Buteline UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05101406 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

BUTELINE UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L D Picton

SECRETARY:

A R G Green

REGISTERED OFFICE:

Unit 9

Swanbridge Industrial Park

Black Croft Road

Witham

Essex

CM8 3YN

REGISTERED NUMBER:

05101406 (England and Wales)

ACCOUNTANTS:

RE Group Accountants Limited

Chartered Certified Accountants

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

FIXED ASSETS

Tangible assets

4

17,976

15,213

CURRENT ASSETS

Stocks

132,097

114,115

Debtors

5

617,333

493,934

Cash at bank and in hand

190,901

59,952

940,331

668,001

CREDITORS

Amounts falling due within one year

6

729,004

705,587

NET CURRENT ASSETS/(LIABILITIES)

211,327

(37,586

)

TOTAL ASSETS LESS CURRENT LIABILITIES

229,303

(22,373

)

CREDITORS

Amounts falling due after more than one year

7

3,026,284

2,964,346

NET LIABILITIES

(2,796,981

)

(2,986,719

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

(2,797,981

)

(2,987,719

)

SHAREHOLDERS' FUNDS

(2,796,981

)

(2,986,719

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 18 December 2019 and were signed by:

L D Picton - Director

1.	STATUTORY INFORMATION

Buteline UK Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The company's turnover represents the value, excluding value added tax, of goods and services supplied to

customers during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Going concern

The financial statements have been prepared on a going concern basis.

The company has loans due to Buteline NZ Limited and Picton Holdings Limited amounting to £970,524 and

£2,055,760 (2018: £941,913 and £2,022,433) respectively. There are also creditor balances due to Buteline

Trading Limited and Buteline NZ Limited totalling £82,305 (2018: £337,486) and £187,289 (2018: £Nil)

respectively. Each of these companies is under the ultimate control of Picton Nominees Limited, a New

Zealand based company owned by the DJ Picton Family Trust and the Picton Family Trust #2

These loans enable the company to trade on a day to day basis and are unable to be recalled within 1 year.

The company paid £25,000 rent (2018: £25,000) relating to premises owned by Picton Nominees Limited.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

107,555

Additions

10,973

At 31 March 2019

118,528

DEPRECIATION

At 1 April 2018

92,342

Charge for year

8,210

At 31 March 2019

100,552

NET BOOK VALUE

At 31 March 2019

17,976

At 31 March 2018

15,213

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

588,928

458,598

Other debtors

28,405

35,336

617,333

493,934

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

427,069

386,906

Taxation and social security

83,558

8,724

Other creditors

218,377

309,957

729,004

705,587

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

3,026,284

2,964,346

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

35,851

25,033

Between one and five years

32,039

34,732

67,890

59,765

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	RELATED PARTY DISCLOSURES

The total amounts due to entities with control, joint control or significant influence over the entity are

£3,295,878 (2018 £3,301,832).

11.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by L Picton, J Picton & K Lunjevich, all residents of New Zealand and

beneficiaries of the Trusts which own the Ultimate Holding Company, Picton Nominees Limited.