Bolt Financial Limited - Period Ending 2020-01-31

Bolt Financial Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Bolt Financial Limited

Company Information

Director	S Stockberger

Company secretary

Taylor Wessing Secretaries Limited

Registered office

5 New Street Square London EC4A 3TW

Auditors

UHY Ross Brooke Chartered Accountants and Registered Auditors 2 Old Bath Road Newbury Berkshire RG14 1QL

Bolt Financial Limited

(Registration number: 09215016)
Balance Sheet as at 31 January 2020

	Note	31 January 2020 £	(As restated) 31 December 2018 £
Current assets
Debtors	4	40,685	82,035
Creditors: Amounts falling due within one year	5	(18,815)	(75,202)
Net assets		21,870	6,833
Capital and reserves
Called up share capital		48	48
Profit and loss account		21,822	6,785
Shareholders' funds		21,870	6,833

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 June 2021
 

.........................................

S Stockberger
Director

Bolt Financial Limited

Notes to the Financial Statements for the Period from 1 January 2019 to 31 January 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 New Street Square
London
EC4A 3TW
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The director took advantage of audit exemption for the prior period accounts and therefore the comparatives are unaudited.

Going concern

The director believes that the company is well placed to manage its business risks successfully. The director believes the company has adequate resources to continue in operational existence such that he believes the continued use of the going concern basis to be appropriate.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 11 June 2021 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Prior period adjustments

Subsequent to the preparation and filing the 31 December 2018 unaudited financial statements the company implemented a new accounting system and procedures for the group. During this transition a complete review of the transactions to date was undertaken, in which it was recognised that not all costs related to the UK subsidiary had been recorded correctly. Consequently the financial results presented in respect of the year ended 31 December 2018 have been restated in these financial statements. The net effect on the 2018 profit has been an increase of £3,405. Management is satisfied that sufficient robust controls are now in place to ensure the accurate and timely recognition of costs throughout the group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Bolt Financial Limited

Notes to the Financial Statements for the Period from 1 January 2019 to 31 January 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

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 taxable income.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2018 - 1).

Bolt Financial Limited

Notes to the Financial Statements for the Period from 1 January 2019 to 31 January 2020

4

Debtors

	Note	31 January 2020 £	(As restated) 31 December 2018 £
Amounts owed by group undertakings	6	40,685	80,375
Other debtors		-	1,660
		40,685	82,035

5

Creditors

Creditors: amounts falling due within one year

	31 January 2020 £	(As restated) 31 December 2018 £
Due within one year
Trade creditors	8,649	53,207
Taxation and social security	3,572	793
Other creditors	6,594	21,202
	18,815	75,202

6	Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

7	Parent and ultimate parent undertaking

The company's immediate parent is Bolt Financial Inc, incorporated in the United States of America.

 The most senior parent entity producing publicly available financial statements is Bolt Financial Inc. These financial statements are available upon request from 558 Sutter Street, No. 509, San Francisco, California, CA 94102.