Caseware UK (AP4) 2019.0.227 2019.0.227 2019-12-31 2019-12-31 true 2019-01-01 false The principal activity of the company is that of providing loan facilities to businesses. true 07831099 2019-01-01 2019-12-31 07831099 2018-01-01 2018-12-31 07831099 2019-12-31 07831099 2018-12-31 07831099 c:Director4 2019-01-01 2019-12-31 07831099 d:PlantMachinery 2019-01-01 2019-12-31 07831099 d:PlantMachinery 2019-12-31 07831099 d:PlantMachinery 2018-12-31 07831099 d:PlantMachinery d:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 07831099 d:ComputerEquipment 2019-01-01 2019-12-31 07831099 d:ComputerEquipment 2019-12-31 07831099 d:ComputerEquipment 2018-12-31 07831099 d:ComputerEquipment d:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 07831099 d:OwnedOrFreeholdAssets 2019-01-01 2019-12-31 07831099 d:CurrentFinancialInstruments 2019-12-31 07831099 d:CurrentFinancialInstruments 2018-12-31 07831099 d:Non-currentFinancialInstruments 2019-12-31 07831099 d:Non-currentFinancialInstruments 2018-12-31 07831099 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 07831099 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 07831099 d:Non-currentFinancialInstruments d:AfterOneYear 2019-12-31 07831099 d:Non-currentFinancialInstruments d:AfterOneYear 2018-12-31 07831099 d:ShareCapital 2019-12-31 07831099 d:ShareCapital 2018-12-31 07831099 d:RetainedEarningsAccumulatedLosses 2019-12-31 07831099 d:RetainedEarningsAccumulatedLosses 2018-12-31 07831099 c:OrdinaryShareClass1 2019-01-01 2019-12-31 07831099 c:OrdinaryShareClass1 2019-12-31 07831099 c:OrdinaryShareClass1 2018-12-31 07831099 c:FRS102 2019-01-01 2019-12-31 07831099 c:Audited 2019-01-01 2019-12-31 07831099 c:FullAccounts 2019-01-01 2019-12-31 07831099 c:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 07831099 d:Subsidiary1 2019-01-01 2019-12-31 07831099 d:Subsidiary1 1 2019-01-01 2019-12-31 07831099 c:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 07831099 6 2019-01-01 2019-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number:  07831099









BOOST CAPITAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2019

 
BOOST CAPITAL LIMITED
REGISTERED NUMBER:  07831099

STATEMENT OF FINANCIAL POSITION
AS AT  31 DECEMBER 2019

2019
2018
Note
£
£
   

Tangible fixed assets
 5 
60,064
90,110

Fixed asset investments
 6 
1
1

   
60,065
90,111

Current assets
   

Debtors: amounts falling due after more than one year
   
75,500
63,936

Debtors: amounts falling due within one year
   
1,382,079
1,820,672

Cash at bank and in hand
 8 
815,043
654,436

   
2,272,622
2,539,044

Creditors: amounts falling due within one year
 9 
(77,079 )
(225,697 )

Net current assets
   
 
 
2,195,543
 
 
2,313,347

Total assets less current liabilities
   
2,255,608
2,403,458

Creditors: amounts falling due after more than one year
 10 
(13,838,681 )
(13,882,945 )

   

Net liabilities
   
(11,583,073 )
(11,479,487 )

Capital and reserves
   

Called up share capital 
 11 
100
100

Profit and loss account
   
(11,583,173 )
(11,479,587 )

   
(11,583,073 )
(11,479,487 )


Page 1

 
BOOST CAPITAL LIMITED
REGISTERED NUMBER:  07831099
    
STATEMENT OF FINANCIAL POSITION  (CONTINUED)
AS AT  31 DECEMBER 2019

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 statement of income and retained earnings 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 : 




J Karger
Director

Date:  28 January 2021

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

General information

The principal activity of Boost Capital Limited ("the Company") is that of providing finance to businesses.
The Company is a private company limited by shares and is incorporated in England and Wales.
The registered office address is Greenwood House, 91-99 New London Road, Chelmsford, Essex,
CM2 0PP.

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 preparation of financial statements in compliance with FRS 102 Section 1A - small entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
Group Accounts 
The company is entitled to the exemption under Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.

The following principal accounting policies have been applied:

2.2

Going concern

Together with its wholly-owned subsidiary undertaking, Boost Receivables Ltd, the Companies have made an overall profit. As at the reporting date, the two entities had net liabilities of £11,140,086 and together made a post tax profit of £607,115. The UK entities will continue to be supported by its parent company, BFS Capital Inc., for a period of at least 12 months from the date of signing these financial statements, as stated within the letters of support to each entity.
In light of the global Covid-19 pandemic , the company has made changes to adapt to the uncertain economic environment. They have made use of government schemes were applicable. Prior to the pandemic the Company implemented a restructuring in personnel and strategy which has enabled it to adapt to the challenges brought on by the pandemic.
 
