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BUTTERFLY GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2023






BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

BUTTERFLY GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTORS: Mr D M Mahoney
Mrs D J Mahoney





SECRETARY: Mrs D J Mahoney





REGISTERED OFFICE: 3 Halesowen Drive
Elstow
Bedfordshire
MK42 9GG





REGISTERED NUMBER: 09533528 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)

BALANCE SHEET
31ST OCTOBER 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,733 18,419
Investments 5 2 2
Investment property 6 1,788,782 1,422,500
1,803,517 1,440,921

CURRENT ASSETS
Debtors 7 81,308 58,800
Cash at bank and in hand 14,051 31,748
95,359 90,548
CREDITORS
Amounts falling due within one year 8 39,595 45,047
NET CURRENT ASSETS 55,764 45,501
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,859,281

1,486,422

CREDITORS
Amounts falling due after more than one
year

9

(1,494,999

)

(1,084,880

)

PROVISIONS FOR LIABILITIES (74,556 ) (77,022 )
NET ASSETS 289,726 324,520

CAPITAL AND RESERVES
Called up share capital 10 102 102
Non-distributable reserves 256,403 256,459
Retained earnings 33,221 67,959
SHAREHOLDERS' FUNDS 289,726 324,520

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)

BALANCE SHEET - continued
31ST OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by:





Mr D M Mahoney - Director


BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1. STATUTORY INFORMATION

Butterfly Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Butterfly Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st November 2022 17,981 5,577 23,558
Additions - 257 257
At 31st October 2023 17,981 5,834 23,815
DEPRECIATION
At 1st November 2022 3,561 1,578 5,139
Charge for year 2,884 1,059 3,943
At 31st October 2023 6,445 2,637 9,082
NET BOOK VALUE
At 31st October 2023 11,536 3,197 14,733
At 31st October 2022 14,420 3,999 18,419

The net book value of tangible fixed assets includes £ 7,975 (2022 - £ 7,975 ) in respect of assets held under hire purchase contracts.

BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st November 2022
and 31st October 2023 2
NET BOOK VALUE
At 31st October 2023 2
At 31st October 2022 2

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st November 2022 1,422,500
Additions 366,282
At 31st October 2023 1,788,782
NET BOOK VALUE
At 31st October 2023 1,788,782
At 31st October 2022 1,422,500

Fair value at 31st October 2023 is represented by:
£   
Valuation in 2021 81,708
Valuation in 2022 249,251
Cost 1,457,823
1,788,782

Investment property was valued on an open market basis on 31st October 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade debtors 23 -
Amounts owed by group undertakings 2,485 -
Prepayments and accrued income 78,800 58,800
81,308 58,800

BUTTERFLY GROUP LIMITED (REGISTERED NUMBER: 09533528)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Hire purchase contracts 7,791 9,842
Trade creditors 17,797 18,379
Amounts owed to group undertakings - 215
VAT 10,895 13,501
Other creditors 1,613 1,613
Accrued expenses 1,499 1,497
39,595 45,047

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/23 31/10/22
£    £   
Mortgage loan 906,456 444,750
Directors' loan accounts 588,543 640,130
1,494,999 1,084,880

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/23 31/10/22
value: £    £   
102 ORDINARY £1 102 102

11. ULTIMATE CONTROLLING PARTY

The company is under the control of the director and his spouse who own 100% of the issued share capital of the company.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
BUTTERFLY GROUP LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Butterfly Group Limited for the year ended 31st October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Butterfly Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Butterfly Group Limited and state those matters that we have agreed to state to the Board of Directors of Butterfly Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Butterfly Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Butterfly Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Butterfly Group Limited. You consider that Butterfly Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Butterfly Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


31st July 2024