Company registration number 14158881 (England and Wales)
MOTION EUR NEWCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MOTION EUR NEWCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MOTION EUR NEWCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
4
54,250
56,778
Current assets
Debtors
6
21,991
6,250
Creditors: amounts falling due within one year
7
(44,513)
(25,072)
Net current liabilities
(22,522)
(18,822)
Net assets
31,728
37,956
Capital and reserves
Called up share capital
8
390
390
Share premium account
38,602
38,602
Profit and loss reserves
(7,264)
(1,036)
Total equity
31,728
37,956

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 14158881 (England and Wales)
MOTION EUR NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Motion Eur Newco 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
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 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.

MOTION EUR NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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
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 assessment

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 EUR NEWCO 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
54,250
56,778
Movements in fixed asset investments
Shares in subsidiaries
£'000
Cost or valuation
At 1 January 2023 & 31 December 2023
56,778
Impairment
At 1 January 2023
-
Impairment losses
2,528
At 31 December 2023
2,528
Carrying amount
At 31 December 2023
54,250
At 31 December 2022
56,778
MOTION EUR NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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
Motion UK Bidco Limited
Level 4 2 Redman Place, London, United Kingdom, E20 1JQ
Ordinary
82.90
-
YourParkingSpace Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
-
82.90
Parkmaven Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
-
82.90
Bargain Parking Limited
Level 4 2 Redman Place, London, England, E20 1JQ
Ordinary
-
82.90
YourParkingSpace Ireland Limited
Block A, George's Quay Plaza,
George's Quay,
Dublin 2, Dublin, Ireland
Ordinary
-
82.90
6
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
21,991
6,250
7
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Amounts owed to group undertakings
44,513
25,072
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
38,992,130
38,992,130
390
390
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
MOTION EUR NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£'000
£'000
Entities over which the entity has control, joint control or significant influence
21,991,464
6,250,000
Other information

The Company has taken the exemption granted by FRS 102.33 'Related Party Disclosures' to disclose related party transactions with other wholly owned group companies.

 

During the year loans were issued by Flowbird to Motion Eur Newco Limited, with promissory notes of £27,949,951 and £16,563,305, and interest has been charged at 0.25% fixed rate, plus Sonia interest rates of 4.6113% and plus the average rate of 6.5%.

11
Parent company

Motion Eur Newco Limited is a subsidiary of Flowbird Holding 2 SAS France. The registered office of Flowbird Holding 2 SAS France is: 2 Rue du Château, 92200 Neuilly-sur-Seine, France.

The accounts are being consolidated with the ultimate French owner, Mobility 1 SAS France, and will be publicly available at https://www.inpi.fr/.

2023-12-312023-01-01falsefalsefalse06 March 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityA ArdiesB BarthelemyH De FreitasF DekkerD Hassett141588812023-01-012023-12-31141588812023-12-31141588812022-12-3114158881core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3114158881core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3114158881core:ShareCapital2023-12-3114158881core:ShareCapital2022-12-3114158881core:SharePremium2023-12-3114158881core:SharePremium2022-12-3114158881core:RetainedEarningsAccumulatedLosses2023-12-3114158881core:RetainedEarningsAccumulatedLosses2022-12-3114158881bus:Director32023-01-012023-12-31141588812022-06-082022-12-3114158881core:Subsidiary12023-01-012023-12-3114158881core:Subsidiary22023-01-012023-12-3114158881core:Subsidiary32023-01-012023-12-3114158881core:Subsidiary42023-01-012023-12-3114158881core:Subsidiary52023-01-012023-12-3114158881core:Subsidiary112023-01-012023-12-3114158881core:Subsidiary212023-01-012023-12-3114158881core:Subsidiary312023-01-012023-12-3114158881core:Subsidiary412023-01-012023-12-3114158881core:Subsidiary512023-01-012023-12-311415888112023-01-012023-12-3114158881core:CurrentFinancialInstruments2022-12-3114158881core:CurrentFinancialInstruments2023-12-3114158881bus:PrivateLimitedCompanyLtd2023-01-012023-12-3114158881bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3114158881bus:FRS1022023-01-012023-12-3114158881bus:Audited2023-01-012023-12-3114158881bus:Director12023-01-012023-12-3114158881bus:Director22023-01-012023-12-3114158881bus:Director42023-01-012023-12-3114158881bus:Director52023-01-012023-12-3114158881bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP