Company Registration Number: 02712473
FOR THE YEAR ENDED 31 DECEMBER 2024
FOD MOBILITY UK LIMITED
COMPANY INFORMATION
FOD MOBILITY UK LIMITED
CONTENTS
FOD MOBILITY UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report and the financial statements of the company for the period ended 31 December 2024.
With headquarters based in Saltaire, West Yorkshire, FOD Mobility UK Limited is a highly regarded vehicle rental management company powered by it’s award winning ground transportation technology.
The group had a strong operating performance throughout the 2024 financial year with a gross profit of £4.6m (2023: £5.6m).
Turnover decreased to £16.3m (2023: £27.6m). This decrease was due to the strategic decision to restructure the company and cease trade of the Mobilleo operation. This restructure has resulted in an improved gross margin % in the financial year to 28.2% (2023: 20.4%)
The directors are pleased with the ongoing performance of the group. The adjusted EBITDA is broadly in line with prior year. With the continued support of the investors, the Directors are looking forward to a year of growth in our core business offerings.
The directors track key measures of cost relative to revenue to ensure that they are operating efficiently on an ongoing basis. They continue to review the risks and opportunities within the market to ensure they offer the ideal solutions to their customers.
The group had a strong operating performance throughout the 2024 financial year with a gross profit of £4.6m (2023: £5.6m).
Turnover decreased to £16.3m (2023: £27.6m). This decrease was due to the strategic decision to restructure the company and cease trade of the Mobilleo operation. This restructure has resulted in an improved gross margin % in the financial year to 28.2% (2023: 20.4%)
The directors are pleased with the ongoing performance of the group. The adjusted EBITDA is broadly in line with prior year. With the continued support of the investors, the Directors are looking forward to a year of growth in our core business offerings.
The directors track key measures of cost relative to revenue to ensure that they are operating efficiently on an ongoing basis. They continue to review the risks and opportunities within the market to ensure they offer the ideal solutions to their customers.
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FOD MOBILITY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks include creditworthiness of customers, competition and competitive supply terms.
Credit risk
Credit risk arises primarily from the risk that customers may not be able to meet their obligations to pay, as and when they fall due. The company mitigates this risk by regularly reviewing its aged debt profile, issuing client statements monthly and constantly monitoring credit control. All new clients are also credit checked and sanction checked, for credit worthiness and viability.
Competition risk
The company operates in a highly competitive environment with the risk of lost sales to competitors. The company manages risk by ensuring highly trained staff provide the highest level of service available within our sector.
To mitigate strong competition in the market, we continue to improve our range of products and services through continual innovation and development of platforms.
Supply
The company relies on third party supply partners. The group manages risk through ensuring the maintenance of a large-scale competitive supply chain. We build strong strategic relationships ensuring commitments made are delivered upon, including prompt payments of invoices.
Currency risk
The company currently has minimal exposure to overseas transactions and currency risk.
Liquidity and cashflow
This is the risk that cash may not be available to meet obligations as they fall due. The company has access to bank facilities (overdraft etc), assisting to mitigate this risk. Company cash balances and cashflows are regularly reviewed to ensure liquidity risk is minimised.
Political
The company is subject to mainly local economic and political situations. The company manages this risk through monitoring of the economic environment, as part of its ongoing forecasting process.
Credit risk
Credit risk arises primarily from the risk that customers may not be able to meet their obligations to pay, as and when they fall due. The company mitigates this risk by regularly reviewing its aged debt profile, issuing client statements monthly and constantly monitoring credit control. All new clients are also credit checked and sanction checked, for credit worthiness and viability.
Competition risk
The company operates in a highly competitive environment with the risk of lost sales to competitors. The company manages risk by ensuring highly trained staff provide the highest level of service available within our sector.
To mitigate strong competition in the market, we continue to improve our range of products and services through continual innovation and development of platforms.
