Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document Information Line Items | |
Entity Registrant Name | Cazoo Group Ltd |
Document Type | F-1/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 1 |
Entity Central Index Key | 0001859639 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 41 Chalton Street |
Entity Address, Address Line Two | London |
Entity Address, City or Town | NW1 1JD |
Entity Address, Country | GB |
City Area Code | +44 20 |
Local Phone Number | 3901 3488 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 850 Library Avenue |
Entity Address, Address Line Two | Suite 204 |
Entity Address, City or Town | Newark |
City Area Code | (302) |
Local Phone Number | 738-6680 |
Contact Personnel Name | Puglisi & Associates |
Entity Address, State or Province | DE |
Entity Address, Postal Zip Code | 19711 |
Unaudited Condensed Balance She
Unaudited Condensed Balance Sheets £ in Thousands | Jun. 30, 2021USD ($) | Jun. 30, 2021GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) |
Current Assets | ||||||
Inventory | £ 127,322 | £ 114,694 | £ 42,970 | |||
Trade and other receivables | 38,773 | 29,358 | 13,255 | £ 49 | ||
Cash and cash equivalents | 60,347 | 243,524 | 34,539 | 26,366 | ||
Current assets | 226,442 | 387,576 | 90,764 | 26,415 | ||
Total assets | 572,975 | 507,681 | 106,720 | 31,435 | ||
Liabilities | ||||||
Non-current liabilities | 52,641 | 46,997 | ||||
Equity | ||||||
Foreign currency translation reserve | 76 | |||||
Current liabilities | ||||||
Trade and other payables | 76,569 | 35,569 | 4,237 | 114 | ||
Loans and borrowings | 130,803 | 94,617 | 33,987 | |||
Provisions | 30 | |||||
Current liabilities | 214,020 | 130,186 | 38,254 | 114 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Warrants | 6,648 | |||||
Loans and borrowings | 48,478 | 43,634 | 4,358 | |||
Provisions | 4,163 | 3,363 | 552 | |||
Total liabilities | 266,661 | 177,183 | 43,164 | 114 | ||
Net assets | 306,314 | 330,498 | 63,556 | 31,321 | ||
Share premium | 266,120 | 266,120 | 81,500 | 31,500 | ||
Merger reserve | 246,598 | 181,250 | ||||
Shareholders’ Equity | ||||||
Share capital | ||||||
Retained earnings | (206,480) | (116,872) | (17,944) | (179) | ||
Total equity | 306,314 | 330,498 | 63,556 | 31,321 | ||
Assets | ||||||
Property, plant and equipment | 182,631 | 85,934 | 8,794 | |||
Intangible assets | 155,037 | 26,660 | 3,188 | 20 | ||
Trade and other receivables | 8,865 | 7,511 | 3,974 | 5,000 | ||
Non-current assets | £ 346,533 | £ 120,105 | £ 15,956 | £ 5,020 | ||
AJAX I | ||||||
Current Assets | ||||||
Cash and cash equivalents | $ | $ 1,916,741 | $ 633,355 | ||||
Prepaid expenses | $ | 2,418,650 | 3,331,178 | ||||
Current assets | $ | 4,335,391 | 3,964,533 | ||||
Cash and marketable securities held in Trust Account | $ | 805,244,565 | 805,100,267 | ||||
Total assets | $ | 809,579,956 | 809,064,800 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities – accrued expenses | $ | 2,915,951 | 91,069 | ||||
Executive Loans | $ | 3,500,000 | |||||
Warrants | $ | 91,303,062 | 155,599,680 | ||||
Deferred underwriting fee payable | $ | 28,174,682 | 28,174,682 | ||||
Total liabilities | $ | 125,893,695 | 183,865,431 | ||||
Class A ordinary shares subject to possible redemption, 80,499,090 and 62,011,512 shares at redemption value at June 30, 2021 and December 31, 2020, respectively. | $ | 805,244,565 | 620,199,367 | ||||
Shareholders’ Equity | ||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | $ | ||||||
Additional paid-in capital | $ | 118,067,125 | |||||
Retained earnings | $ | (121,559,198) | (113,069,866) | ||||
Total equity | $ | (121,558,304) | 5,000,002 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 809,579,956 | 809,064,800 | ||||
Class A Ordinary Shares | AJAX I | ||||||
Shareholders’ Equity | ||||||
Share capital | $ | 1,849 | |||||
Class B Ordinary Shares | AJAX I | ||||||
Shareholders’ Equity | ||||||
Share capital | $ | $ 894 | $ 894 |
Unaudited Condensed Balance S_2
Unaudited Condensed Balance Sheets (Parentheticals) - AJAX I - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Preference shares, par value (in Pounds per share and Dollars per share) | $ 0.0001 | $ 0.0001 |
Preference shares, shares authorized | 5,000,000 | 5,000,000 |
Preference shares, issued (in Pounds and Dollars) | ||
Preference shares, shares outstanding (in Pounds and Dollars) | ||
Class A Ordinary Shares | ||
Shares subject to possible redemption | 80,499,090 | 62,011,512 |
Ordinary shares, par value (in Pounds per share and Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 0 | 18,487,578 |
Ordinary shares, shares outstanding | 0 | 18,487,578 |
Class B Ordinary Shares | ||
Ordinary shares, par value (in Pounds per share and Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 8,944,343 | 8,944,343 |
Ordinary shares, shares outstanding | 8,944,343 | 8,944,343 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income £ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021GBP (£)£ / sharesshares | Jun. 30, 2020GBP (£)£ / shares | Dec. 31, 2020GBP (£)£ / shares | Dec. 31, 2019GBP (£)£ / shares | Dec. 31, 2018GBP (£)£ / shares | |||
Loss from operations | £ (107,812) | £ (30,324) | £ (99,035) | £ (17,678) | £ (179) | |||||
Finance income | 166 | 185 | 486 | 170 | ||||||
Finance expense | (1,793) | (627) | (1,298) | (456) | ||||||
Other income (expense): | ||||||||||
Net (loss) income | (102,113) | (30,766) | (102,687) | (17,964) | ||||||
Revenue | 248,209 | [1] | 39,945 | [1] | 162,208 | 1,176 | ||||
Cost of sales | (236,850) | (41,381) | (165,082) | (2,246) | ||||||
Gross profit/(loss) | 11,359 | (1,436) | (2,874) | (1,070) | ||||||
Marketing expenses | (29,355) | (10,354) | (36,110) | (3,899) | ||||||
Selling and distribution expenses | (20,389) | (5,298) | (17,693) | (2,059) | ||||||
Administrative expenses | (69,427) | (13,236) | (42,358) | (10,650) | (179) | |||||
Loss before tax | (109,439) | (30,766) | ||||||||
Loss before tax from continuing operations | (99,847) | (17,964) | (179) | |||||||
Tax credit | 7,326 | 969 | ||||||||
Loss for the year from continued operations | (98,878) | (17,964) | (179) | |||||||
Discontinued Operations | ||||||||||
Loss after tax for the year from discontinued operations | (3,809) | |||||||||
Loss for the year | (102,113) | (30,766) | (102,687) | (17,964) | (179) | |||||
Other comprehensive income | 76 | |||||||||
Other comprehensive income | ||||||||||
Exchange differences on translation of foreign operations | 76 | |||||||||
Total comprehensive loss | £ (102,037) | £ (30,766) | £ (102,687) | £ (17,964) | £ (179) | |||||
Net loss per ordinary share, basic and diluted (in Pounds per share and Dollars per share) | £ / shares | £ (0.69) | £ (0.18) | £ 0 | |||||||
Net loss from continuing operations per ordinary share, basic and diluted (in Pounds per share and Dollars per share) | £ / shares | £ (0.66) | £ (0.18) | £ 0 | |||||||
Earnings per share: | ||||||||||
Net loss per ordinary share, basic (in Pounds per share and Dollars per share) | (per share) | £ (0.67) | £ (0.28) | ||||||||
Net loss per ordinary share, diluted (in Pounds per share and Dollars per share) | (per share) | £ (0.67) | £ (0.28) | ||||||||
AJAX I | ||||||||||
Formation and operational costs | $ | $ 1,852,924 | |||||||||
Loss from operations | $ | $ (3,006,974) | (1,852,924) | $ (5,954,111) | |||||||
Other income (expense): | ||||||||||
Interest income – bank | $ | 65 | |||||||||
Interest earned on marketable securities held in Trust Account | $ | 42,956 | 97,827 | 156,937 | |||||||
Unrealized gain (loss) on marketable securities held in Trust Account | $ | (40,129) | 11,540 | (12,552) | |||||||
Change in fair value of derivative liability | $ | (8,904,914) | (111,326,374) | 64,296,618 | |||||||
Other income (expense), net | $ | (8,902,087) | (111,216,942) | 64,441,003 | |||||||
Net (loss) income | $ | $ (11,909,061) | $ (113,069,866) | $ 58,486,892 | |||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to redemption (in Shares) | shares | 69,038,016 | 72,074,470 | 65,544,174 | 65,544,174 | ||||||
Basic and diluted net income per share, Class A ordinary shares subject to redemption (in Pounds per share and Dollars per share) | $ / shares | $ 0 | $ 0 | $ 0.89 | |||||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares (in Pounds per share and Dollars per share) | $ / shares | 20,405,417 | 13,618,324 | 23,899,259 | |||||||
Basic and diluted net income (loss) per share, Non-redeemable ordinary shares (in Pounds per share and Dollars per share) | $ / shares | $ (0.58) | $ (8.31) | $ 2.44 | |||||||
Earnings per share: | ||||||||||
General and administrative expenses | $ | $ 3,006,974 | $ 5,954,111 | ||||||||
[1] | Revenue excludes £7.5 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statement of Changes in Equity £ in Thousands | Class A Ordinary SharesAJAX IUSD ($)shares | Class B Ordinary SharesAJAX IUSD ($)shares | Additional Paid-in CapitalAJAX IUSD ($) | Retained earnings £’000AJAX IUSD ($) | Retained earnings £’000GBP (£) | Share capital £’000GBP (£) | Share premium £’000GBP (£) | Merger reserve £’000GBP (£) | Foreign currency translation reserve £’000GBP (£) | AJAX IUSD ($) | GBP (£) | |
Balance at Oct. 14, 2018 | ||||||||||||
Comprehensive income for the year | ||||||||||||
Net income / loss | (179) | (179) | ||||||||||
Issue of share capital | 31,500 | 31,500 | ||||||||||
Balance at Dec. 31, 2018 | (179) | 31,500 | 31,321 | |||||||||
Comprehensive income for the year | ||||||||||||
Other comprehensive income | ||||||||||||
Share based payments | 199 | 199 | ||||||||||
Comprehensive income for the year | ||||||||||||
Net income / loss | (17,964) | (17,964) | ||||||||||
Total comprehensive loss | (17,964) | |||||||||||
Issue of share capital | 50,000 | 50,000 | ||||||||||
Balance at Dec. 31, 2019 | (17,944) | 81,500 | 63,556 | |||||||||
Comprehensive income for the year | ||||||||||||
Share based payments | 326 | 326 | ||||||||||
Comprehensive income for the year | ||||||||||||
Group restructuring | [1] | (181,250) | 181,250 | |||||||||
Net income / loss | (30,766) | (30,766) | ||||||||||
Total comprehensive loss | (30,766) | (30,766) | ||||||||||
Issue of share capital | 125,000 | 125,000 | ||||||||||
Balance at Jun. 30, 2020 | (48,384) | 25,250 | 181,250 | 158,116 | ||||||||
Balance at Dec. 31, 2019 | (17,944) | 81,500 | 63,556 | |||||||||
Comprehensive income for the year | ||||||||||||
Other comprehensive income | ||||||||||||
Share based payments | 3,759 | 3,759 | ||||||||||
Comprehensive income for the year | ||||||||||||
Group restructuring | [2] | (181,250) | 181,250 | |||||||||
Net income / loss | (102,687) | (102,687) | ||||||||||
Total comprehensive loss | (102,687) | |||||||||||
Issue of share capital | 365,870 | 365,870 | ||||||||||
Balance at Dec. 31, 2020 | $ 1,849 | $ 894 | $ 118,067,125 | $ (113,069,866) | (116,872) | 266,120 | 181,250 | $ 5,000,002 | 330,498 | |||
Balance (in Shares) at Dec. 31, 2020 | shares | 18,487,578 | 8,944,343 | ||||||||||
Balance at Aug. 12, 2020 | $ | ||||||||||||
Balance (in Shares) at Aug. 12, 2020 | shares | ||||||||||||
Comprehensive income for the year | ||||||||||||
Issuance of Class B ordinary shares to Sponsor | $ | $ 958 | 24,042 | 25,000 | |||||||||
Issuance of Class B ordinary shares to Sponsor (in Shares) | shares | 9,583,333 | |||||||||||
Sale of 80,499,090 Units, net of underwriting discounts and offering costs | $ | $ 8,050 | 738,236,185 | 738,244,235 | |||||||||
Sale of 80,499,090 Units, net of underwriting discounts and offering costs (in Shares) | shares | 80,499,090 | |||||||||||
Forfeiture of Founder Shares | $ | $ (64) | 64 | ||||||||||
Forfeiture of Founder Shares (in Shares) | shares | (638,990) | |||||||||||
Class A ordinary shares subject to possible redemption | $ | $ (6,201) | (620,193,166) | (620,199,367) | |||||||||
Class A ordinary shares subject to possible redemption (in Shares) | shares | (62,011,512) | |||||||||||
Net income / loss | $ | (113,069,866) | (113,069,866) | ||||||||||
Balance at Dec. 31, 2020 | $ 1,849 | $ 894 | 118,067,125 | (113,069,866) | (116,872) | 266,120 | 181,250 | 5,000,002 | 330,498 | |||
Balance (in Shares) at Dec. 31, 2020 | shares | 18,487,578 | 8,944,343 | ||||||||||
Comprehensive income for the year | ||||||||||||
Change in value of Class A ordinary shares subject to redemption | $ | $ (703) | (70,395,251) | (70,395,954) | |||||||||
Change in value of Class A ordinary shares subject to redemption (in Shares) | shares | (7,026,504) | |||||||||||
Net income / loss | $ | 70,395,953 | 70,395,953 | ||||||||||
Balance at Mar. 31, 2021 | $ | $ 1,146 | $ 894 | 47,671,874 | (42,673,913) | 5,000,001 | |||||||
Balance (in Shares) at Mar. 31, 2021 | shares | 11,461,074 | 8,944,343 | ||||||||||
Balance at Dec. 31, 2020 | $ 1,849 | $ 894 | 118,067,125 | (113,069,866) | (116,872) | 266,120 | 181,250 | 5,000,002 | 330,498 | |||
Balance (in Shares) at Dec. 31, 2020 | shares | 18,487,578 | 8,944,343 | ||||||||||
Comprehensive income for the year | ||||||||||||
Other comprehensive income | 76 | 76 | ||||||||||
Share based payments | 12,505 | 12,505 | ||||||||||
Comprehensive income for the year | ||||||||||||
Net income / loss | (102,113) | 58,486,892 | (102,113) | |||||||||
Total comprehensive loss | (102,113) | 76 | (102,037) | |||||||||
Acquisition of subsidiaries | 65,348 | 65,348 | ||||||||||
Balance at Jun. 30, 2021 | $ 894 | (121,559,198) | (206,480) | 266,120 | 246,598 | 76 | (121,558,304) | 306,314 | ||||
Balance (in Shares) at Jun. 30, 2021 | shares | 8,944,343 | |||||||||||
Balance at Mar. 31, 2021 | $ | $ 1,146 | $ 894 | 47,671,874 | (42,673,913) | 5,000,001 | |||||||
Balance (in Shares) at Mar. 31, 2021 | shares | 11,461,074 | 8,944,343 | ||||||||||
Comprehensive income for the year | ||||||||||||
Change in value of Class A ordinary shares subject to redemption | $ | $ (1,146) | (47,671,874) | (66,976,224) | (114,649,244) | ||||||||
Change in value of Class A ordinary shares subject to redemption (in Shares) | shares | (11,461,074) | |||||||||||
Net income / loss | $ | (11,909,061) | (11,909,061) | ||||||||||
Balance at Jun. 30, 2021 | $ 894 | $ (121,559,198) | £ (206,480) | £ 266,120 | £ 246,598 | £ 76 | $ (121,558,304) | £ 306,314 | ||||
Balance (in Shares) at Jun. 30, 2021 | shares | 8,944,343 | |||||||||||
[1] | On June 10, 2020, the Group was subject to a restructuring where Cazoo Holdings Limited was inserted at the top of the Group as a new parent company resulting in a merger reserve. | |||||||||||
[2] | During the year, the Group was subject to a restructuring where Cazoo Holdings Limited was inserted at the top of the Group as a new parent company. Cazoo Limited became a wholly owned direct subsidiary of Cazoo Holdings Limited through a share for share exchange. Note 2.2 provides more detail on the basis of consolidation. The 2018 and 2019 balances are stated as though the transactions occurred within Cazoo Holdings Limited. In addition, the issue of share capital balance of £365.9m includes £99.8m of shares that were issued by the previous parent company, Cazoo Limited. |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statement of Changes in Equity (Parentheticals) | 5 Months Ended |
Dec. 31, 2020shares | |
AJAX I [Member] | |
Sale of units | 80,499,090 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statement of Cash Flows £ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021USD ($) | Jun. 30, 2021GBP (£) | Jun. 30, 2020GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | |
Cash Flows from Operating Activities: | |||||||
Net income (loss) | $ | $ 58,486,892 | $ (113,069,866) | |||||
Formation cost paid by Sponsor in exchange for issuance of Class B ordinary shares | $ | 5,000 | ||||||
Interest earned on marketable securities held in Trust Account | $ | (156,850) | (97,827) | |||||
Unrealized gain on marketable securities held in Trust Account | $ | 12,552 | (11,540) | |||||
Transaction costs allocable to warrant liabilities | $ | 1,316,194 | ||||||
Change in fair value of warrant liability | $ | (64,296,618) | 111,326,374 | |||||
Other cash flows from operating activities: | |||||||
Investment of cash in Trust Account | $ | (804,990,900) | ||||||
Net cash used in investing activities | $ | (804,990,900) | ||||||
Proceeds from Executive Loans | $ | 3,500,000 | ||||||
Changes in operating assets and liabilities: | |||||||
Prepaid expenses | $ | 912,528 | (3,331,178) | |||||
Accrued expenses | $ | 2,824,882 | 91,069 | |||||
Net cash used in operating activities | $ | (2,216,614) | (3,771,774) | |||||
Cash Flows from Investing Activities: | |||||||
Proceeds from sale of Units, net of underwriting discounts paid | $ | 788,891,082 | ||||||
Proceeds from sale of Private Placement Warrants | $ | 21,129,818 | ||||||
Proceeds from promissory note – related party | $ | 500,000 | ||||||
Repayment of promissory note – related party | $ | (500,000) | ||||||
Payment of offering costs | $ | (624,871) | ||||||
Net cash (used in)/generated from financing activities | $ | 3,500,000 | 809,396,029 | |||||
Net (decrease)/increase in cash and cash equivalents | $ | 1,283,386 | 633,355 | |||||
Cash and cash equivalents at the beginning of the period | $ | 633,355 | ||||||
Cash and cash equivalents at the end of the period | $ | 1,916,741 | 633,355 | |||||
Non-Cash Investing and Financing Activities: | |||||||
Initial classification of Class A ordinary shares subject to possible redemption | $ | 720,744,700 | ||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | $ 185,045,198 | (100,545,333) | |||||
Offering costs paid directly by Sponsor from proceeds from issuance of Class B ordinary shares | $ | 20,000 | ||||||
Deferred underwriting fee payable | $ | 28,174,682 | ||||||
Forfeiture of Founder Shares | $ | $ (64) | ||||||
AJAX I [Member] | |||||||
Cash Flows from Operating Activities: | |||||||
Net income (loss) | £ (102,113) | £ (30,766) | £ (102,687) | £ (17,964) | £ (179) | ||
Depreciation of property, plant, and equipment | 10,531 | 2,039 | 11,759 | 705 | |||
Amortisation of intangible assets | 4,618 | 457 | 1,292 | 76 | |||
Finance income | (166) | (185) | (486) | (170) | |||
Finance expense | 1,793 | 627 | 1,361 | 456 | |||
Share based payment expense | 12,688 | 326 | 3,759 | 199 | |||
Tax credit | (7,326) | (969) | |||||
Adjustments to reconcile profit (loss) | (79,975) | (27,502) | (85,965) | (16,698) | (179) | ||
Movements in working capital: | |||||||
Decrease/(increase) in trade and other receivables | 8,508 | (10,571) | (4,789) | (12,158) | (49) | ||
Increase in inventory | (12,294) | (3,095) | (36,961) | (42,970) | |||
Increase in trade and other payables | 28,106 | 9,727 | 10,394 | 4,123 | 114 | ||
Total working capital movements | 24,320 | (3,939) | (31,356) | (51,005) | 65 | ||
Other cash flows from operating activities: | |||||||
Interest received | 166 | 185 | 478 | 149 | |||
Tax credit received | 969 | ||||||
Purchases of property, plant, and equipment | (34,685) | (568) | (17,919) | (2,422) | |||
Net cash used in investing activities | (119,190) | (1,255) | (36,338) | (5,666) | (20) | ||
Purchases and development of intangible fixed assets | (4,810) | (687) | (1,889) | (3,244) | (20) | ||
Acquisition of subsidiaries, net of cash acquired | (79,695) | (16,530) | |||||
Issue of ordinary shares | 348,870 | 50,000 | 26,500 | ||||
Proceeds from issue of shares | 125,000 | ||||||
Proceeds from stocking loans | 217,399 | 49,152 | 216,444 | 42,825 | |||
Repayment of stocking loans | (218,520) | (49,509) | (196,082) | (10,348) | |||
Repayment of mortgages | (1,070) | (443) | |||||
Interest paid on loans and borrowings | (1,711) | (627) | (1,298) | (456) | |||
Lease payments | (4,596) | (3,188) | (6,294) | (628) | |||
Changes in operating assets and liabilities: | |||||||
Net cash used in operating activities | (55,489) | (31,256) | (115,874) | (67,554) | (114) | ||
Cash Flows from Investing Activities: | |||||||
Net cash (used in)/generated from financing activities | (8,498) | 120,828 | 361,197 | 81,393 | 26,500 | ||
Net (decrease)/increase in cash and cash equivalents | (183,177) | 88,317 | 208,985 | 8,173 | 26,366 | ||
Cash and cash equivalents at the beginning of the period | 243,524 | 34,539 | 34,539 | 26,366 | |||
Cash and cash equivalents at the end of the period | £ 60,347 | £ 122,856 | £ 243,524 | £ 34,539 | £ 26,366 |
Description of Organization and
Description of Organization and Business Operations | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Description of Organization and Business Operations [Line Items] | ||
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Ajax I (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August The Company is not limited to a particular industry or geographic region for purposes of completing a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December -operating The registration statement for the Company’s Initial Public Offering was declared effective on October -allotment Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 21,129,818 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Ajax I Holdings, LLC (the “Sponsor”), generating gross proceeds of $21,129,818, which is described in Note 5. Transaction costs amounted to $44,919,371, consisting of $16,099,818 of underwriting fees, $28,174,682 of deferred underwriting fees and $644,871 of other offering costs. Of the total transaction costs of the Initial Public Offering, $1,316,194 is included in transactions costs in the statement of operations and $43,603,177 is included in shareholders’ equity. Following the closing of the Initial Public Offering on October -ended -7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding any deferred underwriting commissions held in the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post -Business The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Additionally, each public shareholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre -initial The Company will have until October -share The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third -party Risks and Uncertainties Management continues to evaluate the impact of the COVID -19 | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Ajax I (“Ajax” or the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 13, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of completing a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of June 30, 2021, the Company had not commenced any operations. All activity for the period from August 13, 2020 (inception) through June 30, 2021, relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non -operating The registration statement for the Company’s Initial Public Offering was declared effective on October 27, 2020. On October 30, 2020, the Company consummated the Initial Public Offering of 80,499,090 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), which includes the partial exercise by the underwriter of its over -allotment Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 21,129,818 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to Ajax I Holdings, LLC (the “Sponsor”), generating gross proceeds of $21,129,818, which is described in Note 4. Transaction costs amounted to $44,919,371, consisting of $16,099,818 of underwriting fees, $28,174,682 of deferred underwriting fees and $644,871 of other offering costs. These costs were charged to shareholders’ equity upon the completion of the Initial Public Offering. Following the closing of the Initial Public Offering on October 30, 2020, an amount of $804,990,900 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and certain of the proceeds of the sale of the Private Placement Warrants were placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open -ended -7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete a Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding any deferred underwriting commissions held in the Trust Account) at the time of the agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post -Business The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve a Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per ordinary share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such completion of a Business Combination and, if the Company seeks shareholder approval in connection with a Business Combination, it receives an ordinary resolution under Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who vote at a general meeting of the Company. If a shareholder vote is not required under applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (“SEC”), and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased in or after the Initial Public Offering in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection with a shareholder vote to approve a Business Combination. However, in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. Additionally, each public shareholder may elect to redeem its Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed Business Combination. Notwithstanding the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares without the Company’s prior written consent. The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre -initial The Company will have until October 30, 2022 (the “Combination Period”) to complete a Business Combination. If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per -share completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00). The Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party for services rendered or products sold to the Company, or by a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third -party Liquidity and Capital Resources As of June 30, 2021, the Company had $1,916,741 in its operating bank accounts and working deficit of $2,080,560. On March 22, 2021, Daniel Och, our chief executive officer and chairman of the board of directors, committed to provide us with an aggregate of $1,500,000 in loans. On May 15, 2021, Daniel Och and Glenn Fuhrman, the Company’s founders, committed to provide us with an aggregate of $2,000,000 in loans. On August 4, 2021, Daniel Och and Glenn Fuhrman, the Company’s founders, committed to provide us with an aggregate of $1,650,000 in loans. The loans are non -interest In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 6). As of June 30, 2021, there were no amounts outstanding under the Working Capital Loans. The Company may raise additional capital through loans or additional investments from the Sponsor or its stockholders, officers, directors, or third parties. The Company’s officers and directors and the Sponsor may but are not obligated to (except as described above), loan the Company funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Based on the foregoing, the Company believes it will have sufficient cash to meet its needs through the earlier of the consummation of a Business Combination or at least one year from the date that the financial statements were issued. Risks and Uncertainties Management continues to evaluate the impact of the COVID -19 |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 5 Months Ended |
Dec. 31, 2020 | |
AJAX I [Member] | |
Restatement of Previously Issued Financial Statements [Line Items] | |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants (collectively, with the Public Warrants, the “Warrants”) issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the Warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender offer or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of stock, all holders of the Warrants would be entitled to receive cash for their Warrants (the “tender offer provision”). On April In further consideration of the SEC Statement, the Company’s management further evaluated the Warrants under Accounting Standards Codification (“ASC”) Subtopic 815 -40 -40-15 -linked -40-15 and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s ordinary shares in the manner contemplated by ASC Section 815 -40-15 -for-fixed -40-25 As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the Warrants at the end of each reporting period (including on October The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported cash or investments held in the trust account. As Adjustments As Balance sheet as of October 30, 2020 (audited) Warrant Liability $ — $ 55,472,110 $ 55,472,110 Class A Ordinary Shares Subject to Possible Redemption 776,216,810 (55,472,110 ) 720,744,700 Class A Ordinary Shares 288 555 843 Additional Paid-in Capital 5,008,291 12,514,443 17,522,734 Accumulated Deficit (9,534 ) (12,514,998 ) (12,524,532 ) Balance sheet as of December 31, 2020 (audited) Warrant Liability $ — $ 155,599,680 $ 155,599,680 Class A Ordinary Shares Subject to Possible Redemption 775,799,047 (155,599,680 ) 620,199,367 Class A Ordinary Shares 293 1,556 1,849 Additional Paid-in Capital 5,426,113 112,641,012 118,067,125 Accumulated Deficit (427,298 ) (112,642,568 ) (113,069,866 ) Statement of Operations for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) Formation and operational costs $ 536,730 $ 1,316,194 $ 1,852,924 Change in fair value of warrant liability — (111,326,374 ) (111,326,374 ) Net loss (427,298 ) (112,642,568 ) (113,069,866 ) Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 77,621,681 (5,547,211 ) 72,074,470 Basic and diluted weighted average shares outstanding, 10,373,729 3,244,595 13,618,324 Basic and diluted net loss per share, Non-redeemable ordinary (0.05 ) (8.26 ) (8.31 ) Cash Flow Statement for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) Net loss $ (427,298 ) $ (112,642,568 ) $ (113,069,866 ) Transaction costs allocable to warrant liabilities — 1,316,194 1,316,194 Change in fair value of warrant liability — 111,326,374 111,326,374 Initial classification of ordinary shares subject to possible redemption 776,216,810 (55,472,110 ) 720,744,700 Change in value of Class A ordinary Shares subject to possible redemption (417,763 ) (100,127,570 ) (100,545,333 ) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 5 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Line Items] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. Significant accounting policies 2.1 Basis of preparation These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). They were authorized for issue by the Company’s board of Directors on May Details of the Group’s accounting policies are included in note 3. In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The areas where judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 4. 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December • • • When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra -group A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The results of subsidiaries acquired are included from the date the Group obtained control of the subsidiary. During the year, the Group was subject to a restructuring where Cazoo Holdings Limited was inserted at the top of the Group as a new parent company. Cazoo Limited became a wholly owned direct subsidiary of Cazoo Holdings Limited through a share for share exchange. Such Group reorganizations are outside the scope of IFRS 3. In accordance with IAS 8 management has used its judgement to develop a relevant and reliable accounting treatment, applying the principles of merger accounting. The current year and comparatives have been disclosed on the basis that Cazoo Holdings Limited has been in existence since the initial incorporation of Cazoo Limited. The comparatives are based upon those presented in the Cazoo Limited financial statements for the year ended December 2.3 Basis of measurement The financial statements have been prepared on the historical cost basis, except for financial assets, financial liabilities and share based payments that have been measured at fair value. 2.4 New and amended standards and interpretations The Group applied for the first -time Amendments to IFRS 9 and IAS 39 Financial Instruments The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark -based Amendments to IAS 1 and IAS 8: Definition of Material The amendments provide a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general -purpose Conceptual Framework for Financial Reporting issued on March 29, 2018 The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no impact on the consolidated financial statements of the Group. Amendments to IFRS 16 Covid-19 Related Rent Concessions On May -19-Related -19 -19 -19 The amendment applies to annual reporting periods beginning on or after June 2.5 Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of the issuance of the Group’s financial statements are listed below. The Group intends to adopt these new and amended standards, if applicable, when they become effective. The new standards and amendments are not expected to have a material impact on the Group. • • -current • • • • -time -time • • 2.6 LIBOR reform Following the financial crisis, the reform and replacement of benchmark interest rates such as GBP LIBOR and other inter -bank -end 2.7 Presentational currency These financial statements are presented in pound sterling, which is the Group’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. 2.8 Going Concern The financial statements have been prepared on a going concern basis as the Directors’ are satisfied that the Group will continue in operational existence for the foreseeable future. In assessing the going concern position of the Group, the Directors have considered the Group’s cash flows, liquidity and business activities. As at December The Group expects to raise additional capital in the third quarter of 2021 through a business combination with Ajax I a special purpose acquisition company listed on the New York stock exchange (the “business combination”). The additional capital will fund Cazoo’s growth strategy in the UK and across Europe. The funds generated from the business combination will provide significant cash headroom for the foreseeable future. The business combination is conditional upon approval by both the shareholders of Cazoo Holdings Limited and Ajax I and requires regulatory consent. The Group has a strong record of attracting investment from existing and new investors. During the year ended December The Directors have considered a further scenario where no future funds are raised by the Group in the period to July 2022. In this scenario, the business would have sufficient liquidity to continue to operate once applying mitigating factors which could include a reassessment of discretionary spend, timing of growth initiatives and scale of operations. On this basis the Directors are satisfied that the accounts should be prepared on a going concern basis and that the Group will continue in operational existence for the foreseeable future. | ||
AJAX I [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short -term Marketable Securities Held in Trust Account At December Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. Warrant Liability The Company accounts for warrants as either equity -classified -classified For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid -in -40-15-7D -measurement -Scholes-Merton Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Loss per Ordinary Share Net loss per share is computed by dividing net income by the weighted -average -dilutive The Company’s statement of operations includes a presentation of income (loss) per share for Class A ordinary shares subject to possible redemption in a manner similar to the two -class Net loss per share, basic and diluted, for non -redeemable -redeemable Non -redeemable -redeemable -redeemable -redeemable The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): For the Class A Ordinary Shares subject to possible redemption Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption Interest earned on marketable securities held in Trust Account $ 75,356 Unrealized gain (loss) on marketable securities held in Trust Account 8,889 Net income attributable $ 84,245 Denominator: Weighted Average Class A Ordinary Shares subject to possible redemption Basic and diluted weighted average shares outstanding, Class A Ordinary shares subject to possible redemption 72,074,470 Basic and diluted net income per share, Class A Ordinary shares subject to possible redemption $ 0.00 Non-Redeemable Ordinary Shares Numerator: Net Loss minus Net Earnings Net loss $ (113,069,866 ) Net income allocable to Class A Ordinary shares subject to possible redemption (84,245 ) Non-Redeemable Net Loss $ (113,154,111 ) Denominator: Weighted Average Non-Redeemable Ordinary shares Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares 13,618,324 Basic and diluted net loss per share, Non-redeemable Ordinary shares $ (8.31 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short -term Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and in accordance with the instructions to Form 10 -Q -X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Amended and Restated Annual Report on Form 10 -K Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short -term Marketable Securities Held in Trust Account The Company classifies its U.S. Treasury and equivalent securities as held -to-maturity -to-maturity -to-maturity Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 80,499,090 and 62,011,512 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets, respectively. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. Warrant Liability The Company accounts for warrants as either equity -classified -classified For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid -in -40-15-7D -measurement -Scholes-Merton Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income by the weighted -average income per share, since the average stock price of the Company’s common stock for the three and six months ended June 30, 2021 was less than the exercise price and therefore, the inclusion of such warrants under the treasury stock method would be anti -dilutive The Company’s statement of operations includes a presentation of income (loss) per Class A ordinary share subject to possible redemption in a manner similar to the two -class Net loss per ordinary share, basic and diluted, for non -redeemable -redeemable Non -redeemable -redeemable -redeemable -redeemable The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): Three Months Ended Six Months Ended Class A Ordinary shares subject to possible redemption Numerator: Earnings allocable to Class A Ordinary shares subject to possible redemption Interest earned on marketable securities held in Trust Account $ 36,169 $ 132,193 Unrealized gain on marketable securities held in Trust Account (33,821 ) (10,579 ) Net Income allocable to shares subject to redemption $ 2,348 $ 121,614 Denominator: Weighted Average Class A ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 69,038,016 65,544,174 Basic and diluted net income per share $ — $ — Non-Redeemable Ordinary Shares Numerator: Net Loss minus Net Earnings Net (loss) income $ (11,909,061 ) $ 58,486,892 Less: Net income allocable to Class A ordinary shares subject to possible redemption (2,348 ) (121,614 ) Non-Redeemable Net (Loss) Income- Basic $ (11,911,409 ) $ 58,365,278 Denominator: Weighted Average Non-redeemable ordinary shares Basic and diluted weighted average shares outstanding, Non-Redeemable ordinary shares 20,405,417 23,899,259 Basic and diluted net (loss) income per share, Non-Redeemable ordinary $ (0.58 ) $ 2.44 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short -term Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying condensed financial statements. |
Initial Public Offering
Initial Public Offering | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Initial Public Offering [Line Items] | ||
INITIAL PUBLIC OFFERING | NOTE 4. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 80,499,090 Units, which includes a partial exercise by the underwriters of their over -allotment -fourth | NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 80,499,090 Units, which includes a partial exercise by the underwriters of their over -allotment -fourth |
Private Placement
Private Placement | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Private Placement [Line Items] | ||
PRIVATE PLACEMENT | NOTE 5. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 21,129,818 Private Placement Warrants at a price of $1.00 per Private Placement Warrant (for an aggregate purchase price of $21,129,818). Each Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). The proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. As a result of the difference in fair value of $1.53 per share of the Private Placement warrants (see Note 10) and the purchase of $1.00 per share, the Company recorded a charge of $11.2 | NOTE 4. PRIVATE PLACEMENT Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 21,129,818 Private Placement Warrants at a price of $1.00 per Private Placement Warrant (for an aggregate purchase price of $21,129,818), which includes a partial exercise by the underwriters of their over -allotment |
Related Party Transactions
Related Party Transactions | 5 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Line Items] | |||
RELATED PARTY TRANSACTIONS | 14. Related party transactions No reportable related party transactions occurred during the period ended June 30, 2021 (six months ended June nil | 28. Related party transactions 28.1 Key management personnel The Directors are considered to be Key management personnel of the Group. The amounts disclosed in the table are the amounts recognized as an expense during the year related to key management personnel. Year ended Year ended Period ended £‘000 £‘000 £‘000 Wages and salaries 546 411 — Employer’s national insurance 83 57 — Short-term non-monetary benefits 2 2 — Defined contribution pension cost 23 16 — 654 486 — 28.2 Other related party transactions No other reportable related party transactions occurred during the Year ended December nil nil | |
AJAX I [Member] | |||
Related Party Transactions [Line Items] | |||
RELATED PARTY TRANSACTIONS | NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares On September -allotment The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) two years after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub -divisions -trading Administrative Services Agreement The Company entered into an agreement, commencing on October Promissory Note — Related Party On September -interest Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,500,000 of such Working Capital Loans may be convertible into warrants of the post -Business | NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On September 16, 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 8,855,000 Class B ordinary shares (the “Founder Shares”). On September 22, 2020, the Company effected a share capitalization resulting in an aggregate of 9,583,333 Founder Shares being outstanding. The Founder Shares included an aggregate of up to 1,250,000 -allotment The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) two years after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub -divisions -trading Administrative Services Agreement The Company entered into an agreement, commencing on October 27, 2020 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of up to $10,000 per month for office space and administrative support services. For the three and six months ended June 30, 2021, the Company incurred and paid $30,000 and $60,000 in fees for these services, respectively. Promissory Note — Related Party On September 16, 2020, the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $500,000. The Promissory Note was non -interest Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,500,000 of such Working Capital Loans may be convertible into warrants of the post -Business Executive Loan On March 22, 2021, Daniel Och, our chief executive officer and chairman of the board of directors, committed to provide us with an aggregate of $1,500,000 in loans. On May 15, 2021, Daniel Och and Glenn Fuhrman, the Company’s founders, committed to provide us with an aggregate of $2,000,000 in loans. On August 4, 2021, Daniel Och and Glenn Fuhrman, committed to provide us with an aggregate of $1,650,000 in loans. The loans are non -interest |
Commitments
Commitments | 5 Months Ended |
Dec. 31, 2020 | |
AJAX I [Member] | |
Commitments [Line Items] | |
COMMITMENTS | NOTE 7. COMMITMENTS Registration and Shareholder Rights Pursuant to a registration rights agreement entered into on October -back to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until termination of the applicable lock -up Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $28,174,682 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. |
Shareholders' Equity
Shareholders' Equity | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Shareholders' Equity [Line Items] | ||
SHAREHOLDERS' EQUITY | NOTE 8. SHAREHOLDERS’ EQUITY Preference Shares Class A Ordinary Shares Class B Ordinary Shares Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination, or earlier at the option of the holder, on a one -for-one -linked -dilution -converted -linked -linked | NOTE 7. SHAREHOLDERS’ EQUITY Preference Shares Class A Ordinary Shares The Company determined the ordinary shares subject to redemption to be equal to the redemption value of approximately $10.00 per share of common stock while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Upon considering the impact of the PIPE Investment and associated PIPE Subscription Agreements, it was concluded that the redemption value should include all the Public Shares resulting in the ordinary shares subject to possible redemption being equal to $805,244,565. This resulted in a measurement adjustment to the initial carrying value of the ordinary shares subject to redemption with the offset recorded to additional paid -in Class B Ordinary Shares Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Cazoo Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination, or earlier at the option of the holder, on a one -for-one -linked -dilution -converted -linked -linked |
Warrants
Warrants | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Warrants [Line Items] | ||
WARRANTS | NOTE 9. WARRANTS Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 • • • • -trading If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 • • • The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity -linked The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company; (2) they (including the ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of the Business Combination; (3) they may be exercised by the holders on a cashless basis; (4) they (including the ordinary shares issuable upon exercise of these warrants) are entitled to registration rights; and (5) they can only be exercised during the period (A) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes its Business Combination, and (ii) the date that is twelve (12) months from the date of the closing of the Initial Public Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is seven years after the date on which the Company completes its Business Combination, and (y) the liquidation of the Company in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, as amended from time to time, if the Company fails to complete a Business Combination. | NOTE 8. WARRANTS Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 • • • • -trading If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 • • • The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless. In addition, if (x) the Company issues additional Class A ordinary shares or equity -linked Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that, so long as they are held by the Sponsor or its permitted transferees: (1) they will not be redeemable by the Company; (2) they (including the ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the Sponsor until 30 days after the completion of a Business Combination; (3) they may be exercised by the holders on a cashless basis; (4) they (including the ordinary shares issuable upon exercise of these warrants) are entitled to registration rights; and (5) they can only be exercised during the period (A) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes its Business Combination, and (ii) the date that is twelve (12) months from the date of the closing of the Initial Public Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is seven years after the date on which the Company completes its Business Combination, and (y) the liquidation of the Company in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, as amended from time to time, if the Company fails to complete a Business Combination. |
Fair Value Measurements
Fair Value Measurements | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Fair Value Measurements [Line Items] | ||
FAIR VALUE MEASUREMENTS | NOTE 10. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re -measured -financial -measured The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at December Description Level December 31, Assets: Marketable securities held in Trust Account 1 $ 805,100,267 Liabilities Warrant Liability – Public Warrants 1 $ 66,009,252 Warrant Liability – Private Warrants 3 $ 89,590,428 The Warrants were accounted for as liabilities in accordance with ASC 815 -40 Initial Measurement The Company established the initial fair value for the Warrants on October -Scholes-Merton -fourth The key inputs into the Monte Carlo simulation model Public Warrants and the Black -Scholes-Merton October 30, 2020 Input Public Private Risk-free interest rate 0.51 % 0.72 % Expected term (years) 1 8 Expected volatility 17.5 % 17.5 % Exercise price $ 11.50 $ 11.50 Fair value of Units $ 10.08 $ 9.79 On October Subsequent Measurement The Warrants are measured at fair value on a recurring basis. The subsequent measurement of the Public Warrants as of December As of December The following table presents the changes in the fair value of warrant liabilities: Private (1) Public Warrant Fair value – $ — $ — $ — Initial measurement on October 30, 2020 (IPO) 32,328,622 23,143,488 55,472,110 Change in valuation inputs or other assumptions 57,261,806 42,865,764 100,127,570 Fair value as of December 31, 2020 $ 89,590,428 $ 66,009,252 $ 155,599,680 ____________ (1) As a result of the difference in fair value of $1.53 per share of the Private Placement warrants and the purchase of $1.00 per share (see Note 5), the Company recorded a charge of $11.2 Due to the use of quoted prices in an active market (Level 1) to measure the fair value of the Public Warrants, subsequent to initial measurement, the Company had transfers out of Level 3 totalling $66.0 Level 3 financial liabilities consist of the Private Placement Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The fair value of the Private Placement Warrants was estimated at December -Scholes December 31, Expected volatility 30.6 % Risk-free interest rate 0.73 % Expected term (years) 7.82 Fair value per share of Class A ordinary shares $ 11.80 | NOTE 9. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are re -measured -financial -measured The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, December 31, 2020 Assets: Marketable securities held in Trust Account 1 $ 805,244,565 $ 805,100,267 Liabilities Warrant Liability – Public Warrants 1 $ 37,633,324 $ 66,009,252 Warrant Liability – Private Warrants 3 $ 53,669,738 $ 89,590,428 The warrants were accounted for as liabilities in accordance with ASC 815 -40 Level 3 financial liabilities consist of the Private Placement Warrant liability for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The fair value of the Private Placement Warrants was estimated at June 30, 2021 and December 31, 2020 to be $2.54 and $4.24, respectively, using the modified Black -Scholes June 30, December 31, 2020 Expected volatility 26.4 % 30.6 % Risk-free interest rate 1.22 % 0.73 % Expected term (years) 7.00 7.82 Fair value per share of Class A ordinary shares $ 9.96 $ 11.80 The following table presents the changes in the fair value of warrant liabilities: Private Placement Public Warrant Liabilities Fair value as of December 31, 2020 $ 89,590,428 $ 66,009,252 $ 155,599,680 Change in valuation inputs or other assumptions (35,920,690 ) (28,375,928 ) (64,296,618 ) Fair value as of June 30, 2021 $ 53,669,738 $ 37,633,324 $ 91,303,062 There were no transfers in or out of Level 3 from other levels in the fair value hierarchy during the three and six months ended June 30, 2021. |
Subsequent Events
Subsequent Events | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Subsequent Events [Line Items] | ||
SUBSEQUENT EVENTS | 13. Events after the reporting date 13.1. The business combination On March Upon consummation of the Business Combination, shareholders of Ajax and Cazoo became shareholders of Listco, and Listco changed its name to “Cazoo Group Ltd.” Upon consummation of the Business Combination Class A ordinary shares, par value $0.001 per share (the “Class A Shares”) and warrants of Cazoo Group Ltd became listed on the New York Stock Exchange under the symbols “CZOO” and “CZOO WS,” respectively. The transaction shall be treated as a “reverse acquisition” where Cazoo Holdings Limited is identified as accounting acquirer. The operations of the Group substantially comprise the ongoing operations of the combined company. 13.2. Additional stocking facility During August 2021, the Group entered into a €20 million stocking facility to finance the purchase of retail cars in Europe. 13.3. Acquisition of Cazana Limited On September 2, 2021, Cazoo Holdings Limited acquired Cazana Limited (‘Cazana’) for net consideration of approximately £25 Founded in 2012, Cazana has grown to a team of more than 50 staff including data scientists and engineers headquartered in London. Cazana has built an extensive dataset of over 500 million historic vehicle transactions from a range of countries, including the UK, Germany, France, Spain and Italy, and its tools are used by car manufacturers, lenders, fleet owners and insurers. Cazana’s products include real -time 13.4. Acquisition of SMH Fleet Solutions Limited On September 15, 2021, Cazoo Holdings Limited acquired SMH Fleet Solutions Limited (‘SMH’) for a cash consideration of approximately £70 Established in 2003, SMH has a team of over 500 expert staff and has the capacity to process 70,000 vehicle refurbishments annually from five vehicle preparation sites across 136 acres in Bedford, Gloucester, Throckmorton, Worcester and St Helens. SMH also carries out over 150,000 vehicle movements per year with a team of over 300 logistics specialists as well as operating an online wholesale platform for used cars. The combination of Cazoo’s online retail platform and brand with SMH’s leading infrastructure and expertise will double Cazoo’s overall vehicle reconditioning, logistics and storage capabilities in the UK with 10 total sites across more than 265 acres, as well as providing it with an experienced team of hundreds of additional vehicle preparation and logistics specialists and its own digital wholesale platform. As of the date of this report, management has not completed its purchase price allocation exercise for the above acquisitions. Full details of the fair value of assets and liabilities acquired are not available yet and will be provided in the Group’s results for the year ended December 31, 2021. | |
AJAX I [Member] | ||
Subsequent Events [Line Items] | ||
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than as described in Note 2 and below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. 11A On March -interest 11B On March The Cazoo Business Combination Agreement provides, subject to the terms and conditions therein, for the consummation of, among other things, the following transactions prior to the closing of the Cazoo Business Combination (collectively, the “Reorganization”): (a) approximately three business days prior to the closing of the Cazoo Business Combination (the “Listco Closing Date”), the sole shareholder of Listco will transfer to the Company all of the issued and outstanding equity securities of Listco and, as a result of such transfer, Listco shall become a wholly -owned -fourth Approximately two days following the completion of the Reorganization and at the closing of the Cazoo Business Combination (the “Closing”), pursuant to the Cazoo Business Combination Agreement, subject to the terms and conditions therein, Listco will acquire all of the issued and outstanding shares of Cazoo from the holders thereof (the “Cazoo Shareholders”). Cazoo Shareholders will, subject to the procedures, limitations and rationing mechanics set forth in the Cazoo Business Combination Agreement, have the ability to elect the mix of cash and Listco Class C ordinary shares, par value $0.0001 per share (the “Listco Class C Shares”) each such Cazoo Shareholder will receive. The Listco Class C Shares will, subject to certain exceptions, be non -transferrable -for-one The Business Combination will be consummated subject to the deliverables and provisions as further described in the Business Combination Agreement. On March | NOTE 10. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements. On August 4, 2021, Daniel Och and Glenn Fuhrman, the Company’s founders, committed to provide the Company with an aggregate of $1,650,000 in loans. The loans, if issued, will be non -interest Stockholder Litigation and Demands On June 3, 2021, June 8, 2021, July 13, 2021, July 27, 2021, August 6, 2021 and August 10, 2021, respectively, the Company received six demand letters from purported shareholders of the Company claiming certain alleged material omissions in the definitive proxy statement/prospectus, initially filed with the SEC on May 14, 2021, surrounding its planned transaction with Cazoo. A complaint asserting similar claims was filed on August 2, 2021 on behalf of one of these purported shareholders in the Supreme Court of the State of New York, County of New York: Ben Hoftyzer v. Ajax I, et al., Index No. 654725/2021 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of commitments and contingent liabilities [text block] [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6. COMMITMENTS AND CONTINGENCIES Registration and Shareholder Rights Pursuant to a registration rights agreement entered into on October 27, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to our Class A ordinary shares). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy -back -up Underwriting Agreement The underwriters are entitled to a deferred fee of $0.35 per Unit, or $28,174,682 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Cazoo Business Combination Agreement On March 29, 2021, the Company entered into a business combination agreement (the “Cazoo Business Combination Agreement”) with Cazoo Holdings Limited, a private limited company formed under the laws of England and Wales (the “Cazoo”), and Capri Listco, a Cayman Islands exempted company (“Listco”). The transactions contemplated by the Cazoo Business Combination Agreement are referred to herein as the “Cazoo Business Combination.” The board of directors of the Company and a committee of the board of directors of the Cazoo unanimously approved the Cazoo Business Combination. The Cazoo Business Combination Agreement provides, subject to the terms and conditions therein, for the consummation of, among other things, the following transactions prior to the closing of the Cazoo Business Combination (collectively, the “Reorganization”): (a) approximately three business days prior to the closing of the Cazoo Business Combination (the “Listco Closing Date”), the sole shareholder of Listco will transfer to the Company all of the issued and outstanding equity securities of Listco and, as a result of such transfer, Listco shall become a wholly -owned -fourth Approximately two days following the completion of the Reorganization and at the closing of the Cazoo Business Combination (the “Closing”), pursuant to the Cazoo Business Combination Agreement, subject to the terms and conditions therein, Listco will acquire all of the issued and outstanding shares of the Cazoo from the holders thereof (the “Cazoo Shareholders”). Cazoo Shareholders will, subject to the procedures, limitations and rationing mechanics set forth in the Cazoo Business Combination Agreement, have the ability to elect the mix of cash and Listco Class C ordinary shares, par value $0.0001 per share (the “Listco Class C Shares”) each such Cazoo Shareholder will receive. The Listco Class C Shares will, subject to certain exceptions, be non -transferrable -for-one The Cazoo Business Combination will be consummated subject to the deliverables and provisions as further described in the Cazoo Business Combination Agreement. On March 29, 2021, concurrently with the execution of the Cazoo Business Combination Agreement, the Company and Listco entered into subscription agreements (collectively, the “Subscription Agreements”) with certain investors (the “PIPE Investors”) pursuant to which, among other things, the PIPE Investors have agreed to subscribe for and purchase, and Listco has agreed to issue and sell to the PIPE Investors, an aggregate of 80,000,000 Listco Class A Shares for an aggregate purchase price of $800,000,000 concurrently with the Closing, on the terms and subject to the conditions set forth therein. The Subscription Agreements contain customary representations and warranties of the Company and Listco, on the one hand, and each PIPE Investor, on the other hand, and customary conditions to closing, including the consummation of the transactions contemplated by the Cazoo Business Combination Agreement. The securities that may be issued in connection with the Subscription Agreements will not be registered under the Securities Act, and will be issued in reliance on the exemption from registration requirements thereof provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder. Legal Update On June 3, 2021, June 8, 2021, July 13, 2021, July 27, 2021, August 6, 2021 and August 10, 2021, respectively, the Company received six demand letters from purported shareholders of the Company claiming certain alleged material omissions in the definitive proxy statement/prospectus, initially filed with the SEC on May 14, 2021, surrounding its planned transaction with Cazoo. A complaint asserting similar claims was filed on August 2, 2021 on behalf of one of these purported shareholders in the Supreme Court of the State of New York, County of New York: Ben Hoftyzer v. Ajax I, et al., Index No. 654725/2021. This complaint was later dismissed voluntarily by the plaintiff on August 12, 2021. Other, similar suits may follow. The Company specifically denies all allegations in the complaint and demand letters that any additional disclosure was or is required and believes these purported shareholders’ claims are without merit. |
Reporting Entity
Reporting Entity | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure Of Reporting Entity Explanatory [Abstract] | ||
Reporting entity | 1. Reporting entity Cazoo Holdings Limited (the ‘Company’, ‘Cazoo’ or ‘the Group’) is a limited company incorporated in the United Kingdom incorporated on February 7, 2020. The Company’s registered office is at 41 Chalton Street, London, NW1 1JD. The Company’s principal activity is the operation of an e -commerce The consolidated financial statements incorporate the accounts of the Company and entities controlled by the Company (“its subsidiaries”). | 1. Reporting entity Cazoo Holdings Limited (the ‘Company’, ‘Cazoo’ or ‘the Group’) is a limited company incorporated in the United Kingdom incorporated on February -commerce The consolidated financial statements incorporate the accounts of the Company and entities controlled by the Company (“its subsidiaries”). |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of changes in accounting policies [text block] [Abstract] | |
