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.
|
| 2. |
Inventories
|
2024
£ |
|
2023
£ |
| Vehicles available for lease |
589,907 |
|
589,907 |
|
589,907 |
|
589,907 |
|
| 3. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Amounts receivable in respect of finance leases |
8,210,110 |
|
2,374,051 |
| Other debtors |
- |
|
(2) |
| Receivable from drivers |
16,560 |
|
9,894 |
| Moove Executiveco Ltd |
2,383,499 |
|
2,383,499 |
| Moove UK Holdings Limited |
1,081,480 |
|
1,052,180 |
| Moove UK Opco Limited |
5,540,489 |
|
1,953,122 |
| Moove Africa B.V |
6,546,821 |
|
750,341 |
| Moove Operating Co LLC FZE |
1,415 |
|
- |
| Moove UK Carco 2 Ltd |
577,862 |
|
- |
| VAT receivable from customers |
926,259 |
|
2,874,771 |
| Accruals |
- |
|
147,014 |
| Prepayments |
29,998 |
|
29,998 |
| VAT |
266,682 |
|
- |
|
25,581,175 |
|
11,574,868 |
|
|
Debtors: amounts falling due after more than one year
|
2024
£ |
|
2023
£ |
| Amounts receivable in respect of finance leases |
2,482,981 |
|
8,431,238 |
| Accrued income |
147,014 |
|
- |
|
2,629,995 |
|
8,431,238 |
|
| 4. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade creditors |
1,597,794 |
|
318,415 |
| Accruals & deferred income |
- |
|
81,774 |
| Loan by Moove UK Holdings Limited |
20,082,641 |
|
15,789,887 |
| Loan_Moove UK Opco Limited |
878,066 |
|
453,250 |
| Loan_Moove Executiveco Ltd |
2,531,633 |
|
2,369,633 |
| Loan_Moove Africa B.V |
7,192,033 |
|
721,943 |
| CAF - Deposits payable |
103,367 |
|
194,516 |
| Unearned Income |
120,614 |
|
120,614 |
| Excess mileage |
180,037 |
|
63,548 |
| CAF - payable to Uber |
- |
|
32,794 |
| CAF - receivable from Uber |
116,925 |
|
- |
| Accruals |
81,774 |
|
- |
| Other Payables |
(2,046,357) |
|
- |
| VAT |
- |
|
1,003,420 |
|
30,838,527 |
|
21,149,794 |
|
| 5. |
Profit and loss account
| |
2024
£ |
| Balance at 31 December 2023 |
(418,601) |
| Loss for the year |
(325,023) |
| Balance at 30 December 2024 |
(743,624) |
|
| 6. |
Average number of employees
Average number of employees during the year was 0 (2023: 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
The financial statements of the company have been prepared in accordance with UK-adopted Financial Reporting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards."
Basis of Measurement
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 detailed accounting policies and measurement bases for these items are explained in their respective notes to the financial statements.
The accounting policies applied are consistent with those of the previous reporting period
3. Accounting policies
3.1 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.
3.2 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.
No depreciation or fair value adjustments have been recorded during the interim holding period. Management has assessed that the impact of such adjustments would not be material to the financial statements, given the short- expected holding period prior to re-lease and the expected realizable values of the vehicles.
3.3 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.
3.4 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 Contract Modifications
The Company's contracts are sometimes amended for changes in contract specifications and requirements. Contract modification exists when the amendment either creates new or changes the existing enforceable rights and obligations, such as a change in the term of the contract or a change in the contractual rentals. The effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue in one of the following ways:
"a. Prospectively as an additional separate contract:
b. Prospectively as a termination of the existing contract and creation of a new contract;
c. As part of the original contract using a cumulative catch up; or
d. As a combination of b) and c).
"
The facts and circumstances of any contract modification are considered individually as the types of modifications will vary contract by contract and may result in different accounting outcomes. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as management need to determine if a modification has been approved and if it either creates new or changes existing enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognized may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken via an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management use their judgement to estimate the change to the total transaction price.
3.8 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3.9 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.
3.10 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.
3.11 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.
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.
Credit risk provisions — Provisions are made for expected credit losses on individual financial assets and groups of financial assets. The Company applies a three-stage model to measure expected credit losses, based on changes in credit quality since initial recognition. In determining whether the credit risk of a financial asset has increased significantly since initial recognition and in estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This assessment includes both
4 Accounting estimates and judgments (Continued)
4.1 Events after the reporting date (Continued)
quantitative and qualitative factors, informed by the Company's historical experience, forward-looking information, and credit assessments.
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.
| | | | | | | Analysis of turnover by category: | | | Interest income on finance lease | 863,256 | | Gain/(loss) on commencement of lease | | | Other Income-Vehicle Service Plan & Additional Benefits | | | Gain on termination of finance lease | | | | | | | | | | | Exchange Gain / Loss | | | | | | | | | | | | | Operating profit is stated after charging/(crediting): | | | Repair and maintenance Insurance expenses Fines and penalties Collection charges Vehicle permit and licences Vehicle Monitoring Traveling and conveyance Management fee Marketing expense Professional fee Bank Charges Miscellaneous expense |
460,241 739,237 - 73,197 51,856 56,321 - 94,927 - 18,560 5,491 - | 228,439 1,140,002 2,820 78,808 14,044 67,193 9,700 147,925 168 36,005 5,861 55,146 | | | | | Interest payable and similar expenses | | | | | |
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 | | | | | 3,250,890 | Later than one year and not later than five years | | 9,714,722 | | | | | | | | | | | Less:Unearned finance income | | | Less:Provision for impairment | | | Present value of minimum lease payments receivable | 1,358,122 | 10,805,296 |
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
Receivable from drivers
Accrued Income
Receivable from related parties
| (116,925)
-
926,259
29,998
16,560
147,014
16,131,565
| -
-
2,874,771
29,998
9,894
147,014
6,139,141
| | | | | | Receivable from Related Parties | | | Moove Executiveco Ltd
Moove UK Holdings Limited
Moove Operating Co LLC FZE
Moove UK Carco 2 Ltd
Moove UK Opco Limited
Moove Africa B.V | 2,383,499
1,081,480
1,415
577,862
5,540,489
6,546,821 | 2,383,499
1,052,180
-
-
1,953,122
750,341 | | | | | | Payables: amounts falling due within one year | | | Trade Payables
Accruals
| 1,597,794
81,774
| | | Payable to Group Related Parties :- | | | Moove UK Holdings Limited
Moove UK Opco Limited
Moove Executiveco Ltd
Moove Africa B.V
| 20,082,641
878,066
2,531,633
7,192,033
| 15,789,887
453,250
2,369,633
721,943
| | | | | | Other Payables | | | CAF - Deposits payable Value added tax CAF - payable to Uber Excess mileage Tracker cost - Payable Other Payables Unearned Income Payroll Control Account | 103,367
(266,682)
-
180,037
-
(2,046,357)
120,614
-
| 194,516
1,003,420
32,794
63,548
-
-
120,614
-
| | | | |
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 | | | | | | |
|
6
|