Company Registration No. 09866246 (England and Wales)
BOBA COMMODITIES WILLOW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
BOBA COMMODITIES WILLOW LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BOBA COMMODITIES WILLOW LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
$
$
$
$
Current assets
Debtors
3
8,614,202
3,968,966
Cash at bank and in hand
3,418
3,186
8,617,620
3,972,152
Creditors: amounts falling due within one year
4
(7,012,558)
(1,387,557)
Net current assets
1,605,062
2,584,595
Capital and reserves
Called up share capital
5
10,881
10,881
Profit and loss reserves
1,594,181
2,573,714
Total equity
1,605,062
2,584,595
The director of the company has elected not to include a copy of the profit and loss account 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 and signed by the director and authorised for issue on 18 December 2020
Samir Shah
Director
Company Registration No. 09866246
BOBA COMMODITIES WILLOW LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2018
10,881
5,152
16,033
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
2,568,562
2,568,562
Balance at 31 December 2018
10,881
2,573,714
2,584,595
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
2,973,529
2,973,529
Dividends
-
(3,953,062)
(3,953,062)
Balance at 31 December 2019
10,881
1,594,181
1,605,062
BOBA COMMODITIES WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Boba Commodities Willow Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
22B Albany Road, Fleet, Hampshire, 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 a
mounts
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
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
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 WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
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. A
m
ounts 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
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.
1.7
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.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2019
2018
Number
Number
Total
1
1
BOBA COMMODITIES WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
3
Debtors
2019
2018
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
8,613,250
3,967,830
Other debtors
952
1,136
8,614,202
3,968,966
4
Creditors: amounts falling due within one year
2019
2018
$
$
Trade creditors
1,718
631
Amounts owed to group undertakings
6,868,415
780,493
Corporation tax
137,008
601,463
Other creditors
5,417
4,970
7,012,558
1,387,557
5
Called up share capital
2019
2018
$
$
Ordinary share capital
Issued and fully paid
8,001 Ordinary of $1 each
10,881
10,881
6
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.
The senior statutory auditor was Ian Jefferson.
The auditor was Azets Audit Services.
7
Events after the reporting date
The COVID-19 pandemic is a non-adjusting event at 31 December 2019 for the purposes of these financial statements. The outbreak has developed rapidly in 2020 and has caused disruption to business, economic activities and impacted global markets. The director has assessed the impact of the pandemic on the company’s ability to continue as a going concern and management continues to consider the potential implications for the business, however at this time the pandemic has not had a material impact on any of the balances in the group’s financial statements or its operations since the reporting date.
8
Related party transactions
BOBA COMMODITIES WILLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
8
Related party transactions
(Continued)
- 6 -
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 Willow Limited was 75% owned by Boba Group Limited, which is ultimately controlled by Samir Shah.