Accounting policies | 3. Accounting policies 3.1 Revenue The Group evaluates Revenue from contracts with customers based on the five step model under IFRS 15: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the separate performance obligations; and (5) recognize revenues when (or as) each performance obligation is satisfied. Revenue is measured based on the consideration the Group expects to be entitled to in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognizes revenue when it transfers control over a product or service to a customer. The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Consequently, the Group does not adjust any of the transaction prices for the time value of money. (i) Sale of goods Retail The Group sells vehicles directly to its customers through its platform. The prices of vehicles are set forth in the customer contracts at stand -alone -cash -exchange -exchange Wholesale The Group sells vehicles through car auctions to trade buyers. The vehicles sold to trade buyers are primarily acquired from customers as part -exchanges (ii) Rendering of services Other sales Customers purchasing vehicles from the Group may enter into a contract for finance through the Group’s platform. The Group receives a commission for the arrangement of these contracts from the principal. The Group recognizes commission revenue at the time of sale, net of a reserve for estimated contract cancellations. The reserve for cancellations is estimated based upon historical experience and recent trends and is reflected as a reduction in revenue. Changes in these estimates are reflected as an adjustment to revenue in the period identified. Customers purchasing vehicles from the Group may enter into a contract to extend their warranty after the initial 90 -day At the Group’s Customer Centers vehicle servicing products for vehicles are offered including interim, full and major servicing, MOT tests, general repairs and one -off Contract assets relate to commission revenue earned but not invoiced at the period end. The commission earned is conditional upon the delivery of the vehicle to the customer and no return being made by the customer. Contract liabilities relate to undelivered retail orders. Contract liabilities are recognised at the point of customer order on the platform and are derecognised into revenue upon delivery to the customer. 3.2 Cost of Sales Cost of sales includes the cost to acquire vehicles as well as direct and indirect reconditioning costs associated with preparing the vehicles for resale. Vehicle reconditioning costs include parts, labor and inbound transportation costs. Cost of sales includes any necessary adjustments to reflect vehicle inventory at the lower of cost and net realizable value. It also includes the cost of providing drive -away 3.3 Leasing The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short -term -value -value -of-use i) Right-of-use assets Right -of-use -of-use -of-use -of-use -of-use -line Leasehold property 2 to 20 years Motor vehicles 4 years Fixtures and fittings 5 years Depreciation of right -of-use The right -of-use ii) Lease liabilities Lease liabilities recognized are presented within Loans and borrowings on the statement of financial position. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in -substance The accretion of interest on lease liabilities is recognized within financial expense in the statement of profit or loss and other comprehensive income. 3.4 Employee benefits Short-term and long-term employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognized in respect of short -term Grants from the government are recognized at their fair value where there is reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Amounts received are recognized net within the income statement as income or a reduction to expenses. In the current year, the group has received funds in connection to the Job Retention Scheme launched as part of the UK Government’s response to the COVID -19 The group has not taken advantage of any other government assistance during the year. 3.5 Share-based payments Equity -settled -based The fair value determined at the grant date of the equity -settled -based -line 3.6 Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. (i) Current tax The tax currently payable is based on taxable profit for the Period. Taxable profit differs from ‘profit before tax’ as reported in the Statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. (ii) Deferred tax Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated statement of financial position differs from its tax base, except for differences arising on: • • • Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax assets are recovered. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle balances on a net basis. (iii) Current and deferred tax Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 3.7 Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprises cash at banks and short -term 3.8 Business combinations The acquisition of subsidiaries and businesses is accounted for using the acquisition method in accordance with IFRS 3. The consideration for each acquisition is measured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, net of cash acquired. Acquisition related costs other than those associated with the issue of debt or equity securities, are recognized in the consolidated statement of comprehensive income as incurred. At the acquisition date the identifiable assets acquired and liabilities assumed are recognized at their fair value with the exception of deferred tax assets and liabilities, which are measured in accordance with IAS 12 — income taxes. Identifiable net assets include the recognition of any separately identifiable intangible assets. Deferred and contingent consideration are measured at fair value at the date of acquisition. Where the amounts payable are classified as a financial liability any subsequent change in the fair value is charged/credited to the Group’s consolidated statement of comprehensive income. Amounts classified as equity are not subsequently remeasured. Where consideration to management shareholders is contingent on their continued employment the amount is recognized as a remuneration expense in the statement of comprehensive income over the deferral period. 3.9 Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in the statement of profit or loss. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Leased assets are depreciated on a straight -line Leasehold improvements 5 years Fixtures and fittings 1 – 5 years Computer equipment 3 years Motor vehicles 4 to 8 years Plant and machinery 4 years The residual values and economic lives of assets are reviewed on an annual basis. 3.10 Intangible assets (i) Intangible assets Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight -line lives. Amortization is recognized within operating expenses in the statement of profit or loss. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Domain names 5 years Platform development and computer software 3 years (ii) Internally-generated intangible assets Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally -generated • • • • • • The amount initially recognized for internally -generated -generated Subsequent to initial recognition, internally -generated (iii) Goodwill Goodwill arising on a business combination represents the difference between the fair value of the consideration paid and the fair value of assets and liabilities acquired and is recorded as an intangible asset. Goodwill is not subsequently subject to amortization but is tested for impairment annually and whenever the Directors have an indication that it may be impaired. For the purposes of impairment testing, goodwill is allocated to the cash -generating 3.11 Impairment of tangible and intangible assets other than goodwill At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash -generating -generating -generating Intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax If the recoverable amount of an asset (or cash -generating -generating When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash -generating 3.12 Inventory Inventory consists of vehicles purchased, direct and indirect vehicle reconditioning costs, including parts and labor and inbound transportation costs. Inventory are stated at the lower of cost and net realizable value. The costs of inventory are determined by specific identification. Net realizable value is the estimated selling price less costs to complete and transport the vehicles. Selling prices are derived from historical data and trends, such as sales price and inventory turn times of similar vehicles, as well as independent market data. Each reporting period the Group recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value through cost of sales. 3.13 Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). 3.14 Financial instruments Financial assets and financial liabilities are recognized when an entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. i. Financial assets All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Classification of financial assets Debt instruments that meet the following conditions are subsequently measured at amortized cost: • • Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVOCI): • • Amortized cost and effective interest method The effective interest method is a method for calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortized costs of a financial asset before adjusting for any loss allowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost and at FVOCI. For financial instruments other than purchased or originated credit -impaired Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on trade receivables, other receivables, and accrued income. The amount of expected credit loss is updated at each reporting date to reflect changes in credit risk since the initial recognition of the respective financial instrument. The Group always recognizes lifetime expected credit losses (“ECL”) for trade receivables, other receivables, and amounts due from customers under contracts. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instruments as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable. ii. Financial liabilities All financial liabilities are subsequently measured at amortized cost using the effective interest method or at fair value through profit or loss “FVTPL”. Financial liabilities subsequently measured at amortized cost Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability. Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non -cash Fair value measurement All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable 3.15 Defined contribution schemes Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate. 3.16 Business segments The Board of Directors has been identified as the Group’s chief operating decision maker. A monthly reporting pack is provided to the Board of Directors to enable them to assess the performance of the business. This reporting pack has been used as the basis for determining the Group’s operating segments. The monthly reporting pack presents the performance of the business on a consolidated basis and therefore the Board of Directors monitor the performance of the business on a consolidated basis only. The key financial performance metrics monitored by the chief operating decision maker include revenue, gross profit, operating expenses, Adjusted EBITDA and exceptional items. Assets and liabilities are also managed on a consolidated basis and are not reported to the chief operating decision maker in a disaggregated format within the monthly reporting pack. The chief operating decision maker monitors three individual revenue streams within the consolidated revenue metric, as set out in note 5. The revenue streams are monitored under the geographical segments UK and Europe. For the financial year ended December For a disaggregation of revenue by the three streams see note 5. |
Accounting Estimates And Judgem
Accounting Estimates And Judgements | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
Accounting estimates and judgements | 4. Accounting estimates and judgements 4.1 Judgements Discontinued operations Cazoo Holdings Limited acquired Imperial Cars on July Imperial Cars operated from 18 retail dealership locations in the UK. Imperial Cars offered approximately 2,500 nearly new and used cars, supported by 14 service centers and two vehicle preparation centers. The Group acquired Imperial Cars in order to obtain its infrastructure and properties, including Imperial’s main refurbishment facility with the capacity to recondition up to 50,000 cars per year, rather than to continue Imperial Cars’ physical retailing operation. Two months after the acquisition, the Imperial Cars onsite dealership business ceased operations. Eleven of the existing dealership centers were converted to Cazoo Customer Centers in order to align with the Group’s online strategy. A key accounting judgement was made in recognizing the post -acquisition Management determined that Imperial Cars was a business component because its operations were managed entirely separately from the remainder of the Group. Management concluded that this component represented a separate major line of business since sales of the Imperial retailing operations were conducted on -site Accordingly, management consider it appropriate to present the performance of the dealerships as a discontinued operation. Recognition of acquired intangibles on acquisition The process of recognizing intangibles assets acquired in an acquisition requires a judgement in assessing the intangibles that exist in the acquired business and assessing fair value. An intangible asset acquired as part of a business combination is recognized if it can be separately identified and it is a probable source of economic benefits. The Group has recognized £22.6m of goodwill in respect of the acquisition of Imperial Cars and no other separately identifiable intangibles. The Group engaged a third -party • • The Imperial business was acquired during the COVID -19 The reconditioning center CGU was analyzed for the existence of separately identifiable intangibles, none were noted. The Imperial Cars purchase price allocation exercise, therefore, concluded there exists no separately identifiable intangible assets aside from Goodwill. Goodwill is attributable to the expertise and synergies expected to be achieved from integrating the existing infrastructure of Imperial Cars into the Group’s business. The details of all assets and liabilities recognized upon acquisition is set out in note 12. Capitalization of development time Time spent by the Group’s employees, and external contractors under the direction of the Group’s employees, in software development is capitalized as an internally generated intangible asset when the requirements of IAS 38 and of Group policy are both met. A management judgement is applied in the assessment of the project against the development criteria of IAS 38 in the following areas: • • • The Group capitalized £1.6m of employee and contractor development expenditure in the year ended December Segmental information In preparing the segmental disclosures in the Group financial statements of Cazoo Holdings Limited it is necessary for management to determine the number and nature of each segment. Management has determined for the 2020 financial statements there exists a single consolidated segment encompassing the performance of the UK business. The Board of Directors has been identified as the Group’s chief operating decision maker. A monthly reporting pack is provided to the Board of Directors to enable them to assess the performance of the business. This reporting pack has been used as the basis for determining the Group’s operating segments. The monthly reporting pack presents the performance of the business on a consolidated basis and therefore the Board of Directors monitor the performance of the business on a consolidated basis only. The key financial performance metrics monitored by the chief operating decision maker include revenue, gross profit, operating expenses, Adjusted EBITDA and exceptional items. Assets and liabilities are also managed on a consolidated basis and are not reported to the chief operating decision maker in a disaggregated format within the monthly reporting pack. 4.2 Estimate Net realizable value of inventory Vehicles held in inventory are stated at the lower of cost and net realizable value. The calculation of net realizable value requires an estimate of the expected selling price of each vehicle held in inventory. This estimate is made using a combination of historical data of the Group and independent market data. Independent market data provide a view to recent market activity for vehicles with similar attributes to those held in stock. This, combined with recent sales data of the Group, is used to estimate the expected selling prices of inventory. At each reporting period the Group recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value through cost of sales. As at December December 31 December 31 December 31 £‘000 £‘000 £‘000 Gross inventory 118,203 43,969 — Inventory provision (3,509 ) (999 ) — Inventory 114,694 42,970 — The sensitivity of the inventory provision, based upon a 2% change in the expected selling price of inventory input, is as follows: Change in Change in Change in % £’000 £’000 Inventory provision +2 882 354 Inventory provision -2 (1,132 ) (558 ) Share -based payments Estimating fair value of equity settled employee share options requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. For the measurement of the fair value of equity -settled -Scholes -based |
Revenue
Revenue | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of revenue [text block] [Abstract] | ||
Revenue | 3. Revenue 3.1. Disaggregated revenue information The following is an analysis of the Group’s revenue for the period from continuing operations. The Group’s Chief Operating Decision Maker (CODM) has been identified as the Board of Directors. Management assesses and monitors the revenue performance of the Group as a single segment in line with the way the Group is assessed and managed by the CODM. All material revenue recognised has arisen within the UK. Revenue: June 30 June 30 Retail 207,948 36,902 Wholesale 12,774 2,509 Other sales 27,487 534 Revenue 248,209 39,945 Other sales include commission revenue from finance and warranty sales where the Group is not the principal of the transaction and revenue is recognised on a net basis. Recognition of revenue Revenue from contracts with customers 240,530 39,945 Other revenue 7,679 — 248,209 39,945 All revenue from co tracts with cu tomer re rec gnise at a point in time. 3.2. Contract balances June 30 December 31 Trade receivables 12,715 7,243 Contract assets 153 599 Contract liabilities (15,668 ) (9,059 ) All contract assets and liabilities are short term in nature and are derecognised within one month of the reporting period end across both June 30, 2021 and December Revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the period end is summarised as below. Within one Within one Undelivered vehicles 13,678 9,059 | 5. Revenue 5.1 Disaggregated revenue information The following is an analysis of the Group’s revenue for the year from continuing operations. Management assesses and monitors the revenue performance of the Group as a single segment. Revenue recognized has arisen entirely within the United Kingdom. Other sales includes commission revenue from finance and warranty sales where the Group is not the principal of the transaction and revenue is recognized on a net basis. 2020 2019 2018 £‘000 £‘000 £‘000 Type of goods Retail 150,420 1,078 — Wholesale 8,667 90 — Other sales 3,121 8 — 162,208 1,176 — Timing of revenue recognition 2020 2019 2018 £‘000 £‘000 £‘000 Goods and services transferred at point in time 162,208 1,176 — 162,208 1,176 — 5.2 Contract balances December 31, December 31, December 31, £‘000 £‘000 £‘000 Trade receivables 7,243 291 — Contract assets 599 8 — Contract liabilities (9,059 ) (385 ) — All contract assets and liabilities are short term in nature and are derecognized within one month of the reporting period end across both 2020 and 2019 financial periods. Revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the year -end Within one Within one Within one £‘000 £‘000 £‘000 Undelivered vehicles 9,059 385 — 9,059 385 — |
Operating expenses
Operating expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other operating expense [text block] [Abstract] | |
Operating expenses | 6. Operating expenses Operating loss from continuing operations is stated after charging: Year ended Year ended Period ended £’000 £’000 £’000 Depreciation of property, plant and equipment 5,897 705 — Amortization of Intangibles 1,292 76 — Expensed research and development cost 6,697 1,010 — 13,886 1,791 — |
Employee benefit expenses
Employee benefit expenses | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of employee benefits [text block] [Abstract] | |
Employee benefit expenses | 7. Employee benefit expenses Employee benefit expenses (including Directors) comprise: Year ended Year ended Period ended £‘000 £‘000 £‘000 Wages and salaries 10,913 5,164 — Employer’s national insurance 2,092 599 — Short-term non-monetary benefits 416 69 — Defined contribution pension cost 871 215 — Share-based payment expenses 3,759 199 — 18,051 6,246 — |
Finance income and expense
Finance income and expense | 12 Months Ended |
Dec. 31, 2020 | |
Finance Income And Expenses [Abstract] | |
Finance income and expense | 8. Finance income and expense Recognized in profit or loss Year ended 2020 Year ended 2019 Period ended 2018 £’000 £‘000 £‘000 Finance income Interest on: Bank deposits 486 170 — Total finance income 486 170 — Finance expense Bank interest payable (1,000 ) (392 ) — Lease interest accretion (298 ) (64 ) — Total finance expense (1,298 ) (456 ) — Net finance income recognized in profit or loss (812 ) (286 ) — |
Taxation
Taxation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of income tax [text block] [Abstract] | ||
Taxation | 5. Taxation The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the interim condensed consolidated statement of profit or loss are: June 30 June 30 Current income tax expense (24 ) — Deferred tax credit relating to origination and reversal of temporary differences 7,350 — Income tax credit recognised in statement of profit or loss 7,326 — A deferred tax liability arises due to a purchase price adjustment on the acquisition of subsidiaries where the fair value of intangible assets exceeded the tax basis in the subsidiaries. A deferred tax asset on losses is only recognised to the extent that it reduces the deferred tax liability arising to nil due to uncertainty of recoverability. | 9. Taxation No deferred tax assets or deferred tax liabilities were recognized in the Period ended December nil nil Year ended 2020 Year ended 2019 Period ended 2018 £‘000 £‘000 £‘000 Loss before tax from continuing operations (99,847 ) (17,964 ) (179 ) Current corporation tax rate of 19% (18,971 ) (3,413 ) (34 ) Expenses not deductible for tax purposes 1,238 64 10 Research and development claim – prior year (969 ) — — Deferred tax asset not recognized 17,733 3,349 24 Tax credit (969 ) — — The Group has unutilized tax losses of £127.2m (2019: £18.5m, 2018: £0.1m) which are available against future taxable profits for an indefinite period. No deferred tax assets have been recognized due to uncertainty of future taxable profits in the upcoming financial years against which to utilize the losses. On March |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued operations [Abstract] | |
Discontinued Operations | 10. Discontinued Operations On July Imperial Cars operated from 18 retail dealership locations in the UK. Imperial Cars offered approximately 2,500 nearly new and used cars, supported by 14 service centers and two vehicle preparation centers. The Group acquired Imperial Cars in order to obtain its infrastructure and properties, including Imperial Cars’ main refurbishment facility with the capacity to recondition up to 50,000 cars per year, rather than to continue Imperial Cars’ physical retailing operation. Two months after the acquisition, the Imperial Cars onsite dealership business ceased operations. Eleven of the existing dealerships were converted to Cazoo Customer Centers in order to align with the Group’s online strategy. In accordance with IFRS 5 the revenue and costs arising from the on -site Year ended £‘000 Revenue 27,194 Expenses (30,315 ) Operating loss (3,121 ) Finance expense (688 ) Loss before tax from discontinued operations (3,809 ) Tax expense — Loss for the year from discontinued operations (3,809 ) The net cash flows incurred by the Imperial Car Dealerships are, as follows: 2020 £’000 Operating 23,581 Investing — Financing (34,987 ) Net cash (outflow)/inflow (11,406 ) Earnings per share: 2020 £’000 Basic, profit/(loss) for the year from discontinued operations £ (0.03 ) Diluted, profit/(loss) for the year from discontinued operations £ (0.03 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of earnings per share [text block] [Abstract] | |
Earnings per share | 11. Earnings per share 2020 2019 2018 £’000 £’000 £’000 Earnings for the purposes of basic and diluted earnings per share, (98,878 ) (17,964 ) (179 ) Dilutive effect of share options, note 25 — — — Dilutive earnings per share denominator 149,109,163 97,769,783 70,681,818 Basic earnings per share £ (0.66 ) £ (0.18 ) £ (0.00 ) Diluted earnings per share £ (0.66 ) £ (0.18 ) £ (0.00 ) |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of deferred acquisition costs arising from insurance contracts [text block] [Abstract] | |
Acquisitions | 12. Acquisitions On July Prior to the acquisition, Imperial Cars had been one of the UK’s largest independent used car retailers. The acquisition allowed the Group to accelerate its roll out of Customer Centers by obtaining a portfolio of suitable leasehold and freehold properties. Goodwill represents the strategic value of obtaining a portfolio of freehold and leasehold properties and adding the expertise of the Imperial Cars workforce into the Group. The purchase has been accounted for as a business combination under the acquisition method in accordance with IFRS 3. The Group has completed its provisional assessment of fair value of assets acquired as set out below. In calculating goodwill arising from the acquisition the fair value of net assets acquired was determined. Adjustments to book value were made in the recognition of market value of real estate leases and the fair value of freehold property. The Group has not identified any separately identifiable intangibles as part of the acquisition. £’000 Property, plant and equipment 50,758 Intangible assets 251 Inventory 34,763 Trade and other receivables 5,599 Trade and other payables (19,561 ) Lease liabilities (27,972 ) Dilapidation provision (1,820 ) Other loans and borrowings (37,807 ) Total net assets acquired 4,211 Intangibles assets recognized on acquisition: Goodwill 22,693 26,904 Satisfied by: Cash consideration, net of cash acquired 16,530 Shares issued 8,999 Contingent consideration 1,375 Total consideration 26,904 Contingent consideration represents the expected sales proceeds of a long lease with peppercorn rent that was acquired through the purchase of Imperial Cars. The lease is held at a net book value of £1.4m and is presented within freehold property in note 14. The payment of the consideration is contingent upon the long lease being sold and the amount payable will be equal to the proceeds from the sale. From the date of acquisition, Imperial Cars contributed £27.2m of revenue and £3.8m to loss before tax from discontinued operations of the Group. The impact of the acquisition on discontinued revenue and profit before tax had the combination occurred on January |
Disposals
Disposals | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] [Abstract] | |
Disposals | 13. Disposals On August On September |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of property, plant and equipment [text block] [Abstract] | ||
Property, plant and equipment | 6. Property, plant and equipment During the six months ended June 30, 2021, the Group acquired property, plant and equipment with a cost of £51.0 nil | 14. Property, plant and equipment Leasehold Freehold Leasehold Fixtures Computer Motor Plant and Total £‘000 £’000 £‘000 £‘000 £‘000 £‘000 £’000 £‘000 Cost At December 31, 2018 — — — — — — — — Additions 5,450 — 1,191 832 235 1,791 — 9,499 At December 31, 2019 5,450 — 1,191 832 235 1,791 — 9,499 Additions 13,902 — 11,784 2,892 363 9,198 — 38,139 Acquisition of a subsidiary 30,367 14,907 2,576 1,375 252 116 1,165 50,758 Disposals (1,387 ) — (1,849 ) (1,076 ) (252 ) (116 ) (506 ) (5,186 ) At December 31, 2020 48,332 14,907 13,702 4,023 598 10,989 659 93,210 Accumulated depreciation At December 31, 2018 — — — — — — — — Depreciation charge for the year (421 ) — (54 ) (113 ) (35 ) (82 ) — (705 ) At December 31, 2019 (421 ) — (54 ) (113 ) (35 ) (82 ) — (705 ) Depreciation charge for the year (4,561 ) — (620 ) (345 ) (154 ) (1,076 ) (79 ) (6,835 ) Disposals 143 — 40 25 21 7 28 264 At December 31, 2020 (4,839 ) — (634 ) (433 ) (168 ) (1,151 ) (51 ) (7,276 ) Net book value At December 31, 2020 43,493 14,907 13,068 3,590 430 9,838 608 85,934 At December 31, 2019 5,029 — 1,137 719 200 1,709 — 8,794 At December 31, 2018 — — — — — — — — Right of use assets recognized within property, plant and equipment The net book value of right -of-use 2020 2019 2018 £’000 £‘000 £‘000 Leasehold property 43,493 5,029 — Motor vehicles 7,171 1,670 — Furniture, fittings and equipment 56 70 — 50,720 6,769 — |
Intangible Assets
Intangible Assets | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of intangible assets and goodwill [text block] [Abstract] | ||
Intangible assets | 7. Intangible assets During the six months ended June 30, 2021, the Group acquired intangible assets with a cost of £4.8 nil The reconciliation of carrying amount of goodwill is presented in the table below: Goodwill Cost At December 31, 2020 22,693 Additions — Acquisition of subsidiaries 94,135 At June 30, 2021 116,828 Accumulated impairment At December 31, 2020 — Impairment loss — At June 30, 2021 — Net book value At June 30, 2021 116,828 At December 31, 2020 22,693 | 15. Intangible assets Domain Development Goodwill Total £‘000 £’000 £’000 £‘000 Cost At October 15, 2018 — — — — Additions 20 — — 20 At December 31, 2018 20 — — 20 Additions — 3,244 — 3,244 At December 31, 2019 20 3,244 — 3,264 Additions 31 1,858 — 1,889 Acquisition of a subsidiary — 251 22,693 22,944 At December 31, 2020 51 5,353 22,693 28,097 Accumulated amortization At October 15, 2018 — — — — Charge for the Period — — — — At December 31, 2018 — — — — Charge for the Period (4 ) (72 ) — (76 ) At December 31, 2019 (4 ) (72 ) — (76 ) Charge for the Period (5 ) (1,356 ) — (1,361 ) At December 31, 2020 (9 ) (1,428 ) — (1,437 ) Net book value At December 31, 2020 42 3,925 22,693 26,660 At December 31, 2019 16 3,172 — 3,188 At December 31, 2018 20 — — 20 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of inventories [text block] [Abstract] | |
Inventory | 16. Inventory 2020 2019 2018 £‘000 £‘000 £‘000 Finished goods and goods for resale 114,694 42,970 — During the year, the group recognized a provision of £2.5m (2019: £1.0m) for the impairment of inventory within cost of sales. During the year £161.2m (2019: £1.2m) was recognized as an expense for inventory carried at net realizable value. This is recognized in cost of sales. As at December |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Schedule of trade and other receivables | 17. Trade and other receivables 2020 2019 2018 £’000 £’000 £’000 Trade receivables 7,243 291 — Prepayments 20,278 10,260 5,014 Contract assets 599 8 — VAT recoverable 4,533 4,983 35 Other receivables 4,216 1,687 — Total trade and other receivables 36,869 17,229 5,049 Due within one year 29,358 13,255 49 Due within two to five years 7,511 3,974 5,000 36,869 17,229 5,049 There is no expected credit loss on trade receivables. The carrying value of trade and other receivables classified as loans and receivables approximates fair value. As at December |
Trade and other payables
Trade and other payables | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Trade and other payables [Abstract] | ||
Trade and other payables | 8. Trade and other payables June 30 December 31 Trade payables 24,036 12,668 Accruals and other creditors 31,816 10,348 Tax and social security payables 4,115 2,119 Contract liabilities 13,678 9,059 Deferred consideration 2,924 1,375 76,569 35,569 Current 76,569 35,569 Non-current — — | 18. Trade and other payables 2020 2019 2018 £‘000 £’000 £’000 Trade payables 12,668 1,867 107 Accruals and other creditors 10,348 1,632 7 Tax and social security payables 2,119 353 — Contract liabilities 9,059 385 — Deferred consideration 1,375 — — Total trade and other payables 35,569 4,237 114 Due within one year 35,569 4,237 114 Due within two to five years — — — 35,569 4,237 114 Trade and other payables are measured at amortized cost. |
