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Company registration number: 07710947







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


BONLINE LIMITED






































img2f88.png                        

 


BONLINE LIMITED
 


 
COMPANY INFORMATION


Directors
Mr A V Karibian 
Mr T M G O'Sullivan 
Mr S A C Burckhardt 




Registered number
07710947



Registered office
Terminal House
52 Grosvenor Gardens

London

SW1W 0AU




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP




Bankers
HSBC Bank Plc
94 Terminus Road

Eastbourne

East Sussex

BN21 3ND





 


BONLINE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 9


 


BONLINE LIMITED
REGISTERED NUMBER:07710947



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
262,303
32,076

Tangible assets
 5 
563
1,798

Investments
 6 
1
1

  
262,867
33,875

Current assets
  

Debtors: amounts falling due within one year
 7 
919,959
720,184

Cash at bank and in hand
  
1,144,162
2,875,388

  
2,064,121
3,595,572

Creditors: amounts falling due within one year
 8 
(1,240,423)
(1,434,974)

Net current assets
  
 
 
823,698
 
 
2,160,598

Total assets less current liabilities
  
1,086,565
2,194,473

Creditors: amounts falling due after more than one year
 9 
(31,003)
(36,765)

  

Net assets
  
1,055,562
2,157,708


Capital and reserves
  

Called up share capital 
 11 
3,146,200
3,005,632

Share premium account
  
7,650,636
7,650,636

Profit and loss account
  
(9,741,274)
(8,498,560)

  
1,055,562
2,157,708


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr A V Karibian
Director

Date: 27 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 


BONLINE LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
141,605
7,255,230
(7,839,765)
(442,930)


Comprehensive income for the year

Loss for the year
-
-
(145,848)
(145,848)

Transaction costs associated with share issue
-
-
(512,947)
(512,947)
Total comprehensive income for the year
-
-
(658,795)
(658,795)


Contributions by and distributions to owners

Shares issued during the year
2,864,027
395,406
-
3,259,433


Total transactions with owners
2,864,027
395,406
-
3,259,433



At 1 July 2023
3,005,632
7,650,636
(8,498,560)
2,157,708


Comprehensive income for the year

Loss for the year
-
-
(1,170,662)
(1,170,662)

Transaction costs associated with share issue
-
-
(72,052)
(72,052)
Total comprehensive income for the year
-
-
(1,242,714)
(1,242,714)


Contributions by and distributions to owners

Shares issued during the year
140,568
-
-
140,568


Total transactions with owners
140,568
-
-
140,568


At 30 June 2024
3,146,200
7,650,636
(9,741,274)
1,055,562


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

bOnline Limited is a private company limited by shares and incorporated in England & Wales. The address of the registered office and principal place of business is disclosed on the company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. For the financial year ended June 2024, bOnline reported an operating loss but this was due to a healthy gross profit being reinvested in growth of the business, and an increased investment in technology and development. The Board's priority is to continue to grow the business and invest all gross profits in various sales and marketing channels following  external funding of £3,000,000 that was secured in 2023. This external funding will continue to be invested in marketing spend to accelerate growth and scaling of the business in 2025. 
 
The company reached break-even in 2025 and is now profitable. The directors have carefully considered the positive net asset position and cash flow requirements for the next 12 months and believe that there is adequate cash to continue investments in sales and marketing channels, and do not believe there is any material uncertainty regarding the company's ability to continue as a going concern.  

 
2.3

Revenue

The revenue shown in the Income Statement represents amounts receivable for goods and services provided during the period in the normal course of business, net of trade discounts and Value Added Tax. Telecommunications Services revenue is recognised over the period to which the services provided relate. Website Services revenue is recognised at two points, commencement of the contract when the website is created and on a monthly basis for the ongoing software licensing, maintenance and support services.

 
2.4

Research and development

Web platform development costs are charged to the Income Statement as incurred.

