Greenroad Technologies UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05840761

Financial statements for the year ended 31 December 2019

For

Greenroad Technologies UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D Ripstein

Mr H Shani

REGISTERED OFFICE:

Parker Russell Level 30

The Leadenhall Building

122 Leadenhall Street

City of London

EC3V 4AB

REGISTERED NUMBER:

05840761

SENIOR STATUTORY AUDITOR:

Jason Parker MA, FCA

AUDITORS:

Parker Russell UK LLP

Chartered Accountants and

Statutory Auditor

Level 30, The leadenhall Building

122 Leadenhall Building

City of London

London

EC3V 4AB

Fixed assets

Tangible assets

4

816,412

498,511

Current assets

Stocks

5

263,628

184,992

Debtors

6

3,283,406

2,925,029

Cash at bank

220,219

868,246

3,767,253

3,978,267

Creditors

Amounts falling due within one year

7

3,395,246

3,458,787

Net current assets

372,007

519,480

Total assets less current liabilities

1,188,419

1,017,991

Capital and reserves

Called up share capital

3

3

Share premium

863,031

863,031

Retained earnings

325,385

154,957

Shareholders' funds

1,188,419

1,017,991

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

Mr D Ripstein - Director

1.	STATUTORY INFORMATION

Greenroad Technologies UK Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Company derives its revenue principally from subscriptions to its comprehensive service, which includes use of its in-vehicle system, access to information via its online web portal, and related services. Revenues from subscription fees are recognised on a straight-line basis as services are performed over the term of the service agreements.

The Company does not in normal course of business provide a right of return to its customers. If uncertainties exist, revenue is recognised when the uncertainties are resolved.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

STOCKS

Stock comprises assets for sale and is valued at the lower of cost and net realisable value. If stock is to be used as an asset leased on an operating lease it is transferred to Fixed Assets at the lower of cost and net realisable value, taking account of the estimated cashflows resulting from the lease.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ASSETS LEASED ON OPERATING LEASES

Assets leased on operating leases are capitalised whilst they are available for lease. The assets are depreciated over their expected useful life to the business. Refurbishment expenditure is written off as incurred unless it significantly improves the performance of the asset, in which case the enhancement expenditure is capitalised and depreciated over the remaining expected useful life of the asset.

If, at the end of an operating lease, an asset is unlikely to be used in another operating lease, the asset is transferred to stock at its net book value.

FOREIGN CURRENCY TRANSACTIONS

Foreign currency transactions are accounted for at the exchange rates prevailing at the dates of the transactions. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss statements. Such balances are translated at year end exchange rates. Exchange gain or losses leading to sales have been recognised and shown within the turnover.

GOING CONCERN

The directors have adopted the going concern basis to prepare the financial statements.

Although the company has long-term agreements with a number of customers and suppliers, ther impact of the global COVID-19 pandemic on the company's operation is difficult to predict. Whilst the company has taken a number of actions to mitigate costs and believe that the actions they ahve taken will allow the company to continue to trade, the Directors acknowledge that the pandemic could result in temporary reduction in demand for its product. There remains uncertainty around the timing of the UK's exit from lock-down, and the longer-term impact of the pandemic on the activity and behaviour of the company's customers, therefore the Company's future revenue generation is uncertain. As a result there remains a material uncertainty related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

5,195,919

16,503

35,667

5,248,089

Additions

733,723

-

-

733,723

Disposals

(11,752

)

-

-

(11,752

)

At 31 December 2019

5,917,890

16,503

35,667

5,970,060

DEPRECIATION

At 1 January 2019

4,707,260

10,430

31,888

4,749,578

Charge for year

413,661

902

1,259

415,822

Eliminated on disposal

(11,752

)

-

-

(11,752

)

At 31 December 2019

5,109,169

11,332

33,147

5,153,648

NET BOOK VALUE

At 31 December 2019

808,721

5,171

2,520

816,412

At 31 December 2018

488,659

6,073

3,779

498,511

5.

STOCKS

31.12.19

31.12.18

£

£

Stocks

263,628

184,992

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

705,045

894,957

Other debtors

6,275

3,539

Amounts owed by group undertakings

2,569,705

2,010,790

Prepayments

2,381

15,743

3,283,406

2,925,029

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

152,889

12,741

Amounts owed to group undertakings

2,882,459

3,058,445

Taxation and social security

146,825

162,484

Other creditors

213,073

225,117

3,395,246

3,458,787

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jason Parker MA, FCA (Senior Statutory Auditor)

for and on behalf of Parker Russell UK LLP

9.	RELATED PARTY DISCLOSURES

Greenroad Technologies Inc

Ultimate Parent Company

The company received an interest free loan amounting to £2,882,458 (2018; £3,055,444) from Greenroad Technologies Inc in the previous years. It is payable within one year and one day.

31.12.19

31.12.18

£

£

Amount due to related party at the balance sheet date

2,882,458

3,055,444

Greenroad Technologies Ltd

Parent Company

Purchases during the year from Greenroad Technologies Ltd, a parent company based in Israel, amounted to £3,039,731 (2018 : £3,082,037).

31.12.19

31.12.18

£

£

Amount due from related party at the balance sheet date

2,569,704

2,010,790

Mr H Shani

Director

There were no transactions during the year under review.

Mr D Ripstein

There were no transaction during the year under review.

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	POST BALANCE SHEET EVENTS

The outbreak of COVIN 19 is a non-adjusting post-balance sheet event which will most likely have a substantial negative impact on both global and local economies. Across the Company, a pro-active response programme has been put in place to continually assess and respond effectively to this evolving situation, adjust operations to maintain business continuity and support the safety and health of both staff and customers. At the date of approval of the financial statements, the overall impact cannot be accurately estimated but an adverse influence on 2021 performance is expected. The Company has taken steps and will be working on a number of initiatives to continue to support its various stakeholders.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Greenroad Driving Technologies Ltd,a company incorporated in Israel.

The ultimate controlling party is Greenroad Technologies Inc, a company incorporated in the USA.