Registered number
07078783
Butterfly London Limited
Filleted Accounts
31 December 2023
Butterfly London Limited
Registered number: 07078783
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 13,520 75,469
Tangible assets 4 15,177 25,480
Investments 5 313,380 238,380
342,077 339,329
Current assets
Debtors 6 1,137,953 1,431,232
Investments held as current assets 7 59,000 79,000
Cash at bank and in hand 10,446 470,351
1,207,399 1,980,583
Creditors: amounts falling due within one year 8 (1,525,159) (2,087,142)
Net current liabilities (317,760) (106,559)
Total assets less current liabilities 24,317 232,770
Creditors: amounts falling due after more than one year 9 (113,229) (177,803)
Provisions for liabilities (15,943) (17,901)
Net (liabilities)/assets (104,855) 37,066
Capital and reserves
Called up share capital 200 200
Profit and loss account (105,055) 36,866
Shareholders' funds (104,855) 37,066
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr S Le Moullec
Director
Approved by the board on 28 October 2024
Butterfly London Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
1 Accounting policies (cont'd)
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 27
3 Intangible fixed assets Software
Development Goodwill
£ £ £
Cost
At 1 January 2023 568,442 9,850 578,292
Additions 9,703 - 9,703
At 31 December 2023 578,145 9,850 587,995
Amortisation
At 1 January 2023 492,973 9,850 502,823
Provided during the year 71,652 - 71,652
At 31 December 2023 564,625 9,850 574,475
Net book value
At 31 December 2023 13,520 - 13,520
At 31 December 2022 75,469 - 75,469
Goodwill was written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 64,600
Additions 700
At 31 December 2023 65,300
Depreciation
At 1 January 2023 39,120
Charge for the year 11,003
At 31 December 2023 50,123
Net book value
At 31 December 2023 15,177
At 31 December 2022 25,480
5 Investments
Other
investments
£
Cost
At 1 January 2023 238,380
Additions 75,000
At 31 December 2023 313,380
6 Debtors 2023 2022
£ £
Trade debtors 919,920 649,014
Amounts owed by group undertakings and undertakings in which the company has a participating interest 9,509 4,964
Other debtors 208,524 777,254
1,137,953 1,431,232
7 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 59,000 79,000
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 167,036 59,683
Trade creditors 310,767 124,060
Amounts owed to group undertakings and undertakings in which the company has a participating interest 253,915 1,034,068
Taxation and social security costs 54,621 94,135
Directors' loan account 64 -
Other creditors 738,756 775,196
1,525,159 2,087,142
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 113,229 177,803
10 Controlling party
Butterfly London Group Limited, a company incorporated in England, is the company's controlling related party by virtue of its shareholding in the company.
11 Other information
Butterfly London Limited is a private company limited by shares and incorporated in England. Its registered office is:
Woodridge House
Earlsbrook
Bacton
Suffolk
IP14 4UA
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