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REGISTERED NUMBER: 10905014 (England and Wales)















Financial Statements for the Year Ended 31 December 2022

for

Shift Technology Uk Ltd

Shift Technology Uk Ltd (Registered number: 10905014)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Shift Technology Uk Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTOR: J Jawish





SECRETARY: Pramex International Ltd





REGISTERED OFFICE: 8th Floor South
11 Old Jewry
London
EC2R 8DU





REGISTERED NUMBER: 10905014 (England and Wales)





AUDITORS: Crowe U.K. LLP
55 Ludgate Hill
London
United Kingdom
EC4M 7JW

Shift Technology Uk Ltd (Registered number: 10905014)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Debtors 4 1,518,913 137,045

CREDITORS
Amounts falling due within one year 5 5,827,183 57,674
NET CURRENT (LIABILITIES)/ASSETS (4,308,270 ) 79,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,308,270

)

79,371

CAPITAL AND RESERVES
Called up share capital 6 1,000 1,000
Retained earnings (4,309,270 ) 78,371
SHAREHOLDERS' FUNDS (4,308,270 ) 79,371

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 November 2023 and were signed by:





J Jawish - Director


Shift Technology Uk Ltd (Registered number: 10905014)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Shift Technology Uk Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

All amounts are rounded to the nearest £.

These are the first financial statements that comply with FR102. No transitional adjustments were required in equity or profit or loss for the comparative year.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
The turnover is as a result of a recharge of expenses to the parent company.

Revenue is recognized when a customer obtains control of promised products or services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these products or services. To achieve the core principle of this standard, the Company applies the following five steps: (1) Identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocation the transaction price to performance obligations in the contract, (5) recognize revenue when or as the Company satisfies a performance obligation.

The Company enters into contracts that include combinations of products, support and professional services, which are accounted for as separate performance obligations with differing revenue recognition patterns referenced below: 1) professional services over time as provided, 2) subscriptions rateably over the term of each subscription, 3) licensing at a point in time for those considered functional (where customer has rights to possession without penalty), and rateably over the contractual term (support services not distinct from license to performance obligation), 4) royalties at the point in time upon transfer and 5) revenues for publishing services at a point in time when performance obligations are met and control has been transferred from the Company

Shift Technology Uk Ltd (Registered number: 10905014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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 balance sheet 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 debtors, loans from fellow group companies, 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 creditors, accruals and loans from fellow group companies 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Shift Technology Uk Ltd (Registered number: 10905014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company is dependent upon the continued financial support of its parent company which has undertaken to financially support the company for the at least 12 months after the date of the signing of these accounts and for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

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 fixed 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 11 ) .

4. DEBTORS
31.12.22 31.12.21
£    £   
Amounts falling due within one year:
Trade debtors 1,260,000 -
Amounts owed by group undertakings - 100,662
Other debtors 155,635 22,470
VAT - 13,513
Prepayments and accrued income 103,278 -
1,518,913 136,645

Amounts falling due after more than one year:
Prepayments and accrued income - 400

Aggregate amounts 1,518,913 137,045

Shift Technology Uk Ltd (Registered number: 10905014)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 1,100 3,733
Amounts owed to group undertakings 4,766,259 -
Tax - 14,513
VAT 150,008 -
Other creditors 4,719 2,887
Accruals and deferred income 905,097 36,541
5,827,183 57,674

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1,000 Ordinary £1 1,000 1,000

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Charlton (Senior Statutory Auditor)
for and on behalf of Crowe U.K. LLP

8. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate controlling parent company is Shift Technology SAS, a company incorporated in France, whose registered address is 2 -14 Rue Gertry Archimede, 75012, Paris, France.