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REGISTERED NUMBER: 03996955 (England and Wales)










Financial Statements

for the Year Ended 31 December 2024

for

Budamar Transport Limited

Budamar Transport Limited (Registered number: 03996955)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Budamar Transport Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Marie Claire Semple
Christopher Hibbert



SECRETARY: Mrs A F Souter



REGISTERED OFFICE: 2nd Floor
New London House
6 London Street
London
EC3R 7LP



REGISTERED NUMBER: 03996955 (England and Wales)



SENIOR STATUTORY AUDITOR: Jeffrey Bor FCA



AUDITORS: SCB (Accountants) Limited
31 Sackville street
Manchester
M1 3LZ

Budamar Transport Limited (Registered number: 03996955)

Balance Sheet
31 December 2024

2024 2023
Notes €    €   
FIXED ASSETS
Tangible assets 5 769 1,173

CURRENT ASSETS
Debtors 6 4,839,951 4,628,205
Cash at bank 99,871 268,009
4,939,822 4,896,214
CREDITORS
Amounts falling due within one year 7 (202,996 ) (170,775 )
NET CURRENT ASSETS 4,736,826 4,725,439
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,737,595

4,726,612

CAPITAL AND RESERVES
Called up share capital 8 3,709,479 3,709,479
Retained earnings 1,028,116 1,017,133
SHAREHOLDERS' FUNDS 4,737,595 4,726,612

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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





Christopher Hibbert - Director


Budamar Transport Limited (Registered number: 03996955)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Budamar Transport 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.

The presentation currency of the financial statements is the Euro (€).


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.

GOING CONCERN
The financial statements have been prepared on a going concern basis which the directors believe to be appropriate as the Parent company Budamar International Limited has agreed to continue to provide financial support to Budamar Transport Limited, so that it can meet all its obligation as they fall due for at least a year from the date the financial statements are approved and ensure adequate resources to continue in operational existence for the foreseeable future. This is considered appropriate as the parent company has a net wealth far in excess of the liabilities of the group as per the review of the financial statements and paying attention to the prospective cash position in a variety of scenarios.

Written confirmation has been obtained confirming their intention to continue to support the Budamar Transport Limited for a minimum of 12 months from the signing date of the financial statements.

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

TURNOVER
Turnover represents amounts receivable for services net of VAT and trade discounts.

Other income represents interest and other charges payable by the relevant group company.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. Revenue is matched to the period it relates and revenue for future periods is deferred until there is a right to the revenue.

Budamar Transport Limited (Registered number: 03996955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Capitalisation limit of €250 is fixed , whereas amount less then €250 will not be capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 25% on cost
Computer equipment 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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.

Budamar Transport Limited (Registered number: 03996955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FOREIGN EXCHANGE

Monetary assets and liabilities denominated in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Budamar Transport Limited (Registered number: 03996955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

CASH AND CASH EQUIVALENT
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLASSIFICATION OF FINANCIAL LIABILITIES

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

JUDGEMENTS AND KEY ESTIMATES
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Budamar Transport Limited (Registered number: 03996955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. AUDITORS' REMUNERATION
2024 2023
€    €   
Fees payable to the company's auditors for the audit of the company's
financial statements

4,548

4,048

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
€    €    €   
COST
At 1 January 2024
and 31 December 2024 13,849 6,166 20,015
DEPRECIATION
At 1 January 2024 13,849 4,993 18,842
Charge for year - 404 404
At 31 December 2024 13,849 5,397 19,246
NET BOOK VALUE
At 31 December 2024 - 769 769
At 31 December 2023 - 1,173 1,173

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
€    €   
Amounts owed by group
undertaking 4,830,237 4,624,749
Other debtors 238 -
VAT 9,476 3,456
4,839,951 4,628,205

Amounts due from group undertakings are interest free and repayable on demand.

Budamar Transport Limited (Registered number: 03996955)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
€    €   
Social security and other tax 7,839 8,021
Other creditors 47,649 15,422
Amounts owed to group undertakings 2,297 697
Deferred income 136,992 140,244
Accrued expenses 8,219 6,391
202,996 170,775

Included within other creditors are payable to Budamar Shipping Limited for the payments being made on behalf of Budamar Transport Limited.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: €    €   
2,530,037 Ordinary shares 1.466176 3,709,479 3,709,479

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeffrey Bor FCA (Senior Statutory Auditor)
for and on behalf of SCB (Accountants) Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company provided Trusteeship services to its parent company Budamar International Limited amounting to €205,488 during the year. The closing balance receivable from Budamar International Limited was €4,830,237.

The closing balance payable to Budamar Shipping Limited was €49,946. Budamar Shipping Limited is a company under the significant controI of one of the directors of the company. €46,211 expenses were reimbursed by Budamar Shipping Limited.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Budamar International Limited, a company incorporated in Cyprus.