Company registration number 09735214 (England and Wales)
BOBA COMMODITIES OAK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOBA COMMODITIES OAK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
BOBA COMMODITIES OAK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Current assets
Debtors
3
16,972,783
15,905,842
Cash at bank and in hand
3,719
3,608
16,976,502
15,909,450
Creditors: amounts falling due within one year
4
(15,359,311)
(13,019,505)
Net current assets
1,617,191
2,889,945
Capital and reserves
Called up share capital
5
10,932
10,932
Profit and loss reserves
1,606,259
2,879,013
Total equity
1,617,191
2,889,945

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. 09735214
BOBA COMMODITIES OAK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2022
10,932
677,228
688,160
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,201,785
2,201,785
Balance at 31 December 2022
10,932
2,879,013
2,889,945
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,027,311
2,027,311
Dividends
-
(3,300,065)
(3,300,065)
Balance at 31 December 2023
10,932
1,606,259
1,617,191
BOBA COMMODITIES OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Boba Commodities Oak 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 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.true

 

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.

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.

BOBA COMMODITIES OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 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.

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
BOBA COMMODITIES OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
$
$
Corporation tax recoverable
11,693
-
0
Amounts owed by group undertakings
16,961,090
15,904,806
Other debtors
-
0
1,036
16,972,783
15,905,842
4
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
15,345,904
12,839,810
Corporation tax
-
0
163,449
Other taxation and social security
250
195
Other creditors
13,157
16,051
15,359,311
13,019,505
5
Called up share capital
2023
2022
Ordinary share capital
$
$
Issued and fully paid
8,001 Ordinary of £1 each
10,932
10,932
6
Related party transactions

There were no related party transactions that require disclosure for the current or prior year.

7
Ultimate controlling party

At the balance sheet date, Boba Commodities Oak Limited was 75% owned by Boba Group Limited, which is ultimately controlled by Samir Shah.

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