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Registered number: 12256988










BUTTER HOLIDAYS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
BUTTER HOLIDAYS LIMITED
REGISTERED NUMBER: 12256988

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

30 June
31 December
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
910,727
922,332

Cash at bank and in hand
 4 
47,264
20,863

  
957,991
943,195

Creditors: amounts falling due within one year
 5 
(2,438,438)
(2,433,595)

Net current liabilities
  
 
 
(1,480,447)
 
 
(1,490,400)

Total assets less current liabilities
  
(1,480,447)
(1,490,400)

  

Net liabilities
  
(1,480,447)
(1,490,400)


Capital and reserves
  

Called up share capital 
  
1
1

Share premium account
  
75,000
-

Profit and loss account
  
(1,555,448)
(1,490,401)

  
(1,480,447)
(1,490,400)


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 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 statement of comprehensive income 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 by: 26 March 2024.




M A Linford
Director

Page 1

 
BUTTER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Butter Holidays Limited is a private company limited by shares incorporated in England and Wales. The registered office is shown on the Company information page of these financial statements.

The principal activity of the company is travel agency operator.

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.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Affirm Holdings, Inc., as at 30 June 2023 and these financial statements may be obtained from https://www.affirm.com /...

 
2.3

Going concern

In auditing the financial statements, we have concluded that the directors’ use of going concern basis of accounting in the preparation of the financial statements is not appropriate.
 
On February 1, 2023, Affirm Inc purchased the Butter Group of Companies. Following the acquisition of the Group, Affirm Inc has decided to wind up Butter Holidays Limited, the directors will proceed with a solvent wind down of operations accordingly.
 
The auditors report on the financial statements for the year ended 30 June 2023 was unqualified.

Page 2

 
BUTTER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue represents the aggregate amount of net commission and transaction fees earned for the arrangement of travel services.

 
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 period in which they are incurred.

 
2.7

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.

 
2.8

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.

Page 3

 
BUTTER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

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.

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.


3.


Debtors

30 June
31 December
2023
2022
£
£


Amounts owed by group undertakings
898,821
899,091

Other debtors
11,906
23,241

910,727
922,332



4.


Cash and cash equivalents

30 June
31 December
2023
2022
£
£

Cash at bank and in hand
47,264
20,863

Less: bank overdrafts
(41)
-

47,223
20,863


Page 4

 
BUTTER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

5.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2022
£
£

Bank overdrafts
41
-

Trade creditors
98
11,598

Amounts owed to group undertakings
2,423,799
2,404,041

Corporation tax
-
1,202

Other taxation and social security
-
9,883

Other creditors
-
2,371

Accruals and deferred income
14,500
4,500

2,438,438
2,433,595



6.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
31 December
2023
2022
£
£


Not later than 1 year
-
47,033

-
47,033


7.


Related party transactions

The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group.

Page 5

 
BUTTER HOLIDAYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

8.


Auditors' information

In auditing the financial statements, we have concluded that the directors’ use of going concern basis of accounting in the preparation of the financial statements is not appropriate.
 
On February 1, 2023, Affirm Inc purchased the Butter Group of Companies. Following the acquisition of the Group, Affirm Inc has decided to wind up Butter Holidays Limited, the directors will proceed with a solvent wind down of operations accordingly.

The auditors' report on the financial statements for the period ended 30 June 2023 was unqualified.

The audit report was signed on 26 March 2024 by Karanjit Gill FCCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 6