Loans and borrowings
Loans and borrowings | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of borrowings [text block] [Abstract] | ||
Loans and borrowings | 9. Loans and borrowings The book value of loans and borrowings are as follows: June 30 December 31 Current Stocking loans 116,155 86,709 Mortgages 523 1,368 Lease liabilities 14,125 6,540 130,803 94,617 Non-current Mortgages 1,776 2,126 Lease liabilities 46,702 41,508 48,478 43,634 Total loans and borrowings 179,281 138,251 The Group’s loans and borrowings are mainly denominated in Pound Sterling. | 19. Loans and borrowings The book value of loans and borrowings are as follows: December 31 December 31 2019 December 31 2018 £‘000 £‘000 £‘000 Current Stocking loans 86,709 32,477 — Mortgages 1,368 — — Lease liabilities 6,540 1,510 — 94,617 33,987 — Non-Current Mortgages 2,126 — — Lease liabilities 41,508 4,358 — 43,634 4,358 — Total loans and borrowings 138,251 38,345 — The carrying value of loans and borrowings classified as financial liabilities measured at amortized cost approximates fair value. Details of the interest rates, maturity and security details of loans and borrowings are set out in note 23. The Group’s loans and borrowings are denominated in Pound Sterling. Set out below are the movements in lease liabilities during the Period: Loans and £‘000 As at December 31, 2018 — Additions 6,496 Accretion of interest 65 Payments (693 ) As at December 31, 2019 5,868 Additions 19,850 Acquisition of a subsidiary 27,972 Accretion of interest 652 Payments (6,294 ) As at December 31, 2020 48,048 |
Provisions
Provisions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of provisions [text block] [Abstract] | ||
Provisions | 10. Provisions Dilapidation At December 31, 2021 3,363 Acquisition of subsidiaries 275 Recognised during the period 525 4,163 Current — Non-current 4,163 The dilapidation provisions relate to the expected reinstatement costs of leased office buildings, collection centres and vehicles back to the conditions required by the lease. Cash outflows associated with the dilapidation provisions are to be incurred at the end of the relevant lease term, between 4 and 20 years. | 20. Provisions Dilapidation £‘000 At December 31, 2018 — At January 1 2019 — Recognized during the year 582 At December 31, 2019 582 At January 1 2020 582 Acquisition of a subsidiary 1,820 Recognized during the year 961 At December 31, 2020 3,363 Current — Non-current 3,363 The dilapidation provisions relate to the expected reinstatement costs of leased office buildings, collection centers and vehicles back to the conditions required by the lease. Cash outflows associated with the dilapidation provision are to be incurred at the end of the relevant lease term, between 4 and 20 years. |
Leases
Leases | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Description of accounting policy for leases [text block] [Abstract] | ||
Leases | 2.2.3. Leasing Group acting as a lessor The subscription of vehicles to customers is recognised under IFRS 16. When the Group acts as a lessor, it determines at the lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub -lease -lease -of-use -term -term -lease If an arrangement contains lease and non -lease The Group recognises lease payments received under operating leases as revenue on a straight -line Amounts due from lessees under finance leases are recorded as a receivable at an amount equal to the net investment in the lease. The Group recognises finance income over the lease term, reflecting a constant periodic rate of return on the Group’s net investment in the lease. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. | 21. Leases The Group has lease contracts for its offices, customer collection centers, transporter motor vehicles and furniture and fittings. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. The carrying amounts and movement in the right -of-use The following are the amounts recognized in the statement of profit and loss in respect of lease agreements: 2020 2019 2018 £‘000 £‘000 £‘000 Depreciation expense 5,429 506 — Accretion of interest 652 64 — Total 6,081 570 — |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital [Abstract] | |
Share capital | 22. Share capital Issued and fully paid share capital 2020 2019 2018 2020 2019 2018 Number Number Number £’000 £’000 £’000 Ordinary shares of £0.0000000167 each 62,604 61,250 61,250 — — — Series A shares of £0.0000000167 each 30,250 30,250 30,250 — — — Series B shares of £0.0000000167 each 29,412 29,412 — — — — Series C shares of £0.0000000167 each 31,679 — — — — — Series D shares of £0.0000000167 each 22,501 — — — — — 176,446 120,912 91,500 — — — All classes of share presented above carry one vote per share and equal rights to dividends. Share Share Merger £’000 £’000 £’000 As at October 15, 2018 — — — Ordinary share issuance — 1,250 — Series A share issuance — 30,250 — As at December 31, 2018 — 31,500 — Series B share issuance — 50,000 — As at December 31, 2019 — 81,500 — Series C share issuance — 99,750 — Group restructuring — (181,250 ) 181,250 Series C extension — 25,250 — Acquisition of subsidiary — 8,999 — Series D share issuance — 231,634 — Other share issuances 237 As at December 31, 2020 — 266,120 181,250 On December On September On March On June On July On October |
Financial instruments
Financial instruments | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial instruments [text block] [Abstract] | ||
Financial instruments | 11. Financial instruments 11.1. Financial assets Set out below, is an overview of financial assets, other than cash and short -term June 30 December 31 Debt instruments at amortised cost Trade receivables 12,715 7,243 Contract assets 153 599 Lease deposits 1,954 2,653 14,822 10,495 Current 14,822 10,495 Non-current — — 11.2. Financial liabilities Set out below is an overview of financial liabilities held by the Group as at June 30, 2021 and December 31, 2020: June 30 December 31 Financial liabilities at amortised cost Current: Lease liabilities 14,125 6,540 Stocking loans 116,155 86,709 Mortgages 523 1,368 Warrants 6,648 — 137,451 94,617 Non-current: Lease liabilities 46,702 41,508 Mortgages 1,776 2,126 Warrants — — 48,478 43,634 11.3. Fair value Management assessed that the fair value of trade receivables, other receivables, stocking loans and trade and other payables approximate their carrying value due to the short -term The fair value of trade receivables, other receivables, stocking loans and trade and other payables has been measured using level 3 valuation inputs. | 23. Financial instruments 23.1 Financial assets December 31 December 31 2019 December 31 2018 £‘000 £’000 £’000 Debt instruments at amortized cost Trade receivables 7,243 291 — Contract assets 599 8 — Lease deposits 2,653 1,675 — Total financial assets 10,495 1,974 — 23.2 Financial liabilities: Interest bearing loans and borrowings Interest rate % Maturity December 31 2020 December 31 2019 December 31 2018 £‘000 £’000 £’000 Current Lease liabilities 1 – 7% Within one year 6,540 1,510 — Stocking loan Base rate + 1 – 3.75% On earlier of sale of underlying vehicle or 120/.180 days 86,709 32,477 — Mortgages 2 – 4% Within one year 1,368 — — Non-Current Lease liabilities 1 – 7% 2022 – 2040 41,508 4,358 — Mortgages 2 – 4% 2022 – 2025 2,126 — — The stocking loans are secured against the inventory of the Group. The stocking loans become due upon the sooner of a sale of a vehicle by the Group to a customer or 120/180 term from the inception of the individual loan. The stocking loans base rates are in reference to 7 -day The mortgages are secured against the freehold property of the Group. 23.3 Fair Value Management assessed that the fair value of trade receivables, other receivables, stocking loans and trade and other payables approximate their carrying value due to the short -term The fair value of trade receivables, other receivables, stocking loans and trade and other payables has been measured using level 3 valuation inputs. 23.4 Interest rate risk management Interest rate risk is the risk that changes in interest rates will affect the income and financial management of the Group. The Group is exposed to interest rate risk through its stocking facilities where interest is charged in reference to LIBOR. However, the exposure to interest rate risk is minimal since the Group is in a net cash position as at December The Group does not hedge against interest rate risk. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on the stocking loans, the only element of loans and borrowings impacted by variable interest rates. With other variables held constant, the Group’s profit before tax is affected through the impact on floating rate borrowings, as follows: Increase/ Effect on profit Effect on profit £’000 £’000 LIBOR +10 44 10 LIBOR -10 (44 ) (10 ) 23.5 Credit risk management Credit risk is the risk of financial loss to the Group if a customer or bank (“Counterparty”) fails to meet its contractual obligations resulting in a financial loss to the Group. The Group’s maximum exposure to credit risk at the Period end was equal to the carrying amount of trade receivables as set out in note 17. The Group’s exposure to credit risk is minimal since the settlement of amounts due for the sale of a vehicle to a consumer is completed prior to the delivery of the vehicle. The trade receivables balance represents customer funds to be received from our consumer finance partners and payment gateway provider. No provision in relation to the recoverability of receivables has been recognized. Credit risk from balances with banks and financial institutions is managed in accordance with the Group’s treasury policy. It is the Group’s policy to only hold cash and cash equivalent with banks which have at least an A rating and an A -1 23.6 Liquidity risk management Liquidity risk refers to the ability of the Group to meet the obligations associated with its financial liabilities that are settled as they fall due. The treasury strategy of the Group is to retain cash on the balance sheet by financing the purchase of inventory and to maximize interest received whilst maintaining liquidity and flexibility in the availability of funds. The table below summarizes the maturity profile of the Group’s financial liabilities based upon contractual undiscounted payments: 2020 Less than 1 to 5 years Over 5 years Total £‘000 £‘000 £‘000 £‘000 Stocking loans 86,709 — — 86,709 Lease liabilities 7,603 25,243 21,052 53,898 Mortgages 1,385 2,230 — 3,615 Trade payables 12,668 — — 12,668 Total 108,365 27,473 21,052 156,890 2019 Less than 1 to 5 years Over 5 years Total £‘000 £‘000 £‘000 £‘000 Stocking loans 32,477 — — 32,477 Lease liabilities 1,429 4,943 — 6,372 Trade payables 1,867 — — 1,867 Total 35,773 4,943 — 40,716 2018 Less than 1 to 5 years Over 5 years Total £‘000 £‘000 £‘000 £‘000 Stocking loans — — — — Lease liabilities — — — — Trade payables 107 — — — Total 107 — — — 23.7 Changes in liabilities arising from financial activities Stocking Lease Mortgages Total £‘000 £‘000 £‘000 £‘000 October 15, 2018 — — — — New leases — — — — Issue of debt — — — — Repayment — — — — Accretion of interest — — — — December 31, 2018 — — — — New leases — 6,496 — 6,496 Issue of debt 42,825 — — 42,825 Repayment (10,348 ) (693 ) — (11,041 ) Accretion of interest — 65 — 65 December 31, 2019 32,477 5,868 — 38,345 New leases — 19,850 — 19,850 Acquisition of subsidiary 33,870 27,972 3,937 65,799 Issue of debt 216,444 — — 216,444 Repayment (196,082 ) (6,294 ) (443 ) (202,819 ) Accretion of interest — 652 — 652 December 31, 2020 86,709 48,048 3,494 138,251 23.8 Hedge accounting The Group has not entered into any agreements designed to hedge financial risk in the Year ended December 23.9 Derecognition of financial instruments The Group has not recorded any gains or losses arising through the derecognition of financial assets or financial liabilities in the Period ended December The Company is not subject to any externally imposed capital requirements. 23.10 Capital management For the purposes of the Group’s capital management, capital includes cash raised through the issue of share capital and stocking loans. The primary objective of the Group’s capital management is to finance operational and developmental activities. Stocking loans are used specifically by the Group to finance the purchase of inventory. 2020 2019 2018 £’000 £’000 £’000 Inventory 114,694 42,970 — Stocking loans (86,709 ) (32,477 ) — Net inventory 27,985 10,493 — Cash and cash equivalents 243,524 34,539 26,366 |
Group Information
Group Information | 12 Months Ended |
Dec. 31, 2020 | |
Group Informationtext Block [Abstract] | |
Group information | 24. Group information Subsidiaries As at 31 December 2020, the consolidated financial statements of the Group include: Name Registered address Principal activities Equity interest Cazoo Holdings Limited 41 Chalton Street, London, NW1 1JD, United Kingdom Activities of other holding companies 100% Cazoo Limited Sale of used cars and light motor vehicles – 61,600,000 Ordinary – 30,250,000 Series A – 29,411,765 Series B – 23,470,589 Series C Cazoo Properties Limited Activities of other holding companies 100,000 Ordinary Imperial Car Supermarkets Limited Sale of used cars and light motor vehicles 900 Ordinary shares – 100% Imperial Cars of Swanwick Limited Sale of used cars and light motor vehicles 1000 Ordinary shares – 100% Carsaz Limited Sale of used cars and light motor vehicles 25 Ordinary shares – 100% |
Share based payments
Share based payments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | |
Share based payments | 25. Share based payments Details of the employee share option of the Group The Group operates an equity -settled -based On June The replacements were granted as if they had been granted on the same date as the original Cazoo Limited option at the same exercise price with the same vesting schedule. The fair value of the Cazoo Holding Limited option was equal to the fair value of the Cazoo Limited option immediately prior to the replacement. The share option replacement was treated as a modification in accordance with IFRS 2 and accordingly the initial share -based The Group recognized a share based charge for the year as follows: 2020 2019 2018 £’000 £’000 £’000 EMI – Pre-modification grants 182 152 — Unapproved – Pre-modification grants 1,763 47 — Unapproved – Post-modification grants 1,814 — — 3,759 199 — The following options were granted during the year ended December Scheme Number Grant date Expiry date Unapproved 1,566,584 01/01/2020 01/01/2030 Unapproved 1,422,500 01/04/2020 01/04/2030 Unapproved 2,215,381 01/07/2020 01/07/2030 Unapproved 1,594,720 01/10/2020 01/10/2030 Total 2020 6,799,185 Unapproved 2,079,500 01/06/2019 31/05/2029 EMI 7,102,500 01/10/2019 30/09/2029 Total 2019 9,182,000 Movements in share options during the year The following reconciles the share options outstanding at the beginning and end of the year. The movement schedule is presented as if the options granted in 2019 and prior to the restructure were granted by Cazoo Holdings Limited. EMI Unapproved As at October 15, 2018 — — Granted during the Period — — Forfeited during the Period — — As at December 31, 2018 — — Granted during the Year 7,102,500 2,079,500 Forfeited during the Year (15,000 ) (20,000 ) As at December 31, 2019 7,087,500 2,059,500 Granted during the Year — 6,799,185 Exercised during the Year (1,353,817 ) — Forfeited during the Year (1,050,000 ) (737,292 ) As at December 31, 2020 4,683,683 8,121,393 10,625 options were exercisable as at December nil Employee share option fair value assessment The following information is relevant in the determination of fair value of the employee share options granted in during 2020: Unapproved Valuation method Black-Scholes Share valuation £0.72 – £4.47 Exercise price £nil Expected volatility 46% Dividend yield Nil Risk free interest rate 0.00% Fair value per share £0.72 – £4.47 The expected volatility was estimated with references to listed Companies with a similar business model. The following information is relevant in determining the fair value of the employee share options granted during 2019: EMI Unapproved Valuation method Black-Scholes Black-Scholes Share valuation £0.10 £0.17 Exercise price £0.10 £nil Expected volatility 66% 62% Dividend yield Nil Nil Risk free interest rate 0.80% 0.75% Fair value per share £0.17 £0.17 |
Notes Supporting Statement of C
Notes Supporting Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Notes supporting statement of cash flows | 26. Notes supporting statement of cash flows 2020 2019 2018 £‘000 £‘000 £‘000 Cash at bank available on demand 52,742 19,508 1,366 Cash held in short-term deposit accounts 190,782 15,031 25,000 Cash and cash equivalents in the statement of financial position 243,524 34,539 26,366 Cash and cash equivalents in the statement of cash flows 243,524 34,539 26,366 |
Events After the Reporting Date
Events After the Reporting Date | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Events after the reporting date | 27. Events after the reporting date On January Drover is car subscription service with operations in the United Kingdom, and a small subscriber base in France. Founded in 2016, Drover had grown to a team of over 100 employees across London, Lisbon, Paris and Bucharest. Drover provides a monthly car subscription service, including maintenance, servicing, tax, breakdown cover and optional insurance, allowing its customers to choose from over 50 different models, all available online. The acquisition combined Cazoo’s brand, platform and funding with Drover’s expertise and relationships in car subscription services. The Group acquired Drover to accelerate its entry into the car subscription market and the acquisition provided the Group an existing customer base of over 2,000 active subscribers in the UK as well as a small subscriber base in France along with the associated recurring revenues. On February Smart Fleet Solutions Limited is a vehicle refurbishment business operating four state -of-the-art -party -party -wide On February Cluno is a German car subscription services company, with a business similar to Drover and a team of approximately 100 employees based in Munich. Cluno offers a monthly subscription that includes all car expenses other than fuel, with a six -month -partner As of the date of this report Management has not completed its purchase price allocation exercise for the above acquisitions. Full details of the fair value of assets and liabilities acquired will be provided in the Group’s results for the year ended December On March On March On April There have been no other reportable subsequent events at the date of signing of this report. |
Basis of Preparation
Basis of Preparation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of basis of preparation of financial statements [text block] [Abstract] | |
Basis of preparation | 2. Basis of preparation This condensed consolidated interim financial report for the half -year Interim Financial Reporting Except as described in 2.2. below, the accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020. 2.1. Going concern The financial statements have been prepared on a going concern basis as the Directors’ are satisfied that the Group will continue in operational existence for the foreseeable future. In assessing the going concern position of the Group, the Directors have considered the Group’s cash flows, liquidity and business activities. As at June 30, 2021, the Group had net assets of £306.3 The Group has raised additional capital of $836 2.2. New accounting policies 2.2.1. Retail revenue Retail revenue also includes the sale of a small number of vehicles where Cazoo acts as an agent and receives a fixed commission from the supplier when the vehicle is sold. Under IFRS 15 only the net commission received from these sales is recorded within revenue, with 100% of that revenue contributing towards gross profit. Any ancillary revenue earned on the transaction continues to be recognised separately. 2.2.2. Other revenue Revenue from the Cazoo Subscription Service is recognised under IFRS 16 and as such is recognised on a straight -line Revenue from provision of related services such as maintenance and breakdown are recognised in accordance with IFRS 15 — overtime, as the services are provided. 2.2.3. Leasing Group acting as a lessor The subscription of vehicles to customers is recognised under IFRS 16. When the Group acts as a lessor, it determines at the lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub -lease -lease -of-use -term -term -lease If an arrangement contains lease and non -lease The Group recognises lease payments received under operating leases as revenue on a straight -line Amounts due from lessees under finance leases are recorded as a receivable at an amount equal to the net investment in the lease. The Group recognises finance income over the lease term, reflecting a constant periodic rate of return on the Group’s net investment in the lease. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. 2.2.4. Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into the Group’s functional currency (Pounds Sterling) at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non -monetary -monetary Foreign currency differences are recognised in profit or loss and presented within finance costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition are translated at the exchange rates at the reporting date. The income and expenses of foreign operations are translated at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in Other Comprehensive Income (OCI) and accumulated in the translation reserve. 2.2.5. Intangible assets For specific acquisitions, the Group has identified intangible assets in respect of customer relationships and brands. The values of these intangibles are recognised as part of the identifiable assets and liabilities acquired. Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is calculated to write -off -line The estimated useful lives are as follows: Customer relationships Over the period of the expected benefit, between 2 to 6 years Brand name Over the period of use in the business, up to 3 years 2.3. New standards, interpretations and amendments adopted by the Group The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2021, but do not have an impact on the interim condensed consolidated financial statements of the Group. Interest Rate Benchmark Reform — Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk -free • • • These amendments had no impact on the interim condensed consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of business combinations [text block] [Abstract] | |
Business Combinations | 4. Business Combinations 4.1. Drover Limited On January 25, 2021, Cazoo Holdings Limited acquired 100% of the share capital of Drover Limited (“Drover”) for a total consideration of £65.4 Drover is car subscription service with operations in the United Kingdom and France. Founded in 2016, Drover provided a monthly car subscription service, including maintenance, servicing, tax, breakdown cover and optional insurance, allowing its customers to choose from over 50 different models, all available online. The Group acquired Drover to accelerate its entry into the car subscription market and the acquisition provided the Group an existing customer base of over 2,000 active subscribers in the UK as well as a nascent subscriber base in France along with the associated recurring revenues. The purchase has been accounted for as a business combination under the acquisition method in accordance with IFRS 3. The interim condensed consolidated financial statements include the results of Drover for the period from the acquisition date. In calculating goodwill arising from the acquisition, the fair value of net assets acquired was assessed and no material adjustments from book value were made to existing assets and liabilities. The Group has recognised a number of separately identifiable intangible assets as part of the acquisition, details of the provisional amounts are set out in the table below. £’000 Property, plant and equipment 3,943 Trade and other receivables 4,868 Cash 3,975 Trade and other payables (4,819 ) Loans and borrowings (3,791 ) Total net assets acquired 4,176 Intangible assets recognised on acquisition: Software 19,558 Brand 1,303 Deferred tax arising on intangible assets (3,983 ) Total intangible assets arising on acquisition 16,878 Total identifiable net assets at fair value 21,054 Goodwill 44,310 Purchase consideration transferred 65,365 Satisfied by: Cash 20,997 Debt assumed and discharged 4,463 Shares issued 33,339 Warrants issued 6,566 Purchase consideration transferred 65,365 The fair value of the ordinary shares issued at the date of acquisition was determined as £10.6 per ordinary share. This is consistent with an independent valuation of the Group’s ordinary shares at the last funding round. At the date of the acquisition, the carrying amount of trade and other receivables was £4.9 The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right -of-use Software acquired represents Drover’s subscription platform system that has been developed in -house During the six months ended June 30, 2021, the Group launched the Cazoo Subscription Service, bringing the technology and subscription offering previously provided by Drover under the Cazoo brand. Accordingly, the Drover brand was considered to be fully impaired during the period and has been written off to the profit or loss account. Goodwill is attributable mainly to the skills and technical talent of Drover’s workforce, and the synergies expected to be achieved from integrating the company into the Group’s existing standard car business. Upon acquisition, warrants were issued as consideration giving the holders the right to purchase ordinary share capital of Cazoo Holdings Limited at the next funding round at a 20 percent discount to the equity share price of that round. The benefit gained by the warrant holders is a fixed value and therefore the warrants have been recorded as a financial liability. As at the date of this report all warrant liabilities have been extinguished as part of the Group’s listing on the New York Stock Exchange. From the date of acquisition to June 30, 2021, Drover has contributed £4.8 Transaction costs of £0.8 4.2. Smart Fleet Solutions Limited On February 11, 2021 Cazoo Holdings Limited acquired 100% of the share capital of Smart Fleet Solutions Limited (“Smart Fleet”) for consideration of £23.2 At the time of the transaction, the Group also acquired £15.9 Smart Fleet is a vehicle refurbishment business operating four state -of-the-art -party -party -wide In calculating goodwill arising from the acquisition, the fair value of net assets acquired was determined. Adjustments to book value were made in the recognition of market value of real estate leases and the fair value of freehold property. The Group has also recognised a number of separately identifiable intangible assets as part of the acquisition, details of the provisional amounts are set out in the table below. £’000 Property, plant and equipment 25,101 Inventory 333 Trade and other receivables 7,335 Cash 669 Trade and other payables (2,161 ) Loans and borrowings (3,019 ) Total net assets acquired 28,259 £’000 Intangible assets recognised on acquisition: Customer relationships 7,300 Deferred tax arising on intangible assets (1,600 ) Total intangible assets arising on acquisition 5,700 Total identifiable net assets at fair value 33,959 Goodwill 5,166 Purchase consideration transferred 39,125 Satisfied by: Cash 29,125 Debt assumed and discharged 9,000 Shares issued 1,000 Purchase consideration transferred 30,125 The fair value of the ordinary shares issued at the date of acquisition was determined as £10.6 per ordinary share. This is consistent with an independent valuation of the Group’s ordinary shares at the last funding round. At the date of the acquisition, the carrying amount of trade and other receivables was £7.3 The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right -of-use An intangible asset has been recognised for significant customer relationships as future economic benefit is expected to arise from Smart Fleet existing customer relationships. Smart Fleet provides vehicle refurbishment to a small number of customers for which it holds long term relationships. Goodwill is attributable mainly to the skills and technical talent of Smart Fleet’s workforce, and the synergies expected to be achieved from integrating the company into the Group’s existing car refurbishment process, significantly increasing in -house From the date of acquisition to June 30, 2021, Smart Fleet has contributed £11.6 Transaction costs of £2.0 4.2. Cluno GmbH On February 23, 2021 the Cazoo Holdings Limited acquired 100% of the share capital of Cluno Gmbh (“Cluno”) for a total consideration of £60.4 Cluno is a German car subscription services company, with a business similar to Drover and a team of approximately 100 employees based in Munich. Cluno offers a monthly subscription that includes all car expenses other than fuel, with a six -month -partner The purchase has been accounted for as a business combination under the acquisition method in accordance with IFRS 3. The interim condensed consolidated financial statements include the results of Smart Fleet for the period from the acquisition date. In calculating goodwill arising from the acquisition, the fair value of net assets acquired was assessed and no material adjustments from book value were made to existing assets and liabilities. The Group has recognised a number of separately identifiable intangible assets as part of the acquisition, details of the provisional amounts are set out in the table below. £’000 Property, plant and equipment 27,181 Cash 8,589 Trade and other receivables 5,493 Trade and other payables (5,982 ) Loans and borrowings (23,708 ) Total net assets acquired 11,573 Intangible assets recognised on acquisition: Software 4,445 Brand 1,444 Deferred tax arising on intangible assets (1,767 ) Total intangible assets recognised on acquisition 4,122 Total identifiable net assets at fair value 15,695 Goodwill 44,659 Purchase consideration transferred 60,354 Satisfied by: Cash 28,722 Shares issued 31,009 Voluntary employee share option plan 623 Purchase consideration transferred 60,354 The fair value of the ordinary shares issued at the date of acquisition was determined as £10.6 per ordinary share. This is consistent with an independent valuation of the Group’s ordinary shares at the last funding round. At the date of the acquisition, the carrying amount of trade and other receivables was £5.5 The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right -of-use Software acquired represents Cluno’s subscription platform system that has been developed in -house Cluno is the Germany’s leading car subscription provider. The brand is considered to be highly recognisable in Germany. Goodwill is attributable mainly to the skills and technical talent of Cluno’s workforce, and the synergies expected to be achieved from integrating the company into the Group’s existing standard car business. From the date of acquisition to June 30, 2021, Cluno has contributed £4.5 Transaction costs of £0.9 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Cash and cash equivalents | 12. Cash and cash equivalents For the purpose of the condensed consolidated statement of cash flows, cash and cash equivalents are comprised of the following: June 30 December 31 Cash at bank available on demand 32,373 52,742 Cash held in short term deposit accounts 27,974 190,782 Cash and cash equivalents in the statement of cash flows 60,347 243,524 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 5 Months Ended | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies, by Policy (Policies) [Line Items] | |||
