Boost Technology Ltd
Boost Technology Ltd
Registered number: 12312917
Unaudited Financial Statements
For The Year Ended 31 December 2023
Square Mile Accounting Limited
Arquen House
4-6 Spicer Street
St. Albans
AL3 4PQ
Boost Technology Ltd
Contents
Contents
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—6 |
Boost Technology Ltd
Statement of Financial Position
As At
31 December 2023
Statement of Financial Position
Registered number:
12312917
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
| 2023 | 2022 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Other reserves |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 1,821,030 | 1,539,225 | |||
Boost Technology Ltd
Statement of Financial Position (continued)
As At
31 December 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Boost Technology Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2023
Notes to the Financial Statements
1.
General Information
Boost Technology Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12312917
. The registered office is 128 City Road, London, EC1V 2NX.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors believe that the company is is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectations that the company has adequate resources to continue in operational existence for th foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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2.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
Boost Technology Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
2.8.
Investments in subsidiaries, and Shareholders loans
Investments in subsidiary undertakings are recognised at cost.
The Company may enter into agreements with regards to financing of the Company and based on the terms of those agreements it is determined if they are appropriately classified as debts or equity. These contracts are monitored on a regular basis and reclassified accordingly if there is a change in their nature.
2.9.
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 profit and loss over the vesting period. Non-market conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Posision 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 target based on an index) or factors which are within the control of one of 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 the profit and loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods or services received.
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 the profit and loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods or services received.
2.10.
Grants
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
During the year, the company received non government grant income of £213,691 (2022: £190,751).
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at 1 January 2023 |
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| Additions |
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| As at 31 December 2023 |
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| Depreciation | |
| As at 1 January 2023 |
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| Provided during the period |
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| As at 31 December 2023 |
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| Net Book Value | |
| As at 31 December 2023 |
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| As at 1 January 2023 |
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Boost Technology Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
5.
Investments
| Subsidiaries | |
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| £ | |
| Cost | |
| As at 1 January 2023 |
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| As at 31 December 2023 |
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| Provision | |
| As at 1 January 2023 |
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| As at 31 December 2023 |
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| Net Book Value | |
| As at 31 December 2023 |
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| As at 1 January 2023 |
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6.
Debtors
| 2023 | 2022 as restated |
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Corporation tax recoverable assets |
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| VAT |
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| Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 as restated |
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| Trade creditors |
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| Other taxes and social security |
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| Net wages | 1,013 | - | |
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9.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £1,013 (2022 - £813) were due to the fund. This is included in Other taxes and social security.
10.
Reserves
As at 31st December 2023 other reserves included £2,459,005 (2022: £1,748,970) represented subscription agreements which will convert when the company raises a minimum of $500k from one investor or $1m from a group of investors, where equity will be issed at a fixed valuation.
During the year to 31st December 2023, the company received £710,035 (2022: £717,069) of further funds from investors which will convert into equity in the furture via Simple Agreement for Future Equity agreements.
During the year to 31st December 2022 the company issued a total of 1300 EMI share options to its Directors with a cumulative fair value at date of grant of £128,289. No further options were issued during the year to 31st December 2023.
11.
Ultimate Controlling Party
The company's ultimate controlling parties are the directors.
12.
Group undertakings
As per Companies Act 2006 S399(2A) the company, together with its subsidiary, qualify for the small companies regime, and is therefore exempt from preparing group accounts. Below are the subsidiaries and their addresses:
Boost Nigeria Ltd - 128 City Road, London, United Kingdom, EC1V 2NX
Boost Egypt Ltd - 128 City Road, London, United Kingdom, EC1V 2NX
Boost Ghana Ltd - 128 City Road, London, United Kingdom, EC1V 2NX
Boost SA Ltd - 128 City Road, London, United Kingdom, EC1V 2NX