Registered number: 14658124
MOOVE IP HOLDING COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
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MOOVE IP HOLDING COMPANY LIMITED
COMPANY INFORMATION
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Oladipo Olakunle Delano (appointed 13 February 2023)
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Jide Nigel Odunsi (appointed 13 February 2023)
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MOOVE IP HOLDING COMPANY LIMITED
CONTENTS
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Statement of Profit or Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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MOOVE IP HOLDING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2024
The directors present their report and the financial statements for the period ended 28 February 2024.
The principal activity of the Company is Activities of other holding companies not elsewhere classified.
The directors who served during the period were:
Oladipo Olakunle Delano (appointed 13 February 2023)
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Jide Nigel Odunsi (appointed 13 February 2023)
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This report was approved by the board and signed on its behalf.
Oladipo Olakunle Delano
Director
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Jide Nigel Odunsi
Director
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MOOVE IP HOLDING COMPANY LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 FEBRUARY 2024
Other comprehensive income:
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Items that will not be reclassified to profit or loss:
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Items that will or may be reclassified to profit or loss:
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Total comprehensive income
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The notes on pages 6 to 12 form part of these financial statements.
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MOOVE IP HOLDING COMPANY LIMITED
REGISTERED NUMBER: 14658124
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024
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Other non-current investments
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Trade and other receivables
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Trade and other liabilities
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Issued capital and reserves
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For the period ending 28 February 2024 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 for the period in question in accordance with section 476 of the Companies Act 2006.
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.
The Company's financial statements have been prepared in accordance with the provisions applicable to the
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MOOVE IP HOLDING COMPANY LIMITED
REGISTERED NUMBER: 14658124
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2024
companies subject to the small companies regime.
The financial statements on pages 2 to 12 were approved and authorised for issue by the board of directors and were signed on its behalf by:
The notes on pages 6 to 12 form part of these financial statements.
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MOOVE IP HOLDING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2024
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Total contributions by and distributions to owners
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The notes on pages 6 to 12 form part of these financial statements.
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1.Accounting policies
The useful lives, residual values, and depreciation method are reviewed regularly. Any changes in estimates are accounted for prospectively.
Impairment
An asset's carrying amount is written down immediately to its recoverable amount if it exceeds the estimated recoverable amount.
Revenue is recognized when it is probable that economic benefits will flow to the Company and the amount can be reliably measured. For the sale of goods, revenue is recognized when control of the goods transfers to the customer, typically upon delivery. For services, revenue is recognized when the service is provided. Revenue is measured at the expected consideration, excluding sales taxes and other costs, and is adjusted for discounts or returns where applicable.
All borrowings are initially recorded at fair value, net of transaction costs. Subsequently, borrowings are carried at amortized cost, with the difference between the net proceeds and the redemption amount recognized as a charge to the income statement over the borrowing period. Interest expense is recognized using the effective interest method and included in the cost of sales. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement for at least 12 months after the reporting date
Trade payables are obligations to pay for goods or services acquired in the ordinary course of business from suppliers. They are classified as current liabilities if payment is due within one year or within the normal operating cycle of the business, whichever is longer. Otherwise, they are presented as non-current liabilities.
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Related Party Transactions
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All transactions with related parties arising in the normal course of business are conducted and recorded at rates no lower than market rates, except in rare circumstances where, with the approval of the Board of Directors, it is in the Company's best interest to do otherwise.
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand, call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that settlement will be required, and the obligation amount can be reliably estimated.
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1.Accounting policies (continued)
'Financial assets and liabilities are recognized in the statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the Company loses control of the contractual rights comprising the asset. Financial liabilities are derecognized when they are extinguished—that is, when the obligation specified in the contract is discharged, canceled, or expires. Any gains or losses on derecognition of financial assets and liabilities are recognized in profit or loss.
a) Financial Assets
The Company classifies its financial assets into the following measurement categories:
i. Amortized cost, where the effective interest rate method applies;
ii. Fair value through profit or loss (FVTPL);
iii. Fair value through other comprehensive income (FVTOCI).
The classification depends on the Company's business model for managing financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses are recorded either in profit or loss or in other comprehensive income (OCI). For investments in equity instruments that are not held for trading, this depends on whether the Company has made an irrevocable election at initial recognition to account for the equity investment at FVTOCI. The Company reclassifies debt investments only when its business model for managing those assets changes.
Recognition and Derecognition
Regular-way purchases and sales of financial assets are recognized on the trade date—the date on which the Company commits to purchasing or selling the asset. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Company has transferred substantially all risks and rewards of ownership.
Measurement
At initial recognition, financial assets are measured at fair value plus, in the case of financial assets not classified as FVTPL, transaction costs directly attributable to the acquisition of the asset. Transaction costs of financial assets classified as FVTPL are expensed in profit or loss.
Debt Instruments
The subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and its cash flow characteristics. The Company categorizes debt instruments as measured at amortized cost.
Amortized Cost
Assets held to collect contractual cash flows, where those cash flows consist solely of payments of principal and interest on specified dates, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss on derecognition is recognized directly in profit or loss and presented in other income, along with foreign exchange gains and losses. Impairment losses are presented as a separate line item in profit or loss.
