Company registration number SC706481 (England and Wales)
LIFTANGO GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIFTANGO GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LIFTANGO GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
12,623,027
12,623,028
Current assets
Debtors
6
6,221,676
3,279,207
Creditors: amounts falling due within one year
7
(2,851,293)
(20,800)
Net current assets
3,370,383
3,258,407
Net assets
15,993,410
15,881,435
Capital and reserves
Called up share capital
9
2,417
2,416
Share premium account
15,879,281
15,952,281
Equity reserve
434,935
-
0
Profit and loss reserves
(323,223)
(73,262)
Total equity
15,993,410
15,881,435

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Mr K Orr
Director
Company registration number SC706481 (England and Wales)
LIFTANGO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Liftango Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Mart, Station Road, East Linton, East Lothian, EH40 3DN.

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. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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.

LIFTANGO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors 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 creditors, 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 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.

1.5
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

LIFTANGO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
1
-
0
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
12,623,027
12,623,028
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
12,623,028
Disposals
(1)
At 31 December 2023
12,623,027
Carrying amount
At 31 December 2023
12,623,027
At 31 December 2022
12,623,028
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

LIFTANGO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Liftango Ltd
Second Floor, 201 Great Portland Street, London, United Kingdom W1W 5AB
On-demand shared transport system software
Ordinary
100.00
Liftango Pty Ltd
754 Hunter Street, Newcastle West, New South Wales, 2302, Australia
On-demand shared transport system software
Ordinary
100.00
Liftango Inc
Level 5, 649, Mission Street, San Francisco, CA 94105, USA
On-demand shared transport system software
Ordinary
100.00
Liftango Enterprises
800 Rue De Square-Victoria, Unit 3500, Montreal, H4Z 1A1, Canada
On-demand shared transport system software
Ordinary
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,162,257
3,271,909
Prepayments and accrued income
59,419
7,298
6,221,676
3,279,207
7
Creditors: amounts falling due within one year
2023
2022
£
£
Convertible loans
2,743,032
-
0
Trade creditors
50,994
-
0
Amounts owed to group undertakings
54,267
20,800
Other creditors
3,000
-
0
2,851,293
20,800
LIFTANGO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Convertible loan notes
2023
2022
£
£
Liability component of convertible loan notes
2,743,032
-

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.

The effective rate of interest is 8%.

The equity component of the convertible loan notes has been credited to the equity reserve.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 0.001p each
2,416,618
2,416,618
2,417
2,416
10
Related party transactions

At the reporting date there were outstanding balances with subsidiaries. Liftango Ltd owed £5,801,025 (2022: £3,001,914) to the company. Liftango Pty Ltd owed £361,232 (2022: £269,995) to the company.

 

Liftango Inc was owed £54,267 (2022: £20,800) by the company.

11
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Analysis of the effect upon equity
Share capital
-
(21,750)
Share premium
-
21,750
-
-
2023-12-312023-01-01false30 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr K OrrMr T EelesMr M MclarenMr D Le BretonMr R MerglerMr J McGibbonMr B LandouseyMr J EwertMr J CampbellfalsefalseSC7064812023-01-012023-12-31SC7064812023-12-31SC7064812022-12-31SC706481core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC706481core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC706481core:CurrentFinancialInstruments2023-12-31SC706481core:CurrentFinancialInstruments2022-12-31SC706481core:ShareCapital2023-12-31SC706481core:ShareCapital2022-12-31SC706481core:SharePremium2023-12-31SC706481core:SharePremium2022-12-31SC706481core:OtherReservesSubtotal2023-12-31SC706481core:OtherReservesSubtotal2022-12-31SC706481core:RetainedEarningsAccumulatedLosses2023-12-31SC706481core:RetainedEarningsAccumulatedLosses2022-12-31SC706481bus:Director12023-01-012023-12-31SC7064812021-08-122022-12-31SC706481core:Subsidiary12023-01-012023-12-31SC706481core:Subsidiary22023-01-012023-12-31SC706481core:Subsidiary32023-01-012023-12-31SC706481core:Subsidiary42023-01-012023-12-31SC706481core:Subsidiary112023-01-012023-12-31SC706481core:Subsidiary212023-01-012023-12-31SC706481core:Subsidiary312023-01-012023-12-31SC706481core:Subsidiary412023-01-012023-12-31SC706481bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC706481bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC706481bus:FRS1022023-01-012023-12-31SC706481bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC706481bus:Director22023-01-012023-12-31SC706481bus:Director32023-01-012023-12-31SC706481bus:Director42023-01-012023-12-31SC706481bus:Director52023-01-012023-12-31SC706481bus:Director62023-01-012023-12-31SC706481bus:Director72023-01-012023-12-31SC706481bus:Director82023-01-012023-12-31SC706481bus:CompanySecretary12023-01-012023-12-31SC706481bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP