Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30truetruefalsetruetruetruetruetrue002023-07-01trueNo description of principal activity 12757037 2023-07-01 2024-06-30 12757037 2023-01-01 2023-06-30 12757037 2024-06-30 12757037 2023-06-30 12757037 c:Director2 2023-07-01 2024-06-30 12757037 d:CurrentFinancialInstruments 2024-06-30 12757037 d:CurrentFinancialInstruments 2023-06-30 12757037 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12757037 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12757037 d:ShareCapital 2024-06-30 12757037 d:ShareCapital 2023-06-30 12757037 d:SharePremium 2024-06-30 12757037 d:SharePremium 2023-06-30 12757037 d:RetainedEarningsAccumulatedLosses 2024-06-30 12757037 d:RetainedEarningsAccumulatedLosses 2023-06-30 12757037 c:FRS102 2023-07-01 2024-06-30 12757037 c:Audited 2023-07-01 2024-06-30 12757037 c:FullAccounts 2023-07-01 2024-06-30 12757037 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12757037 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 12757037 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 12757037










BUTTER SPV 1 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
BUTTER SPV 1 LIMITED
REGISTERED NUMBER: 12757037

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
-
921,891

Cash at bank and in hand
  
174,202
5,432

  
174,202
927,323

Creditors: amounts falling due within one year
 5 
(1,304,291)
(2,062,360)

  

Net liabilities
  
(1,130,089)
(1,135,037)


Capital and reserves
  

Called up share capital 
  
1
1

Share premium account
  
10,000
10,000

Profit and loss account
  
(1,140,090)
(1,145,038)

  
(1,130,089)
(1,135,037)


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 statement of comprehensive income 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 by: 




M A Linford
Director

Date: 13 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

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. 
The principal activity of the Company continues to be that of financial intermediation and other credit granting.

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 2024 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 of not less than 12 months from the date these accounts are signed, for so long as Butter SPV 1 Limited remains a wholly owned subsidiary of Affirm, Inc. On this 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.

Page 2

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the
Page 3

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).


4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
-
921,891



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
647,146

Amounts owed to group undertakings
1,294,291
1,270,715

Other creditors
-
129,099

Accruals and deferred income
10,000
15,400

1,304,291
2,062,360


All intercompany debt owing to group companies is ultimately guaranteed by the parent company, Affirm Holdings, Inc.


6.


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.

Page 4

 
BUTTER SPV 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Controlling party

Affirm U.K. 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.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 13 March 2025 by Alexander Wall (ACA) (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 5