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COMPANY REGISTRATION NUMBER: 06529960
Butterflys Care Homes Limited
Filleted Unaudited Financial Statements
30 September 2024
Butterflys Care Homes Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Butterflys Care Homes Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
4,242,738
4,264,299
Current assets
Debtors
7
638,150
242,049
Cash at bank and in hand
188,601
480,505
---------
---------
826,751
722,554
Creditors: amounts falling due within one year
8
506,605
599,041
---------
---------
Net current assets
320,146
123,513
------------
------------
Total assets less current liabilities
4,562,884
4,387,812
Creditors: amounts falling due after more than one year
9
1,220,778
1,396,863
Provisions
Taxation including deferred tax
10
156,868
169,761
------------
------------
Net assets
3,185,238
2,821,188
------------
------------
Capital and reserves
Called up share capital
11
1,000
1,000
Revaluation reserve
719,130
719,130
Profit and loss account
2,465,108
2,101,058
------------
------------
Shareholders funds
3,185,238
2,821,188
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Butterflys Care Homes Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
J A Webster
Director
Company registration number: 06529960
Butterflys Care Homes Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-3 Bromley Road, Colchester, Essex, CO4 3JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Motor vehicles
-
20% straight line
Plant and machinery
-
20% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 110 (2023: 110 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
550,000
---------
Amortisation
At 1 October 2023 and 30 September 2024
550,000
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
---------
6. Tangible assets
Freehold Property
Motor vehicles
Plant and machinery
Total
£
£
£
£
Cost or valuation
At 1 October 2023
4,305,008
185,180
170,433
4,660,621
Additions
36,810
1,300
11,285
49,395
Disposals
( 3,600)
( 3,600)
------------
---------
---------
------------
At 30 September 2024
4,341,818
182,880
181,718
4,706,416
------------
---------
---------
------------
Depreciation
At 1 October 2023
144,781
121,438
130,103
396,322
Charge for the year
38,941
18,769
13,246
70,956
Disposals
( 3,600)
( 3,600)
------------
---------
---------
------------
At 30 September 2024
183,722
136,607
143,349
463,678
------------
---------
---------
------------
Carrying amount
At 30 September 2024
4,158,096
46,273
38,369
4,242,738
------------
---------
---------
------------
At 30 September 2023
4,160,227
63,742
40,330
4,264,299
------------
---------
---------
------------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 September 2024
Aggregate cost
421,277
Aggregate depreciation
---------
Carrying value
421,277
---------
At 30 September 2023
Aggregate cost
421,277
Aggregate depreciation
---------
Carrying value
421,277
---------
7. Debtors
2024
2023
£
£
Trade debtors
341,349
Prepayments and accrued income
150,442
9,786
Directors loan account
146,359
211,414
Other debtors
20,849
---------
---------
638,150
242,049
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
168,248
194,076
Trade creditors
28,324
21,246
Accruals and deferred income
9,902
196,731
Corporation tax
292,190
112,518
Social security and other taxes
703
63,340
Obligations under finance leases and hire purchase contracts
6,250
8,469
Other creditors
988
2,661
---------
---------
506,605
599,041
---------
---------
The bank loans and overdrafts are secured by way of debenture.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,200,056
1,369,690
Obligations under finance leases and hire purchase contracts
20,722
27,173
------------
------------
1,220,778
1,396,863
------------
------------
The bank loans and overdrafts are secured by way of debenture.
10. Provisions
Deferred tax
£
At 1 October 2023
169,761
Charge against provision
( 12,893)
---------
At 30 September 2024
156,868
---------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
760
760
760
760
Ordinary B shares of £ 1 each
240
240
240
240
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
12. Directors' advances, credits and guarantees
At the year end M J Webster and Mrs J E Webster owed the company £146,359 which is shown amongst debtors (2023: £211,414). Interest of £3,980 (2023: £3,633) has been charged on this loan.
13. Related party transactions
The company was under the joint control of M J Webster and Mrs J E Webster throughout the current and previous year. M J Webster and Mrs J E Webster are directors and majority shareholders.