Company registration number 08647167 (England and Wales)
BOBA COMMODITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOBA COMMODITIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
BOBA COMMODITIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Current assets
Debtors
3
44,060,078
41,806,947
Assets held for trade
4
20,376,680
24,730,031
Cash at bank and in hand
311,672
20,568
64,748,430
66,557,546
Creditors: amounts falling due within one year
5
(33,711,155)
(36,195,773)
Net current assets
31,037,275
30,361,773
Capital and reserves
Called up share capital
6
1,549
1,549
Profit and loss reserves
31,035,726
30,360,224
Total equity
31,037,275
30,361,773

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. 08647167
BOBA COMMODITIES 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
1,549
34,432,738
34,434,287
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(4,072,514)
(4,072,514)
Balance at 31 December 2022
1,549
30,360,224
30,361,773
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
675,502
675,502
Balance at 31 December 2023
1,549
31,035,726
31,037,275
BOBA COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Boba Commodities 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 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
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.

1.7

Assets held for trade

Assets held for trade are broker held commodities future contracts and are initially measured at transaction price, including transaction cost. These costs are not amortised.

2
Employees

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

2023
2022
Number
Number
Total
14
8
3
Debtors
2023
2022
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
43,892,700
41,678,512
Other debtors
167,378
128,435
44,060,078
41,806,947
4
Current asset investments
2023
2022
$
$
Assets held for trade
20,376,680
24,730,031
BOBA COMMODITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
33,653,797
36,135,482
Taxation and social security
41,105
35,164
Other creditors
16,253
25,127
33,711,155
36,195,773
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,549
1,549
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
$
$
28,072
62,258
8
Related party transactions

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

9
Ultimate controlling party

At the balance sheet date, Boba Commodities Limited was 100% owned by Boba Group Limited, which is ultimately controlled by Samir Shah.

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