GreenMo UK Limited - Accounts to registrar (filleted) - small 18.2
GreenMo UK Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2021 |
| FOR |
| GREENMO UK LIMITED |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| GREENMO UK LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| One Eastwood |
| Harry Weston Road |
| Binley Business Park |
| Coventry |
| CV3 2UB |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| BALANCE SHEET |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| GreenMo UK Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have considered the working capital requirements of the company, its future prospects and the availability of finance, and are satisfied that the company can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. |
| The company has obtained confirmation from its parent company, GreenMo Group BV, of its ongoing financial commitment and that it will provide the company with any necessary financial support for a period of at least 12 months from the date of approval of these financial statements. |
| As a result of this assessment, the going concern basis continues to be adopted in the preparation of these financial statements. |
| Turnover |
| Turnover is derived from both the sale and leasing of electric bikes. |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from the sale of bikes is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, typically on dispatch of the goods. |
| Revenue from the leasing of bikes is recognised evenly across the life of the lease contracts. The risk and rewards of ownership is retained by the company and as such, the cost of the bikes is included in fixed assets. |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model. |
| Grant income received from the UK's Coronavirus Job Retention Scheme has been recognised in the period in which the related staff expense was incurred. |
| Government grants have been accounted for in other operating income. |
| Goodwill |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
| Repairs and maintenance costs are charged to the income statement in the period in which they are incurred. |
| Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:- |
| Improvement to property | - | 10% on cost |
| Plant and machinery | - | 25% reducing balance |
| Motor vehicles | - | 20% on cost |
| Computer equipment | - | 33% on cost |
| Any gains and losses on the disposal of tangible fixed assets are recognised in the income statement in the period that the disposal takes place. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs in bringing the product to its current location and condition and is maintained on a first in, first out basis. |
| As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised. |
| At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed, in the year that the reversal occurs. |
| Financial instruments |
| Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in other administrative expenses. |
| Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 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. |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs |
| The company operates a defined contribution pension scheme for its employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. A defined contribution plan is a pension scheme under which the company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| AMORTISATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2021 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 10 | 10 |
| Prepayments and accrued income |
| Directors current accounts are overdrawn by £10 (2020: £10). There have been no amounts advance or repaid during the year. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 8,558 | 77,234 |
| Other creditors |
| Directors' current accounts | 342 | 257 |
| Accruals and deferred income |
| GREENMO UK LIMITED (REGISTERED NUMBER: 11248355) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2021 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Other loans |
| Hire purchase contracts |
| Amounts owed to group undertakings |
| Other creditors |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 267,995 | - |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 120 | 120 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly-owned subsidiary of GreenMo Group BV, a company incorporated in the Netherlands. |
| The smallest and largest group in which the results of this company are consolidated is that of the company's ultimate parent undertaking, Go Green Holding BV, a company incorporated in the Netherlands. |
| The registered office of the ultimate parent undertaking, from which consolidated accounts are available is; Koeweistraat 12, 4181CD Waardenburg. |