lol bollocks is slang for balls, as in nut sack / testicles
when we say 'bollocks' it just means something is bullshit, not very good or bad
Its confusing though because
When we say something is 'the dogs bollocks' - that means something is really tight, or really good
we are fuckin crazy with the english language but this is where it came from, we have been talking bollocks for years.