The directors have revisited their forecasts and are confident of the company's ability to continue trading as a going concern for the foreseeable future.

Page 3

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Interest and factoring income on loans and advances is calculated using the effective interest method which allocates any fees receivable over the expected life of the assets and represents the return on credit risk faced by the entity. The effective interest method requires the Company to estimate future cashflows, in some cases based on experience of behaviour, the terms of the loan or advance agreements and the expected lives of the receivables.
The effective interest rate is calculated at the time of initiating the loan or advance facility and the calculation is based on estimating future cash flows over the shorter of the contractual life of the loan/advance or the expected behavioural life. The expected life assumptions utilise repayment profiles to represent how borrowers are expected to repay. The Company has limited historical experience to support these profiles and, therefore, management must apply judgement, in addition to any historical information available.

2.4

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:

Plant and machinery, etc
-
3-5 years straight line
Leasehold improvements
-
Over the period of the lease

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 the Statement of Income and Retained Earnings.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.7

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties, and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Page 5

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.8

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 the Statement of Income and Retained Earnings  except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

2.9

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Income and Retained Earnings over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to Statement of Income and Retained Earnings over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the Statement of Income and Retained Earnings is charged with fair value of goods and services received.

Page 6

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2. Accounting policies (continued)

2.11

Operating leases

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, 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 in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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 7

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Impairment of debtors 
Determination of whether there are indicators of impairment of the Company’s debtors. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the expected recoverability of receivables, considering the borrower’s payment history and the director’s knowledge of the financial position of each debtor. 

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended, when necessary, to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the property plant and equipment, and accounting policy note 2.4 for the useful economic lives for each class of assets.

No director received any emoluments during the current year. All directors are remunerated by the ultimate controlling party.

The average monthly number of employees, including directors, during the year was  22  (2018 -  20 ) .

Page 8

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019




Leasehold improvements
Total

£
£
£



Cost or valuation


At 1 January 2019
107,793
84,587
192,380


Additions
6,395
-
6,395



At 31 December 2019

114,188
84,587
198,775



Depreciation


At 1 January 2019
71,255
31,015
102,270


Charge for the year on owned assets
19,523
16,918
36,441



At 31 December 2019

90,778
47,933
138,711



Net book value



At 31 December 2019
23,410
36,654
60,064



At 31 December 2018
36,538
53,572
90,110





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2019
1



At 31 December 2019
1




Page 9

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Subsidiary undertaking


Name

Principal activity

Class of shares

Holding

Boost Receivables Limited
Providing finance to businesses
Ordinary
100 %

2019
2018
£
£

Due after more than one year

Other debtors
75,501
63,936

75,501
63,936

Due within one year

Trade debtors
152,132
54,523

Amounts owed by group undertakings
1,194,982
1,686,407

Other debtors
3,847
-

Prepayments and accrued income
31,118
79,744

1,457,580
1,884,610


Trade debtors are stated net of provisions. The total provision for the year is £51,388 (2018: £19,907).

2019
2018
£
£

Cash at bank and in hand
815,043
654,436

815,043
654,436


Page 10

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2019
2018
£
£

Trade creditors
5,700
59,069

Other taxation and social security
25,409
34,545

Other creditors
-
320

Accruals and deferred income
45,970
131,763

77,079
225,697


2019
2018
£
£

Amounts owed to group undertakings
13,838,681
13,882,945


2019
2018
£
£
Authorised, allotted, called up and fully paid



100  (2018 -  100 )   Ordinary  shares of £ 1.00  each
100
100

The ultimate parent, BFS Capital Inc., has granted share options to which FRS 102 Section 26 (share-based payments) is applicable to employees of the Company. Neither the charge this year, nor the cumulative charge since the options were granted, are material to the Company so are not recognised in these financial statements.
The Company has taken advantage of the disclosure exemptions for qualifying entities under FRS 102 in respect of share-based payments. Full details of options at the year end can be seen in the financial statements of the ultimate parent, BFS Capital Inc.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an indepenently administered fund. Contributions totalling £752 (2018: £724) were payable to the fund at the Statement of Financial Position date.

Page 11

 
BOOST CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Where possible, the Company has taken advantage of the exemption conferred by section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirements to disclose transactions with other wholly-owned group undertakings.

The Company’s immediate and ultimate parent is BFS Capital Inc, a company registered in the United States of America. Their registered office address is 3301 N. University Drive, Suite 300, Coral Springs, Florida, 33065.
The smallest and largest group into which the results of the Company for the 31 December 2019 year end are consolidated is that headed by BFS Capital Inc.
The results of the Company for the 31 December 2019 year end are consolidated within BFS Capital Inc.

The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.

The audit report was signed on                    28 January 2021  by  Michael Wedge FCA  (Senior Statutory Auditor) on behalf of  Berg Kaprow Lewis LLP .

 
Page 12