Basis of preparation | 2.1 Basis of preparation These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB). They were authorized for issue by the Company’s board of Directors on May Details of the Group’s accounting policies are included in note 3. In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The areas where judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 4. | ||
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December • • • When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra -group A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The results of subsidiaries acquired are included from the date the Group obtained control of the subsidiary. During the year, the Group was subject to a restructuring where Cazoo Holdings Limited was inserted at the top of the Group as a new parent company. Cazoo Limited became a wholly owned direct subsidiary of Cazoo Holdings Limited through a share for share exchange. Such Group reorganizations are outside the scope of IFRS 3. In accordance with IAS 8 management has used its judgement to develop a relevant and reliable accounting treatment, applying the principles of merger accounting. The current year and comparatives have been disclosed on the basis that Cazoo Holdings Limited has been in existence since the initial incorporation of Cazoo Limited. The comparatives are based upon those presented in the Cazoo Limited financial statements for the year ended December | ||
Basis of measurement | 2.3 Basis of measurement The financial statements have been prepared on the historical cost basis, except for financial assets, financial liabilities and share based payments that have been measured at fair value. | ||
New and amended standards and interpretations | 2.4 New and amended standards and interpretations The Group applied for the first -time Amendments to IFRS 9 and IAS 39 Financial Instruments The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark -based Amendments to IAS 1 and IAS 8: Definition of Material The amendments provide a new definition of material that states, “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general -purpose Conceptual Framework for Financial Reporting issued on March 29, 2018 The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. These amendments had no impact on the consolidated financial statements of the Group. Amendments to IFRS 16 Covid-19 Related Rent Concessions On May -19-Related -19 -19 -19 The amendment applies to annual reporting periods beginning on or after June | ||
Standards issued but not yet effective | 2.5 Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of the issuance of the Group’s financial statements are listed below. The Group intends to adopt these new and amended standards, if applicable, when they become effective. The new standards and amendments are not expected to have a material impact on the Group. • • -current • • • • -time -time • • | ||
LIBOR reform | 2.6 LIBOR reform Following the financial crisis, the reform and replacement of benchmark interest rates such as GBP LIBOR and other inter -bank -end | ||
Foreign currency | 2.2.4. Foreign currency Foreign currency transactions Transactions in foreign currencies are translated into the Group’s functional currency (Pounds Sterling) at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non -monetary -monetary Foreign currency differences are recognised in profit or loss and presented within finance costs. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition are translated at the exchange rates at the reporting date. The income and expenses of foreign operations are translated at the exchange rates at the dates of the transactions. Foreign currency differences are recognised in Other Comprehensive Income (OCI) and accumulated in the translation reserve. | 2.7 Presentational currency These financial statements are presented in pound sterling, which is the Group’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. | |
Going concern | 2.1. Going concern The financial statements have been prepared on a going concern basis as the Directors’ are satisfied that the Group will continue in operational existence for the foreseeable future. In assessing the going concern position of the Group, the Directors have considered the Group’s cash flows, liquidity and business activities. As at June 30, 2021, the Group had net assets of £306.3 The Group has raised additional capital of $836 | 2.8 Going Concern The financial statements have been prepared on a going concern basis as the Directors’ are satisfied that the Group will continue in operational existence for the foreseeable future. In assessing the going concern position of the Group, the Directors have considered the Group’s cash flows, liquidity and business activities. As at December The Group expects to raise additional capital in the third quarter of 2021 through a business combination with Ajax I a special purpose acquisition company listed on the New York stock exchange (the “business combination”). The additional capital will fund Cazoo’s growth strategy in the UK and across Europe. The funds generated from the business combination will provide significant cash headroom for the foreseeable future. The business combination is conditional upon approval by both the shareholders of Cazoo Holdings Limited and Ajax I and requires regulatory consent. The Group has a strong record of attracting investment from existing and new investors. During the year ended December The Directors have considered a further scenario where no future funds are raised by the Group in the period to July 2022. In this scenario, the business would have sufficient liquidity to continue to operate once applying mitigating factors which could include a reassessment of discretionary spend, timing of growth initiatives and scale of operations. On this basis the Directors are satisfied that the accounts should be prepared on a going concern basis and that the Group will continue in operational existence for the foreseeable future. | |
Retail revenue | 2.2.1. Retail revenue Retail revenue also includes the sale of a small number of vehicles where Cazoo acts as an agent and receives a fixed commission from the supplier when the vehicle is sold. Under IFRS 15 only the net commission received from these sales is recorded within revenue, with 100% of that revenue contributing towards gross profit. Any ancillary revenue earned on the transaction continues to be recognised separately. | ||
Other revenue | 2.2.2. Other revenue Revenue from the Cazoo Subscription Service is recognised under IFRS 16 and as such is recognised on a straight -line Revenue from provision of related services such as maintenance and breakdown are recognised in accordance with IFRS 15 — overtime, as the services are provided. | ||
Leasing | 2.2.3. Leasing Group acting as a lessor The subscription of vehicles to customers is recognised under IFRS 16. When the Group acts as a lessor, it determines at the lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub -lease -lease -of-use -term -term -lease If an arrangement contains lease and non -lease The Group recognises lease payments received under operating leases as revenue on a straight -line Amounts due from lessees under finance leases are recorded as a receivable at an amount equal to the net investment in the lease. The Group recognises finance income over the lease term, reflecting a constant periodic rate of return on the Group’s net investment in the lease. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. | 21. Leases The Group has lease contracts for its offices, customer collection centers, transporter motor vehicles and furniture and fittings. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. The carrying amounts and movement in the right -of-use The following are the amounts recognized in the statement of profit and loss in respect of lease agreements: 2020 2019 2018 £‘000 £‘000 £‘000 Depreciation expense 5,429 506 — Accretion of interest 652 64 — Total 6,081 570 — | |
Intangible assets | 2.2.5. Intangible assets For specific acquisitions, the Group has identified intangible assets in respect of customer relationships and brands. The values of these intangibles are recognised as part of the identifiable assets and liabilities acquired. Intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is calculated to write -off -line The estimated useful lives are as follows: Customer relationships Over the period of the expected benefit, between 2 to 6 years Brand name Over the period of use in the business, up to 3 years | ||
New standards, interpretations and amendments adopted by the Group | 2.3. New standards, interpretations and amendments adopted by the Group The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2021, but do not have an impact on the interim condensed consolidated financial statements of the Group. Interest Rate Benchmark Reform — Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk -free • • • These amendments had no impact on the interim condensed consolidated financial statements of the Group. The Group intends to use the practical expedients in future periods if they become applicable. | ||
AJAX I [Member] | |||
Accounting Policies, by Policy (Policies) [Line Items] | |||
Basis of preparation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and in accordance with the instructions to Form 10 -Q -X The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Amended and Restated Annual Report on Form 10 -K | |
Emerging Growth Company | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging | Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes -Oxley Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. | |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. | Use of Estimates The preparation of unaudited condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short -term | Cash and Cash Equivalents The Company considers all short -term | |
Marketable Securities Held in Trust Account | Marketable Securities Held in Trust Account At December | Marketable Securities Held in Trust Account The Company classifies its U.S. Treasury and equivalent securities as held -to-maturity -to-maturity -to-maturity | |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 80,499,090 and 62,011,512 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets, respectively. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. | |
Warrant Liability | Warrant Liability The Company accounts for warrants as either equity -classified -classified -in -40-15-7D -measurement -Scholes-Merton | Warrant Liability The Company accounts for warrants as either equity -classified -classified For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid -in -40-15-7D -measurement -Scholes-Merton | |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more -likely-than-not The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented. | |
Net Loss per Ordinary Share | Net Loss per Ordinary Share Net loss per share is computed by dividing net income by the weighted -average -dilutive The Company’s statement of operations includes a presentation of income (loss) per share for Class A ordinary shares subject to possible redemption in a manner similar to the two -class Net loss per share, basic and diluted, for non -redeemable -redeemable Non -redeemable -redeemable -redeemable -redeemable The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): For the Class A Ordinary Shares subject to possible redemption Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption Interest earned on marketable securities held in Trust Account $ 75,356 Unrealized gain (loss) on marketable securities held in Trust Account 8,889 Net income attributable $ 84,245 Denominator: Weighted Average Class A Ordinary Shares subject to possible redemption Basic and diluted weighted average shares outstanding, Class A Ordinary shares subject to possible redemption 72,074,470 Basic and diluted net income per share, Class A Ordinary shares subject to possible redemption $ 0.00 Non-Redeemable Ordinary Shares Numerator: Net Loss minus Net Earnings Net loss $ (113,069,866 ) Net income allocable to Class A Ordinary shares subject to possible redemption (84,245 ) Non-Redeemable Net Loss $ (113,154,111 ) Denominator: Weighted Average Non-Redeemable Ordinary shares Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares 13,618,324 Basic and diluted net loss per share, Non-redeemable Ordinary shares $ (8.31 ) | Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income by the weighted -average income per share, since the average stock price of the Company’s common stock for the three and six months ended June 30, 2021 was less than the exercise price and therefore, the inclusion of such warrants under the treasury stock method would be anti -dilutive The Company’s statement of operations includes a presentation of income (loss) per Class A ordinary share subject to possible redemption in a manner similar to the two -class Net loss per ordinary share, basic and diluted, for non -redeemable -redeemable Non -redeemable -redeemable -redeemable -redeemable The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): Three Months Ended Six Months Ended Class A Ordinary shares subject to possible redemption Numerator: Earnings allocable to Class A Ordinary shares subject to possible redemption Interest earned on marketable securities held in Trust Account $ 36,169 $ 132,193 Unrealized gain on marketable securities held in Trust Account (33,821 ) (10,579 ) Net Income allocable to shares subject to redemption $ 2,348 $ 121,614 Denominator: Weighted Average Class A ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 69,038,016 65,544,174 Basic and diluted net income per share $ — $ — Non-Redeemable Ordinary Shares Numerator: Net Loss minus Net Earnings Net (loss) income $ (11,909,061 ) $ 58,486,892 Less: Net income allocable to Class A ordinary shares subject to possible redemption (2,348 ) (121,614 ) Non-Redeemable Net (Loss) Income- Basic $ (11,911,409 ) $ 58,365,278 Denominator: Weighted Average Non-redeemable ordinary shares Basic and diluted weighted average shares outstanding, Non-Redeemable ordinary shares 20,405,417 23,899,259 Basic and diluted net (loss) income per share, Non-Redeemable ordinary $ (0.58 ) $ 2.44 | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short -term | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short -term | |
Recent Accounting Standards | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. | Recent Accounting Standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying condensed financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 5 Months Ended |
Dec. 31, 2020 | |
AJAX I [Member] | |
Restatement of Previously Issued Financial Statements (Tables) [Line Items] | |
Schedule of previously reported cash or investments held in the trust account | As Adjustments As Balance sheet as of October 30, 2020 (audited) Warrant Liability $ — $ 55,472,110 $ 55,472,110 Class A Ordinary Shares Subject to Possible Redemption 776,216,810 (55,472,110 ) 720,744,700 Class A Ordinary Shares 288 555 843 Additional Paid-in Capital 5,008,291 12,514,443 17,522,734 Accumulated Deficit (9,534 ) (12,514,998 ) (12,524,532 ) Balance sheet as of December 31, 2020 (audited) Warrant Liability $ — $ 155,599,680 $ 155,599,680 Class A Ordinary Shares Subject to Possible Redemption 775,799,047 (155,599,680 ) 620,199,367 Class A Ordinary Shares 293 1,556 1,849 Additional Paid-in Capital 5,426,113 112,641,012 118,067,125 Accumulated Deficit (427,298 ) (112,642,568 ) (113,069,866 ) Statement of Operations for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) Formation and operational costs $ 536,730 $ 1,316,194 $ 1,852,924 Change in fair value of warrant liability — (111,326,374 ) (111,326,374 ) Net loss (427,298 ) (112,642,568 ) (113,069,866 ) Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption 77,621,681 (5,547,211 ) 72,074,470 Basic and diluted weighted average shares outstanding, 10,373,729 3,244,595 13,618,324 Basic and diluted net loss per share, Non-redeemable ordinary (0.05 ) (8.26 ) (8.31 ) Cash Flow Statement for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) Net loss $ (427,298 ) $ (112,642,568 ) $ (113,069,866 ) Transaction costs allocable to warrant liabilities — 1,316,194 1,316,194 Change in fair value of warrant liability — 111,326,374 111,326,374 Initial classification of ordinary shares subject to possible redemption 776,216,810 (55,472,110 ) 720,744,700 Change in value of Class A ordinary Shares subject to possible redemption (417,763 ) (100,127,570 ) (100,545,333 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
AJAX I [Member] | ||
Summary of Significant Accounting Policies (Tables) [Line Items] | ||
Schedule of calculation of basic and diluted net income (loss) per ordinary share | For the Class A Ordinary Shares subject to possible redemption Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption Interest earned on marketable securities held in Trust Account $ 75,356 Unrealized gain (loss) on marketable securities held in Trust Account 8,889 Net income attributable $ 84,245 Denominator: Weighted Average Class A Ordinary Shares subject to possible redemption Basic and diluted weighted average shares outstanding, Class A Ordinary shares subject to possible redemption 72,074,470 Basic and diluted net income per share, Class A Ordinary shares subject to possible redemption $ 0.00 Non-Redeemable Ordinary Shares Numerator: Net Loss minus Net Earnings Net loss $ (113,069,866 ) Net income allocable to Class A Ordinary shares subject to possible redemption (84,245 ) Non-Redeemable Net Loss $ (113,154,111 ) Denominator: Weighted Average Non-Redeemable Ordinary shares Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares 13,618,324 Basic and diluted net loss per share, Non-redeemable Ordinary shares $ (8.31 ) | Three Months Ended Six Months Ended Class A Ordinary shares subject to possible redemption Numerator: Earnings allocable to Class A Ordinary shares subject to possible redemption Interest earned on marketable securities held in Trust Account $ 36,169 $ 132,193 Unrealized gain on marketable securities held in Trust Account (33,821 ) (10,579 ) Net Income allocable to shares subject to redemption $ 2,348 $ 121,614 Denominator: Weighted Average Class A ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 69,038,016 65,544,174 Basic and diluted net income per share $ — $ — Non-Redeemable Ordinary Shares Numerator: Net Loss minus Net Earnings Net (loss) income $ (11,909,061 ) $ 58,486,892 Less: Net income allocable to Class A ordinary shares subject to possible redemption (2,348 ) (121,614 ) Non-Redeemable Net (Loss) Income- Basic $ (11,911,409 ) $ 58,365,278 Denominator: Weighted Average Non-redeemable ordinary shares Basic and diluted weighted average shares outstanding, Non-Redeemable ordinary shares 20,405,417 23,899,259 Basic and diluted net (loss) income per share, Non-Redeemable ordinary $ (0.58 ) $ 2.44 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) - AJAX I [Member] | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Measurements (Tables) [Line Items] | ||
Schedule of assets and liabilities measured at fair value on recurring basis | Description Level December 31, Assets: Marketable securities held in Trust Account 1 $ 805,100,267 Liabilities Warrant Liability – Public Warrants 1 $ 66,009,252 Warrant Liability – Private Warrants 3 $ 89,590,428 | Description Level June 30, December 31, 2020 Assets: Marketable securities held in Trust Account 1 $ 805,244,565 $ 805,100,267 Liabilities Warrant Liability – Public Warrants 1 $ 37,633,324 $ 66,009,252 Warrant Liability – Private Warrants 3 $ 53,669,738 $ 89,590,428 |
Schedule of public warrants and the black-scholes-merton model for the private placement warrants | October 30, 2020 Input Public Private Risk-free interest rate 0.51 % 0.72 % Expected term (years) 1 8 Expected volatility 17.5 % 17.5 % Exercise price $ 11.50 $ 11.50 Fair value of Units $ 10.08 $ 9.79 | |
Schedule of changes in the fair value of warrant liabilities | Private (1) Public Warrant Fair value – $ — $ — $ — Initial measurement on October 30, 2020 (IPO) 32,328,622 23,143,488 55,472,110 Change in valuation inputs or other assumptions 57,261,806 42,865,764 100,127,570 Fair value as of December 31, 2020 $ 89,590,428 $ 66,009,252 $ 155,599,680 (1) As a result of the difference in fair value of $1.53 per share of the Private Placement warrants and the purchase of $1.00 per share (see Note 5), the Company recorded a charge of $11.2 | Private Placement Public Warrant Liabilities Fair value as of December 31, 2020 $ 89,590,428 $ 66,009,252 $ 155,599,680 Change in valuation inputs or other assumptions (35,920,690 ) (28,375,928 ) (64,296,618 ) Fair value as of June 30, 2021 $ 53,669,738 $ 37,633,324 $ 91,303,062 |
Schedule of fair value of private placement warrants estimated using black-scholes option pricing model | December 31, Expected volatility 30.6 % Risk-free interest rate 0.73 % Expected term (years) 7.82 Fair value per share of Class A ordinary shares $ 11.80 | June 30, December 31, 2020 Expected volatility 26.4 % 30.6 % Risk-free interest rate 1.22 % 0.73 % Expected term (years) 7.00 7.82 Fair value per share of Class A ordinary shares $ 9.96 $ 11.80 |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of changes in accounting policies [text block] [Abstract] | |
Schedule of estimated useful lives of right-of-use assets | Leasehold property 2 to 20 years Motor vehicles 4 years Fixtures and fittings 5 years |
Schedule of estimated useful lives of the assets | Leasehold improvements 5 years Fixtures and fittings 1 – 5 years Computer equipment 3 years Motor vehicles 4 to 8 years Plant and machinery 4 years |
Schedule of estimated useful life of intangible assets | Domain names 5 years Platform development and computer software 3 years |
Accounting Estimates And Judg_2
Accounting Estimates And Judgements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
Schedule of inventory provision | December 31 December 31 December 31 £‘000 £‘000 £‘000 Gross inventory 118,203 43,969 — Inventory provision (3,509 ) (999 ) — Inventory 114,694 42,970 — |
Schedule of selling price of inventory | Change in Change in Change in % £’000 £’000 Inventory provision +2 882 354 Inventory provision -2 (1,132 ) (558 ) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of revenue [text block] [Abstract] | ||
Schedule of material revenue recognised | Revenue: June 30 June 30 Retail 207,948 36,902 Wholesale 12,774 2,509 Other sales 27,487 534 Revenue 248,209 39,945 | 2020 2019 2018 £‘000 £‘000 £‘000 Type of goods Retail 150,420 1,078 — Wholesale 8,667 90 — Other sales 3,121 8 — 162,208 1,176 — |
Schedule of recognition of revenue | Revenue from contracts with customers 240,530 39,945 Other revenue 7,679 — 248,209 39,945 | 2020 2019 2018 £‘000 £‘000 £‘000 Goods and services transferred at point in time 162,208 1,176 — 162,208 1,176 — |
Schedule of contract balances | June 30 December 31 Trade receivables 12,715 7,243 Contract assets 153 599 Contract liabilities (15,668 ) (9,059 ) | December 31, December 31, December 31, £‘000 £‘000 £‘000 Trade receivables 7,243 291 — Contract assets 599 8 — Contract liabilities (9,059 ) (385 ) — |
Schedule of revenue expected to be recognised in the future related to performance obligations | Within one Within one Undelivered vehicles 13,678 9,059 | Within one Within one Within one £‘000 £‘000 £‘000 Undelivered vehicles 9,059 385 — 9,059 385 — |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other operating expense [text block] [Abstract] | |
Schedule of operating loss from continuing operations | Year ended Year ended Period ended £’000 £’000 £’000 Depreciation of property, plant and equipment 5,897 705 — Amortization of Intangibles 1,292 76 — Expensed research and development cost 6,697 1,010 — 13,886 1,791 — |
Employee benefit expenses (Tabl
Employee benefit expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of employee benefits [text block] [Abstract] | |
Schedule of employee benefit expenses | Year ended Year ended Period ended £‘000 £‘000 £‘000 Wages and salaries 10,913 5,164 — Employer’s national insurance 2,092 599 — Short-term non-monetary benefits 416 69 — Defined contribution pension cost 871 215 — Share-based payment expenses 3,759 199 — 18,051 6,246 — |
Finance income and expense (Tab
Finance income and expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finance Income And Expenses [Abstract] | |
Recognized in profit or loss | Year ended 2020 Year ended 2019 Period ended 2018 £’000 £‘000 £‘000 Finance income Interest on: Bank deposits 486 170 — Total finance income 486 170 — Finance expense Bank interest payable (1,000 ) (392 ) — Lease interest accretion (298 ) (64 ) — Total finance expense (1,298 ) (456 ) — Net finance income recognized in profit or loss (812 ) (286 ) — |
Taxation (Tables)
Taxation (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of income tax [text block] [Abstract] | ||
Schedule of reconciled to the statement of profit and loss | June 30 June 30 Current income tax expense (24 ) — Deferred tax credit relating to origination and reversal of temporary differences 7,350 — Income tax credit recognised in statement of profit or loss 7,326 — | Year ended 2020 Year ended 2019 Period ended 2018 £‘000 £‘000 £‘000 Loss before tax from continuing operations (99,847 ) (17,964 ) (179 ) Current corporation tax rate of 19% (18,971 ) (3,413 ) (34 ) Expenses not deductible for tax purposes 1,238 64 10 Research and development claim – prior year (969 ) — — Deferred tax asset not recognized 17,733 3,349 24 Tax credit (969 ) — — |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued operations [Abstract] | |
Schedule of revenue and costs arising from on-site dealership businesses date of acquisition | Year ended £‘000 Revenue 27,194 Expenses (30,315 ) Operating loss (3,121 ) Finance expense (688 ) Loss before tax from discontinued operations (3,809 ) Tax expense — Loss for the year from discontinued operations (3,809 ) 2020 £’000 Operating 23,581 Investing — Financing (34,987 ) Net cash (outflow)/inflow (11,406 ) Earnings per share: 2020 £’000 Basic, profit/(loss) for the year from discontinued operations £ (0.03 ) Diluted, profit/(loss) for the year from discontinued operations £ (0.03 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of earnings per share [text block] [Abstract] | |
Schedule of earnings per share | 2020 2019 2018 £’000 £’000 £’000 Earnings for the purposes of basic and diluted earnings per share, (98,878 ) (17,964 ) (179 ) Dilutive effect of share options, note 25 — — — Dilutive earnings per share denominator 149,109,163 97,769,783 70,681,818 Basic earnings per share £ (0.66 ) £ (0.18 ) £ (0.00 ) Diluted earnings per share £ (0.66 ) £ (0.18 ) £ (0.00 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of deferred acquisition costs arising from insurance contracts [text block] [Abstract] | |
Schedule of calculating goodwill arising from the acquisition the fair value of net assets acquired was determined | £’000 Property, plant and equipment 50,758 Intangible assets 251 Inventory 34,763 Trade and other receivables 5,599 Trade and other payables (19,561 ) Lease liabilities (27,972 ) Dilapidation provision (1,820 ) Other loans and borrowings (37,807 ) Total net assets acquired 4,211 Intangibles assets recognized on acquisition: Goodwill 22,693 26,904 Satisfied by: Cash consideration, net of cash acquired 16,530 Shares issued 8,999 Contingent consideration 1,375 Total consideration 26,904 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Schedule of right-of-use assets held under leases | Leasehold Freehold Leasehold Fixtures Computer Motor Plant and Total £‘000 £’000 £‘000 £‘000 £‘000 £‘000 £’000 £‘000 Cost At December 31, 2018 — — — — — — — — Additions 5,450 — 1,191 832 235 1,791 — 9,499 At December 31, 2019 5,450 — 1,191 832 235 1,791 — 9,499 Additions 13,902 — 11,784 2,892 363 9,198 — 38,139 Acquisition of a subsidiary 30,367 14,907 2,576 1,375 252 116 1,165 50,758 Disposals (1,387 ) — (1,849 ) (1,076 ) (252 ) (116 ) (506 ) (5,186 ) At December 31, 2020 48,332 14,907 13,702 4,023 598 10,989 659 93,210 Accumulated depreciation At December 31, 2018 — — — — — — — — Depreciation charge for the year (421 ) — (54 ) (113 ) (35 ) (82 ) — (705 ) At December 31, 2019 (421 ) — (54 ) (113 ) (35 ) (82 ) — (705 ) Depreciation charge for the year (4,561 ) — (620 ) (345 ) (154 ) (1,076 ) (79 ) (6,835 ) Disposals 143 — 40 25 21 7 28 264 At December 31, 2020 (4,839 ) — (634 ) (433 ) (168 ) (1,151 ) (51 ) (7,276 ) Net book value At December 31, 2020 43,493 14,907 13,068 3,590 430 9,838 608 85,934 At December 31, 2019 5,029 — 1,137 719 200 1,709 — 8,794 At December 31, 2018 — — — — — — — — |
Schedule of right-of-use assets held under leases | 2020 2019 2018 £’000 £‘000 £‘000 Leasehold property 43,493 5,029 — Motor vehicles 7,171 1,670 — Furniture, fittings and equipment 56 70 — 50,720 6,769 — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of intangible assets and goodwill [text block] [Abstract] | ||
Schedule of carrying amount of goodwill | Goodwill Cost At December 31, 2020 22,693 Additions — Acquisition of subsidiaries 94,135 At June 30, 2021 116,828 Accumulated impairment At December 31, 2020 — Impairment loss — At June 30, 2021 — Net book value At June 30, 2021 116,828 At December 31, 2020 22,693 | Domain Development Goodwill Total £‘000 £’000 £’000 £‘000 Cost At October 15, 2018 — — — — Additions 20 — — 20 At December 31, 2018 20 — — 20 Additions — 3,244 — 3,244 At December 31, 2019 20 3,244 — 3,264 Additions 31 1,858 — 1,889 Acquisition of a subsidiary — 251 22,693 22,944 At December 31, 2020 51 5,353 22,693 28,097 Accumulated amortization At October 15, 2018 — — — — Charge for the Period — — — — At December 31, 2018 — — — — Charge for the Period (4 ) (72 ) — (76 ) At December 31, 2019 (4 ) (72 ) — (76 ) Charge for the Period (5 ) (1,356 ) — (1,361 ) At December 31, 2020 (9 ) (1,428 ) — (1,437 ) Net book value At December 31, 2020 42 3,925 22,693 26,660 At December 31, 2019 16 3,172 — 3,188 At December 31, 2018 20 — — 20 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of inventories [text block] [Abstract] | |
Schedule of inventory | 2020 2019 2018 £‘000 £‘000 £‘000 Finished goods and goods for resale 114,694 42,970 — |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Schedule of trade and other receivables | 2020 2019 2018 £’000 £’000 £’000 Trade receivables 7,243 291 — Prepayments 20,278 10,260 5,014 Contract assets 599 8 — VAT recoverable 4,533 4,983 35 Other receivables 4,216 1,687 — Total trade and other receivables 36,869 17,229 5,049 Due within one year 29,358 13,255 49 Due within two to five years 7,511 3,974 5,000 36,869 17,229 5,049 |
Trade and other payables (Table
Trade and other payables (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Trade and other payables [Abstract] | ||
Schedule of trade and other payables | June 30 December 31 Trade payables 24,036 12,668 Accruals and other creditors 31,816 10,348 Tax and social security payables 4,115 2,119 Contract liabilities 13,678 9,059 Deferred consideration 2,924 1,375 76,569 35,569 Current 76,569 35,569 Non-current — — | 2020 2019 2018 £‘000 £’000 £’000 Trade payables 12,668 1,867 107 Accruals and other creditors 10,348 1,632 7 Tax and social security payables 2,119 353 — Contract liabilities 9,059 385 — Deferred consideration 1,375 — — Total trade and other payables 35,569 4,237 114 Due within one year 35,569 4,237 114 Due within two to five years — — — 35,569 4,237 114 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of borrowings [text block] [Abstract] | ||
Schedule of loans and borrowings | June 30 December 31 Current Stocking loans 116,155 86,709 Mortgages 523 1,368 Lease liabilities 14,125 6,540 130,803 94,617 Non-current Mortgages 1,776 2,126 Lease liabilities 46,702 41,508 48,478 43,634 Total loans and borrowings 179,281 138,251 | December 31 December 31 2019 December 31 2018 £‘000 £‘000 £‘000 Current Stocking loans 86,709 32,477 — Mortgages 1,368 — — Lease liabilities 6,540 1,510 — 94,617 33,987 — Non-Current Mortgages 2,126 — — Lease liabilities 41,508 4,358 — 43,634 4,358 — Total loans and borrowings 138,251 38,345 — |
