Greenroad Technologies (UK) Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05840761

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

GREENROAD TECHNOLOGIES (UK) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Z Braude

Mr M D Bridge

REGISTERED OFFICE:

9 Bickels Yard

151-153 Bermondsey Street

London Bridge

London

SE1 3HA

REGISTERED NUMBER:

05840761

SENIOR STATUTORY AUDITOR:

Jason Parker MA, FCA

AUDITORS:

Parker Randall

Chartered Accountants

9 Bickels Yard

151-153 Bermondsey Street

London Bridge

London

SE1 3HA

FIXED ASSETS

Tangible assets

3

1,193,023

1,477,532

CURRENT ASSETS

Stocks

4

330,782

245,225

Debtors

5

846,210

1,903,673

Cash at bank and in hand

3,620,762

1,818,868

4,797,754

3,967,766

CREDITORS

Amounts falling due within one year

6

604,445

760,432

NET CURRENT ASSETS

4,193,309

3,207,334

TOTAL ASSETS LESS CURRENT LIABILITIES

5,386,332

4,684,866

CREDITORS

Amounts falling due after more than one year

7

4,625,655

3,499,285

NET ASSETS

760,677

1,185,581

CAPITAL AND RESERVES

Called up share capital

3

3

Share premium

863,031

863,031

Retained earnings

(102,357

)

322,547

SHAREHOLDERS' FUNDS

760,677

1,185,581

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2017 and were signed on its behalf by:

Mr D Ripstein - Director

1.	STATUTORY INFORMATION

Greenroad Technologies (UK) Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

-

18.5% on cost

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.

Transition to frs 102

The company has adopted FRS 102 for the year ended 2015 and has restated the comparative

prior year amounts. The transition to FRS 102 has not resulted in any changes in accounting

policies compared to those used previously.

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

4,756,269

11,701

35,667

4,803,637

Additions

731,568

4,802

-

736,370

At 31 December 2016

5,487,837

16,503

35,667

5,540,007

DEPRECIATION

At 1 January 2016

3,296,387

6,614

23,104

3,326,105

Charge for year

1,015,250

1,483

4,146

1,020,879

At 31 December 2016

4,311,637

8,097

27,250

4,346,984

NET BOOK VALUE

At 31 December 2016

1,176,200

8,406

8,417

1,193,023

At 31 December 2015

1,459,882

5,087

12,563

1,477,532

4.

STOCKS

2016

2015

£

£

Stocks

330,782

245,225

5.

DEBTORS

2016

2015

£

£

Amounts falling due within one year:

Trade debtors

833,508

921,796

Other debtors

8,430

8,430

Prepayments

4,272

3,333

846,210

933,559

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

970,114

Aggregate amounts

846,210

1,903,673

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

290,609

250,765

Taxation and social security

187,680

181,778

Other creditors

126,156

327,889

604,445

760,432

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Amounts owed to group undertakings

4,625,655

3,499,285

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 Randall

9.	RELATED PARTY DISCLOSURES

Greenroad Technologies Inc

Ultimate Parent Company

The company received an interest free loan amounting to £4,189,896 (2015; £3,499,284) from

Greenroad Technologies Inc in the previous years.

2016

2015

£

£

Amount due to related party at the balance sheet date

4,189,896

3,499,284

Greenroad Technologies Ltd

Parent Company

Purchases during the year from Greenroad Technologies Ltd, a parent company based in

Israel, amounted to £1,740,243 (2015 : £1,810,358).

2016

2015

£

£

Amount due (to)/from related party at the balance sheet date

(435,759

)

970,114

10.	APB 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.	ULTIMATE CONTROLLING PARTY

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

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