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Company Registration No. 04952566 (England and Wales)
Butterfly Projects Ltd Unaudited accounts for the year ended 30 November 2023
Butterfly Projects Ltd Unaudited accounts Contents
Page
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Butterfly Projects Ltd Company Information for the year ended 30 November 2023
Directors
S Boltman R Boltman W Chicken R Smith
Secretary
R Boltman
Company Number
04952566 (England and Wales)
Registered Office
253 Cowbridge Road West Cardiff CF5 5TD United Kingdom
Accountants
STAS Ltd 253 Cowbridge Road West Cardiff CF5 5TD
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Butterfly Projects Ltd Accountants' report
Accountants' report to the board of directors of Butterfly Projects Ltd on the preparation of the unaudited statutory accounts for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Butterfly Projects Ltd for the year ended 30 November 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Butterfly Projects Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Butterfly Projects Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Butterfly Projects Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Butterfly Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Butterfly Projects Ltd. You consider that Butterfly Projects Ltd 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 accounts of Butterfly Projects Ltd. 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 accounts.
STAS Ltd 253 Cowbridge Road West Cardiff CF5 5TD 25 August 2024
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Butterfly Projects Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Debtors
398,355 
257,453 
Cash at bank and in hand
641,608 
420,738 
1,039,963 
678,191 
Creditors: amounts falling due within one year
(526,803)
(376,484)
Net current assets
513,160 
301,707 
Net assets
513,160 
301,707 
Capital and reserves
Called up share capital
145 
145 
Share premium
37,229 
37,229 
Profit and loss account
475,786 
264,333 
Shareholders' funds
513,160 
301,707 
For the year ending 30 November 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 25 August 2024 and were signed on its behalf by
R Boltman Director Company Registration No. 04952566
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Butterfly Projects Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Butterfly Projects Ltd is a private company, limited by shares, registered in England and Wales, registration number 04952566. The registered office is 253 Cowbridge Road West, Cardiff, CF5 5TD, United Kingdom.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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:
Computer equipment
20% reducing balance
Turnover
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.
Pension costs
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.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
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.
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Butterfly Projects Ltd Notes to the Accounts for the year ended 30 November 2023
Leased assets
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.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 December 2022
1,840 
At 30 November 2023
1,840 
Depreciation
At 1 December 2022
1,840 
At 30 November 2023
1,840 
Net book value
At 30 November 2023
- 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
392,652 
256,983 
Other debtors
5,703 
470 
398,355 
257,453 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
131,291 
108,454 
Trade creditors
7,848 
6,734 
Taxes and social security
181,288 
94,808 
Other creditors
16,079 
11,827 
Accruals
190,297 
154,661 
526,803 
376,484 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
12,500 Ordinary shares of £0.01 each
125 
125 
2,000 B Ordinary Shares of £0.01 each
20 
20 
145 
145 
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Butterfly Projects Ltd Notes to the Accounts for the year ended 30 November 2023
8
Contingent liabilities
Employee Ownership Trust On 16 July 2021, 50.02% of the share capital of Butterfly Projects Ltd was sold by the previous shareholders to Butterfly Projects Ltd Employee Ownership Trust, which is an Employee Ownership Trust. This resulted in the company becoming employee owned by virtue of current and future employees being beneficiaries of the trust. The funding for the purchase of the shares by the Employee Ownership Trust was by way of a loan to the Employee Ownership Trust from the previous shareholders of the business. All instalments due have been paid accordingly to the agreed schedule. The obligation for full repayment of the loan, as set out in the deed of trust agreement, lies with the Employee Ownership Trust and has therefore not been recognised within the financial statements of the company group as a liability. The company has provided a guarantee to the previous shareholders, should the Employee Ownership Trust not meet its loan repayment obligations. The amount guaranteed is £1,630,695, excluding accrued interest and charges. There were no contingent liabilities at 30 November 2023.
9
Controlling party
The ultimate controlling party is the Trustees of Butterfly Projects Ltd Employee Ownership Trust, a trust registered in England and Wales (13496489). Butterfly Projects Ltd Employee Ownership Trust owns 50.02% of the shares of the company for the benefit of the company's current and future employees. The trust was set up on 16 July 2021 inline with Section 37 to the Finance Act 2014 as an 'Employee Ownership Trust' (EOT). It is exempted by law from preparing consolidated accounts which includes the results of the company, as it holds the shares of the company as nominee.
10
Average number of employees
During the year the average number of employees was 29 (2022: 22).
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