Schedule of movements in lease liabilities | Loans and £‘000 As at December 31, 2018 — Additions 6,496 Accretion of interest 65 Payments (693 ) As at December 31, 2019 5,868 Additions 19,850 Acquisition of a subsidiary 27,972 Accretion of interest 652 Payments (6,294 ) As at December 31, 2020 48,048 |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of provisions [text block] [Abstract] | ||
Schedule of provisions | Dilapidation At December 31, 2021 3,363 Acquisition of subsidiaries 275 Recognised during the period 525 4,163 Current — Non-current 4,163 | Dilapidation £‘000 At December 31, 2018 — At January 1 2019 — Recognized during the year 582 At December 31, 2019 582 At January 1 2020 582 Acquisition of a subsidiary 1,820 Recognized during the year 961 At December 31, 2020 3,363 Current — Non-current 3,363 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Description of accounting policy for leases [text block] [Abstract] | |
Schedule of amounts recognized in the statement of profit and loss | 2020 2019 2018 £‘000 £‘000 £‘000 Depreciation expense 5,429 506 — Accretion of interest 652 64 — Total 6,081 570 — |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital [Abstract] | |
Schedule of issued and fully paid share capital | 2020 2019 2018 2020 2019 2018 Number Number Number £’000 £’000 £’000 Ordinary shares of £0.0000000167 each 62,604 61,250 61,250 — — — Series A shares of £0.0000000167 each 30,250 30,250 30,250 — — — Series B shares of £0.0000000167 each 29,412 29,412 — — — — Series C shares of £0.0000000167 each 31,679 — — — — — Series D shares of £0.0000000167 each 22,501 — — — — — 176,446 120,912 91,500 — — — |
schedule of classes of share capital | Share Share Merger £’000 £’000 £’000 As at October 15, 2018 — — — Ordinary share issuance — 1,250 — Series A share issuance — 30,250 — As at December 31, 2018 — 31,500 — Series B share issuance — 50,000 — As at December 31, 2019 — 81,500 — Series C share issuance — 99,750 — Group restructuring — (181,250 ) 181,250 Series C extension — 25,250 — Acquisition of subsidiary — 8,999 — Series D share issuance — 231,634 — Other share issuances 237 As at December 31, 2020 — 266,120 181,250 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial instruments [text block] [Abstract] | ||
Schedule of financial assets, other than cash and short-term deposits | June 30 December 31 Debt instruments at amortised cost Trade receivables 12,715 7,243 Contract assets 153 599 Lease deposits 1,954 2,653 14,822 10,495 Current 14,822 10,495 Non-current — — | December 31 December 31 2019 December 31 2018 £‘000 £’000 £’000 Debt instruments at amortized cost Trade receivables 7,243 291 — Contract assets 599 8 — Lease deposits 2,653 1,675 — Total financial assets 10,495 1,974 — |
Schedule of interest bearing loans and borrowings | Interest rate % Maturity December 31 2020 December 31 2019 December 31 2018 £‘000 £’000 £’000 Current Lease liabilities 1 – 7% Within one year 6,540 1,510 — Stocking loan Base rate + 1 – 3.75% On earlier of sale of underlying vehicle or 120/.180 days 86,709 32,477 — Mortgages 2 – 4% Within one year 1,368 — — Non-Current Lease liabilities 1 – 7% 2022 – 2040 41,508 4,358 — Mortgages 2 – 4% 2022 – 2025 2,126 — — | |
Schedule of the group’s profit before tax is affected through the impact on floating rate borrowings | Increase/ Effect on profit Effect on profit £’000 £’000 LIBOR +10 44 10 LIBOR -10 (44 ) (10 ) | |
Schedule of the maturity profile of the group’s financial liabilities based upon contractual undiscounted payments | 2020 Less than 1 to 5 years Over 5 years Total £‘000 £‘000 £‘000 £‘000 Stocking loans 86,709 — — 86,709 Lease liabilities 7,603 25,243 21,052 53,898 Mortgages 1,385 2,230 — 3,615 Trade payables 12,668 — — 12,668 Total 108,365 27,473 21,052 156,890 2019 Less than 1 to 5 years Over 5 years Total £‘000 £‘000 £‘000 £‘000 Stocking loans 32,477 — — 32,477 Lease liabilities 1,429 4,943 — 6,372 Trade payables 1,867 — — 1,867 Total 35,773 4,943 — 40,716 2018 Less than 1 to 5 years Over 5 years Total £‘000 £‘000 £‘000 £‘000 Stocking loans — — — — Lease liabilities — — — — Trade payables 107 — — — Total 107 — — — | |
Schedule of changes in liabilities arising from financial activities | Stocking Lease Mortgages Total £‘000 £‘000 £‘000 £‘000 October 15, 2018 — — — — New leases — — — — Issue of debt — — — — Repayment — — — — Accretion of interest — — — — December 31, 2018 — — — — New leases — 6,496 — 6,496 Issue of debt 42,825 — — 42,825 Repayment (10,348 ) (693 ) — (11,041 ) Accretion of interest — 65 — 65 December 31, 2019 32,477 5,868 — 38,345 New leases — 19,850 — 19,850 Acquisition of subsidiary 33,870 27,972 3,937 65,799 Issue of debt 216,444 — — 216,444 Repayment (196,082 ) (6,294 ) (443 ) (202,819 ) Accretion of interest — 652 — 652 December 31, 2020 86,709 48,048 3,494 138,251 | |
Schedule of stocking loans are used specifically by the group to finance the purchase of inventory | 2020 2019 2018 £’000 £’000 £’000 Inventory 114,694 42,970 — Stocking loans (86,709 ) (32,477 ) — Net inventory 27,985 10,493 — Cash and cash equivalents 243,524 34,539 26,366 | |
Schedule of financial liabilities held by the group | June 30 December 31 Financial liabilities at amortised cost Current: Lease liabilities 14,125 6,540 Stocking loans 116,155 86,709 Mortgages 523 1,368 Warrants 6,648 — 137,451 94,617 Non-current: Lease liabilities 46,702 41,508 Mortgages 1,776 2,126 Warrants — — 48,478 43,634 |
Group Information (Tables)
Group Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Group Informationtext Block [Abstract] | |
Schedule of consolidated financial statements | Name Registered address Principal activities Equity interest Cazoo Holdings Limited 41 Chalton Street, London, NW1 1JD, United Kingdom Activities of other holding companies 100% Cazoo Limited Sale of used cars and light motor vehicles – 61,600,000 Ordinary – 30,250,000 Series A – 29,411,765 Series B – 23,470,589 Series C Cazoo Properties Limited Activities of other holding companies 100,000 Ordinary Imperial Car Supermarkets Limited Sale of used cars and light motor vehicles 900 Ordinary shares – 100% Imperial Cars of Swanwick Limited Sale of used cars and light motor vehicles 1000 Ordinary shares – 100% Carsaz Limited Sale of used cars and light motor vehicles 25 Ordinary shares – 100% |
Share based payments (Tables)
Share based payments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | |
Schedule of recognized a share based charge | 2020 2019 2018 £’000 £’000 £’000 EMI – Pre-modification grants 182 152 — Unapproved – Pre-modification grants 1,763 47 — Unapproved – Post-modification grants 1,814 — — 3,759 199 — |
Schedule of options were granted | Scheme Number Grant date Expiry date Unapproved 1,566,584 01/01/2020 01/01/2030 Unapproved 1,422,500 01/04/2020 01/04/2030 Unapproved 2,215,381 01/07/2020 01/07/2030 Unapproved 1,594,720 01/10/2020 01/10/2030 Total 2020 6,799,185 Unapproved 2,079,500 01/06/2019 31/05/2029 EMI 7,102,500 01/10/2019 30/09/2029 Total 2019 9,182,000 |
Schedule of reconciles the share options outstanding | EMI Unapproved As at October 15, 2018 — — Granted during the Period — — Forfeited during the Period — — As at December 31, 2018 — — Granted during the Year 7,102,500 2,079,500 Forfeited during the Year (15,000 ) (20,000 ) As at December 31, 2019 7,087,500 2,059,500 Granted during the Year — 6,799,185 Exercised during the Year (1,353,817 ) — Forfeited during the Year (1,050,000 ) (737,292 ) As at December 31, 2020 4,683,683 8,121,393 |
Schedule of relevant in the determination of fair value of the employee share options granted | Unapproved Valuation method Black-Scholes Share valuation £0.72 – £4.47 Exercise price £nil Expected volatility 46% Dividend yield Nil Risk free interest rate 0.00% Fair value per share £0.72 – £4.47 EMI Unapproved Valuation method Black-Scholes Black-Scholes Share valuation £0.10 £0.17 Exercise price £0.10 £nil Expected volatility 66% 62% Dividend yield Nil Nil Risk free interest rate 0.80% 0.75% Fair value per share £0.17 £0.17 |
Notes Supporting Statement of_2
Notes Supporting Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Schedule of notes supporting cash flows | 2020 2019 2018 £‘000 £‘000 £‘000 Cash at bank available on demand 52,742 19,508 1,366 Cash held in short-term deposit accounts 190,782 15,031 25,000 Cash and cash equivalents in the statement of financial position 243,524 34,539 26,366 Cash and cash equivalents in the statement of cash flows 243,524 34,539 26,366 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of related party [text block] [Abstract] | |
Schedule of amounts recognized as an expense during the year related to key management personnel | Year ended Year ended Period ended £‘000 £‘000 £‘000 Wages and salaries 546 411 — Employer’s national insurance 83 57 — Short-term non-monetary benefits 2 2 — Defined contribution pension cost 23 16 — 654 486 — |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of business combinations [text block] [Abstract] | |
Schedule of fair value of assets | £’000 Property, plant and equipment 3,943 Trade and other receivables 4,868 Cash 3,975 Trade and other payables (4,819 ) Loans and borrowings (3,791 ) Total net assets acquired 4,176 Intangible assets recognised on acquisition: Software 19,558 Brand 1,303 Deferred tax arising on intangible assets (3,983 ) Total intangible assets arising on acquisition 16,878 Total identifiable net assets at fair value 21,054 Goodwill 44,310 Purchase consideration transferred 65,365 Satisfied by: Cash 20,997 Debt assumed and discharged 4,463 Shares issued 33,339 Warrants issued 6,566 Purchase consideration transferred 65,365 £’000 Property, plant and equipment 25,101 Inventory 333 Trade and other receivables 7,335 Cash 669 Trade and other payables (2,161 ) Loans and borrowings (3,019 ) Total net assets acquired 28,259 £’000 Intangible assets recognised on acquisition: Customer relationships 7,300 Deferred tax arising on intangible assets (1,600 ) Total intangible assets arising on acquisition 5,700 Total identifiable net assets at fair value 33,959 Goodwill 5,166 Purchase consideration transferred 39,125 Satisfied by: Cash 29,125 Debt assumed and discharged 9,000 Shares issued 1,000 Purchase consideration transferred 30,125 £’000 Property, plant and equipment 27,181 Cash 8,589 Trade and other receivables 5,493 Trade and other payables (5,982 ) Loans and borrowings (23,708 ) Total net assets acquired 11,573 Intangible assets recognised on acquisition: Software 4,445 Brand 1,444 Deferred tax arising on intangible assets (1,767 ) Total intangible assets recognised on acquisition 4,122 Total identifiable net assets at fair value 15,695 Goodwill 44,659 Purchase consideration transferred 60,354 Satisfied by: Cash 28,722 Shares issued 31,009 Voluntary employee share option plan 623 Purchase consideration transferred 60,354 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Schedule of cash and cash equivalents | June 30 December 31 Cash at bank available on demand 32,373 52,742 Cash held in short term deposit accounts 27,974 190,782 Cash and cash equivalents in the statement of cash flows 60,347 243,524 |
Description of Organization a_2
Description of Organization and Business Operations (Details) - AJAX I [Member] | Oct. 30, 2020GBP (£)£ / sharesshares | Oct. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / shares | Aug. 04, 2021USD ($) | May 15, 2021USD ($) | Mar. 22, 2021USD ($) | Sep. 22, 2020shares |
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Number of shares (in Shares) | shares | 9,583,333 | |||||||
Warrant price per share (in Dollars per share) | $ / shares | $ 18 | $ 18 | ||||||
Transaction costs amount | $ 44,919,371 | $ 44,919,371 | ||||||
Consisting fees | 16,099,818 | |||||||
Underwriting fees | 28,174,682 | |||||||
Deferred underwriting fees | $ 644,871 | |||||||
Operating amount | $ 1,916,741 | |||||||
Proposed public offering, description | Following the closing of the Initial Public Offering on October 30, 2020, an amount of $804,990,900 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. | Following the closing of the Initial Public Offering on October 30, 2020, an amount of $804,990,900 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and certain of the proceeds of the sale of the Private Placement Warrants were placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. | ||||||
Business combination percentage | 80.00% | 80.00% | ||||||
Ownership percentage | 50.00% | 50.00% | ||||||
Trust account per shares (in Dollars per share) | $ / shares | $ 10 | $ 10 | ||||||
Net tangible assets | $ 5,000,001 | $ 5,000,001 | ||||||
Public shares percentage | 15.00% | 15.00% | ||||||
Redeem public shares percentage | 100.00% | 100.00% | ||||||
Dissolution expenses | $ 100,000 | $ 100,000 | ||||||
Offering price per shares (in Dollars per share) | $ / shares | $ 1 | |||||||
Public per share (in Dollars per share) | $ / shares | $ 10 | $ 10 | ||||||
Underwriting fees | $ 16,099,818 | |||||||
Deferred underwriting fees | 28,174,682 | |||||||
Other offering costs | 644,871 | |||||||
Working deficit | 2,080,560 | |||||||
Aggregate loan amount | $ 2,000,000 | $ 1,500,000 | ||||||
Executive loans outstanding | $ 3,500,000 | |||||||
Initial Public Offering [Member] | ||||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Number of shares (in Shares) | shares | 80,499,090 | 80,499,090 | ||||||
Transaction costs amount | $ 1,316,194 | |||||||
Operating amount | $ 43,603,177 | |||||||
Offering price per shares (in Dollars per share) | $ / shares | $ (10) | $ (10) | ||||||
Over-Allotments Option [Member] | ||||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Number of shares (in Shares) | shares | 5,499,090 | 5,499,090 | ||||||
Price per share (in Pounds per share) | £ / shares | £ 10 | |||||||
Gross proceeds | £ 804,990,900 | $ 804,990,900 | ||||||
Offering price per shares (in Dollars per share) | $ / shares | $ 10 | |||||||
Private Placement Warrants [Member] | ||||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Gross proceeds | $ 21,129,818 | |||||||
issued of warrants shares (in Shares) | shares | 21,129,818 | |||||||
Warrant price per share (in Dollars per share) | $ / shares | $ 1 | 1 | ||||||
Price per shares (in Dollars per share) | $ / shares | $ 21,129,818 | |||||||
Sponsor [Member] | ||||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Gross proceeds | $ 21,129,818 | |||||||
Business combinations [member] | ||||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Net tangible assets | $ 5,000,001 | $ 5,000,001 | ||||||
The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment and (iii) to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination. | The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment and (iii) to waive its rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination. | |||||||
Non-adjusting events after reporting period [member] | ||||||||
Description of Organization and Business Operations (Details) [Line Items] | ||||||||
Aggregate loan amount | $ 1,650,000 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements (Details) | Dec. 31, 2020 |
AJAX I [Member] | |
Restatement of Previously Issued Financial Statements (Details) [Line Items] | |
Outstanding shares percentage | 50.00% |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements (Details) - Schedule of previously reported cash or investments held in the trust account - AJAX I [Member] - USD ($) | 5 Months Ended | |
Dec. 31, 2020 | Oct. 30, 2020 | |
As Previously Reported [Member] | ||
Balance sheet as of October 30, 2020 (audited) | ||
Warrant Liability | ||
Class A Ordinary Shares Subject to Possible Redemption | 775,799,047 | 776,216,810 |
Class A Ordinary Shares | 293 | 288 |
Additional Paid-in Capital | 5,426,113 | 5,008,291 |
Accumulated Deficit | (427,298) | (9,534) |
Statement of Operations for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) | ||
Formation and operational costs | 536,730 | |
Change in fair value of warrant liability | ||
Net loss | $ (427,298) | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | 77,621,681 | |
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | 10,373,729 | |
Basic and diluted net loss per share, Non-redeemable ordinary shares (in Dollars per share) | $ (0.05) | |
Cash Flow Statement for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) | ||
Net loss | $ (427,298) | |
Transaction costs allocable to warrant liabilities | ||
Change in fair value of warrant liability | ||
Initial classification of ordinary shares subject to possible redemption (in Shares) | 776,216,810 | |
Change in value of Class A ordinary Shares subject to possible redemption (in Shares) | (417,763) | |
Adjustments [Member] | ||
Balance sheet as of October 30, 2020 (audited) | ||
Warrant Liability | $ 155,599,680 | 55,472,110 |
Class A Ordinary Shares Subject to Possible Redemption | (155,599,680) | (55,472,110) |
Class A Ordinary Shares | 1,556 | 555 |
Additional Paid-in Capital | 112,641,012 | 12,514,443 |
Accumulated Deficit | (112,642,568) | (12,514,998) |
Statement of Operations for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) | ||
Formation and operational costs | 1,316,194 | |
Change in fair value of warrant liability | (111,326,374) | |
Net loss | $ (112,642,568) | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | (5,547,211) | |
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | 3,244,595 | |
Basic and diluted net loss per share, Non-redeemable ordinary shares (in Dollars per share) | $ (8.26) | |
Cash Flow Statement for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) | ||
Net loss | $ (112,642,568) | |
Transaction costs allocable to warrant liabilities | 1,316,194 | |
Change in fair value of warrant liability | $ 111,326,374 | |
Initial classification of ordinary shares subject to possible redemption (in Shares) | (55,472,110) | |
Change in value of Class A ordinary Shares subject to possible redemption (in Shares) | (100,127,570) | |
As Restated [Member] | ||
Balance sheet as of October 30, 2020 (audited) | ||
Warrant Liability | $ 155,599,680 | 55,472,110 |
Class A Ordinary Shares Subject to Possible Redemption | 620,199,367 | 720,744,700 |
Class A Ordinary Shares | 1,849 | 843 |
Additional Paid-in Capital | 118,067,125 | 17,522,734 |
Accumulated Deficit | (113,069,866) | $ (12,524,532) |
Statement of Operations for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) | ||
Formation and operational costs | 1,852,924 | |
Change in fair value of warrant liability | (111,326,374) | |
Net loss | $ (113,069,866) | |
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption (in Shares) | 72,074,470 | |
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | 13,618,324 | |
Basic and diluted net loss per share, Non-redeemable ordinary shares (in Dollars per share) | $ (8.31) | |
Cash Flow Statement for the Period from August 13, 2020 (inception) to December 31, 2020 (audited) | ||
Net loss | $ (113,069,866) | |
Transaction costs allocable to warrant liabilities | 1,316,194 | |
Change in fair value of warrant liability | $ 111,326,374 | |
Initial classification of ordinary shares subject to possible redemption (in Shares) | 720,744,700 | |
Change in value of Class A ordinary Shares subject to possible redemption (in Shares) | (100,545,333) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) £ in Thousands | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)shares | Jun. 30, 2021USD ($)shares | Dec. 31, 2020GBP (£)shares | Jun. 30, 2021GBP (£)shares | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Net assets (in Pounds) | £ 330,498 | £ 306,314 | £ 63,556 | £ 31,321 | ||
Cash balance (in Pounds) | 243,524 | £ 60,347 | £ 34,539 | £ 26,366 | ||
Net total (in Pounds) | £ 356,900 | |||||
AJAX I [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Aggregate shares in calculation of diluted per share | shares | 41,254,590 | 41,254,591 | ||||
Federal depository insurance coverage (in Dollars) | $ | $ 250,000 | $ 250,000 | ||||
AJAX I [Member] | Class A Ordinary Shares [Member] | ||||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||||
Subject to possible redemption shares | shares | 62,011,512 | 80,499,090 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of calculation of basic and diluted net income (loss) per ordinary share | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption | |
Interest earned on marketable securities held in Trust Account | $ 75,356 |
Unrealized gain (loss) on marketable securities held in Trust Account | 8,889 |
Net income attributable | $ 84,245 |
Basic and diluted weighted average shares outstanding, Class A Ordinary shares subject to possible redemption (in Shares) | shares | 72,074,470 |
Basic and diluted net income per share, Class A Ordinary shares subject to possible redemption (in Dollars per share) | $ / shares | $ 0 |
Numerator: Net Loss minus Net Earnings | |
Net loss | $ (113,069,866) |
Net income allocable to Class A Ordinary shares subject to possible redemption (in Shares) | shares | (84,245) |
Non-Redeemable Net Loss | $ (113,154,111) |
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares (in Shares) | shares | 13,618,324 |
Basic and diluted net loss per share, Non-redeemable Ordinary shares (in Shares) | shares | (8.31) |
Initial Public Offering (Detail
Initial Public Offering (Details) - AJAX I [Member] - $ / shares | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
IPO [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Number of shares issued | 80,499,090 | 80,499,090 |
Purchase price (in Dollars per share) | $ 10 | $ 10 |
Sale of stock, description | Each Unit consists of one Class A ordinary share and one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8). | Each Unit consists of one Class A ordinary share and one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 7). |
Over-Allotment Option [Member] | ||
Initial Public Offering (Details) [Line Items] | ||
Number of shares issued | 5,499,090 | 5,499,090 |
Private Placement (Details)
Private Placement (Details) - AJAX I [Member] - USD ($) | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Private Placement (Details) [Line Items] | ||
Warrant price per share | $ 18 | $ 18 |
Fair value, price per share | 1.53 | |
Purchase price per share | $ 1 | |
Change in fair value of derivative liability (in Dollars) | $ 11,200,000 | |
Ordinary share, price per share | 12 | |
Class A Ordinary Shares [Member] | ||
Private Placement (Details) [Line Items] | ||
Warrant price per share | 0.0001 | |
Ordinary share price per share | $ 11.50 | |
Ordinary share, price per share | 11.50 | |
Over-Allotments Option [Member] | ||
Private Placement (Details) [Line Items] | ||
Warrant price per share | $ 1 | |
Aggregate purchase price (in Dollars) | $ 1,099,818 | |
Additional amount of warrants (in Shares) | 1,099,818 | |
Sponsor [Member] | Private Placement Warrants [Member] | ||
Private Placement (Details) [Line Items] | ||
Aggregate purchase price (in Shares) | 21,129,818 | 21,129,818 |
Warrant price per share | $ 1 | $ 1 |
Aggregate purchase price (in Dollars) | $ 21,129,818 | $ 21,129,818 |
Related Party Transactions (Det
Related Party Transactions (Details) $ / shares in Units, £ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Oct. 27, 2020USD ($) | Sep. 16, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / shares | Dec. 31, 2020GBP (£) | Jun. 30, 2021GBP (£) | Mar. 22, 2021 | Oct. 30, 2020shares | Sep. 22, 2020shares | Jun. 30, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | |
Related Party Transactions (Details) [Line Items] | |||||||||||||
Cost of consideration | £ | £ 26,904 | ||||||||||||
Related party transaction (in Pounds) | £ | |||||||||||||
AJAX I [Member] | |||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||
Sponsor paid | $ 10,000 | $ 25,000 | $ 10,000 | ||||||||||
Cost of consideration | $ 8,855,000 | ||||||||||||
Aggregate of founder shares (in Shares) | shares | 9,583,333 | ||||||||||||
Shares subject to forfeiture (in Shares) | shares | 1,250,000 | 638,990 | |||||||||||
Founder shares percentage | 10.00% | ||||||||||||
Total founder shares (in Shares) | shares | 611,010 | ||||||||||||
services fees | $ 30,000 | $ 21,290 | 60,000 | ||||||||||
Promissory note, description | the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $500,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) June 30, 2021, or (i) the consummation of the Initial Public Offering. The outstanding balance under the Promissory Note of $500,000 was repaid at the closing of the Initial Public Offering on October 30, 2020. | ||||||||||||
Working capital loans | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | ||||||||||
Price per warrant (in Dollars per share) | $ / shares | $ 1 | $ 1 | |||||||||||
Ordinary shares exceeds per share (in Dollars per share) | $ / shares | $ 12 | ||||||||||||
Promissory note, description | the Company issued an unsecured promissory note to the Sponsor (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $500,000. The Promissory Note was non-interest bearing and payable on the earlier of (i) June 30, 2021, or (i) the consummation of the Initial Public Offering. As of June 30, 2021, there was no outstanding balance under the Promissory Note. The outstanding balance under the Promissory Note of $500,000 was repaid at the closing of the Initial Public Offering on October 30, 2020. | ||||||||||||
Executive loan, description | Daniel Och, our chief executive officer and chairman of the board of directors, committed to provide us with an aggregate of $1,500,000 in loans. On May 15, 2021, Daniel Och and Glenn Fuhrman, the Company’s founders, committed to provide us with an aggregate of $2,000,000 in loans. On August 4, 2021, Daniel Och and Glenn Fuhrman, committed to provide us with an aggregate of $1,650,000 in loans. The loans are non-interest bearing, unsecured and will be repaid upon the consummation of a Business Combination. If the Company does not consummate a Business Combination, all amounts loaned to the Company will be forgiven except to the extent that the Company has funds available outside of the Trust Account to repay such loans. | ||||||||||||
Loans outstanding | $ 3,500,000 | ||||||||||||
AJAX I [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||
Dividends paid ordinary shares per share (in Dollars per share) | $ / shares | $ 12 | ||||||||||||
Ordinary shares exceeds per share (in Dollars per share) | $ / shares | $ 11.50 | ||||||||||||
AJAX I [Member] | Founder Shares [Member] | |||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||
Sponsor paid | $ 25,000 |
Commitments (Details)
Commitments (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Disclosure of commitments [text block] [Abstract] | |
Deferred fee, per shares | $ / shares | $ 0.35 |
Deferred fee | $ | $ 28,174,682 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - AJAX I [Member] - USD ($) | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Shareholders' Equity (Details) [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Business combination description | In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 10% of the sum of all ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination. | In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 10% of the sum of all ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination. |
Ownership percentage | 10.00% | |
Preferred stock, shares outstanding. | 0 | 0 |
Class A Ordinary Shares [Member] | ||
Shareholders' Equity (Details) [Line Items] | ||
Ordinary stock, shares authorized | 500,000,000 | 500,000,000 |
Ordinary stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Voting rights | Holders of Class A ordinary shares are entitled to one vote for each share. | Holders of Class A ordinary shares are entitled to one vote for each share. |
Ordinary stock, shares, outstanding | 18,487,578 | 0 |
Ordinary stock, shares, issued | 18,487,578 | 0 |
Shares subject to possible redemption | 62,011,512 | 80,499,090 |
Temporary equity per value (in Dollars per share) | $ 10 | |
Net tangible asset (in Dollars) | $ 5,000,001 | |
Temporary equity aggregate amount (in Dollars) | $ 805,244,565 | |
Class B Ordinary Shares [Member] | ||
Shareholders' Equity (Details) [Line Items] | ||
Ordinary stock, shares authorized | 50,000,000 | 50,000,000 |
Ordinary stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Voting rights | Holders of the Class B ordinary shares are entitled to one vote for each share. | Holders of the Class B ordinary shares are entitled to one vote for each share. |
Ordinary stock, shares, outstanding | 8,944,343 | 8,944,343 |
Ordinary stock, shares, issued | 8,944,343 | 8,944,343 |
Warrants (Details)
Warrants (Details) - AJAX I [Member] - $ / shares | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Warrants (Details) [Line Items] | ||
Public warrants expire years | 5 years | 5 years |
Total equity proceeds percentage | 60.00% | 60.00% |
Exercise price per share | $ 9.20 | $ 9.20 |
Issue of price per share | 18 | 18 |
Trigger price per share | $ 10 | $ 10 |
Bottom of range [Member] | ||
Warrants (Details) [Line Items] | ||
Market value percentage | 115.00% | 115.00% |
Top of range [Member] | ||
Warrants (Details) [Line Items] | ||
Market value percentage | 180.00% | 180.00% |
Class A Ordinary Share [Member] | ||
Warrants (Details) [Line Items] | ||
Issue price | $ 9.20 | $ 9.20 |
Issue of price per share | $ 0.0001 | |
Public Warrants [Member] | ||
Warrants (Details) [Line Items] | ||
Public warrants outstanding description | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:• in whole and not in part;• at a price of $0.01 per Public Warrant;• upon not less than 30 days’ prior written notice of redemption to each warrant holder; and• if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:• in whole and not in part;• at a price of $0.01 per Public Warrant;• upon not less than 30 days’ prior written notice of redemption to each warrant holder and• if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “ Reference Value”) equals or exceeds $18.00 per share (as adjusted). |
Warrants [Member] | ||
Warrants (Details) [Line Items] | ||
Business combination, description | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 — Once the warrants become exercisable, the Company may redeem the outstanding warrants:• in whole and not in part;• at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A ordinary shares; and• if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted). | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00 — Once the warrants become exercisable, the Company may redeem the outstanding warrants:• in whole and not in part;• at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A ordinary shares; and• if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted). |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 5 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2021 | Aug. 30, 2020 | |
AJAX I [Member] | |||
Fair Value Measurements (Details) [Line Items] | |||
Initial measurement total | $ 66,000,000 | ||
Fair value of private placement warrants (in Dollars per share) | $ 4.24 | $ 2.54 | |
AJAX I [Member] | Private Placement Warrant [Member] | |||
Fair Value Measurements (Details) [Line Items] | |||
Warrants determined amount | $ 4.24 | $ 1.53 | |
Warrants aggregate values | 89,600,000 | 32,300,000 | |
AJAX I [Member] | Public Warrants [Member] | |||
Fair Value Measurements (Details) [Line Items] | |||
Warrants determined amount | 3.28 | ||
Warrants aggregate values | $ 66,000,000 | 23,100,000 | |
Private Placement Warrant [Member] | Public Warrants [Member] | |||
Fair Value Measurements (Details) [Line Items] | |||
Warrants determined amount | $ 1.15 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of assets and liabilities measured at fair value on recurring basis - AJAX I [Member] | Dec. 31, 2020USD ($) |
Level 1 [Member] | |
Assets: | |
Marketable securities held in Trust Account | $ 805,100,267 |
Liabilities | |
Warrant Liability – Private Warrants | 66,009,252 |
Level 3 [Member] | |
Liabilities | |
Warrant Liability – Private Warrants | $ 89,590,428 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of public warrants and the black-scholes-merton model for the private placement warrants - AJAX I [Member] | Oct. 30, 2020$ / shares |
Public Warrants [Member] | |
Fair Value Measurements (Details) - Schedule of public warrants and the black-scholes-merton model for the private placement warrants [Line Items] | |
Risk-free interest rate | 0.51% |
