Betterrides.AI Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 11216574 (England and Wales)
BetterRides.AI Limited
Betterrides.AI Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 10
Betterrides.AI Limited
Balance Sheet
As at 31 March 2024
Page 1
Unaudited
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,478
3,566
Investments
5
1
1
1,479
3,567
Current assets
Debtors
7
380,515
2,229,296
Cash at bank and in hand
3,844
9,216
384,359
2,238,512
Creditors: amounts falling due within one year
8
(2,286,469)
(4,181,433)
Net current liabilities
(1,902,110)
(1,942,921)
Total assets less current liabilities
(1,900,631)
(1,939,354)
Creditors: amounts falling due after more than one year
9
(530,097)
(31,097)
Net liabilities
(2,430,728)
(1,970,451)
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
(2,431,728)
(1,971,451)
Total equity
(2,430,728)
(1,970,451)

The directors of the company have elected not to include a copy of the profit and loss account 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 6 March 2025 and are signed on its behalf by:
J  Coetzee
Director
Company Registration No. 11216574
Betterrides.AI Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information

BetterRides.AI Limited is a private company limited by shares incorporated in England and Wales. The registered office is 90 High Holborn, High Holborn, London, England, WC1V 6LJ.

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 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
Going concern

At the balance sheet date, the company had net current liabilities of £1.90m (2023: £1.94m (unaudited)) and net liabilities of £2.43m (2023: £1.97m (unaudited)). During the year the company made a loss before tax of £0.66m (2023: £1.34m (unaudited)).true

The directors have drawn up cash flow forecasts which extend to March 2026 to assess the company’s ability to continue as a going concern. The cash flow forecasts include assumptions over expected revenue growth as well as likely costs and committed cash outflows. The forecasts show a net cash outflow from operations over the period to March 2026. The company is therefore reliant on accessing additional cash inflows in order to continue to trade and to meet its liabilities as they fall due. During the year ended 31 March 2024, the group of which Betterrides.AI Limited is part, received a significant investment. Part of that investment agreement included access to further financing once certain milestones were met. This means that the group anticipates a further £1m cash injection in the short term.

These factors indicate the existence of material uncertainties which may cast significant doubt on the company’s ability to continue as a going concern.

While there can be no certainty over the assumptions made in preparing the cash flow forecast, the directors have prepared the financial statements on going concern basis as they have a reasonable expectation that such funding will be made available by the shareholders of its parent company such that the company will be able to continue to trade for a period of at least 12 months from the date of approval of these financial statements.

The financial statements do not contain any adjustments that would arise if the group were unable to continue as a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue for the advisory business is recognised either when milestones and deliverables are achieved per signed contracts with both parties agreeing that the work meets the agreed-upon standards. Alternatively, for projects with undefined milestones, revenue is recognised progressively over the contract's duration which best reflects fulfilling performance obligations.

Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.4
Tangible fixed assets

Tangible fixed assets 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:

Fixtures and fittings
6 years straight line
Computers
3 years straight line

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
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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.

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.

Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.9
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.

1.10
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 profit and loss account 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
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.

R&D Tax Credit

Included within the 2024 tax line in the profit and loss is R&D tax credits relating to financial years ended 31 March 2022, 2023 and 2024. The claims for 2022 and 2023 have been filed with HMRC and payment has been received subsequent to the year end. The amount for 2024 has been included as an estimate since the return has not been filed yet and figures have not been finalised. The estimate is based on the previous two years claims and applies the same logic as those returns.

Impairment of intercompany debt

The directors determine whether intercompany debt requires provision on an annual basis or otherwise when events or conditions indicate that the carrying value may not be recoverable. Management's determination as to whether or not intercompany debt is recoverable is based on cash flow forecasts and forward looking profitability projections pertaining to companies from which debt is due. Management clearly apply an element of judgement in estimating these future cash flows when determining how much to provide against intercompany debt.

3
Employees

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

Unaudited
2024
2023
Number
Number
Total
2
9
Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
6,605
Depreciation and impairment
At 1 April 2023
3,039
Depreciation charged in the year
2,088
At 31 March 2024
5,127
Carrying amount
At 31 March 2024
1,478
At 31 March 2023
3,566
5
Fixed asset investments
Unaudited
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GoAfrica Limited
England & Wales
Ordinary
100.00
7
Debtors
Unaudited
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
162,743
909,491
Corporation tax recoverable
202,679
-
0
Amounts owed by group undertakings
-
0
1,292,384
Prepayments and accrued income
15,093
27,421
380,515
2,229,296
Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
7
Debtors
(Continued)
Page 8

During the year, balances totalling £591,457 (2023: £nil) owed from other group companies have been fully impaired. The provision will be revisited annually based on the cash flows on the subsidiaries.

