Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30truetruetruetruetruetrue02023-01-01falseNo description of principal activity0truetrue 12757037 2023-01-01 2023-06-30 12757037 2022-01-01 2022-12-31 12757037 2023-06-30 12757037 2022-12-31 12757037 c:Director2 2023-01-01 2023-06-30 12757037 d:CurrentFinancialInstruments 2023-06-30 12757037 d:CurrentFinancialInstruments 2022-12-31 12757037 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12757037 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12757037 d:ShareCapital 2023-06-30 12757037 d:ShareCapital 2022-12-31 12757037 d:SharePremium 2023-06-30 12757037 d:SharePremium 2022-12-31 12757037 d:RetainedEarningsAccumulatedLosses 2023-06-30 12757037 d:RetainedEarningsAccumulatedLosses 2022-12-31 12757037 c:FRS102 2023-01-01 2023-06-30 12757037 c:Audited 2023-01-01 2023-06-30 12757037 c:FullAccounts 2023-01-01 2023-06-30 12757037 c:PrivateLimitedCompanyLtd 2023-01-01 2023-06-30 12757037 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 12757037










BUTTER SPV 1 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
BUTTER SPV 1 LIMITED
REGISTERED NUMBER: 12757037

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
 4 
921,891
921,891

Cash at bank and in hand
 5 
5,432
455

  
927,323
922,346

Creditors: amounts falling due within one year
 6 
(2,062,360)
(2,057,160)

Net current liabilities
  
 
 
(1,135,037)
 
 
(1,134,814)

Total assets less current liabilities
  
(1,135,037)
(1,134,814)

  

Net liabilities
  
(1,135,037)
(1,134,814)


Capital and reserves
  

Called up share capital 
  
1
1

Share premium account
  
10,000
-

Profit and loss account
  
(1,145,038)
(1,134,815)

  
(1,135,037)
(1,134,814)


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 26 March 2024.




M A Linford
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

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.

 
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 650 California Street, 12th Floor, San Francisco, CA 94108.

 
2.3

Going concern

Affirm Inc., the US based parent entity, has committed to provide ongoing support to allow the company to meet its liabilities as they fall due for a period not less than 12 months from the date these accounts are signed. On the basis, The directors consider it appropriate to prepare the financial statements on a going concern basis.

  
2.4

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.

 
2.5

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.

Page 2

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
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.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the period was 0 (2022 - 0).


4.


Debtors

30 June
31 December
2023
2022
£
£


Trade debtors
-
2,027

Amounts owed by group undertakings
921,891
919,864

921,891
921,891


Page 3

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

5.


Cash and cash equivalents

30 June
31 December
2023
2022
£
£

Cash at bank and in hand
5,432
455

5,432
455



6.


Creditors: Amounts falling due within one year

30 June
31 December
2023
2022
£
£

Trade creditors
647,146
651,946

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

Other creditors
129,099
129,099

Accruals and deferred income
15,400
5,400

2,062,360
2,057,160



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.


8.


Controlling party

Skytech Capital Limited owns 100% of Butter SPV 1 Limited and is the immediate parent company. 
Butter SPV 1 Limited’s ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San Francisco, USA.


9.


Auditors' information

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 4