Company registration number 14158989 (England and Wales)
MOTION UK BIDCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MOTION UK BIDCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MOTION UK BIDCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
4
104,445
108,186
Current assets
Debtors
6
9,413
8,810
Creditors: amounts falling due within one year
7
(48,418)
(45,151)
Net current liabilities
(39,005)
(36,341)
Net assets
65,440
71,845
Capital and reserves
Called up share capital
8
1,097
1,097
Share premium account
74,431
74,431
Profit and loss reserves
(10,088)
(3,683)
Total equity
65,440
71,845
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 6 March 2025 and are signed on its behalf by:
H De Freitas
Director
Company registration number 14158989 (England and Wales)
MOTION UK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Motion UK Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 4, 2 Redman Place, London, E20 1JQ.
1.1
Reporting period
The company was incorporated on 8 June 2022, therefore the prior period is 7 months, and not comparable to the current period of 12 months to 31 December 2023.
1.2
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 £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has not prepared consolidated accounts, on the basis that consolidated accounts are being prepared further up the group with the ultimate French owner, Mobility 1 SAS France, and will be publicly available at https://www.inpi.fr/.
1.3
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.
1.4
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.
1.5
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.
MOTION UK BIDCO 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.
1.6
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.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment assessement
Investments are held at their initial cost which is assessed for impairment. At each reporting end, management perform impairment assessment review. When assessing for impairment, management calculate the Value in use and Fair Value less costs to sell. In arriving at these figures estimates are used such as discount rates, useful lives rates, forecasts and indefinite growth rates. Management are aware that these factors are judgmental and subject to estimation uncertainty.
MOTION UK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Fixed asset investments
2023
2022
£'000
£'000
Shares in group undertakings and participating interests
104,445
108,186
Movements in fixed asset investments
Shares in subsidiaries
£'000
Cost or valuation
At 1 January 2023 & 31 December 2023
108,186
Impairment
At 1 January 2023
-
Impairment losses
3,741
At 31 December 2023
3,741
Carrying amount
At 31 December 2023
104,445
At 31 December 2022
108,186
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
YourParkingSpace Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
100.00
-
Parkmaven Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
-
100.00
Bargain Parking Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
-
100.00
YourParkingSpace Ireland Limited
Block A, George's Quay Plaza,
George's Quay,
Dublin 2, Dublin, Ireland
Ordinary
-
100.00
MOTION UK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
9,413
8,810
7
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Amounts owed to group undertakings
27,799
5,134
Other creditors
20,619
40,017
48,418
45,151
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 1p each
1
1
-
-
Ordinary A shares of 1p each
90,899,128
90,899,128
909
909
Ordinary B shares of 1p each
18,750,000
18,750,000
188
188
109,649,129
109,649,129
1,097
1,097
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.
Senior Statutory Auditor:
Mark Cassidy FCA
Statutory Auditor:
Mercer & Hole LLP
Date of audit report:
6 March 2025
10
Related party transactions
2023
2022
Amounts due to related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
27,799,306
5,134,000
Other information
The company has taken advantage of the exemption available under FRS 102 from the requirements to make disclosures concerning transactions with fellow wholly owned group companies.
MOTION UK BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
11
Parent company
Motion UK Bidco Limited is a subsidiary of Motion Eur Newco Limited. The registered office of Motion Eur Newco Limited is: 10 Willis Way Fleets Industrial Estate, Poole, Dorset, United Kingdom, BH15 3SS.
The accounts are being consolidated with the ultimate French owner, Mobility 1 SAS France, and will be publicly available at https://www.inpi.fr/.