Expected term (years) | 1 year |
Expected volatility | 17.50% |
Exercise price | $ 11.50 |
Fair value of Units | $ 10.08 |
Private Warrants [Member] | |
Fair Value Measurements (Details) - Schedule of public warrants and the black-scholes-merton model for the private placement warrants [Line Items] | |
Risk-free interest rate | 0.72% |
Expected term (years) | 8 years |
Expected volatility | 17.50% |
Exercise price | $ 11.50 |
Fair value of Units | $ 9.79 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities - AJAX I [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Private Placement [Member] | |||
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | |||
Fair value – | [1] | $ 89,590,428 | |
Initial measurement on October 30, 2020 (IPO) | [1] | 32,328,622 | |
Change in valuation inputs or other assumptions | [1] | 57,261,806 | |
Fair value as of December 31, 2020 | [1] | 89,590,428 | |
Public [Member] | |||
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | |||
Fair value – | 66,009,252 | ||
Initial measurement on October 30, 2020 (IPO) | 23,143,488 | ||
Change in valuation inputs or other assumptions | 42,865,764 | ||
Fair value as of December 31, 2020 | 66,009,252 | ||
Warrant Liabilities [Member] | |||
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | |||
Fair value – | 155,599,680 | ||
Initial measurement on October 30, 2020 (IPO) | 55,472,110 | ||
Change in valuation inputs or other assumptions | $ (64,296,618) | 100,127,570 | |
Fair value as of December 31, 2020 | $ 155,599,680 | ||
[1] | As a result of the difference in fair value of $1.53 per share of the Private Placement warrants and the purchase of $1.00 per share (see Note 5), the Company recorded a charge of $11.2 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details) - Schedule of fair value of private placement warrants estimated using black-scholes option pricing model - AJAX I [Member] - $ / shares | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Measurements (Details) - Schedule of fair value of private placement warrants estimated using black-scholes option pricing model [Line Items] | ||
Expected volatility | 30.60% | 26.40% |
Risk-free interest rate | 0.73% | 1.22% |
Expected term (years) | 7 years 9 months 25 days | |
Fair value per share of Class A ordinary shares (in Dollars per share) | $ 11.80 | $ 9.96 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, € in Millions, £ in Millions | 1 Months Ended | 5 Months Ended | |||||||||
Aug. 31, 2021EUR (€) | Mar. 29, 2021USD ($)shares | Dec. 31, 2020$ / shares | Sep. 15, 2021GBP (£) | Sep. 02, 2021GBP (£) | Aug. 04, 2021USD ($) | Jun. 30, 2021$ / shares | Mar. 22, 2021USD ($) | Feb. 23, 2021GBP (£) | Feb. 11, 2021GBP (£) | Jan. 25, 2021GBP (£) | |
Subsequent Events (Details) [Line Items] | |||||||||||
Cash consideration (in Pounds) | £ | £ 29.4 | £ 13.1 | £ 21 | ||||||||
Non-Adjusting Events After Reporting Period [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Finance purchase amount (in Euro) | € | € 20 | ||||||||||
Class A Ordinary Shares [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.001 | ||||||||||
Class B Ordinary Share [Member] | AJAX I [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Ordinary shares price per share | $ 0.0001 | ||||||||||
Cazana Limited [Member] | Non-Adjusting Events After Reporting Period [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Cash consideration (in Pounds) | £ | £ 25 | ||||||||||
SMH Fleet Solutions Limited [Member] | Non-Adjusting Events After Reporting Period [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Cash consideration (in Pounds) | £ | £ 70 | ||||||||||
AJAX I [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Ordinary shares, par value | 18 | 18 | |||||||||
AJAX I [Member] | Non-Adjusting Events After Reporting Period [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Aggregate loans (in Dollars) | $ | $ 1,650,000 | ||||||||||
AJAX I [Member] | Class A Ordinary Share [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Ordinary shares price per share | 0.0001 | ||||||||||
AJAX I [Member] | Class A Ordinary Share [Member] | Non-Adjusting Events After Reporting Period [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Aggregate purchase price (in Shares) | shares | 80,000,000 | ||||||||||
aggregate purchase price (in Dollars) | $ | $ 800,000,000 | ||||||||||
AJAX I [Member] | Class C Ordinary Share [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Ordinary shares price per share | $ 0.0001 | ||||||||||
Ordinary shares, par value | 0.0001 | ||||||||||
AJAX I [Member] | Class A Ordinary Shares [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.0001 | ||||||||||
AJAX I [Member] | Board Of Directors [Member] | Non-Adjusting Events After Reporting Period [Member] | |||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||
Aggregate loans (in Dollars) | $ | $ 1,500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Polices (Details) - Schedule of calculation of basic and diluted net income (loss) per ordinary share - AJAX I [Member] - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Numerator: Earnings allocable to Class A Ordinary shares subject to possible redemption | ||
Interest earned on marketable securities held in Trust Account | $ 36,169 | $ 132,193 |
Unrealized gain on marketable securities held in Trust Account | (33,821) | (10,579) |
Net Income allocable to shares subject to redemption | $ 2,348 | $ 121,614 |
Denominator: Weighted Average Class A ordinary shares subject to possible redemption | ||
Basic and diluted weighted average shares outstanding (in Shares) | 69,038,016 | 65,544,174 |
Basic and diluted net income per share (in Dollars per share) | ||
Numerator: Net Loss minus Net Earnings | ||
Net (loss) income | $ (11,909,061) | $ 58,486,892 |
Less: Net income allocable to Class A ordinary shares subject to possible redemption (in Shares) | (2,348) | (121,614) |
Non-Redeemable Net (Loss) Income- Basic | $ (11,911,409) | $ 58,365,278 |
Denominator: Weighted Average Non-redeemable ordinary shares | ||
Basic and diluted weighted average shares outstanding, Non-Redeemable ordinary shares (in Shares) | 20,405,417 | 23,899,259 |
Basic and diluted net (loss) income per share, Non-Redeemable ordinary shares (in Dollars per share) | $ (0.58) | $ 2.44 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - AJAX I [Member] - USD ($) | Mar. 29, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies (Details) [Line Items] | |||
Underwriters fee | $ 0.35 | ||
Aggregate price (in Dollars) | $ 28,174,682 | ||
Ordinary share, par value | $ 18 | $ 18 | |
Aggregate shares (in Shares) | 80,000,000 | ||
Class A Ordinary Share [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Aggregate price (in Dollars) | $ 800,000,000 | ||
Ordinary share, par value | 0.0001 | ||
Class B Ordinary Share [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Ordinary share, par value | 0.0001 | ||
Class C Ordinary Share [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Ordinary share, par value | $ 0.0001 |
Fair Value Measurements (Deta_6
Fair Value Measurements (Details) - Schedule of assets and liabilities measured at fair value on recurring basis - AJAX I [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Level 1 of fair value hierarchy [member] | ||
Assets: | ||
Marketable securities held in Trust Account | $ 805,244,565 | $ 805,100,267 |
Liabilities | ||
Warrant Liability – Public Warrants | 37,633,324 | 66,009,252 |
Level 3 of fair value hierarchy [member] | ||
Liabilities | ||
Warrant Liability – Private Warrants | $ 53,669,738 | $ 89,590,428 |
Fair Value Measurements (Deta_7
Fair Value Measurements (Details) - Schedule of fair value of private placement warrants estimated using black-scholes option pricing model - AJAX I [Member] - $ / shares | 5 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Measurements (Details) - Schedule of fair value of private placement warrants estimated using black-scholes option pricing model [Line Items] | ||
Expected volatility | 30.60% | 26.40% |
Risk-free interest rate | 0.73% | 1.22% |
Expected term (years) | 7 years 9 months 25 days | 7 years |
Fair value per share of Class A ordinary shares (in Dollars per share) | $ 11.80 | $ 9.96 |
Fair Value Measurements (Deta_8
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities - AJAX I [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Warrant Liabilities [Member] | ||
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | ||
Fair value as of December 31, 2020 | $ 155,599,680 | |
Change in valuation inputs or other assumptions | (64,296,618) | $ 100,127,570 |
Fair value as of June 30, 2021 | 91,303,062 | 155,599,680 |
Private Placement [Member] | ||
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | ||
Fair value as of December 31, 2020 | 89,590,428 | |
Change in valuation inputs or other assumptions | (35,920,690) | |
Fair value as of June 30, 2021 | 53,669,738 | 89,590,428 |
Public [Member] | ||
Fair Value Measurements (Details) - Schedule of changes in the fair value of warrant liabilities [Line Items] | ||
Fair value as of December 31, 2020 | 66,009,252 | |
Change in valuation inputs or other assumptions | (28,375,928) | |
Fair value as of June 30, 2021 | $ 37,633,324 | $ 66,009,252 |
Accounting Policies (Details)
Accounting Policies (Details) € in Thousands | Dec. 31, 2020EUR (€) |
Disclosure of changes in accounting policies [text block] [Abstract] | |
Assets with low value | € 5,000 |
Accounting Policies (Details) -
Accounting Policies (Details) - Schedule of estimated useful lives of right-of-use assets - Right-of-use assets [member] | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold Property [Member] | Bottom of range [member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of right-of-use assets [Line Items] | |
Estimated useful lives of property and equipment | 2 years |
Leasehold Property [Member] | Top of range [member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of right-of-use assets [Line Items] | |
Estimated useful lives of property and equipment | 20 years |
Motor Vehicles [Member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of right-of-use assets [Line Items] | |
Estimated useful lives of property and equipment | 4 years |
Fixtures and fittings [Member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of right-of-use assets [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Accounting Policies (Details)_2
Accounting Policies (Details) - Schedule of estimated useful lives of the assets | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold Improvements [Member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Fixtures and Fittings [Member] | Bottom of range [member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 1 year |
Fixtures and Fittings [Member] | Top of range [member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Computer Equipment [Member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Motor Vehicles [Member] | Bottom of range [member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 4 years |
Motor Vehicles [Member] | Top of range [member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 8 years |
Plant and Machinery [Member] | |
Accounting Policies (Details) - Schedule of estimated useful lives of the assets [Line Items] | |
Estimated useful lives of property and equipment | 4 years |
Accounting Policies (Details)_3
Accounting Policies (Details) - Schedule of estimated useful life of intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Domain Names [Member] | |
Accounting Policies (Details) - Schedule of estimated useful life of intangible assets [Line Items] | |
Estimated useful lives of intangible assets | 5 years |
Platform Development and Computer Software [Member] | |
Accounting Policies (Details) - Schedule of estimated useful life of intangible assets [Line Items] | |
Estimated useful lives of intangible assets | 3 years |
Accounting Estimates And Judg_3
Accounting Estimates And Judgements (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Estimates And Judgements (Details) [Line Items] | ||
Goodwill | £ 22,693 | |
Employee and contractor development expenditure | £ 1,600 | £ 3,200 |
Inventory provision | 2.00% | |
Goodwill [Member] | ||
Accounting Estimates And Judgements (Details) [Line Items] | ||
Goodwill | £ 22,600 |
Accounting Estimates And Judg_4
Accounting Estimates And Judgements (Details) - Schedule of inventory provision - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of inventory provision [Abstract] | |||
Gross inventory | £ 118,203 | £ 43,969 | |
Inventory provision | (3,509) | (999) | |
Inventory | £ 114,694 | £ 42,970 |
Accounting Estimates And Judg_5
Accounting Estimates And Judgements (Details) - Schedule of selling price of inventory - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Accounting Estimates And Judgements (Details) - Schedule of selling price of inventory [Line Items] | ||
Change in expected selling price estimate | 2.00% | |
Change in inventory provision | £ 354 | £ 882 |
Inventory provision [Member] | ||
Accounting Estimates And Judgements (Details) - Schedule of selling price of inventory [Line Items] | ||
Change in expected selling price estimate | (2.00%) | |
Change in inventory provision | £ (558) | £ (1,132) |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of material revenue recognised - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Type of goods | |||||||
Revenue | £ 248,209 | [1] | £ 39,945 | [1] | £ 162,208 | £ 1,176 | |
Retail [Member] | |||||||
Type of goods | |||||||
Total gross invoiced income | 207,948 | 36,902 | 150,420 | 1,078 | |||
Wholesale [Member] | |||||||
Type of goods | |||||||
Total gross invoiced income | 12,774 | 2,509 | 8,667 | 90 | |||
Other Sales [Member] | |||||||
Type of goods | |||||||
Total gross invoiced income | £ 27,487 | £ 534 | £ 3,121 | £ 8 | |||
[1] | Revenue excludes £7.5 |
Revenue (Details) - Schedule _2
Revenue (Details) - Schedule of recognition of revenue - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of recognition of revenue [Abstract] | |||||
Goods and services transferred at point in time | £ 162,208 | £ 1,176 | |||
Total recognition of revenue | £ 248,209 | £ 39,945 | £ 162,208 | £ 1,176 |
Revenue (Details) - Schedule _3
Revenue (Details) - Schedule of contract balances £ in Thousands | Jun. 30, 2021GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) |
Schedule of contract balances [Abstract] | ||||||
Trade receivables | £ 12,715 | $ 7,243 | £ 7,243 | $ 291 | £ 291 | |
Contract assets | 153 | $ 599 | 599 | $ 8 | 8 | |
Contract liabilities | £ (15,668) | £ (9,059) | £ (385) |
Revenue (Details) - Schedule _4
Revenue (Details) - Schedule of revenue expected to be recognised in the future related to performance obligations - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of revenue expected to be recognised in the future related to performance obligations [Abstract] | ||||
Undelivered vehicles | £ 13,678 | £ 9,059 | £ 385 | |
Undelivered vehicles, total | £ 9,059 | £ 385 |
Operating expenses (Details) -
Operating expenses (Details) - Schedule of operating loss from continuing operations - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of operating loss from continuing operations [Abstract] | |||
Depreciation of property, plant and equipment | £ 5,897 | £ 705 | |
Amortization of Intangibles | 1,292 | 76 | |
Expensed research and development cost | 6,697 | 1,010 | |
Operating expenses, total | £ 13,886 | £ 1,791 |
Employee benefit expenses (Deta
Employee benefit expenses (Details) - Schedule of employee benefit expenses - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of employee benefit expenses [Abstract] | |||
Wages and salaries | € 10,913 | € 5,164 | |
Employer’s national insurance | 2,092 | 599 | |
Short-term non-monetary benefits | 416 | 69 | |
Defined contribution pension cost | 871 | 215 | |
Share-based payment expenses | 3,759 | 199 | |
Total employee benefit expenses | € 18,051 | € 6,246 |
Finance income and expense (Det
Finance income and expense (Details) - Schedule of recognized in profit or loss £ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021GBP (£) | Jun. 30, 2020GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | |
Finance income | ||||||||
Bank deposits | $ 486 | $ 170 | ||||||
Total finance income | 486 | 170 | ||||||
Finance expense | ||||||||
Bank interest payable | (1,000) | (392) | ||||||
Lease interest accretion | (298) | (64) | ||||||
Total finance expense | £ 166 | £ 185 | (1,298) | £ 486 | (456) | £ 170 | ||
Net finance income recognized in profit or loss | £ 7,326 | $ (812) | $ (286) |
Taxation (Details)
Taxation (Details) - GBP (£) £ in Millions | Mar. 11, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Taxation (Details) [Line Items] | ||||
Deferred tax liabilities | ||||
Unutilized tax losses | £ 127.2 | £ 18.5 | £ 0.1 | |
Finance Bill 2020 [Member] | Tax Years 2020 [Member] | ||||
Taxation (Details) [Line Items] | ||||
Tax rate effect from change in tax rate | 19.00% | |||
Finance Bill 2020 [Member] | Tax Years 2021 [Member] | ||||
Taxation (Details) [Line Items] | ||||
Tax rate effect from change in tax rate | 19.00% |
Taxation (Details) - Schedule o
Taxation (Details) - Schedule of reconciled to the statement of profit and loss - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of reconciled to the statement of profit and loss [Abstract] | |||
Loss before tax from continuing operations | £ (99,847) | £ (17,964) | £ (179) |
Current corporation tax rate of 19% | (18,971) | (3,413) | (34) |
Expenses not deductible for tax purposes | 1,238 | 64 | 10 |
Research and development claim – prior year | (969) | ||
Deferred tax asset not recognized | 17,733 | 3,349 | 24 |
Tax credit | £ (969) |
Discontinued Operations (Detail
Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations (Details) [Line Items] | |
Vehicle preparation operating description | Imperial Cars operated from 18 retail dealership locations in the UK. Imperial Cars offered approximately 2,500 nearly new and used cars, supported by 14 service centers and two vehicle preparation centers. |
Cazoo Customer Centers [Member] | |
Discontinued Operations (Details) [Line Items] | |
Vehicle preparation operating description | The Group acquired Imperial Cars in order to obtain its infrastructure and properties, including Imperial Cars’ main refurbishment facility with the capacity to recondition up to 50,000 cars per year, rather than to continue Imperial Cars’ physical retailing operation. Two months after the acquisition, the Imperial Cars onsite dealership business ceased operations. Eleven of the existing dealerships were converted to Cazoo Customer Centers in order to align with the Group’s online strategy. |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of revenue and costs arising from on-site dealership businesses date of acquisition £ / shares in Units, £ in Thousands | 12 Months Ended |
Dec. 31, 2020GBP (£)£ / shares | |
Schedule of revenue and costs arising from on-site dealership businesses date of acquisition [Abstract] | |
Revenue | £ 27,194 |
Expenses | (30,315) |
Operating loss | (3,121) |
Finance expense | (688) |
Loss before tax from discontinued operations | (3,809) |
Tax expense | |
Loss for the year from discontinued operations | (3,809) |
Operating | 23,581 |
Investing | |
Financing | (34,987) |
Net cash (outflow)/inflow | £ (11,406) |
Basic, profit/(loss) for the year from discontinued operations (in Pounds per share) | £ / shares | £ (30) |
Diluted, profit/(loss) for the year from discontinued operations (in Pounds per share) | £ / shares | £ (30) |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of earnings per share € / shares in Units, € in Thousands, shares in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021£ / shares | Jun. 30, 2020£ / shares | Dec. 31, 2020EUR (€)€ / sharesshares | Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2018EUR (€)€ / sharesshares | |
Schedule of earnings per share [Abstract] | |||||
Earnings for the purposes of basic and diluted earnings per share, being loss for the year from continuing operations | € | € (98,878) | € (17,964) | € (179) | ||
Dilutive effect of share options, note 25 | |||||
Dilutive earnings per share denominator | 149,109,163 | 97,769,783 | 70,681,818 | ||
Basic earnings per share | (per share) | £ (0.67) | £ (0.28) | € (0.66) | € (0.18) | € 0 |
Diluted earnings per share | (per share) | £ (0.67) | £ (0.28) | € (0.66) | € (0.18) | € 0 |
Acquisitions (Details)
Acquisitions (Details) - GBP (£) | Jul. 15, 2020 | Dec. 31, 2020 |
Disclosure of deferred acquisition costs arising from insurance contracts [text block] [Abstract] | ||
Purchase of share capital | 100.00% | |
Total consideration | £ 26,904 | |
Net book value | £ 1,400,000 | |
Imperial cars contributed of revenue | 27,200,000 | |
Loss before tax from discontinued operations | £ 3,800,000 |
Acquisitions (Details) - Schedu
Acquisitions (Details) - Schedule of calculating goodwill arising from the acquisition the fair value of net assets acquired was determined £ in Thousands, shares in Thousands | 12 Months Ended |
Dec. 31, 2020GBP (£)shares | |
Schedule of calculating goodwill arising from the acquisition the fair value of net assets acquired was determined [Abstract] | |
Property, plant and equipment | £ 50,758 |
Intangible assets | 251 |
Inventory | 34,763 |
Trade and other receivables | 5,599 |
Trade and other payables | (19,561) |
Lease liabilities | (27,972) |
Dilapidation provision | (1,820) |
Other loans and borrowings | (37,807) |
Total net assets acquired | 4,211 |
Intangibles assets recognized on acquisition: | |
Goodwill | 22,693 |
Total intangibles assets acquisition | 26,904 |
Satisfied by: | |
Cash consideration, net of cash acquired | £ 16,530 |
Shares issued (in Shares) | shares | 8,999 |
Contingent consideration | £ 1,375 |
Total consideration | £ 26,904 |
Disposals (Details)
Disposals (Details) | Aug. 10, 2020$ / shares |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] [Abstract] | |
Issued share capital | $ 1 |
Property, plant and equipment_2
Property, plant and equipment (Details) - GBP (£) £ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of property, plant and equipment [text block] [Abstract] | ||
Acquired property, plant and equipment cost | £ 51 | £ 8.2 |
Recognised property, plant and equipment on acquisition | £ 56.1 |
Property, plant and equipment_3
Property, plant and equipment (Details) - Schedule of property, plant and equipment - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | £ 8,794 | ||
Depreciation charge for the year | (5,897) | £ (705) | |
Balance | 85,934 | 8,794 | |
Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 9,499 | ||
Additions | 38,139 | 9,499 | |
Acquisition of a subsidiary | 50,758 | ||
Disposals | (5,186) | ||
Balance | 93,210 | 9,499 | |
Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 8,794 | ||
Balance | 85,934 | 8,794 | |
Leasehold Property [Member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 5,450 | ||
Additions | 13,902 | 5,450 | |
Acquisition of a subsidiary | 30,367 | ||
Disposals | (1,387) | ||
Balance | 48,332 | 5,450 | |
Leasehold Property [Member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 5,029 | ||
Balance | 43,493 | 5,029 | |
Freehold Property [Member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | |||
Additions | |||
Acquisition of a subsidiary | 14,907 | ||
Disposals | |||
Balance | 14,907 | ||
Freehold Property [Member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | |||
Balance | 14,907 | ||
Leasehold improvements [member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 1,191 | ||
Additions | 11,784 | 1,191 | |
Acquisition of a subsidiary | 2,576 | ||
Disposals | (1,849) | ||
Balance | 13,702 | 1,191 | |
Leasehold improvements [member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 1,137 | ||
Balance | 13,068 | 1,137 | |
Fixtures and fittings [member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 832 | ||
Additions | 2,892 | 832 | |
Acquisition of a subsidiary | 1,375 | ||
Disposals | (1,076) | ||
Balance | 4,023 | 832 | |
Fixtures and fittings [member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 719 | ||
Balance | 3,590 | 719 | |
Computer equipment [member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 235 | ||
Additions | 363 | 235 | |
Acquisition of a subsidiary | 252 | ||
Disposals | (252) | ||
Balance | 598 | 235 | |
Computer equipment [member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 200 | ||
Balance | 430 | 200 | |
Motor vehicles [member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 1,791 | ||
Additions | 9,198 | 1,791 | |
Acquisition of a subsidiary | 116 | ||
Disposals | (116) | ||
Balance | 10,989 | 1,791 | |
Motor vehicles [member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | 1,709 | ||
Balance | 9,838 | 1,709 | |
Plant and machinery [member] | Cost [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | |||
Additions | |||
Acquisition of a subsidiary | 1,165 | ||
Disposals | (506) | ||
Balance | 659 | ||
Plant and machinery [member] | Net book value [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | |||
Balance | 608 | ||
Accumulated depreciation [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | (705) | ||
Disposals | 264 | ||
Depreciation charge for the year | (6,835) | (705) | |
Balance | (7,276) | (705) | |
Accumulated depreciation [Member] | Leasehold Property [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | (421) | ||
Disposals | 143 | ||
Depreciation charge for the year | (4,561) | (421) | |
Balance | (4,839) | (421) | |
Accumulated depreciation [Member] | Freehold Property [Member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | |||
Disposals | |||
Depreciation charge for the year | |||
Balance | |||
Accumulated depreciation [Member] | Leasehold improvements [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | (54) | ||
Disposals | 40 | ||
Depreciation charge for the year | (620) | (54) | |
Balance | (634) | (54) | |
Accumulated depreciation [Member] | Fixtures and fittings [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | (113) | ||
Disposals | 25 | ||
Depreciation charge for the year | (345) | (113) | |
Balance | (433) | (113) | |
Accumulated depreciation [Member] | Computer equipment [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | (35) | ||
Disposals | 21 | ||
Depreciation charge for the year | (154) | (35) | |
Balance | (168) | (35) | |
Accumulated depreciation [Member] | Motor vehicles [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | (82) | ||
Disposals | 7 | ||
Depreciation charge for the year | (1,076) | (82) | |
Balance | (1,151) | (82) | |
Accumulated depreciation [Member] | Plant and machinery [member] | |||
Property, plant and equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Balance | |||
Disposals | 28 | ||
Depreciation charge for the year | (79) | ||
Balance | £ (51) |
Property, plant and equipment_4
Property, plant and equipment (Details) - Schedule of right-of-use assets held under leases - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of right-of-use assets held under leases [Abstract] | |||
Leasehold property | £ 43,493 | £ 5,029 | |
Motor vehicles | 7,171 | 1,670 | |
Furniture, fittings and equipment | 56 | 70 | |
Property, plant and equipment total | £ 50,720 | £ 6,769 |
Intangible Assets (Details)
Intangible Assets (Details) - GBP (£) £ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of intangible assets and goodwill [text block] [Abstract] | ||
Acquired intangible assets cost | £ 4.8 | £ 0.7 |
Goodwill and other intangible assets | £ 128.2 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of carrying amount of goodwill - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost | ||||
Cost at beginning | £ 28,097 | £ 3,264 | £ 20 | |
Additions | 20 | 1,889 | 3,244 | |
Acquisition of a subsidiary | 22,944 | |||
Cost at ending | 20 | 28,097 | 3,264 | |
Accumulated amortization | ||||
Accumulated impairment at beginning | (1,437) | (76) | ||
Charge for the Period | (1,361) | (76) | ||
Accumulated impairment at ending | (1,437) | (76) | ||
Net book value | ||||
At December 31, 2020 | 26,660 | |||
At December 31, 2019 | 3,188 | |||
At December 31, 2018 | 20 | |||
Domain Names [Member] | ||||
Cost | ||||
Cost at beginning | 51 | 20 | 20 | |
Additions | 20 | 31 | ||
Acquisition of a subsidiary | ||||
Cost at ending | 20 | 51 | 20 | |
Accumulated amortization | ||||
Accumulated impairment at beginning | (9) | (4) | ||
Charge for the Period | (5) | (4) | ||
Accumulated impairment at ending | (9) | (4) | ||
Net book value | ||||
At December 31, 2020 | 42 | |||
At December 31, 2019 | 16 | |||
At December 31, 2018 | 20 | |||
Development Assets [Member] | ||||
Cost | ||||
Cost at beginning | 5,353 | 3,244 | ||
Additions | 1,858 | 3,244 | ||
Acquisition of a subsidiary | 251 | |||
Cost at ending | 5,353 | 3,244 | ||
Accumulated amortization | ||||
Accumulated impairment at beginning | (1,428) | (72) | ||
Charge for the Period | (1,356) | (72) | ||
Accumulated impairment at ending | (1,428) | (72) | ||
Net book value | ||||
At December 31, 2020 | 3,925 | |||
At December 31, 2019 | 3,172 | |||
At December 31, 2018 | ||||
Goodwill [member] | ||||
Cost | ||||
Cost at beginning | 22,693 | |||
Additions | ||||
Acquisition of a subsidiary | 94,135 | 22,693 | ||
Cost at ending | 22,693 | |||
Accumulated amortization | ||||
Accumulated impairment at beginning | ||||
Charge for the Period | ||||
Accumulated impairment at ending | ||||
Net book value | ||||
At December 31, 2020 | £ 116,828 | 22,693 | ||
At December 31, 2019 | £ 22,693 | |||
At December 31, 2018 |
Inventory (Details)
Inventory (Details) - GBP (£) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of inventories [text block] [Abstract] | ||
Provision foProvision for impairment of inventoryr impairment of inventory | £ 2.5 | £ 1 |
Net realizable value | 161.2 | 1.2 |
Security against stocking loans. | £ 96.3 | £ 36.6 |
Inventory (Details) - Schedule
Inventory (Details) - Schedule of inventory - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of inventory [Abstract] | |||
Finished goods and goods for resale | £ 114,694 | £ 42,970 |
Trade and other receivables (De
Trade and other receivables (Details) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Repayment written off | € 4 |
Trade and other receivables (_2
Trade and other receivables (Details) - Schedule of trade and other receivables £ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2021GBP (£) | Dec. 31, 2020GBP (£) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | |
Schedule of trade and other receivables [Abstract] | |||||||
Trade receivables | $ 7,243 | $ 291 | £ 12,715 | £ 7,243 | £ 291 | ||
Prepayments | 20,278 | 10,260 | $ 5,014 | ||||
Contract assets | 599 | 8 | £ 153 | £ 599 | £ 8 | ||
VAT recoverable | 4,533 | 4,983 | 35 | ||||
Other receivables | 4,216 | 1,687 | |||||
Total trade and other receivables | 36,869 | 17,229 | 5,049 | ||||
Due within one year | 29,358 | 13,255 | 49 | ||||
Due within two to five years | 7,511 | 3,974 | 5,000 | ||||
Total | $ 36,869 | $ 17,229 | $ 5,049 |
Trade and other payables (Detai
Trade and other payables (Details) - Schedule of trade and other payables - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of trade and other payables [Abstract] | ||||
Trade payables | £ 24,036 | £ 12,668 | £ 1,867 | £ 107 |
Accruals and other creditors | 31,816 | 10,348 | 1,632 | 7 |
Tax and social security payables | 4,115 | 2,119 | 353 | |
Contract liabilities | 13,678 | 9,059 | 385 | |
Deferred consideration | 2,924 | 1,375 | ||
Total trade and other payables | 76,569 | 35,569 | 4,237 | 114 |
Due within one year | 76,569 | 35,569 | 4,237 | 114 |
Due within two to five years | ||||
Total | £ 35,569 | £ 4,237 | £ 114 |
Loans and borrowings (Details)
Loans and borrowings (Details) - Schedule of loans and borrowings - GBP (£) £ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | |
Current | ||||
Stocking loans | £ 86,709 | £ 32,477 | £ 116,155 | |
Mortgages | 1,368 | |||
Lease liabilities | 6,540 | 1,510 | 14,125 | |
Total current | 94,617 | 33,987 | 130,803 | |
Non-Current | ||||
Mortgages | 2,126 | |||
Lease liabilities | 41,508 | 4,358 | 46,702 | |
Total non-current | 43,634 | 4,358 | 48,478 | |
Total loans and borrowings | £ 138,251 | £ 38,345 | £ 179,281 |
