Company registration number 09916302 (England and Wales)
BOBA COMMODITIES BEECH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOBA COMMODITIES BEECH LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BOBA COMMODITIES BEECH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Current assets
Debtors
3
7,700,306
10,708,468
Cash at bank and in hand
2,887
5,114
7,703,193
10,713,582
Creditors: amounts falling due within one year
4
(11,818,210)
(11,497,601)
Net current liabilities
(4,115,017)
(784,019)
Capital and reserves
Called up share capital
5
10,866
10,866
Profit and loss reserves
(4,125,883)
(794,885)
Total equity
(4,115,017)
(784,019)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 26 September 2024
Mr S Shah
Director
Company Registration No. 09916302
BOBA COMMODITIES BEECH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 January 2022
10,866
456,414
467,280
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(1,251,299)
(1,251,299)
Balance at 31 December 2022
10,866
(794,885)
(784,019)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(3,330,998)
(3,330,998)
Balance at 31 December 2023
10,866
(4,125,883)
(4,115,017)
BOBA COMMODITIES BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Boba Commodities Beech Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22B Albany Road, Fleet, Hampshire, United Kingdom, GU51 3LY.
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 USD, 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.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The director continues to take all available steps to maintain sufficient resources in order that the business can continue.
The company's statement of financial position presents net current liabilities of $4,115,017 which includes a net amount due to group companies of $4,110,285, with an amount due to the parent company, Boba Group Limited of $11,810,464. The director of the parent company has indicated that they will not require the company to repay the amount due to the parent company for a period of at least one year from the date of the signing these financial statements to the extent that may be required to enable the company to meet its liabilities as they fall due.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The director continues to take all available steps to maintain sufficient resources in order that the business can continue.
1.3
Turnover
Turnover represents net of realised and unrealised gains and losses arising from trading in commodities and other financial derivatives.
1.4
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.
BOBA COMMODITIES BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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, loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end 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 or 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.
BOBA COMMODITIES BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Foreign exchange
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
7,700,179
10,707,432
Other debtors
127
1,036
7,700,306
10,708,468
4
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
11,810,464
11,476,433
Taxation and social security
3,869
5,117
Other creditors
3,877
16,051
11,818,210
11,497,601
5
Called up share capital
2023
2022
Ordinary share capital
$
$
Issued and fully paid
8,001 Ordinary of £1 each
10,866
10,866
6
Related party transactions
There were no related party transactions that required disclosure for the current or prior year.
BOBA COMMODITIES BEECH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Ultimate controlling party
At the balance sheet date, Boba Commodities Beech Limited was 75% owned by Boba Group Limited, which is ultimately controlled by Samir Shah.