Page 3

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Extended image license
-
10%
straight line
US Trademark application
-
10%
straight line
Domain Name
-
10%
straight line
Website development and system software
-
10%
straight line
Customer base
-
20%
straight line

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other detors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when recognised in other comprehensive income as qualifying cash flow hedges.

 
2.10

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 9).


4.


Intangible assets




Extended image licence
Customer base
US trademark application
Domain name
Website development
System software
Total

£
£
£
£
£
£
£



Cost


At 1 July 2023
55,932
31,689
1,500
2,500
-
-
91,621


Additions
-
-
-
-
126,589
122,256
248,845



At 30 June 2024

55,932
31,689
1,500
2,500
126,589
122,256
340,466



Amortisation


At 1 July 2023
25,539
31,680
929
1,397
-
-
59,545


Charge for the year on owned assets
5,593
9
571
250
4,279
7,916
18,618



At 30 June 2024

31,132
31,689
1,500
1,647
4,279
7,916
78,163



Net book value



At 30 June 2024
24,800
-
-
853
122,310
114,340
262,303



At 30 June 2023
30,393
9
571
1,103
-
-
32,076



Page 6

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 July 2023
35,895



At 30 June 2024

35,895



Depreciation


At 1 July 2023
34,097


Charge for the year on owned assets
1,235



At 30 June 2024

35,332



Net book value



At 30 June 2024
563



At 30 June 2023
1,798


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
1



At 30 June 2024
1




Page 7

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
285,746
269,553

Amounts owed by group undertakings
433,382
193,164

Other debtors
79,926
133,988

Prepayments and accrued income
43,907
40,200

Tax recoverable
76,998
83,279

919,959
720,184



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,835
5,691

Other loans
-
18,937

Trade creditors
630,030
683,737

Other taxation and social security
293,664
232,645

Other creditors
12,104
83,376

Accruals and deferred income
298,790
410,588

1,240,423
1,434,974


The bank loan amount of £5,835 (2023 - £5,691), included within bank loans, is guaranteed under the Bounce Back Loan Scheme (BBLS) by the UK Government.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
31,003
36,765

31,003
36,765


The loan amount of £31,003 (2023 - £36,765), included within bank loans, is guaranteed under the Bounce Back Loan Scheme (BBLS) by the UK Government. 


10.


Ultimate controlling party

The company was under the control of Mr A V Karibian throughout the current and previous period. Mr A V Karibian is the managing director and majority shareholder.

Page 8

 


BONLINE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



139,200 (2023 - 139,200) Ordinary A shares of £0.01 each
1,392
1,392
14,480,753 (2023 - 14,480,753) Ordinary B shares of £0.01 each
144,808
144,808
3,111,607 (2023 - 2,965,807) Ordinary C shares of £0.01 each
31,116
29,658
296,888,393 (2023 - 282,977,400) Ordinary D shares of £0.01 each
2,968,884
2,829,774

3,146,200

3,005,632


The company has four share classes each with differing prescribed particulars attaching as follows:
Ordinary A shares - These shares are non-voting and discretional dividends may be allotted to employees of bOnline Limited from time to time pursuant to the company's EMI scheme.
Ordinary B shares - Each share is entitled to one vote, dividend payments and assets from the winding up of the company.
Ordinary C shares - Each share is entitled to one vote, dividend payments and assets from the winding up of the company.
Ordinary D shares - These shares have no voting rights. They have a right to dividend and a right to distribution up to £0.02 per share.
During the period, the following share issues occurred:
Ordinary C shares - 145,800 shares with a nominal value of £0.01 per share were issued during the year at £0.01 per share.
Ordinary D shares - 13,911,038 shares with a nominal value of £0.01 per share were issued during the year at £0.01 per share.


12.


Auditor's information

The auditors' report of the year ended 30 June 2024 gave an unqualified opinion. 
The audit report was signed by Hezelina Hashim (Senior Statutory Auditor) for and on behalf of Menzies LLP, Chartered Accountants and Statutory Auditor, on 27 March 2025.



 
Page 9