Impairment of Financial Assets
The Company assesses expected credit losses (ECL) on a historical and forward-looking basis for its debt instruments, trade receivables, short-term investments, deposits, and other receivables measured at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1.Accounting policies (continued)
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Financial instruments (continued)
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The following financial instruments are subject to the ECL model:
- Trade receivables
- Deposits and other receivables
- Cash and bank balances
b) Financial Liabilities
Classification, Initial Recognition, and Subsequent Measurement
Financial liabilities are classified into the following categories:
- Fair value through profit or loss (FVTPL)
- Other financial liabilities
The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are initially recognized at fair value. In the case of other financial liabilities, directly attributable transaction costs are also included. Subsequent measurement depends on classification, as follows:
Fair Value Through Profit or Loss
Financial liabilities classified as FVTPL include liabilities held for trading and those designated at fair value through profit or loss upon initial recognition. The Company has not designated any financial liabilities as FVTPL.
Other Financial Liabilities
After initial recognition, other financial liabilities that are interest-bearing are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, as well as through the amortization process using the effective interest rate method.
Derecognition of Financial Liabilities
The Company derecognizes financial liabilities when, and only when, the obligations are discharged, canceled, or expire.
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Foreign Currency Transactions and Translations
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Transactions in foreign currencies are converted into GBP (£) at the exchange rates prevailing on the transaction date. All assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the balance sheet date. Foreign exchange gains and losses arising from the settlement of such transactions and the translation of monetary items at year-end exchange rates are recognized in the profit or loss account for the year.
MOOVE IP HOLDING COMPANY LIMITED (the 'Company') is a limited company incorporated in England and Wales on 13 February 2023. The Company's registered office is at 100 Avebury Boulevard, MK9 1FH. The Company's principal activity is is activities of other holding companies not elsewhere classified..
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
The financial statements have been prepared in accordance with FRS 101: Reduced Disclosure Framework, as issued by the International Accounting Standards Board (IASB) and adopted in the UK. FRS 101 allows qualifying subsidiaries to apply the recognition and measurement principles of IFRS while reducing certain disclosure requirements.
Exemptions Applied
As a qualifying subsidiary, the Company has applied the following disclosure exemptions available under IFRS 101:
IAS 7 – Statement of Cash Flows: Exemption from presenting a cash flow statement.
IFRS 7 & IFRS 13 – Financial Instruments Disclosures: Exemption from providing detailed disclosures on financial instruments, including risk management and fair value measurements.
IAS 19 – Employee Benefits: Exemption from providing a detailed reconciliation of defined benefit obligations and plan assets.
Parent Company Statement
The Company is a subsidiary of Moove UK Holding Limited, which prepares publicly available consolidated financial statements in accordance with full IFRS.
Shareholder Consent
The use of FRS 101 exemptions has been approved by the Company’s shareholders, as required under the standard.
By adopting FRS 101, the Company ensures compliance with FRS recognition and measurement principles while simplifying financial disclosures.
Basis of Measurement
These financial statements have been prepared on a going concern basis. The Company continues to comply with the requirements of the Companies Act 2006, as applicable to companies reporting under International Financial Reporting Standards (IFRS).
Unless otherwise stated, the accounting policies set out in this report have been applied consistently to all periods presented in these financial statements.
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Functional and presentation currency
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The financial statements are prepared in GBP (£). They have been prepared on a historical cost basis.
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
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Use of Estimates and Judgments
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The preparation of financial statements in conformity with UK-adopted International Accounting Standards and the requirements of the Companies Act 2006, as applicable, requires management to make judgements, estimates, and assumptions. These judgements, estimates, and assumptions affect the reported amounts of assets, liabilities, income, and expenses in the financial statements.
The estimates and associated assumptions are based on historical experience and other relevant factors considered reasonable under the circumstances. These factors form the basis for determining the carrying values of assets and liabilities that are not readily apparent from other sources. The actual outcome is not expected to differ significantly from the estimates and assumptions made.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in both the current and future periods if the revision affects multiple periods. Judgements made by management in the application of Adopted IFRSs that have a significant impact on the financial statements, as well as estimates with a material risk of adjustment in the next year, are discussed below.
Key Estimates and Areas of Uncertainty
Residual Values
Residual values represent the estimated value of leased assets at the end of the lease period. These values are calculated based on an analysis of the current market environment and the Company’s historical experience. Residual values of leased assets are reviewed regularly, and any changes in estimates are accounted for accordingly.
Credit Risk Provisions
Provisions are made for expected credit losses (ECL) on individual financial assets and groups of financial assets. The Company applies a three-stage model for measuring ECL, based on changes in credit quality since initial recognition.
When assessing whether the credit risk of a financial asset has significantly increased and when estimating ECL, the Company considers reasonable and supportable information available without undue cost or effort. This includes both quantitative and qualitative data, informed credit assessments, historical experience, and forward-looking information.
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
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Payables to related parties
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Ordinary Shares shares of £1.00 each
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Ordinary Shares shares of £1.00 each
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MOOVE IP HOLDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
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Related party transactions
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9.1 Other related party transactions
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Related party relationship
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Receivable from group related party
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Payable to group related party
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Events after the reporting date
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The Company's financial statements are adjusted to reflect events occurring between the reporting date and the date of authorisation for issue, provided they provide evidence of conditions that existed at the reporting date. Any non-adjusting post-year-end events are disclosed in the financial statements when material.
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