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Registered number: 11359961









BUDIKA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
BUDIKA LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BUDIKA LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Budika Limited for the year ended 31 May 2024 which comprise  the Balance sheet and the 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 (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Budika Limited, as a body, in accordance with the terms of our engagement letter dated 9 November 2021Our work has been undertaken solely to prepare for your approval the financial statements of Budika Limited and state those matters that we have agreed to state to the Board of directors of Budika Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Budika Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Budika 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 profit of Budika Limited. You consider that Budika Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Budika 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

24 February 2025
Page 1

 
BUDIKA LIMITED
REGISTERED NUMBER: 11359961

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,228
3,179

Cash at bank and in hand
  
104
579

  
2,332
3,758

Creditors: amounts falling due within one year
 5 
(6,639)
(17,601)

Net current liabilities
  
 
 
(4,307)
 
 
(13,843)

Total assets less current liabilities
  
(4,307)
(13,843)

  

Net liabilities
  
(4,307)
(13,843)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(4,407)
(13,943)

  
(4,307)
(13,843)


Page 2

 
BUDIKA LIMITED
REGISTERED NUMBER: 11359961
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 February 2025.






C S R Fernando
Director

Page 3

 
BUDIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

This Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is the provision of radiology services and the Company's principal place of activity is Norwich, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year the company made a profit of £11,962 and as at 31 May 2024 had net liabilities of £4,307.  The directors consider that the company will continue to trade for the foreseeable future and therefore concluded that it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Turnover is measured at the fair value of the consideration received or receivable.  Revenue for radiology services is recognised in the period in which the services are provided.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
BUDIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Other debtors
1,476
-

Deferred taxation
752
3,179

2,228
3,179



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
372
-

Other creditors
2,858
12,654

Accruals and deferred income
3,409
4,947

6,639
17,601


Page 5

 
BUDIKA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 Ordinary A shares of £1.00 each
50
50
50 Ordinary B shares of £1.00 each
50
50

100

100



7.


Related party transactions

As at 31 May 2024 the directors owed the company £1,104 (2023 owed to the directors: £6,433).  The loan is interest free and repayable on demand and included within other debtors in note 4 to the accounts.

 
Page 6