8
Creditors: amounts falling due within one year
Unaudited
2024
2023
£
£
Bank loans
10,000
-
0
Trade creditors
34,937
557,237
Amounts owed to group undertakings
1,925,960
1,353,947
Taxation and social security
52,998
103,704
Other creditors
227,319
105,000
Accruals and deferred income
35,255
2,061,545
2,286,469
4,181,433
9
Creditors: amounts falling due after more than one year
Unaudited
2024
2023
£
£
Bank loans and overdrafts
11,097
31,097
Other creditors
519,000
-
530,097
31,097
10
Called up share capital
Unaudited
Unaudited
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
11
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.

Other matter

The corresponding figures in the financial statements of Betterrides.Ai Limited were not audited as the company did not require a statutory audit under the Companies Act 2006 in the prior year.

Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
11
Audit report information
(Continued)
Page 9
Senior Statutory Auditor:
Katherine Edwards
Statutory Auditor:
Moore Kingston Smith LLP
12
Related party transactions

The company has taken the exemption available under FRS102 33.1A to not disclose transactions with 100% owned group companies.

 

During the year, income totalling £11,621 (2023 - £36,118) was recognised from GoMetro South Africa Pty Ltd, a company with the same parent as Betterrides.Ai. At the balance sheet date, a total of £212,878 (2023 - £272,878) was due from this company. A total impairment provision of £212,878 (2023 - £nil) has been recorded in relation to this debt. At the balance sheet date, £nil (2023 - £68,360) was owed to this company.

 

During the year, income totalling £66,126 (2023 - £73,825) was recognised from Betterrides Labs Limited, a joint venture between one of Betterrides.Ai subsidiaries and CPCA. The income is invoiced through GoAfrica Limited, and a total of £10,487 (2023 - £291,004) was invoiced during the year. At the balance sheet date, £1,900 (2023 - £38,149) was due from GoAfrica limited and this is currently disclosed within trade debtors, £nil (2023 - £106,197) was owed to GoAfrica Limited at the balance sheet date. At the balance sheet date, £11,596 (2023 - £nil) was due to Betterrides Labs Limited.

 

During the year, exceptional income totalling £300,489 (2023 - £99,996 of expense) has been recorded relating to the write off of creditors from DevconGroup (Pty) Ltd, a company owned by one of Betterrides.Ai directors, Justin Coetzee. The same director had remuneration expenses totalling £13,774 (2023 - £nil) recorded in the year.

 

Ascendal Group Limited was a related party up until its sold its share of the company in on 30 April 2023. Up until 30 April 2023, income totalling £17,397 (2023 full year - £152,874) was received from Ascendal Group Limited, with £3,753 (2023 - £583,154) worth of expense incurred from the same company. At the balance sheet date in 2023, £638,92) of trade debtors was outstanding from this company. At the balance sheet date in 2023, £1,122,722 was owed to this company. Ascendal Group LLC has a director in common with Betterrides.Ai, Adam Leishman, who resigned on 30 April 2023. As part of the transaction in which Ascendal Group Limited sold its share of the company, £405,489 was foregone and released to the profit and loss account.

13
Parent company

The parent company is GoMetro UK Limited, who draw up consolidated financial statements of which this entity is included. GoMetro UK Limited's registered address is 90 High Holborn, High Holborn, London, England, WC1V 6LJ.

Betterrides.AI Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 10
14
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Management fee accrual incorrectly recognised in parent company
-
(105,000)
UMTC contract income recognised in incorrect period
-
22,587
TLE contract income recognised in incorrect period
-
4,834
Total adjustments
-
(77,579)
Equity as previously reported
-
(1,892,872)
Equity as adjusted
-
(1,970,451)
Analysis of the effect upon equity
Profit and loss reserves
-
(77,579)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Management fee accrual incorrectly recognised in parent company
(105,000)
UMTC contract income recognised in incorrect period
22,587
TLE contract income recognised in incorrect period
(35,893)
Total adjustments
(118,306)
Loss as previously reported
(1,221,921)
Loss as adjusted
(1,340,227)
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