentFinancialInstruments c:AfterOneYear 2021-12-31 12119671 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 12119671 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2021-12-31 12119671 c:ShareCapital 2022-12-31 12119671 c:ShareCapital 2021-12-31 12119671 c:SharePremium 2022-01-01 2022-12-31 12119671 c:SharePremium 2022-12-31 12119671 c:SharePremium 2021-12-31 12119671 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12119671 c:RetainedEarningsAccumulatedLosses 2022-12-31 12119671 c:RetainedEarningsAccumulatedLosses 2021-12-31 12119671 d:OrdinaryShareClass1 2022-01-01 2022-12-31 12119671 d:OrdinaryShareClass1 2022-12-31 12119671 d:OrdinaryShareClass1 2021-12-31 12119671 d:FRS102 2022-01-01 2022-12-31 12119671 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12119671 d:FullAccounts 2022-01-01 2022-12-31 12119671 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12119671 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 12119671 6 2022-01-01 2022-12-31 12119671 13 2022-01-01 2022-12-31 12119671 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12119671










BUTTER HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BUTTER HOLDINGS LIMITED
REGISTERED NUMBER: 12119671

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
966,687
798,804

Investments
 5 
2,001
2,001

  
968,688
800,805

Current assets
  

Debtors: amounts falling due within one year
 6 
3,094,876
3,633,865

Cash at bank and in hand
 7 
268,147
12,201

  
3,363,023
3,646,066

Creditors: amounts falling due within one year
 8 
(440,267)
(178,532)

Net current assets
  
 
 
2,922,756
 
 
3,467,534

Total assets less current liabilities
  
3,891,444
4,268,339

Creditors: amounts falling due after more than one year
 9 
(2,991,508)
(2,483,545)

  

Net assets
  
899,936
1,784,794


Capital and reserves
  

Called up share capital 
 11 
168
155

Share premium account
 12 
1,944,209
1,399,975

Profit and loss account
 12 
(1,044,441)
384,664

  
899,936
1,784,794


Page 1

 
BUTTER HOLDINGS LIMITED
REGISTERED NUMBER: 12119671
    
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 10 form part of these financial statements.

Page 2

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Butter Holdings 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, Ec2r 7hj, England.
The principal activity of the company is software development.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the 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.

  
2.3

Investment income

Investment income comprises of dividend income, and is recognised to the extent that dividends have been declared, and it is now probable that the economic benefits will flow to the Company, at an amount that can be reliably measured.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, of 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
10
years

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Income statement if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 5

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Financial instruments (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.15

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Statement of financial position.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2021 - 12).

Page 6

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2022
962,553


Additions
293,487



At 31 December 2022

1,256,040



Amortisation


At 1 January 2022
163,749


Charge for the year on owned assets
125,604



At 31 December 2022

289,353



Net book value



At 31 December 2022
966,687



At 31 December 2021
798,804




5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
2,001



At 31 December 2022
2,001




Page 7

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
2,999,426
3,481,668

Other debtors
55,439
27,652

Prepayments and accrued income
40,011
34,155

Tax recoverable
-
90,390

3,094,876
3,633,865



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
268,147
12,201

268,147
12,201



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
375,964
79,426

Other taxation and social security
28,020
61,620

Other creditors
30,783
31,986

Accruals and deferred income
5,500
5,500

440,267
178,532



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Subordinated loans and interest
2,653,036
1,437,079

Other loans and interest
338,472
1,046,466

2,991,508
2,483,545


Page 8

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£


Amounts falling due 1-2 years

Subordinated loans and interest
2,653,036
1,437,079

Other loans and interest
338,472
1,046,466


2,991,508
2,483,545



2,991,508
2,483,545



11.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



16,800 (2021 - 15,500) Ordinary shares of £0.01 each
168
155


In the year, 1,300 shares were issued at a nominal value of £0.01.


12.


Reserves

Share premium account

Share premium includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,938 (2021: £2,581).Contributions totalling 2022: £1,183 (2021:£1,228) were payable to the fund at the reporting date and are included in creditors.

Page 9

 
BUTTER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Related party transactions

As at year end, a balance of £1,988,456 (2021: £1,477,294) was owed to the Company by Butter Holidays Limited, a Company under common control.
As at year end, a balance of £1,000,970 (2021: £2,004,199) was owed to the Company by Skytech Capital Limited, a Company under common control.

As at year end, a balance of £-Nil (2021: £175) was owed to the Company by Tom Canty Limited, a Company under common control.
As at year end, a balance of £2,027 (2021: £-Nil) was owed to Butter SPV 1 Limited, a company under common control.

As at year end, a balance of £10,544 (2021: £-Nil) was owed to the Company by the directors (£9,044 by S Hobl and £1,500 by T C Davis).
The Company has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries, within the Group.


15.


Controlling party

There was no controlling party during the financial year. Post year end, the company was acquired by Affirm, Inc.
Affirm, Inc. acquired the entire share capital of Butter Holdings Limited and is the immediate parent company. Affirm, Inc. is incorporated in San Francisco, USA and its's registered address is 650 California Street, 12th Floor, San Francisco, CA 94108. 
Butter Holdings Limited’s ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San Francisco, USA.

 
Page 10