Buying Butler Limited 30/06/2019 iXBRL

Buying Butler Limited 30/06/2019 iXBRL

BUYING BUTLER LTD - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Buying Butler Limited have consented to the preparation of the abridged statement of financial position for the current year ending 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 08310528
Buying Butler Limited
Unaudited filleted abridged financial statements
30 June 2019
Buying Butler Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Buying Butler Limited
Directors and other information
Directors
Mr R E Ashby
Symvan Capital Limited (Resigned 20 February 2019)
Mr P O Kazarnovsky (Resigned 20 February 2019)
Mr R Wirszycz (Appointed 20 February 2019)
Company number 08310528
Registered office White House
Wollaton Street
Nottingham
NG1 5GF
Business address Floor 2
9 Weekday Cross
Nottingham
NG1 2GB
Accountants Higson & Co.
White House
Wollaton Street
Nottingham
NG1 5GF
Bankers HSBC Bank PLC
22 Central Avenue
West Bridgford
Nottingham
NG2 5GR
Buying Butler Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Buying Butler Limited
Year ended 30 June 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Buying Butler Limited for the year ended 30 June 2019 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Buying Butler Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Buying Butler Limited and state those matters that we have agreed to state to the board of directors of Buying Butler Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buying Butler Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Buying Butler Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Buying Butler Limited. You consider that Buying Butler Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Buying Butler Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Higson & Co.
Chartered Accountants
White House
Wollaton Street
Nottingham
NG1 5GF
30 March 2020
Buying Butler Limited
Abridged statement of financial position
30 June 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 222,102 344,424
Tangible assets 6 1,194 9,009
Investments 7 - 500
_______ _______
223,296 353,933
Current assets
Debtors 84,573 57,153
Cash at bank and in hand 262 82,654
_______ _______
84,835 139,807
Creditors: amounts falling due
within one year ( 79,061) ( 78,545)
_______ _______
Net current assets 5,774 61,262
_______ _______
Total assets less current liabilities 229,070 415,195
Provisions for liabilities ( 227) ( 2,044)
_______ _______
Net assets 228,843 413,151
_______ _______
Capital and reserves
Called up share capital 937 916
Share premium account 850,133 812,005
Profit and loss account ( 622,227) ( 399,770)
_______ _______
Shareholders funds 228,843 413,151
_______ _______
For the year ending 30 June 2019 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.
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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 March 2020 , and are signed on behalf of the board by:
Mr R E Ashby
Director
Company registration number: 08310528
Buying Butler Limited
Notes to the financial statements
Year ended 30 June 2019
1. General information
The companies trading address is c/o RightIndem Ltd, Salisbury House, 29 Finsbury Square, London, EC2M 7AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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:
Development costs - 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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2018: 7 ).
5. Intangible assets
£
Cost
At 1 July 2018 and 30 June 2019 701,494
_______ |
Amortisation
At 1 July 2018 357,071
Charge for the year 122,321
_______ |
At 30 June 2019 479,392
_______ |
Carrying amount
At 30 June 2019 222,102
_______ |
At 30 June 2018 344,423
_______ |
6. Tangible assets
£
Cost
At 1 July 2018 and 30 June 2019 31,724
_______
Depreciation
At 1 July 2018 22,715
Charge for the year 7,815
_______
At 30 June 2019 30,530
_______
Carrying amount
At 30 June 2019 1,194
_______
At 30 June 2018 9,009
_______
7. Investments
£
Cost
At 1 July 2018 and 30 June 2019 500
_______
Impairment
At 1 July 2018 -
Other movements 500
_______
At 30 June 2019 500
_______
Carrying amount
At 30 June 2019 -
_______
At 30 June 2018 500
_______
On 23 March 2016 the company purchased 500,000 ordinary shares at £0.001 par value in RightIndem Ltd. On 26 March 2019 the ordinary shares were converted to deferred shares that have no rights except redemption on winding up.
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 31,702 31,702
Later than 1 year and not later than 5 years 3,404 35,105
_______ _______
35,106 66,807
_______ _______
During the year the company leased equipment from Shire Leasing Ltd. The lease ends January 2022. This is a 5 year lease with a break clause after 2 years. This clause hasn't been invoked.
9. Related party transactions
During the year sales of £103,782 were made with RightIndem Ltd, a company which Buying Butler Ltd is a shareholder, at the year end the balance due to the company was £75,685 (2018: £33,417)
During the year the company made purchases from Symvan Capital Ltd of £2,751 at the year end the balance due was £Nil
The director, Mr R Ashby, was paid £32,500 (2018: £15,839) for services provided to the company during the year, there was a balance of £ £7,598 outstanding at the year end.
10. Controlling party
The company is a fully owned subsidiary of RightIndem Ltd which owns 100% of the share capital.