Don't worry - there's no swear words. I knew those ones already, I just choose not to use them (okay, so I choose not to use them all that often).
1. Bold - at first I thought they were saying "He's the bald one" and it wasn't until they repeated it a bunch of times I realised they meant 'bold'. As in cheeky, rude, won't follow instructions, potentially needs a good foot up the bum.
2. Kip - "This place is a kip." As in a dive, feral, a hole, dirty, why on earth would you come to this God forsaken place.
I will add to this entry as the kids teach me more, as I'm sure they will.