Statutory Information
Moove Uk Carco 1 Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 13370893, registration address 1 Bow Churchyard, London, EC4M 9DQ, United Kingdom.
The presentation currency is £ sterling.
| 1. |
Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and sales taxes.
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
• the company has transferred the significant risks and rewards of ownership to the buyer;
• the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks; and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Trade and other debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are highly liquid investments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.
Trade and other creditors
Short-term creditors are measured at the transaction price. The other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Leased assets: As a lessor
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease. A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the term of lease.
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| 2. |
Inventories
|
2023
£ |
|
2022
£ |
| Vehicles available for lease |
589,907 |
|
6,070,745 |
|
589,907 |
|
6,070,745 |
|
| 3. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Amounts receivable in respect of finance leases |
2,374,051 |
|
1,263,304 |
| Other debtors |
(2) |
|
- |
| Receivable from drivers |
9,894 |
|
452 |
| Moove Executiveco Ltd |
2,383,499 |
|
2,382,440 |
| Moove UK Holdings Limited |
1,052,180 |
|
98,730 |
| Moove UK Opco Limited |
1,953,122 |
|
106,387 |
| Moove Africa B.V |
750,341 |
|
(132,291) |
| CAF - receivable from Uber |
- |
|
134,043 |
| VAT receivable from customers |
2,874,771 |
|
1,746,243 |
| Accruals |
147,014 |
|
3,104 |
| Prepayments |
29,998 |
|
- |
| VAT |
- |
|
690,905 |
|
11,574,868 |
|
6,293,317 |
|
|
Debtors: amounts falling due after more than one year
|
2023
£ |
|
2022
£ |
| Amounts receivable in respect of finance leases |
8,431,238 |
|
5,280,035 |
|
8,431,238 |
|
5,280,035 |
|
| 4. |
Creditors: amount falling due within one year
|
2023
£ |
|
2022
£ |
| Trade creditors |
318,415 |
|
284,430 |
| Accruals & deferred income |
81,774 |
|
- |
| Loan by Moove UK Holdings Limited |
15,789,887 |
|
15,085,206 |
| Loan_Moove UK Opco Limited |
453,250 |
|
32,463 |
| Loan_Moove Executiveco Ltd |
2,369,633 |
|
2,309,653 |
| Loan_Moove Africa B.V |
721,943 |
|
31,646 |
| CAF - Deposits payable |
194,516 |
|
273,052 |
| Unearned Income |
120,614 |
|
27,096 |
| Excess mileage |
63,548 |
|
5,714 |
| Tracker cost - Payable |
- |
|
64,800 |
| CAF - payable to Uber |
32,794 |
|
- |
| VAT |
1,003,420 |
|
- |
|
21,149,794 |
|
18,114,060 |
|
| 5. |
Profit and loss account
| |
2023
£ |
| Balance at 01 January 2023 |
(256,954) |
| Loss for the period |
(161,654) |
| Balance at 30 December 2023 |
(418,608) |
|
| 6. |
Average number of employees
Average number of employees during the period was 0 (2022: 0).
|
| 7. |
NOTES TO ACCOUNTS
1. Company Information
Moove UK CARCO 1Limited (the “Company”) is a private company limited by shares, incorporated and domiciled in England and Wales under company number 13370893.
The registered office and principal place of business is:
1 Bow Churchyard, London, United Kingdom, EC4M 9DQ.
The Company's principal activity is the renting and leasing of cars and light motor vehicles, primarily to drivers operating on mobility and ride-hailing platforms.
The Company is a wholly owned subsidiary of Moove UK Holdings Limited., a company incorporated in the United Kingdom. The Company's ultimate parent and controlling party is Moove Africa B.V.
2 Basis of Preparation
"Statement of Compliance
These financial statements have been prepared in accordance with UK-adopted Financial Reporting Standards and the provisions applicable are subject to the small companies regime under the Companies Act 2006."
The financial statements have been prepared in accordance with Financial Reporting Standards (FRS 102). They have been prepared on a going concern basis using the accrual method of accounting and are presented in GBP.
The financial statements have been prepared on a historical cost basis, except for items measured at fair value or amortized cost as described in the accounting policies.
Lease receivables and the related Impairement loss allowance are measured in accordance with Section 20 and Section 11, respectively.
The accounting policies applied are consistent with those of the previous reporting period
3 Accounting policies
3.1 Revenue
Revenue– Rendering of Services
"Revenue from the rendering of services is recognised by reference to the stage of completion at the end of the reporting period when the outcome of the transaction can be estimated reliably.This is achieved when:
• Revenue can be measured reliably;
• It is probable that economic benefits will flow to the entity;
• The stage of completion can be measured reliably;
• Costs incurred and costs to complete can be measured reliably."
The Company enters into lease arrangements with drivers for the use of vehicles. These arrangements meet the definition of finance leases under Section 20 Leases. The corresponding interest income is recognized over the lease term using the effective interest method so as to produce a constant periodic rate of return on the net investment in the lease. Lease receipts from drivers comprise both a principal recovery component and an interest income component. The principal portion reduces the lease receivable balance, and the interest portion is recognized as lease income, classified within revenue.
Company's business model of providing mobility assets through lease financing arrangements.
Finance lease
Minimum lease payments are apportioned between the finance income and the reduction of the receivable. The finance charge is calculated to give a constant periodic rate of return on the lease.
Maintenance revenue and costs
Moove provides optional maintenance services to lessees, which include insurance, MOT (roadworthy test), licensing fees, and other related services. The consideration for these services is collected on a weekly basis from the lessee. As these are non-lease charges, they are accounted for under Section 23. Maintenance revenue is recognized on a accrual basis, meaning that revenue is recorded when it fall due from the lessee. Maintenance costs for vehicles leased by the Company or sold to customers under finance lease agreements are recognized as incurred.
Gain/(Loss) on Commencement of Lease
The gain reflects the difference between the acquisition cost of the vehicle and the present value of the lease payments, representing the Company's profit from the initial lease agreement.
Gain/(Loss) on termination of finance lease
The gain reflects the difference between the fair value of asset and the carrying amount of the lease asset (Finance lease receivable) , in accordance with Section 20 (Leases).
Other revenue
Various administrative fees are recognized in the income statement in the period in which they are incurred. These methods, of income recognition most fairly reflect the nature of the business.
3.2 Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Amounts due from lessees under finance leases are recorded as lease receivables at the commencement date at the Company's net investment in the leases. The lessor shall use the interest rate implicit in the lease to measure the net investment in the lease. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.
A lessor shall apply the derecognition and impairment requirements in Section 11 to the net investment in the lease.
3.3 Inventory
During the year, certain leased vehicles were repossessed from customers due to driver churn. Upon repossession, these vehicles were recognized at the value assigned upon commencement of the subsequent lease contract with a new driver. The vehicles are currently held by the Company pending re- lease.
"Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.
The Company assesses inventories at each reporting date for impairment indicators, including extended holding periods, slow turnover, obsolescence, or reduced expected selling prices. Where necessary, inventories are written down to their net realisable value and the resulting impairment loss is recognised in profit or loss."
3.4 Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
3.5 Borrowings
All borrowings are initially recorded at fair value less transaction costs. Borrowings are subsequently carried at amortized cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognized as a charge to the income statement over the period of the relevant borrowing. Interest expense is recognized on the basis of the effective interest method and is included in Finance cost. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
3.5 Trade Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. This classification and measurement of trade payables are in line with the requirements of Section 11— Basic Financial Instruments.
3.6 Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
3.7 Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except that a change attributable to an item of income or expense recognized as other comprehensive income which is shown in the Statement of Changes in Equity.
Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
3.8 Foreign Currency Transactions and Balances
Transactions in foreign currencies are recorded in the functional currency of the Company GBP at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rates prevailing at the reporting date.
Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction, while non-monetary items measured at fair value are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on settlement or translation of monetary items are recognized in the statement of profit or loss.
3.9 Offsetting
Financial assets and financial liabilities are off-set and the net amount is reported in the statement of financial position if the Company has a legally enforceable right to set-off the recognized amounts and intends either to settle on a net basis or to realize the assets and settle the liabilities simultaneously.
3.11 Events after the reporting date
The Company financial statements are adjusted to reflect events that occurred between the reporting date and the date when the financial statements are authorized for issue, provided they give evidence of conditions that existed at the reporting date. Any post year-end events that are non-adjusting are disclosed in the financial statements when material.
4. Accounting estimates and judgments
4.1 Use of Judgements and Estimates
"The preparation of these financial statements in accordance with UK-adopted Financial Reporting Standards and requirements of the Companies Act 2006 requires management to exercise judgement and make estimates and assumptions. These judgements, estimates, and assumptions have a direct impact on the reported amounts of assets, liabilities, income, and expenses presented in the financial statements.
The estimates and underlying assumptions are based on historical experience and other factors considered reasonable under the circumstances. They form the basis for judgements regarding the carrying values of assets and liabilities that are not readily determinable from other sources. The actual results are not expected to differ materially from these estimates and assumptions."
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 both. Judgements made by management in applying UK-adopted International Financial Reporting Standards that have a significant effect on the financial statements, together with estimates that carry a significant risk of material adjustment within the next financial year.
4.2 Events after the reporting date (Continued)
The company financial statement are adjusted to reflect events that occurred between the reporting date and the date when financial statements are authorized for issue, provided they give evidence of conditions that existed at the reporting date. Any post year events that are non adjusting are disclosed in the financial statements when material.
5 Restatement of Prior Period Information
The Company previously issued preliminary financial statements for the year ended 31 December 2022 which contained only limited balance sheet information prepared under a simplified small-company format.
Accordingly, the 2022 comparative information has been restated in full in accordance with Section 10 Accounting Policies, Estimates and Errors.
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Owned Vehicle not leased to customers
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Receivables to group Related Parties
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Payable to group Related Parties
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Functional and presentation currency
These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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Analysis of turnover by category:
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Interest income on finance lease
|
|
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Gain/(loss) on commencement of lease
|
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Other Income-Vehicle Service Plan & Additional Benefits
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Gain on termination of finance lease
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| Exchange Gain / Loss |
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Operating profit is stated after charging/(crediting):
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|
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Repair and maintenance
Insurance expenses
Fines and penalties
Collection charges
Vehicle permit and licences
Vehicle Monitoring
Impairement Expenses
Traveling and conveyance
Management fee
Marketing expense
Professional fee
Bank Charges
Miscellaneous expense
|
228,439
1,140,002
2,820
78,808
14,044
67,193
60,249
9,700
147,925
168
36,005
5,861
55,146
|
142,823
331,857
-
5,821
14,213
36,474
-
15,000
32,463
888
-
1,133
1,170
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Interest payable and similar expenses
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The Company is subject to an intercompany interest charge from its parent entity, Moove UK Holding Limited. Moove UK Holding Limited obtained financing from EMSO to fund the acquisition of vehicles that were subsequently transferred to the Company. The EMSO loan carries an interest rate of 8% per annum. In line with the underlying financing arrangement, Moove UK Holding Limited levies an equivalent 8% interest charge to the Company to reflect the cost of capital associated with these assets. This charge has been recognised as an interest expense within these financial statements.
| | | The future minimum finance lease payments are as follow | | | | | | Later than one year and not later than five years | | | | | | | | | | | | | Less:Unearned finance income | | | Less:Provision for impairment | | | Present value of minimum lease payments receivable | | |
The lease agreement incorporates a usage-based restriction, limiting the lessee to a maximum of 3,333 miles per month. Any mileage incurred in excess of this threshold is subject to a variable payment of 10 pence per mile.
| | | Vehicles available for lease | | | | | | | Trade And Other Receivables | | | CAF - receivable from Uber
Value added tax
VAT receivable from customers
Prepayments
Accrued Income
Receivable from drivers
Receivable from related parties
| -
-
2,874,771
29,998
147,014
9,894
6,139,141
| 134,043
690,905
1,746,243
-
3,104
452
2,455,266
| | | | | | Receivable from Related Parties | | | Moove Executiveco Ltd
Moove UK Holdings Limited
Moove UK Opco Limited
Moove Africa B.V
| 2,383,499
1,052,180
1,953,122
750,341
| 2,382,440
98,730
106,387
(132,291)
| | | | | | Payables: amounts falling due within one year | | | Trade Payables
Accruals
| 318,415
81,774
| 284,430
-
| | Payable to Group Related Parties :- | | | Moove UK Holdings Limited
Moove UK Opco Limited
Moove Executiveco Ltd
Moove Africa B.V
| 15,789,887
453,250
2,369,633
721,943
| 15,085,206
32,463
2,309,653
31,646
| | | | | | Other Payables | | | CAF - Deposits payable
Value added tax
CAF - payable to Uber
Unearned Income
Excess mileage
Tracker cost - Payable
| 194,516
1,003,420
32,794
120,614
63,548
-
| 273,052
-
-
27,096
5,713
64,800
|
The Clean Air Fund (CAF) Receivable represents amounts due from Uber under the terms of a finance lease agreement. Upon the commencement of the lease, Uber provides the Company with an upfront payment, which is subsequently adjusted against the weekly instalments over the term of the lease. In the event of early termination of the finance lease contract, any unadjusted balance of the CAF Receivable will be refunded to Uber.
The VAT Receivable from customers represents the amount paid by the Company at the commencement of the lease term. The Company is required to pay VAT at a rate of 20% on the total lease amount at the inception of the lease. This VAT is subsequently recovered from customers over the lease period through the lease payments.
Excess Mileage represents the amount collected from customers when they exceed the allowable mileage limit as per the lease agreement. This amount is recognized as a liability when received, as the Company may be required to refund it upon the completion of the lease term. If the lease agreement is terminated early by the customer, the excess mileage amount will be recognized as other income. | Share Capital | | | Issued & Fully paid up Capital | | | | Ordinary shares of 1£ each | | | | As at January and 30 December | | | | | | | | | | | | | Profit/(Loss) for the year | | | Other changes in retained earnings | | | | | | |
| | | | | | | 1 Bow Churchyard, United Kingdom, EC4M 9DQ. | | | | Kingsfordweg 151, 1043 GR Amsterdam, Netherlands. | | | | | |
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6
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