| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Budamar Transport Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 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 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| € | € |
| Amounts owed by group |
| undertaking |
| Other debtors |
| VAT |
| 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 |
| Other creditors |
| Amounts owed to group undertakings | 2,297 | 697 |
| Deferred income |
| Accrued expenses |
| 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: | € | € |
| 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. |
| for and on behalf of |
| 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. |