BUTTERFIELD GROUP SERVICES LIMITED

Company Registration Number:
11442919 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2024

Period of accounts

Start date: 1 January 2024

End date: 31 December 2024

BUTTERFIELD GROUP SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

BUTTERFIELD GROUP SERVICES LIMITED

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Principal activities of the company

BGSL provides services to its parent, The Bank of N.T. Butterfield & Son Limited (“BNTB” or the “Group”), and other entities sharing the same parent. The costs BGSL incurs providing these services are charged to the relevant entities on a cost-plus accounting basis.

Additional information

Dividends The Directors have not recommended the payment of a dividend for the year (2023: £nil). Going concern The Directors, having made due enquiries, continue to adopt the going concern basis in preparing the Financial Statements which assumes that the Company will continue in operation for the foreseeable future. The Financial Statements have, therefore, been prepared on a going concern basis, and this accounting policy has been disclosed within the notes to the Financial Statements, item 3(b). Post Statement of Financial Position events No significant events to report since the Statement of Financial Position date. Company secretary BGSL has decided to dispense with the need to appoint a Company Secretary as allowed by Section 270 of the Companies Act 2006.



Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Andrew Edwards
Helen Shoreson


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 February 2025

And signed on behalf of the board by:
Name: Andrew Edwards
Status: Director

BUTTERFIELD GROUP SERVICES LIMITED

Profit And Loss Account

for the Period Ended 31 December 2024

2024 2023


£

£
Turnover: 3,999,000 3,692,000
Gross profit(or loss): 3,999,000 3,692,000
Administrative expenses: ( 3,629,000 ) ( 3,421,000 )
Operating profit(or loss): 370,000 271,000
Profit(or loss) before tax: 370,000 271,000
Profit(or loss) for the financial year: 370,000 271,000

BUTTERFIELD GROUP SERVICES LIMITED

Balance sheet

As at 31 December 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 381,001 337,001
Cash at bank and in hand: 1,374,000 1,079,000
Total current assets: 1,755,001 1,416,001
Creditors: amounts falling due within one year: 4 ( 135,000 ) ( 92,000 )
Net current assets (liabilities): 1,620,001 1,324,001
Total assets less current liabilities: 1,620,001 1,324,001
Accruals and deferred income: ( 360,000 ) ( 434,000 )
Total net assets (liabilities): 1,260,001 890,001
Capital and reserves
Called up share capital: 1 1
Other reserves: 890,000 619,000
Profit and loss account: 370,000 271,000
Total Shareholders' funds: 1,260,001 890,001

The notes form part of these financial statements

BUTTERFIELD GROUP SERVICES LIMITED

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption 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.

This report was approved by the board of directors on 20 February 2025
and signed on behalf of the board by:

Name: Andrew Edwards
Status: Director

The notes form part of these financial statements

BUTTERFIELD GROUP SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income recognition Other fees and fees from Group Companies are recognised in the Income Statement in the period to which they relate.

    Other accounting policies

    Foreign currency (i) Functional and presentation currency The financial statements are presented in pound sterling (£) which is BGSL’s functional and presentation currency, and rounded to the nearest £’000. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing on the date of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses arising on monetary assets and liabilities are recognised in the Income statement. Pension costs BGSL operates a Group Personal Pension (“GPP”), comprising a Defined Contribution section. Contributions to the GPP are charged to the Income Statement in the period in which they fall due. Taxation Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted. (i) Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Group relief from other UK companies sharing the same parent is taken if available. (ii) Deferred tax Deferred tax arises from timing differences that are differences between taxable profits and accounting profits as stated in the Financial Statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the Financial Statements. Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is not a commitment to sell the asset. Provisions and contingencies (i) Provisions Provisions are recognised when BGSL has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. (ii) Contingencies Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within BGSL’s control. Contingent liabilities are disclosed in the Financial Statements unless the probability of an outflow of resources is remote. Contingent assets are not recognised. Contingent assets are disclosed in the Financial Statements when an inflow of economic benefits is probable. Financial instruments BGSL has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. (i) Basic financial assets Basic financial assets, including cash and balances and debt securities, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest rate (EIR) method. (ii) Impairment of financial assets BGSL regularly reviews all classes of financial assets to identify whether there are any indications of impairment. Assets held at amortised cost are considered to be impaired where the recoverable amount of the asset i.e. the discounted expected future cash flows from the asset, using the original EIR, is less than the carrying value of the asset. Evidence of impairment includes non-payment of interest or other evidence that the borrower is experiencing financial difficulties. All impairment losses are recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. (iii) Basic financial liabilities Basic financial liabilities, including intercompany liabilities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments discounted at a market rate of interest. Such liabilities are subsequently carried at amortised cost using the effective interest rate method. (iv) Derecognition of financial assets Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Segmental reporting There are no geographical segments beyond the United Kingdom. The Company’s primary activity has been the provision of services to other Group Companies and therefore there is only one segment.

BUTTERFIELD GROUP SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 25 20

BUTTERFIELD GROUP SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

3. Debtors

2024 2023
£ £
Other debtors 381,001 337,001
Total 381,001 337,001

BUTTERFIELD GROUP SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 29,000 2,000
Taxation and social security 81,000 75,000
Other creditors 25,000 15,000
Total 135,000 92,000