REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Butterfly World Project Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
Butterfly World Project Limited |
Butterfly World Project Limited (Registered number: 06498008) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Butterfly World Project Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Butterfly World Project Limited (Registered number: 06498008) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Share premium | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Butterfly World Project Limited (Registered number: 06498008) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Butterfly World Project Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts are prepared on a going concern basis which assumes that the ultimate controlling party, Breheny Group Limited, will continue to support the company. If support were not to continue then the basis may not be appropriate. As at 31 March 2023 the companies net current liabilities exceeded its assets by £2,753,295 (2022: £2,759,419). |
Tangible fixed assets |
In accordance with FRS102 section 17, land and development costs have been measured on the revaluation model. All other classes of asset have been measured on the cost model. |
Taxation |
Taxation for the year comprises current and deferred tax. 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. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Land and |
development |
costs |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The land and development costs were valued on 31 March 2016 by Lambert Smith Hampton. |
The directors have assessed the valuation during the year ended 31 March 2023 and believe it to be accurate. |
Butterfly World Project Limited (Registered number: 06498008) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 50p | 1,500,001 | 1,500,001 |
8. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2022 | ( |
) | (624,420 | ) |
Profit for the year |
At 31 March 2023 | ( |
) | (618,296 | ) |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OTHER FINANCIAL COMMITMENTS |
The company is party to a an omnibus guarantee and set off agreement, with an unlimited guarantee given by Breheny Group Limited, all subsidiaries within the Breheny Group, and by Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. This is supported by debentures by Breheny Group Limited, by all subsidiaries within the Breheny Group, and by Redbourne Homes (Epworth) Limited and Redbourne Homes (Nedging Tye) Limited. |
The Facility is further secured by a first legal charge over all property held by the Breheny Group and its subsidiaries, and over freehold land and buildings held by Redbourne Homes (Epworth) Limited. |
The total borrowings of the above entities to which this guarantee refers amounted to £Nil. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Breheny Group. The parent company is Butterfly World Project (Holdings) Limited. The company's registered office is as follows: |
15 Newland |
Lincoln |
Lincoln |
LN1 1XG |