Company registration number: 07710947
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FOR THE YEAR ENDED
30 JUNE 2024
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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BONLINE LIMITED
REGISTERED NUMBER:07710947
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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:
The notes on pages 3 to 9 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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Comprehensive income for the year
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Transaction costs associated with share issue
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total transactions with owners
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Comprehensive income for the year
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Transaction costs associated with share issue
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Total transactions with owners
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The notes on pages 3 to 9 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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Basis of preparation of financial statements
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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:
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.
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.
Web platform development costs are charged to the Income Statement as incurred.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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:
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Website development and system software
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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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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Foreign currency translation
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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.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The average monthly number of employees, including directors, during the year was 12 (2023 - 9).
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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Investments in subsidiary companies
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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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.
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Creditors: Amounts falling due after more than one year
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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.
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Ultimate controlling party
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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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Allotted, called up and fully paid
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139,200 (2023 - 139,200) Ordinary A shares of £0.01 each
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14,480,753 (2023 - 14,480,753) Ordinary B shares of £0.01 each
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3,111,607 (2023 - 2,965,807) Ordinary C shares of £0.01 each
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296,888,393 (2023 - 282,977,400) Ordinary D shares of £0.01 each
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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.
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.
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