Supply
The company relies on third party supply partners. The group manages risk through ensuring the maintenance of a large-scale competitive supply chain. We build strong strategic relationships ensuring commitments made are delivered upon, including prompt payments of invoices.
Currency risk
The company currently has minimal exposure to overseas transactions and currency risk.
Liquidity and cashflow
This is the risk that cash may not be available to meet obligations as they fall due. The company has access to bank facilities (overdraft etc), assisting to mitigate this risk. Company cash balances and cashflows are regularly reviewed to ensure liquidity risk is minimised.
Political
The company is subject to mainly local economic and political situations. The company manages this risk through monitoring of the economic environment, as part of its ongoing forecasting process.
In the opinion of the directors the key performance indicators of the Company are as follows:
Adjusted EBITDA is calculated by adding back exceptional costs.
The group has continued with its strategic growth plan. Following the restructure the group has created a solid foundation for growth in its core activities. With heavy investment in sales & marketing, service delivery and product development, the directors are optimistic about the future prospects.
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FOD MOBILITY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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FOD MOBILITY UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £301,472 (2023 - loss £1,124,042).
The Directors recommend that no dividend be paid (2023 - £1,000,000).
The directors who served during the year were:
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FOD MOBILITY UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have
been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after
the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after
the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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FOD MOBILITY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOD MOBILITY UK LIMITED
We have audited the financial statements of FOD Mobility UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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FOD MOBILITY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOD MOBILITY UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FOD MOBILITY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOD MOBILITY UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act and tax legislation.
∙We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the directors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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FOD MOBILITY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FOD MOBILITY UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Leeds
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FOD MOBILITY UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FOD MOBILITY UK LIMITED
REGISTERED NUMBER: 02712473
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FOD Mobility UK Limited is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, The Waterfront Building, Salts Mill Road, Shipley, BD17 7EZ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of FOD Mobility Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing
the financial statements. The directors are satisified the company has the continued support of its lenders.
In reaching their conclusion, the directors have considered cash flow forecasts covering a period of 12 months from the date of approval of the financial statements.
the financial statements. The directors are satisified the company has the continued support of its lenders.
In reaching their conclusion, the directors have considered cash flow forecasts covering a period of 12 months from the date of approval of the financial statements.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 if the revision effects only that period, or in the period of the revision and future periods if the revision effects both current and future periods.
The Directors consider that the key judgements and sources of estimation made in preparation of the financial statements are:
Amortisation of intangible fixed assets
The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. The carrying value and accumulated depreciation of intangible fixed assets is set out in the notes to the financial statements.
Recoverability of trade and other debtors
The Company makes an estimate of recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the credit rating of the debtors, the ageing profile of debtors and historical experience. The carrying amount of trade and other debtors and the associated provision is given in the notes to the accounts.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The above items have been classified as exceptional due to their non-recurring nature. The costs related to a redundancy scheme in the year.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
17.Deferred taxation (continued)
Profit and loss account
A deferred tax liability of £1,878,761 has been recognised on the intangible asset timing difference at 31 December 2023. The previously reported profit of £728,719 has changed to a loss of £1,124,042. The prior year adjustment has reduced the previously reported net asset position to £5,047,585.
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FOD MOBILITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £148,258 (2023 - £184,651 ). Contributions totalling £21,256 (2023 - £23,874 ) were payable to the fund at the reporting date and are included in creditors.
During the year the director received advances of £1,851 (2023: £10,649 ) and repaid £Nil (2023: £7,984 ) to the company.
The company's parent undertaking is FOD Mobility Group Limited, a company whose registered office is 3rd Floor, The Waterfront Building, Salts Mill Road, Shipley, BD17 7EZ and whose principal place of business is the same address.
The ultimate controlling party is Mr JP Whitston as the majority shareholder of FOD Mobility Group Limited.
The ultimate controlling party is Mr JP Whitston as the majority shareholder of FOD Mobility Group Limited.
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