Bollocks = balls
Wikipedia does a pretty good job of summing it up:
Bollocks (
/ˈbɒləks/ BO-ləks) is a word of
Middle English origin, meaning "
testicles". The word is often used figuratively in
British English and
Irish English in
a multitude of negative ways; it most commonly appears as a noun meaning "rubbish" or "nonsense", an expletive following a minor accident or misfortune, or an adjective to describe something that is of poor quality or useless. It is also used in common phrases like "bollocks to this", which is said when quitting a task or job that is too difficult or negative, and "that's a load of old bollocks", which generally indicates contempt for a certain subject or opinion. Conversely, the word also appears in
positive phrases such as "the dog's bollocks" or more simply "the bollocks", which will refer to something which is admired or well-respected.
Think of it like s**t. Saying, "that's s**t" has an opposite meaning to, "that's the s**t."