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Registered number: 12256988










BUTTER HOLIDAYS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
BUTTER HOLIDAYS LIMITED
REGISTERED NUMBER: 12256988

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
10,463
910,727

Cash at bank and in hand
  
527,039
47,264

  
537,502
957,991

Creditors: amounts falling due within one year
 5 
(2,033,522)
(2,438,438)

Net current liabilities
  
 
 
(1,496,020)
 
 
(1,480,447)

  

Net liabilities
  
(1,496,020)
(1,480,447)


Capital and reserves
  

Called up share capital 
  
1
1

Share premium account
  
75,000
75,000

Profit and loss account
  
(1,571,021)
(1,555,448)

  
(1,496,020)
(1,480,447)


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 by: 




M A Linford
Director

Date: 13 March 2025

Page 1

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

1.


General information

Butter Holidays 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 is travel agency operator.

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 https://www.affirm.com /...

 
2.3

Going concern

In auditing the financial statements, we have concluded that the directors’ use of going concern basis of accounting in the preparation of the financial statements is not appropriate.
 
On February 1, 2023, Affirm Inc purchased the Butter Group of Companies. Following the acquisition of the Group, Affirm Inc has decided to wind up Butter Holidays Limited, the directors will proceed with a solvent wind down of operations accordingly.
 
The auditors report on the financial statements for the year ended 30 June 2024 was unqualified.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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BUTTER HOLIDAYS 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the
Page 3

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

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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 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).


4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
5,246
898,821

Other debtors
5,217
11,906

10,463
910,727


All intercompany debt owing to Butter Holidays Limited is ultimately guaranteed by the parent company, Affirm Holdings, Inc.

Page 4

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

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
41

Trade creditors
-
98

Amounts owed to group undertakings
2,023,502
2,423,799

Other creditors
20
-

Accruals and deferred income
10,000
14,500

2,033,522
2,438,438


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.


7.


Controlling party

Butter Holdings Limited owns 100% of Butter Holidays Limited and is the immediate parent company.
Butter Holidays Limited's ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San Francisco, USA.


8.


Auditors' information

In auditing the financial statements, we have concluded that the directors’ use of going concern basis of accounting in the preparation of the financial statements is not appropriate.
 
On February 1, 2023, Affirm Inc purchased the Butter Group of Companies. Following the acquisition of the Group, Affirm Inc has decided to wind up Butter Holidays Limited, the directors will proceed with a solvent wind down of operations accordingly.

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.

 
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