2023-02-282024-02-292024-02-29false14693852BUTTERFLY ASSETS 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BUTTERFLY ASSETS LTD

Registered Number
14693852
(England and Wales)

Unaudited Financial Statements for the Period ended
29 February 2024

BUTTERFLY ASSETS LTD
Company Information
for the period from 28 February 2023 to 29 February 2024

Directors

GREGORY, Steven
SCOFIELD, Karina Marie

Registered Address

7 Johnson Road
St. Osyth
Clacton-On-Sea
CO16 8PL

Registered Number

14693852 (England and Wales)
BUTTERFLY ASSETS LTD
Balance Sheet as at
29 February 2024

Notes

2024

£

£

Fixed assets
Tangible assets3166,390
166,390
Current assets
Stocks24,784
Debtors146
Cash at bank and on hand961
25,891
Creditors amounts falling due within one year(42,181)
Net current assets (liabilities)(16,290)
Total assets less current liabilities150,100
Creditors amounts falling due after one year(150,000)
Net assets100
Capital and reserves
Called up share capital100
Shareholders' funds100
The financial statements were approved and authorised for issue by the Board of Directors on 15 January 2025, and are signed on its behalf by:
GREGORY, Steven
Director
Registered Company No. 14693852
BUTTERFLY ASSETS LTD
Notes to the Financial Statements
for the period ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors reasonably expect the company to have adequate resources to continue operating for the foreseeable future. Therefore, the company continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. The company's property, classified as buildings, is held for use in its principal activity and is stated in the balance sheet under the historic cost model. This model requires assets to be stated at cost less any accumulated impairment losses. No depreciation is charged on buildings as their residual value is estimated to be equal to or greater than their carrying amount. If the carrying value of the buildings were to be reviewed, any necessary amendments would be made in accordance with FRS 102.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

2024
Average number of employees during the year0
3.Tangible fixed assets

Total

£
Cost or valuation
Additions166,390
At 29 February 24166,390
Net book value
At 29 February 24166,390
At 27 February 23-