Acorah Software Products - Accounts Production 16.1.300 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 NI662141 Mr Michael Shanks Mr Martin McKeaveney Mr Joseph Johnston Budibase Inc true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI662141 2023-06-30 NI662141 2024-06-30 NI662141 2023-07-01 2024-06-30 NI662141 frs-core:CurrentFinancialInstruments 2024-06-30 NI662141 frs-core:Non-currentFinancialInstruments 2024-06-30 NI662141 frs-core:ComputerEquipment 2024-06-30 NI662141 frs-core:ComputerEquipment 2023-07-01 2024-06-30 NI662141 frs-core:ComputerEquipment 2023-06-30 NI662141 frs-core:OtherReservesSubtotal 2024-06-30 NI662141 frs-core:SharePremium 2024-06-30 NI662141 frs-core:ShareCapital 2024-06-30 NI662141 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 NI662141 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI662141 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 NI662141 frs-bus:SmallEntities 2023-07-01 2024-06-30 NI662141 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 NI662141 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI662141 frs-bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI662141 frs-bus:OrdinaryShareClass1 2024-06-30 NI662141 frs-bus:PreferenceShareClass1 2023-07-01 2024-06-30 NI662141 frs-bus:PreferenceShareClass1 2024-06-30 NI662141 1 2023-07-01 2024-06-30 NI662141 frs-bus:Director1 2023-07-01 2024-06-30 NI662141 frs-bus:Director2 2023-07-01 2024-06-30 NI662141 frs-bus:Director3 2023-07-01 2024-06-30 NI662141 frs-core:CurrentFinancialInstruments 2 2024-06-30 NI662141 frs-countries:NorthernIreland 2023-07-01 2024-06-30 NI662141 2022-06-30 NI662141 2023-06-30 NI662141 2022-07-01 2023-06-30 NI662141 frs-core:CurrentFinancialInstruments 2023-06-30 NI662141 frs-core:Non-currentFinancialInstruments 2023-06-30 NI662141 frs-core:OtherReservesSubtotal 2023-06-30 NI662141 frs-core:SharePremium 2023-06-30 NI662141 frs-core:ShareCapital 2023-06-30 NI662141 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI662141 frs-bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI662141 frs-bus:PreferenceShareClass1 2022-07-01 2023-06-30 NI662141 frs-core:CurrentFinancialInstruments 2 2023-06-30
Registered number: NI662141
Budibase Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI662141
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,781 33,020
23,781 33,020
CURRENT ASSETS
Debtors 5 724,550 146,027
Cash at Bank 2,659,373 4,570,545
3,383,923 4,716,572
Creditors: Amounts Falling Due Within One Year 6 (503,756 ) (76,601 )
NET CURRENT ASSETS (LIABILITIES) 2,880,167 4,639,971
TOTAL ASSETS LESS CURRENT LIABILITIES 2,903,948 4,672,991
Creditors: Amounts Falling Due After More Than One Year 7 - (7,176,868 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,518 ) (6,274 )
NET ASSETS/(LIABILITIES) 2,899,430 (2,510,151 )
CAPITAL AND RESERVES
Called up Share Capital 8 13 13
Share Premium Account 300,237 300,237
Capital Contribution Reserve 7,183,629 -
Profit and Loss Account (4,584,449 ) (2,810,401 )
SHAREHOLDERS' FUNDS 2,899,430 (2,510,151)
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Shanks
Director
28th March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Budibase Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI662141 . The registered office is River House, High Street, Belfast, BT1 2BE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The financial statements show a loss for the period and negative net assets. The company's largest liability is an amount due to the parent company, Budibase Inc. The company would be unable to repay this balance, if demanded, and therefore the company is dependent on financial support from its parent. The Directors have concluded that it is appropriate to adopt the going concern principle in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from therendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25%
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing
differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
2.8. Research and development
Expenditure on research and development is written off in the year in which it is incurred.
2.9. Reserves
Capital contributions from the parent company represent amounts advanced as loans that have been subsequently capitalised without the issue of additional shares. These contributions are recorded directly in equity as a capital contribution reserve in accordance with FRS 102 Sections 11, 12, and 22. They are not repayable and do not give rise to a future liability.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 18)
18 18
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 46,883
Additions 2,707
As at 30 June 2024 49,590
Depreciation
As at 1 July 2023 13,863
Provided during the period 11,946
As at 30 June 2024 25,809
Net Book Value
As at 30 June 2024 23,781
As at 1 July 2023 33,020
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,754 13,561
Prepayments and accrued income 72,960 9,580
Stripe debtor 260,183 -
Amounts due from group undertakings 35,762 -
Corporation tax recoverable assets 350,333 105,633
VAT 3,109 17,253
Other taxes and social security 443 -
Directors' loan accounts 6 -
724,550 146,027
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,468 14,596
Other creditors - 8,513
Accruals and deferred income 495,288 51,768
Directors' loan accounts - 1,724
503,756 76,601
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Amounts owed to group undertakings - 7,176,868
The company is funded by the parent company Budibase Inc. and the liability above is all due to the parent company.
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 0.01 each 10 10
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
278 Preference Shares of £ 0.01 each 3 3
9. Reserves
Capital Contribution Reserve
During the year, the company’s parent company, Budibase Inc, capitalised an intercompany loan amounting to £7,183,629. This transaction was accounted for as a capital contribution, and the amount was recognised directly in equity under the capital contribution reserve. No shares were issued in respect of this contribution.
Movement in Capital Contribution Reserve            £
Balance at 1 July 2023                                        -
Capital contribution from parent company       £7,183,629
Balance at 30 June 2024                               £7,183,629
10. Related Party Transactions
During the financial year, the parent company, Budibase Inc, contributed £7,183,629 by capitalising an outstanding intercompany loan. This transaction was undertaken on a non-commercial basis, and no consideration was received by the parent company. The contribution is classified as equity and recorded in the capital contribution reserve.
During the year, Budibase Ltd paid for transactions totalling £26,675 on behalf of the parent company, Budibase Inc. The balance owing to Budibase Ltd from Budibase Inc at 30 June 2024 was £35,666. There are currently no formal terms attached to this intercompany loan balance.
11. Ultimate Controlling Party
The company's ultimate controlling party is Budibase Inc by virtue of it's ownership of 100% of the issued share capital in the company. Budibase Inc was incorporated in the USA.
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