Company registration number 14286339 (England and Wales)
BOB BIDCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BOB BIDCO LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BOB BIDCO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
3
15,034,039
Current assets
Debtors
5
3,709,114
Creditors: amounts falling due within one year
6
(3,876,722)
Net current liabilities
(167,608)
Total assets less current liabilities
14,866,431
Creditors: amounts falling due after more than one year
7
(5,345,335)
Net assets
9,521,096
Capital and reserves
Called up share capital
9
2
Share premium account
10,489,335
Profit and loss reserves
(968,241)
Total equity
9,521,096

The notes on pages 2 to 6 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement 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 by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
H Stevens
Director
Company Registration No. 14286339
BOB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Bob Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Glasshouse Street, London, GB, W1B 5DG.

1.1
Reporting period

The financial statements were prepared for a period from 9 August 2022 to 31 December 2023. This was a long period as it was the first reporting period following incorporation.

1.2
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.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

1.5
Cash and cash equivalents

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

BOB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

BOB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

2
Employees

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

2023
Number
Total
6
3
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
15,034,039
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 9 August 2022
-
Additions
15,034,039
At 31 December 2023
15,034,039
Carrying amount
At 31 December 2023
15,034,039
BOB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
YayYay Group Limited
33 Glasshouse Street, London, W1B 5DG
Holding company
Ordinary
100.00
-
YayYay Limited
33 Glasshouse Street, London, W1B 5DG
Provision of software as a service
Ordinary
-
100.00
Namecamp Limited
33 Glasshouse Street, London, W1B 5DG
Domain name registration and web hosting
Ordinary
-
100.00
5
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
3,295,861
Other debtors
413,253
3,709,114
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
42,613
Amounts owed to group undertakings
2,670,182
Other creditors
1,163,927
3,876,722
7
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
5,345,335
BOB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
8
Loans and overdrafts
2023
£
Bank loans
5,345,335
Loans from group undertakings and related parties
999,782
6,345,117
Payable within one year
999,782
Payable after one year
5,345,335

The parent company loan notes are unsecured.

The loan notes due to the parent within one year are redeemable in 2032, or on demand, and carry an interest rate of 12%. The interest is accrued on an annual basis.

 

The loan of £5,345,335 from Shawbrook Bank Limited is secured by a fixed and floating charge over all the assets of the company and its subsidaries.

9
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2

The company was incorporated with the issue of 1 ordinary share with a par value of £1. During the period, 1 ordinary share with a par value of £1 was issued at a premium of £10,489,335.

10
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:
David Lawrence BSc (Hons) FCA
Statutory Auditor:
Azets Audit Services
11
Parent company

The immediate parent company is Bob Midco Limited by virtue of its direct 100% shareholding in the company. The ultimate controlling party is Bob Topco Limited, a company registered in England and Wales at registered address, 33 Glasshouse Street, London, W1B 5DG.

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