Company Registration No. 10527291 (England and Wales)
BOOST&CO SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
1 Vicarage Lane
Stratford
London
E15 4HF
BOOST&CO SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BOOST&CO SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
100
100
Current assets
Debtors
5
2,253,992
988,445
Creditors: amounts falling due within one year
6
(2,402,606)
(1,137,934)
Net current liabilities
(148,614)
(149,489)
Net liabilities
(148,514)
(149,389)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(148,614)
(149,489)
Total equity
(148,514)
(149,389)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 24 April 2024
Mr L Mysyrowicz
Director
Company Registration No. 10527291
BOOST&CO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Boost&Co Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Vicarage Lane, Stratford, London, England, E15 4HF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

In the year ended 31 December 2023 the company recognised a profit of £875 (2022: £2,742) with negative reserves of £148,514 (2022: £149,389), however the financial statements have been prepared on the going concern basis as the group companies have confirmed that they will continue to support the company for the foreseeable future and not seek repayment of any monies owed to them.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BOOST&CO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash at bank and in hand

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.

1.6
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.

1.7
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.

BOOST&CO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of group loans

The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100

The company owns 100% ordinary shares in subsidiaries: Boost& Co Services Pty (direct investment) and Boost& Co Property Pty (indirect investment), with country of incorporation being South Africa.

BOOST&CO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,253,992
988,445

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,398,083
1,133,411
Corporation tax
8
8
Accruals and deferred income
4,515
4,515
2,402,606
1,137,934

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Lane
Statutory Auditor:
LB Group Limited (Stratford)
BOOST&CO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Related party transactions

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

10
Parent company

The ultimate parent company as at the balance sheet date being Growth Lending Group Limited and the ultimate controlling party is Ladislas Wladimir Marc Mysyrowicz.

Growth Lending Group Limited is the smallest and largest group of undertakings to consolidate these financial statements. The consolidated accounts are available from the registered office, 1 Vicarage Lane, Stratford, England, London, England, E15 4HF.

 

The ultimate controlling party is Mr Mysyrowicz by way of his 100% holding of the issued share capital of Growth Lending Group Limited.

2023-12-312023-01-01false24 April 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr L Mysyrowiczfalsefalse105272912023-01-012023-12-31105272912023-12-31105272912022-12-3110527291core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110527291core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110527291core:CurrentFinancialInstruments2023-12-3110527291core:CurrentFinancialInstruments2022-12-3110527291core:ShareCapital2023-12-3110527291core:ShareCapital2022-12-3110527291core:RetainedEarningsAccumulatedLosses2023-12-3110527291core:RetainedEarningsAccumulatedLosses2022-12-3110527291bus:Director12023-01-012023-12-31105272912022-01-012022-12-3110527291bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110527291bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110527291bus:FRS1022023-01-012023-12-3110527291bus:Audited2023-01-012023-12-3110527291bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP