Company Registration No. 08412548 (England and Wales)
Buttercross Estates Limited
Unaudited accounts
for the year ended 31 August 2023
Buttercross Estates Limited
Unaudited accounts
Contents
Buttercross Estates Limited
Company Information
for the year ended 31 August 2023
Directors
D Otton
J Horton
Company Number
08412548 (England and Wales)
Registered Office
Newark Beacon
Cafferata Way
Newark
Nottinghamshire
NG24 2TN
Accountants
Future Cloud Accounting Limited
14 Halifax Court
Fernwood Business Centre
Newark
Nottinghamshire
NG24 3JP
Buttercross Estates Limited
Statement of financial position
as at 31 August 2023
Tangible assets
4,243
5,195
Cash at bank and in hand
267,794
238,340
Creditors: amounts falling due within one year
(245,422)
(268,853)
Net current assets/(liabilities)
33,420
(15,166)
Total assets less current liabilities
37,663
(9,971)
Creditors: amounts falling due after more than one year
(55,734)
(17,001)
Net liabilities
(18,071)
(26,972)
Called up share capital
100
100
Profit and loss account
(18,171)
(27,072)
Shareholders' funds
(18,071)
(26,972)
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by
D Otton
Director
Company Registration No. 08412548
Buttercross Estates Limited
Notes to the Accounts
for the year ended 31 August 2023
Buttercross Estates Limited is a private company, limited by shares, registered in England and Wales, registration number 08412548. The registered office is Newark Beacon, Cafferata Way, Newark, Nottinghamshire, NG24 2TN.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
At the year end the company's liabilities exceeded its assets by £18,071 (2022: £26,972) .The shareholders have confirmed that they will continue to support the company to enable it to meet its liabilities as they fall due for a period of not less than twelve months from the date of signing the financial statements. The financial statements have therefore been prepared on the going concern basis.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Buttercross Estates Limited
Notes to the Accounts
for the year ended 31 August 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2022
4,363
7,912
12,275
At 31 August 2023
4,363
9,277
13,640
At 1 September 2022
3,340
3,740
7,080
Charge for the year
544
1,773
2,317
At 31 August 2023
3,884
5,513
9,397
At 31 August 2023
479
3,764
4,243
At 31 August 2022
1,023
4,172
5,195
Amounts falling due within one year
Accrued income and prepayments
3,424
4,130
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,000
6,000
Trade creditors
4,788
5,041
Taxes and social security
11,891
7,479
Other creditors
222,361
250,125
Buttercross Estates Limited
Notes to the Accounts
for the year ended 31 August 2023
7
Creditors: amounts falling due after more than one year
2023
2022
8
Operating lease commitments
2023
2022
At 31 August 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
14,702
16,709
Later than one year and not later than five years
13,860
28,557
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to director
3,355
62
3,841
(424)
It is company policy to charge interest on all overdrawn loan accounts at the HMRC official rate of interest for any balances over £10,000. An amount of £Nil (2022: £nil) has been paid in respect of this.
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Transactions with related parties
During the period, the company had the following transactions with related parties:
A company, which has a common director with Buttercross Estates Limited, has an outstanding loan of £53,036 (2022: £61,649) which is payable by Buttercross Estates Limited. Interest is being charged at 7.5% p.a. (2022: Nil).
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Average number of employees
During the year the average number of employees was 4 (2022: 6).