EMTRANSIT LTD Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11768066

EMTRANSIT LTD

Filleted Financial Statements

31 December 2024

EMTRANSIT LTD

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	1,174	10,368

Current assets

Debtors	6	405,861	430,879
Cash at bank and in hand		188,127	65,588
		---------	---------
		593,988	496,467

Creditors: amounts falling due within one year	7	388,850	344,217
		---------	---------
Net current assets		205,138	152,250
		---------	---------
Total assets less current liabilities		206,312	162,618
		---------	---------
Net assets		206,312	162,618
		---------	---------

Capital and reserves

Called up share capital	8	1	1
Profit and loss account		206,311	162,617
		---------	---------
Shareholder funds		206,312	162,618
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 12 June 2026 , and are signed on behalf of the board by:

Mr M Romain

Director

Company registration number: 11768066

EMTRANSIT LTD

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 86-90 Paul Street, London, EC2A 4NE, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the directors the company is a going concern and the financial statements are presented on this basis. In forming this opinion the directors have considered the level of cashflow support required from its future trading activities and with the knowledge that revenues and associated costs from e-scooter and e-bike rentals have significantly reduced from April 2024, following the merger with TIER group, the directors expect the level of required cashflow support to be minimal going forward. The company maintains a positive balance sheet and will be expected to generate a profit in 2025 under the existing commercial arrangement within the group.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Revenue from contracts with customers Revenues are generated from pay-as-you-go fees, ride package purchases and fines, paid by riders of shared vehicles (e.g. e-scooters or e-bikes). Pay-as-you-go, package and fines revenues are effectively recognised under FRS 102 guidelines. Revenue is recognised at a point in time when the customer receives and uses the benefits of the service, which is at the same time that the company performs the service. In the case of pay-as-you-go rides this occurs at the moment of the ride. Revenue is indicated net of VAT. Local revenues Local revenues consist of cost recharges to the parent company under an approved transfer pricing agreement. Revenue is recognised such that the company makes an agreed pre-tax mark up in the reporting period.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Fixtures and fittings	-	33% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2023: 13 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	32,265	15,686	3,835	51,786
Additions	–	–	82	82
	--------	--------	-------	--------
At 31 December 2024	32,265	15,686	3,917	51,868
	--------	--------	-------	--------
Depreciation
At 1 January 2024	24,078	13,506	3,834	41,418
Charge for the year	8,187	1,089	–	9,276
	--------	--------	-------	--------
At 31 December 2024	32,265	14,595	3,834	50,694
	--------	--------	-------	--------
Carrying amount
At 31 December 2024	–	1,091	83	1,174
	--------	--------	-------	--------
At 31 December 2023	8,187	2,180	1	10,368
	--------	--------	-------	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	160	183
Amounts owed by group undertakings and undertakings in which the company has a participating interest	248,902	–
Other debtors	156,799	430,696
	---------	---------
	405,861	430,879
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	60,771	130,594
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	80,146
Corporation tax	29,099	25,068
Other creditors	298,980	108,409
	---------	---------
	388,850	344,217
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	182,963	249,630
Later than 1 year and not later than 5 years	–	189,198
	---------	---------
	182,963	438,828
	---------	---------

The above lease disclosure does not include amounts payable to the parent company for the use of e-scooters and e-bikes. This is because, in line with the lease agreement, there is no obligation for the parent to provide any vehicles in any given month resulting in minimum future lease payments of £nil.

10. Summary audit opinion

The auditor's report dated 12 June 2026 was unqualified .

The senior statutory auditor was Mark Richardson , for and on behalf of Moore Kingston Smith LLP .

11. Related party transactions

During the year the company received management fees from the parent company of £2,240,221 which cleared the brought forward payable as at the prior year end of £80,416. The balance outstanding as at 31 December 2024 was £248,903. This amount is reported as recoverable within one year as it is an interest free advance with no formal repayment terms. There are no other related party transactions in the year such as are required to be disclosed under FRS 102 Section 1A.

12. Controlling party

The immediate parent company is Emtransit B.V. of Van Diemenstraat 292, 1013 CR Amsterdam, The Netherlands. The ultimate controlling party is Tier Mobility SE a company incorporated in Germany. Tier Mobility SE's financial statements are available on request from SE c/o Mindspace Friedrichsrasse 68, 10117 Berlin, Germany.