Company Registration No. 04375260 (England and Wales)
MOVING INTELLIGENCE LIMITED
(FORMERLY PHANTOM LIMITED)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MOVING INTELLIGENCE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
MOVING INTELLIGENCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
19,530
325,481
Current assets
Inventories
361,720
143,729
Trade and other receivables
5
1,330,340
272,074
Cash and cash equivalents
412,666
872,872
2,104,726
1,288,675
Current liabilities
6
(1,078,186)
(984,235)
Net current assets
1,026,540
304,440
Total assets less current liabilities
1,046,070
629,921
Non-current liabilities
7
(856,448)
(727,948)
Provisions for liabilities
(3,398)
(5,400)
Net assets/(liabilities)
186,224
(103,427)
Equity
Called up share capital
10,000
10,000
Revaluation reserve
-
0
6,608
Retained earnings
176,224
(120,035)
Total equity
186,224
(103,427)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2022 and are signed on its behalf by:
Mr J Smit
Director
Company Registration No. 04375260
MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Moving Intelligence Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit D7, Pear Mill, Stockport Road West, Lower Bredbury, Stockport, Cheshire, SK6 2BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Reporting period

The company extended its year end to 31st December 2021 and has prepared an 13 month set of accounts to bring it into line with the group. The comparatives cover a period of 12 months and are therefore not entirely comparable.

1.3
Revenue

Revenue comprises of the value of annual tracking subscriptions, and sales of technology hardware, net of VAT.

 

Annual, biannual and five yearly tracking subscription fees are deferred and recognised evenly over the period of the contract. Income from the sales of technology hardware is recognised in full on provision of the product. All lifetime subscriptions are recognised in the year they are invoiced.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Over 50 years
Plant and machinery
Over 10 years
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2021
2020
Number
Number
Total
1
2
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 December 2020 and 31 December 2021
5,000
4,498
9,498
Amortisation and impairment
At 1 December 2020 and 31 December 2021
5,000
4,498
9,498
Carrying amount
At 31 December 2021
-
0
-
0
-
0
At 30 November 2020
-
0
-
0
-
0
MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 6 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2020
295,000
203,829
498,829
Additions
-
0
8,053
8,053
Disposals
(295,000)
(25,388)
(320,388)
At 31 December 2021
-
0
186,494
186,494
Depreciation and impairment
At 1 December 2020
-
0
173,348
173,348
Depreciation charged in the Period
-
0
9,484
9,484
Eliminated in respect of disposals
-
0
(15,868)
(15,868)
At 31 December 2021
-
0
166,964
166,964
Carrying amount
At 31 December 2021
-
0
19,530
19,530
At 30 November 2020
295,000
30,481
325,481
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
192,977
254,366
Amounts owed by group undertakings
1,004,530
-
0
Other receivables
132,833
17,708
1,330,340
272,074
6
Current liabilities
2021
2020
£
£
Bank loans
-
0
30,954
Trade payables
870,334
809,573
Taxation and social security
174,486
115,874
Other payables
33,366
27,834
1,078,186
984,235
MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 7 -
7
Non-current liabilities
2021
2020
£
£
Bank loans and overdrafts
-
0
53,536
Other payables
856,448
674,412
856,448
727,948
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
3,398
5,400
2021
Movements in the Period:
£
Liability at 1 December 2020
5,400
Credit to profit or loss
(2,002)
Liability at 31 December 2021
3,398
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Chloe Harrison ACA and the auditor was Josolyne LLP.
10
Control

The ultimate controlling party is Moving Intelligence BV. A company incorporated in The Netherlands, with registered office address of Hogeweg 33, 5301 LB Zaltbommel, The Netherlands.

MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
11
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Nov 2020
£
£
£
Creditors due within one year
Taxation
(230,214)
114,340
(115,874)
Other payables
(618,080)
(219,327)
(837,407)
Creditors due after one year
Deferred income
(291,952)
(382,460)
(674,412)
Net assets
384,020
(487,447)
(103,427)
Capital and reserves
Retained earnings
367,412
(487,447)
(120,035)
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 30 November 2020
£
£
£
Revenue
2,370,171
(601,787)
1,768,384
Taxation
(94,255)
114,340
20,085
Profit/(loss) for the financial period
404,588
(487,447)
(82,859)
Reconciliation of changes in equity
1 December
30 November
2019
2020
£
£
Adjustments to prior Period
Deferred income recognition poliy
-
(601,787)
Corporation tax due back
-
114,340
Total adjustments
-
(487,447)
Equity as previously reported
204,432
384,020
Equity as adjusted
204,432
(103,427)
Analysis of the effect upon equity
Retained earnings
-
(487,447)
MOVING INTELLIGENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
11
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in profit/(loss) for the previous financial period
2020
£
Adjustments to prior Period
Deferred income recognition poliy
(601,787)
Corporation tax due back
114,340
Total adjustments
(487,447)
Profit as previously reported
404,588
Loss as adjusted
(82,859)
2021-12-312020-12-01false30 July 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr S J CherryMr S J CherryMr P D N A HorstMr J  Smit043752602020-12-012021-12-31043752602021-12-31043752602020-11-3004375260core:LandBuildings2021-12-3104375260core:OtherPropertyPlantEquipment2021-12-3104375260core:LandBuildings2020-11-3004375260core:OtherPropertyPlantEquipment2020-11-3004375260core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104375260core:CurrentFinancialInstrumentscore:WithinOneYear2020-11-3004375260core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3104375260core:Non-currentFinancialInstrumentscore:AfterOneYear2020-11-3004375260core:CurrentFinancialInstruments2021-12-3104375260core:CurrentFinancialInstruments2020-11-3004375260core:Non-currentFinancialInstruments2021-12-3104375260core:Non-currentFinancialInstruments2020-11-3004375260core:ShareCapital2021-12-3104375260core:ShareCapital2020-11-3004375260core:RevaluationReserve2021-12-3104375260core:RevaluationReserve2020-11-3004375260core:RetainedEarningsAccumulatedLosses2021-12-3104375260core:RetainedEarningsAccumulatedLosses2020-11-3004375260bus:Director52020-12-012021-12-3104375260core:LandBuildingscore:OwnedOrFreeholdAssets2020-12-012021-12-3104375260core:PlantMachinery2020-12-012021-12-3104375260core:FurnitureFittings2020-12-012021-12-3104375260core:ComputerEquipment2020-12-012021-12-3104375260core:MotorVehicles2020-12-012021-12-31043752602019-12-012020-11-3004375260core:NetGoodwill2020-11-3004375260core:IntangibleAssetsOtherThanGoodwill2020-11-30043752602020-11-3004375260core:NetGoodwill2021-12-3104375260core:IntangibleAssetsOtherThanGoodwill2021-12-3104375260core:NetGoodwill2020-11-3004375260core:IntangibleAssetsOtherThanGoodwill2020-11-3004375260core:LandBuildings2020-11-3004375260core:OtherPropertyPlantEquipment2020-11-3004375260core:LandBuildings2020-12-012021-12-3104375260core:OtherPropertyPlantEquipment2020-12-012021-12-3104375260core:WithinOneYear2021-12-3104375260core:WithinOneYear2020-11-3004375260core:ContinuingOperations2019-12-012020-11-3004375260bus:PrivateLimitedCompanyLtd2020-12-012021-12-3104375260bus:SmallCompaniesRegimeForAccounts2020-12-012021-12-3104375260bus:FRS1022020-12-012021-12-3104375260bus:Audited2020-12-012021-12-3104375260bus:Director12020-12-012021-12-3104375260bus:Director22020-12-012021-12-3104375260bus:Director32020-12-012021-12-3104375260bus:Director42020-12-012021-12-3104375260bus:FullAccounts2020-12-012021-12-31xbrli:purexbrli:sharesiso4217:GBP