Company registration number 09733000 (England and Wales)
BOBA GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOBA GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
BOBA GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Intangible assets
4
50,851
88,584
Tangible assets
5
71,991
81,723
Investments
6
219,949
219,949
342,791
390,256
Current assets
Inventory
7
69,522
-
Debtors
8
39,467,527
35,972,727
Assets held for trade
9
19,983,920
19,162,409
Cash at bank and in hand
8,569
3,538
59,529,538
55,138,674
Creditors: amounts falling due within one year
10
(43,990,537)
(41,776,127)
Net current assets
15,539,001
13,362,547
Total assets less current liabilities
15,881,792
13,752,803
Provisions for liabilities
(42,577)
Net assets
15,881,792
13,710,226
Capital and reserves
Called up share capital
1,877
1,877
Profit and loss reserves
15,879,915
13,708,349
Total equity
15,881,792
13,710,226
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.
BOBA GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
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. 09733000
BOBA GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2022
1,877
8,754,949
8,756,826
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
5,072,715
5,072,715
Dividends
-
(119,315)
(119,315)
Balance at 31 December 2022
1,877
13,708,349
13,710,226
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,283,046
2,283,046
Dividends
-
(111,480)
(111,480)
Balance at 31 December 2023
1,877
15,879,915
15,881,792
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Boba Group 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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is from management charges from subsidiary entities, it is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets relating to digital currencies, such as crytocurrency are recognised at cost and are subsequently revalued where there is an active market value available.
Amortisation 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:
Software
33%
Crypto-currency
Infinite useful life
1.4
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.
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 and fittings
20%
Computers
33%
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.
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, and other non-controlling investments in unlisted companies, 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Inventory
Inventory held for sale in the ordinary course of business is stated at the lower of cost and net realisable value.
1.8
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.
1.9
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.
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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 unless the arrangement constitutes a financing transaction. 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.
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.12
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.
1.13
Assets held for trade are broker held commodities and are initially measured at transaction price, including transaction cost. These costs are not amortised.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Accounting for cryptocurrency assets
Management has made judgements regarding its accounting for holdings of assets in relation to cryptocurrency. Management have deemed a portion of cryptocurrency held for long-term investment gains to be treated as an intangible asset under the revaluation model. The remaining portion of cryptocurrency tokens are being treated as Inventory which are held at the lower of cost and net realisable value since they are used for trading activities in the ordinary course of business.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
4
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Intangible fixed assets
Other
Crypto-currency
Total
$
$
$
Cost or valuation
At 1 January 2023
153,699
37,157
190,856
Additions
4,895
4,895
Revaluation
8,605
8,605
At 31 December 2023
153,699
50,657
204,356
Amortisation and impairment
At 1 January 2023
102,272
102,272
Amortisation charged for the year
51,233
51,233
At 31 December 2023
153,505
153,505
Carrying amount
At 31 December 2023
194
50,657
50,851
At 31 December 2022
51,427
37,157
88,584
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
$
$
Cost
109,731
116,719
Accumulated amortisation
18,660
6,988
Carrying value
91,071
109,731
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
$
$
$
Cost
At 1 January 2023
26,976
146,725
173,701
Additions
1,271
28,163
29,434
Disposals
(7,348)
(7,348)
At 31 December 2023
28,247
167,540
195,787
Depreciation and impairment
At 1 January 2023
11,970
80,008
91,978
Depreciation charged in the year
5,543
33,623
39,166
Eliminated in respect of disposals
(7,348)
(7,348)
At 31 December 2023
17,513
106,283
123,796
Carrying amount
At 31 December 2023
10,734
61,257
71,991
At 31 December 2022
15,006
66,717
81,723
6
Fixed asset investments
2023
2022
$
$
Shares in group undertakings and participating interests
25,538
25,538
Other investments other than loans
194,411
194,411
219,949
219,949
7
Inventory
2023
2022
$
$
Inventory
69,522
-
Inventory consists of cryptocurrency tokens held on exchange. These are held for sale in the ordinary course of business.
BOBA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
1
Amounts owed by group undertakings
39,402,395
35,920,193
Other debtors
65,132
52,533
39,467,527
35,972,727
9
Current asset investments
2023
2022
$
$
Assets held for trading
19,983,920
19,162,409
10
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
43,892,700
41,678,512
Corporation tax
71,219
Other taxation and social security
7,223
2,455
Other creditors
90,614
23,941
43,990,537
41,776,127
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included within amounts owed by group undertakings is a balance of $12,247,601.36 due from Boba Commodities Willow Limited, a subsidiary.
Included within amounts owed by group undertakings is a balance of $15,344,330.08 due from Boba Commodities Oak Limited, a subsidiary.
Included within amounts owed by group undertakings is a balance of $11,810,463.86 due from Boba Commodities Beech Limited, a subsidiary.
Included within amounts owed to group undertakings is a balance of $43,892,699.92 due to Boba Commodities Limited, a subsidiary.
12
Ultimate controlling party
The company is controlled by Samir Shah.
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