Loans and borrowings (Details_2
Loans and borrowings (Details) - Schedule of movements in lease liabilities - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movements in lease liabilities [Abstract] | ||
Balance at beginning | £ 5,868 | |
Balance ending | 48,048 | 5,868 |
Additions | 19,850 | 6,496 |
Acquisition of a subsidiary | 27,972 | |
Accretion of interest | 652 | 65 |
Payments | £ (6,294) | £ (693) |
Provisions (Details)
Provisions (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Bottom of range [Member] | ||
Provisions (Details) [Line Items] | ||
lease term, years | 4 years | 4 years |
Top of range [Member] | ||
Provisions (Details) [Line Items] | ||
lease term, years | 20 years | 20 years |
Provisions (Details) - Schedule
Provisions (Details) - Schedule of provisions - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | |
Schedule of provisions [Abstract] | |||
Beginning balance | £ 582 | ||
Acquisition of a subsidiary | 1,820 | ||
Recognized during the year | 961 | 582 | |
Ending balance | 3,363 | 582 | |
Current | 30 | ||
Non-current | £ 3,363 | £ 552 | £ 4,163 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of amounts recognized in the statement of profit and loss - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of amounts recognized in the statement of profit and loss [Abstract] | |||
Depreciation expense | £ 5,429 | £ 506 | |
Accretion of interest | 652 | 64 | |
Total | £ 6,081 | £ 570 |
Share capital (Details)
Share capital (Details) - GBP (£) £ in Millions | Jul. 15, 2020 | Dec. 06, 2018 | Mar. 23, 2020 | Oct. 01, 2020 | Jun. 23, 2020 | Sep. 12, 2019 |
Share capital (Details) [Line Items] | ||||||
Additional funding round raising | £ 25.2 | |||||
Issuance of shares | £ 9 | |||||
Deduction amount | £ 7.4 | |||||
Series A Funding Round Raising [Member] | ||||||
Share capital (Details) [Line Items] | ||||||
Funding round raising | £ 31.5 | |||||
Advertising and marketing commitment | 5 | |||||
Fair value of advertising and marketing commitment | £ 5 | |||||
Series B Funding Round Raising [Member] | ||||||
Share capital (Details) [Line Items] | ||||||
Funding round raising | £ 50 | |||||
Series C Funding Round Raising [Member] | ||||||
Share capital (Details) [Line Items] | ||||||
Funding round raising | £ 99.8 | |||||
Advertising and marketing commitment | 8 | |||||
Fair value of advertising and marketing commitment | £ 8 | |||||
Series D Funding Round Raising [Member] | ||||||
Share capital (Details) [Line Items] | ||||||
Funding round raising | £ 231.6 |
Share capital (Details) - Sched
Share capital (Details) - Schedule of issued and fully paid share capital - GBP (£) shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital [Line Items] | |||
Issued and fully paid share capital, shares | 62,604 | 61,250 | 61,250 |
Issued and fully paid share capital | |||
Series A ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital [Line Items] | |||
Issued and fully paid share capital, shares | 30,250 | 30,250 | 30,250 |
Issued and fully paid share capital | |||
Series B ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital [Line Items] | |||
Issued and fully paid share capital, shares | 29,412 | 29,412 | |
Issued and fully paid share capital | |||
Series C ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital [Line Items] | |||
Issued and fully paid share capital, shares | 31,679 | ||
Issued and fully paid share capital | |||
Series D ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital [Line Items] | |||
Issued and fully paid share capital, shares | 22,501 | ||
Issued and fully paid share capital | |||
Issued and fully paid share capital [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital [Line Items] | |||
Issued and fully paid share capital, shares | 176,446 | 120,912 | 91,500 |
Issued and fully paid share capital |
Share capital (Details) - Sch_2
Share capital (Details) - Schedule of issued and fully paid share capital (Parentheticals) - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital (Parentheticals) [Line Items] | |||
Issued and fully paid share capital | 0.0000167000 | 0.0000167000 | 0.0000167000 |
Series A ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital (Parentheticals) [Line Items] | |||
Issued and fully paid share capital | 0.0000167000 | 0.0000167000 | 0.0000167000 |
Series B ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital (Parentheticals) [Line Items] | |||
Issued and fully paid share capital | 0.0000167000 | 0.0000167000 | 0.0000167000 |
Series C ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital (Parentheticals) [Line Items] | |||
Issued and fully paid share capital | 0.0000167000 | 0.0000167000 | 0.0000167000 |
Series D ordinary shares [Member] | |||
Share capital (Details) - Schedule of issued and fully paid share capital (Parentheticals) [Line Items] | |||
Issued and fully paid share capital | 0.0000167000 | 0.0000167000 | 0.0000167000 |
Share capital (Details) - sch_3
Share capital (Details) - schedule of classes of share capital - GBP (£) £ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Acquisition of subsidiary | £ 22,944 | ||
Share premium [member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share, Beginning balance | 81,500 | ||
Ordinary share, ending balance | 31,500 | 266,120 | £ 81,500 |
Other share issuances | 237 | ||
Group restructuring | (181,250) | ||
Series C extension | 25,250 | ||
Acquisition of subsidiary | 8,999 | ||
Share premium [member] | Ordinary share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | 1,250 | ||
Share premium [member] | Series A share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | 30,250 | ||
Share premium [member] | Series B share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | 50,000 | ||
Share premium [member] | Series C share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | 99,750 | ||
Share premium [member] | Series D share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | 231,634 | ||
Merger reserve [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share, Beginning balance | |||
Ordinary share, ending balance | 181,250 | ||
Group restructuring | 181,250 | ||
Series C extension | |||
Acquisition of subsidiary | |||
Merger reserve [Member] | Ordinary share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Merger reserve [Member] | Series A share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Merger reserve [Member] | Series B share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Merger reserve [Member] | Series C share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Merger reserve [Member] | Series D share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Share capital [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share, Beginning balance | |||
Ordinary share, ending balance | |||
Group restructuring | |||
Series C extension | |||
Acquisition of subsidiary | |||
Share capital [Member] | Ordinary share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Share capital [Member] | Series A share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Share capital [Member] | Series B share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Share capital [Member] | Series C share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance | |||
Share capital [Member] | Series D share issuance [Member] | |||
Share capital (Details) - schedule of classes of share capital [Line Items] | |||
Ordinary share issuance |
Financial instruments (Details)
Financial instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial instruments [text block] [Abstract] | |||
Stocking loans, description | The stocking loans are secured against the inventory of the Group. The stocking loans become due upon the sooner of a sale of a vehicle by the Group to a customer or 120/180 term from the inception of the individual loan. The stocking loans base rates are in reference to 7-day GBP LIBOR and the Bank of England base rate. | ||
Hedge financial risk | $ 0 | $ 0 | $ 0 |
Gains or losses from derecognition of financial assets or financial liabilities | $ 0 | $ 0 | $ 0 |
Financial instruments (Detail_2
Financial instruments (Details) - Schedule of financial assets, other than cash and short-term deposits - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt instruments at amortized cost | |||
Trade receivables | £ 7,243 | £ 291 | |
Contract assets | 599 | 8 | |
Lease deposits | 2,653 | 1,675 | |
Total financial assets | £ 10,495 | £ 1,974 |
Financial instruments (Detail_3
Financial instruments (Details) - Schedule of interest bearing loans and borrowings - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Lease liabilities, Maturity | Within one year | ||
Lease liabilities | £ 6,540 | £ 1,510 | |
Stocking loan, Maturity | On earlier of sale of underlying vehicle or 120/.180 days | ||
Stocking loan | £ 86,709 | 32,477 | |
Mortgages, Maturity | Within one year | ||
Mortgages | £ 1,368 | ||
Non-Current | |||
Lease liabilities, Maturity | 2022 – 2040 | ||
Lease liabilities | £ 41,508 | 4,358 | |
Mortgages, Maturity | 2022 – 2025 | ||
Mortgages | £ 2,126 | ||
Minimum [Member] | |||
Current | |||
Lease liabilities, Interest rate | 1.00% | ||
Stocking loan, Interest rate | 1.00% | ||
Mortgages, Interest rate | 2.00% | ||
Non-Current | |||
Lease liabilities, Interest rate | 1.00% | ||
Mortgages, Interest rate | 2.00% | ||
Maximum [Member] | |||
Current | |||
Lease liabilities, Interest rate | 7.00% | ||
Stocking loan, Interest rate | 3.75% | ||
Mortgages, Interest rate | 4.00% | ||
Non-Current | |||
Lease liabilities, Interest rate | 7.00% | ||
Mortgages, Interest rate | 4.00% |
Financial instruments (Detail_4
Financial instruments (Details) - Schedule of the group’s profit before tax is affected through the impact on floating rate borrowings - GBP (£) £ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
LIBOR [Member] | ||
Financial instruments (Details) - Schedule of the group’s profit before tax is affected through the impact on floating rate borrowings [Line Items] | ||
Increase/ decrease in basis points | +10 | |
Effect on profit before tax | £ 44 | £ 10 |
LIBOR One [Member] | ||
Financial instruments (Details) - Schedule of the group’s profit before tax is affected through the impact on floating rate borrowings [Line Items] | ||
Increase/ decrease in basis points | -10 | |
Effect on profit before tax | £ (44) | £ (10) |
Financial instruments (Detail_5
Financial instruments (Details) - Schedule of the maturity profile of the group’s financial liabilities based upon contractual undiscounted payments - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial instruments (Details) - Schedule of the maturity profile of the group’s financial liabilities based upon contractual undiscounted payments [Line Items] | |||
Stocking loans | £ 86,709 | £ 32,477 | |
Lease liabilities | 53,898 | 6,372 | |
Mortgages | 3,615 | ||
Trade payables | 12,668 | 1,867 | |
Total | 156,890 | 40,716 | |
Less than one year [Member] | |||
Financial instruments (Details) - Schedule of the maturity profile of the group’s financial liabilities based upon contractual undiscounted payments [Line Items] | |||
Stocking loans | 86,709 | 32,477 | |
Lease liabilities | 7,603 | 1,429 | |
Mortgages | 1,385 | ||
Trade payables | 12,668 | 1,867 | 107 |
Total | 108,365 | 35,773 | 107 |
1 to 5 years [Member] | |||
Financial instruments (Details) - Schedule of the maturity profile of the group’s financial liabilities based upon contractual undiscounted payments [Line Items] | |||
Stocking loans | |||
Lease liabilities | 25,243 | 4,943 | |
Mortgages | 2,230 | ||
Trade payables | |||
Total | 27,473 | 4,943 | |
Over 5 years [Member] | |||
Financial instruments (Details) - Schedule of the maturity profile of the group’s financial liabilities based upon contractual undiscounted payments [Line Items] | |||
Stocking loans | |||
Lease liabilities | 21,052 | ||
Mortgages | |||
Trade payables | |||
Total | £ 21,052 |
Financial instruments (Detail_6
Financial instruments (Details) - Schedule of changes in liabilities arising from financial activities - GBP (£) £ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial instruments (Details) - Schedule of changes in liabilities arising from financial activities [Line Items] | |||
Beginning balance | £ 38,345 | ||
New leases | 19,850 | 6,496 | |
Acquisition of subsidiary | 65,799 | ||
Issue of debt | 216,444 | 42,825 | |
Repayment | (202,819) | (11,041) | |
Accretion of interest | 652 | 65 | |
Ending balance | 138,251 | 38,345 | |
Stocking loans [Member] | |||
Financial instruments (Details) - Schedule of changes in liabilities arising from financial activities [Line Items] | |||
Beginning balance | 32,477 | ||
New leases | |||
Acquisition of subsidiary | 33,870 | ||
Issue of debt | 216,444 | 42,825 | |
Repayment | (196,082) | (10,348) | |
Accretion of interest | |||
Ending balance | 86,709 | 32,477 | |
Lease liabilities [Member] | |||
Financial instruments (Details) - Schedule of changes in liabilities arising from financial activities [Line Items] | |||
Beginning balance | 5,868 | ||
New leases | 19,850 | 6,496 | |
Acquisition of subsidiary | 27,972 | ||
Issue of debt | |||
Repayment | (6,294) | (693) | |
Accretion of interest | 652 | 65 | |
Ending balance | 48,048 | 5,868 | |
Mortgages [Member] | |||
Financial instruments (Details) - Schedule of changes in liabilities arising from financial activities [Line Items] | |||
Beginning balance | |||
New leases | |||
Acquisition of subsidiary | 3,937 | ||
Issue of debt | |||
Repayment | (443) | ||
Accretion of interest | |||
Ending balance | £ 3,494 |
Financial instruments (Detail_7
Financial instruments (Details) - Schedule of stocking loans are used specifically by the group to finance the purchase of inventory - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of stocking loans are used specifically by the group to finance the purchase of inventory [Abstract] | |||
Inventory | £ 114,694 | £ 42,970 | |
Stocking loans | (86,709) | (32,477) | |
Net inventory | 27,985 | 10,493 | |
Cash and cash equivalents | £ 243,524 | £ 34,539 | £ 26,366 |
Group Information (Details) - S
Group Information (Details) - Schedule of consolidated financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Cazoo Holdings Limited [Member] | |
Group Information (Details) - Schedule of consolidated financial statements [Line Items] | |
Registered address and country of incorporation | 41 Chalton Street, London, NW1 1JD, United Kingdom |
Principal activities | Activities of other holding companies |
Equity interest | 100% |
Cazoo Limited [Member] | |
Group Information (Details) - Schedule of consolidated financial statements [Line Items] | |
Principal activities | Sale of used cars and light motor vehicles |
Equity interest | – 61,600,000 Ordinary shares – 100% – 30,250,000 Series A shares – 100% – 29,411,765 Series B shares – 100% – 23,470,589 Series C shares – 100% |
Cazoo Properties Limited [Member] | |
Group Information (Details) - Schedule of consolidated financial statements [Line Items] | |
Principal activities | Activities of other holding companies |
Equity interest | 100,000 Ordinary shares – 100% |
Imperial Car Supermarkets Limited [Member] | |
Group Information (Details) - Schedule of consolidated financial statements [Line Items] | |
Principal activities | Sale of used cars and light motor vehicles |
Equity interest | 900 Ordinary shares – 100% |
Imperial Cars of Swanwick Limited [Member] | |
Group Information (Details) - Schedule of consolidated financial statements [Line Items] | |
Principal activities | Sale of used cars and light motor vehicles |
Equity interest | 1000 Ordinary shares – 100% |
Carsaz Limited [Member] | |
Group Information (Details) - Schedule of consolidated financial statements [Line Items] | |
Principal activities | Sale of used cars and light motor vehicles |
Equity interest | 25 Ordinary shares – 100% |
Share based payments (Details)
Share based payments (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | ||
Options vest in instalments | 4 years | |
Share based expiry years | 10 years | |
Options were exercisable | 10,625 |
Share based payments (Details)
Share based payments (Details) - Schedule of recognized a share based charge - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of recognized a share based charge [Abstract] | |||
EMI – Pre-modification grants | £ 182 | £ 152 | |
Unapproved – Pre-modification grants | 1,763 | 47 | |
Unapproved – Post-modification grants | 1,814 | ||
Total | £ 3,759 | £ 199 |
Share based payments (Details_2
Share based payments (Details) - Schedule of options were granted - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 6,799,185 | 9,182,000 |
Unapproved [Member] | ||
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 1,566,584 | |
Grant date Unapproved | 01/01/2020 | |
Expiry date Unapproved | 01/01/2030 | |
Unapproved One [Member] | ||
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 1,422,500 | |
Grant date Unapproved | 01/04/2020 | |
Expiry date Unapproved | 01/04/2030 | |
Unapproved Two [Member] | ||
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 2,215,381 | |
Grant date Unapproved | 01/07/2020 | |
Expiry date Unapproved | 01/07/2030 | |
Unapproved Three [Member] | ||
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 1,594,720 | |
Grant date Unapproved | 01/10/2020 | |
Expiry date Unapproved | 01/10/2030 | |
Unapproved Four [Member] | ||
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 2,079,500 | |
Grant date Unapproved | 01/06/2019 | |
Expiry date Unapproved | 31/05/2029 | |
EMI [Member] | ||
Share based payments (Details) - Schedule of options were granted [Line Items] | ||
Number Unapproved | 7,102,500 | |
Grant date Unapproved | 01/10/2019 | |
Expiry date Unapproved | 30/09/2029 |
Share based payments (Details_3
Share based payments (Details) - Schedule of reconciles the share options outstanding - shares | 3 Months Ended | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciles the share options outstanding [Abstract] | |||
Beginning balance, EMI Number of options | 7,087,500 | ||
Beginning balance, Unapproved Number of options | 2,059,500 | ||
EMI Number of options Granted during the Period | 7,102,500 | ||
Unapproved Number of options Granted during the Period | 6,799,185 | 2,079,500 | |
EMI Number of options Exercised during the Year | (1,353,817) | ||
Unapproved Number of options Exercised during the Year | |||
EMI Number of options Forfeited during the Period | (1,050,000) | (15,000) | |
Unapproved Number of options Forfeited during the Period | (737,292) | (20,000) | |
Ending balance, EMI Number of options | 4,683,683 | 7,087,500 | |
Ending balance, Unapproved Number of options | 8,121,393 | 2,059,500 |
Share based payments (Details_4
Share based payments (Details) - Schedule of relevant in the determination of fair value of the employee share options granted | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Unapproved Black-Scholes [Member] | |
Share based payments (Details) - Schedule of relevant in the determination of fair value of the employee share options granted [Line Items] | |
Exercise price | £nil |
Expected volatility | 46.00% |
Dividend yield | |
Risk free interest rate | 0.00% |
Unapproved Black-Scholes [Member] | Minimum [Member] | |
Share based payments (Details) - Schedule of relevant in the determination of fair value of the employee share options granted [Line Items] | |
Share valuation (in Dollars per share) | $ / shares | $ 0.72 |
Fair value per share (in Shares) | shares | 0.72 |
Unapproved Black-Scholes [Member] | Maximum [Member] | |
Share based payments (Details) - Schedule of relevant in the determination of fair value of the employee share options granted [Line Items] | |
Share valuation (in Dollars per share) | $ / shares | $ 4.47 |
Fair value per share (in Shares) | shares | 4.47 |
EMI Black-Scholes [Member] | |
Share based payments (Details) - Schedule of relevant in the determination of fair value of the employee share options granted [Line Items] | |
Share valuation (in Dollars per share) | $ / shares | $ 0.10 |
Exercise price | £0.10 |
Expected volatility | 66.00% |
Dividend yield | |
Risk free interest rate | 0.80% |
Fair value per share (in Shares) | shares | 0.17 |
Unapproved Black-Scholes One [Member] | |
Share based payments (Details) - Schedule of relevant in the determination of fair value of the employee share options granted [Line Items] | |
Share valuation (in Dollars per share) | $ / shares | $ 0.17 |
Exercise price | £nil |
Expected volatility | 62.00% |
Dividend yield | |
Risk free interest rate | 0.75% |
Fair value per share (in Shares) | shares | 0.17 |
Notes Supporting Statement of_3
Notes Supporting Statement of Cash Flows (Details) - Schedule of notes supporting cash flows - GBP (£) £ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of notes supporting cash flows [Abstract] | |||
Cash at bank available on demand | £ 52,742 | £ 19,508 | £ 1,366 |
Cash held in short-term deposit accounts | 190,782 | 15,031 | 25,000 |
Cash and cash equivalents in the statement of financial position | 243,524 | 34,539 | 26,366 |
Cash and cash equivalents in the statement of cash flows | £ 243,524 | £ 34,539 | £ 26,366 |
Events After the Reporting Da_2
Events After the Reporting Date (Details) £ in Millions | Apr. 12, 2021GBP (£) | Mar. 22, 2021GBP (£) | Feb. 11, 2021GBP (£) | Jan. 25, 2021GBP (£) | Feb. 23, 2021GBP (£) |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Share capital percentage | 100.00% | ||||
Total consideration | £ 23.1 | £ 58.8 | £ 60.4 | ||
Cash consideration | 13.1 | 21 | 29.4 | ||
Debt assumed and discharged | 9 | 4.5 | |||
Warrants issued | 1 | £ 33.3 | £ 31 | ||
Number of employees | 100 | 100 | |||
Acquired of freehold property | £ 15.9 | ||||
Additional stocking facilities | £ 25 | £ 25 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of amounts recognized as an expense during the year related to key management personnel - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of amounts recognized as an expense during the year related to key management personnel [Abstract] | |||
Wages and salaries | £ 546 | £ 411 | |
Employer’s national insurance | 83 | 57 | |
Short-term non-monetary benefits | 2 | 2 | |
Defined contribution pension cost | 23 | 16 | |
Total expenses | £ 654 | £ 486 |
Basis of Preparation (Details)
Basis of Preparation (Details) - GBP (£) £ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basis of Preparation (Details) [Line Items] | ||||
Net assets | £ 306,300 | |||
Cash balance | 60,347 | £ 243,524 | £ 34,539 | £ 26,366 |
Additional capital | £ 836,000 | |||
Sale of revenue, percentage | 100.00% | |||
Customer Relationships [Member] | Bottom of Range [Member] | ||||
Basis of Preparation (Details) [Line Items] | ||||
Estimated useful lives | 2 years | |||
Customer Relationships [Member] | Top of Range [Member] | ||||
Basis of Preparation (Details) [Line Items] | ||||
Estimated useful lives | 6 years | |||
Brand Name [Member] | ||||
Basis of Preparation (Details) [Line Items] | ||||
Estimated useful lives | 3 years |
Revenue (Details) - Schedule _5
Revenue (Details) - Schedule of material revenue recognised - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Revenue (Details) - Schedule of material revenue recognised [Line Items] | |||||||
Revenue | £ 248,209 | [1] | £ 39,945 | [1] | £ 162,208 | £ 1,176 | |
Retail [Member] | |||||||
Revenue (Details) - Schedule of material revenue recognised [Line Items] | |||||||
Total gross invoiced income | 207,948 | 36,902 | 150,420 | 1,078 | |||
Wholesale [Member] | |||||||
Revenue (Details) - Schedule of material revenue recognised [Line Items] | |||||||
Total gross invoiced income | 12,774 | 2,509 | 8,667 | 90 | |||
Other Sales [Member] | |||||||
Revenue (Details) - Schedule of material revenue recognised [Line Items] | |||||||
Total gross invoiced income | £ 27,487 | £ 534 | £ 3,121 | £ 8 | |||
[1] | Revenue excludes £7.5 |
Revenue (Details) - Schedule _6
Revenue (Details) - Schedule of recognition of revenue - GBP (£) £ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of recognition of revenue [Abstract] | |||||
Revenue from contracts with customers | £ 240,530 | £ 39,945 | |||
Other revenue | 7,679 | ||||
Total recognition of revenue | £ 248,209 | £ 39,945 | £ 162,208 | £ 1,176 |
Revenue (Details) - Schedule _7
Revenue (Details) - Schedule of contract balances £ in Thousands | Jun. 30, 2021GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) |
Schedule of contract balances [Abstract] | ||||||
Trade receivables | £ 12,715 | $ 7,243 | £ 7,243 | $ 291 | £ 291 | |
Contract assets | 153 | $ 599 | 599 | $ 8 | 8 | |
Contract liabilities | £ (15,668) | £ (9,059) | £ (385) |
Revenue (Details) - Schedule _8
Revenue (Details) - Schedule of revenue expected to be recognised in the future related to performance obligations - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of revenue expected to be recognised in the future related to performance obligations [Abstract] | ||||
Undelivered vehicles | £ 13,678 | £ 9,059 | £ 385 |
Business Combinations (Details)
Business Combinations (Details) £ / shares in Units, £ in Thousands, € in Millions | Feb. 11, 2021GBP (£) | Feb. 23, 2021GBP (£) | Jan. 25, 2021GBP (£) | Jun. 30, 2021GBP (£)£ / shares | Dec. 31, 2020GBP (£) | Feb. 23, 2021EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) |
Business Combinations (Details) [Line Items] | ||||||||
Total consideration | £ 22,500 | £ 51,800 | £ 61,400 | |||||
Cash | £ 243,524 | £ 34,539 | £ 26,366 | |||||
Freehold property | £ 356,900 | |||||||
Drover Limited [Member] | ||||||||
Business Combinations (Details) [Line Items] | ||||||||
Acquired share capital, Percentage | 100.00% | |||||||
Total consideration | £ 65,400 | |||||||
Cash | £ 4,000 | |||||||
Number of subscribers | 2,000 | |||||||
Ordinary per share (in Pounds per share) | £ / shares | £ 10.6 | |||||||
Carrying amount of trade and other receivables | £ 4,900 | |||||||
Equity share price discount, Percentage | 20.00% | |||||||
Contributed revenue | £ 4,800 | |||||||
Loss before tax | 3,600 | |||||||
Revenue from continuing operations | 248,900 | |||||||
Loss from continuing operations | 102,700 | |||||||
Administrative expenses | 800 | |||||||
Smart Fleet Solutions Limited [Member] | ||||||||
Business Combinations (Details) [Line Items] | ||||||||
Acquired share capital, Percentage | 100.00% | |||||||
Total consideration | £ 23,200 | £ 39,100 | ||||||
Cash | £ 700 | |||||||
Ordinary per share (in Pounds per share) | £ / shares | £ 10.6 | |||||||
Carrying amount of trade and other receivables | £ 7,300 | |||||||
Contributed revenue | 11,600 | |||||||
Loss before tax | 1,400 | |||||||
Revenue from continuing operations | 251,600 | |||||||
Loss from continuing operations | 102,500 | |||||||
Administrative expenses | 2,000 | |||||||
Freehold property | £ 15,900 | |||||||
Cluno GmbH [Member] | ||||||||
Business Combinations (Details) [Line Items] | ||||||||
Acquired share capital, Percentage | 100.00% | |||||||
Total consideration | £ 60,400 | € 69.7 | ||||||
Cash | £ 8,600 | |||||||
Ordinary per share (in Pounds per share) | £ / shares | £ 10.6 | |||||||
Carrying amount of trade and other receivables | £ 5,500 | |||||||
Contributed revenue | 4,500 | |||||||
Loss before tax | 5,000 | |||||||
Revenue from continuing operations | 250,100 | |||||||
Loss from continuing operations | 104,200 | |||||||
Administrative expenses | £ 900 | |||||||
Business combination, Description | Cluno is a German car subscription services company, with a business similar to Drover and a team of approximately 100 employees based in Munich. Cluno offers a monthly subscription that includes all car expenses other than fuel, with a six-month minimum term per car in Germany with 100 different models from 15 different brands. Cluno has an experienced team and strong supplier and EU-partner relationships. The Group acquired Cluno to accelerate its entry into the EU market and the acquisition provided the Group an existing customer base of over 3,000 active subscribers in Germany along with the associated recurring revenues and a strong team to help launch the Cazoo proposition in Germany and across Europe. |
Business Combinations (Detail_2
Business Combinations (Details) - Schedule of fair value of assets - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Intangible assets recognised on acquisition: | ||
Goodwill | £ 22,693 | |
Purchase consideration transferred | £ 1,375 | |
Satisfied by: | ||
Debt assumed and discharged | £ 9,000 | |
Drover Limited [Member] | ||
Business Combinations (Details) - Schedule of fair value of assets [Line Items] | ||
Property, plant and equipment | 3,943 | |
Trade and other receivables | 4,868 | |
Cash | 3,975 | |
Trade and other payables | (4,819) | |
Loans and borrowings | (3,791) | |
Total net assets acquired | 4,176 | |
Intangible assets recognised on acquisition: | ||
Software | 19,558 | |
Brand | 1,303 | |
Deferred tax arising on intangible assets | (3,983) | |
Total intangible assets arising on acquisition | 16,878 | |
Total identifiable net assets at fair value | 21,054 | |
Goodwill | 44,310 | |
Purchase consideration transferred | 65,365 | |
Satisfied by: | ||
Cash | 20,997 | |
Debt assumed and discharged | 4,463 | |
Shares issued | 33,339 | |
Warrants issued | 6,566 | |
Smart Fleet Solutions Limited [Member] | ||
Business Combinations (Details) - Schedule of fair value of assets [Line Items] | ||
Property, plant and equipment | 25,101 | |
Inventory | 333 | |
Trade and other receivables | 7,335 | |
Cash | 669 | |
Trade and other payables | (2,161) | |
Loans and borrowings | (3,019) | |
Total net assets acquired | 28,259 | |
Intangible assets recognised on acquisition: | ||
Customer relationships | 7,300 | |
Deferred tax arising on intangible assets | (1,600) | |
Total intangible assets arising on acquisition | 5,700 | |
Total identifiable net assets at fair value | 33,959 | |
Goodwill | 5,166 | |
Purchase consideration transferred | 39,125 | |
Satisfied by: | ||
Cash | 29,125 | |
Purchase consideration transferred | 30,125 | |
Satisfied by: | ||
Shares issued | 1,000 | |
Cluno GmbH [Member] | ||
Business Combinations (Details) - Schedule of fair value of assets [Line Items] | ||
Property, plant and equipment | 27,181 | |
Cash | 8,589 | |
Trade and other receivables | 5,493 | |
Trade and other payables | (5,982) | |
Loans and borrowings | (23,708) | |
Total net assets acquired | 11,573 | |
Intangible assets recognised on acquisition: | ||
Software | 4,445 | |
Brand | 1,444 | |
Deferred tax arising on intangible assets | (1,767) | |
Total intangible assets recognised on acquisition | 4,122 | |
Total identifiable net assets at fair value | 15,695 | |
Goodwill | 44,659 | |
Purchase consideration transferred | 60,354 | |
Satisfied by: | ||
Cash | 28,722 | |
Voluntary employee share option plan | 623 | |
Satisfied by: | ||
Shares issued | £ 31,009 |
Taxation (Details) - Schedule_2
Taxation (Details) - Schedule of income tax expense in the interim condensed consolidated statement of profit or loss £ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021GBP (£) | Jun. 30, 2020GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of income tax expense in the interim condensed consolidated statement of profit or loss [Abstract] | |||||
Current income tax expense | £ (24) | ||||
Deferred tax credit relating to origination and reversal of temporary differences | 7,350 | ||||
Income tax credit recognised in statement of profit or loss | £ 7,326 | $ (812) | $ (286) |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of carrying amount of goodwill - Goodwill [member] - GBP (£) £ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost | ||||
At December 31, 2020 | £ 22,693 | |||
Additions | ||||
Acquisition of subsidiaries | 94,135 | 22,693 | ||
At June 30, 2021 | 116,828 | 22,693 | ||
Accumulated impairment | ||||
At December 31, 2020 | ||||
Impairment loss | ||||
At June 30, 2021 | ||||
Net book value | ||||
At June 30, 2021 | £ 116,828 | 22,693 | ||
At December 31, 2020 | £ 22,693 |
Trade and Other Payables (Det_2
Trade and Other Payables (Details) - Schedule of trade and other payables - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of trade and other payables [Abstract] | ||||
Trade payables | £ 24,036 | £ 12,668 | £ 1,867 | £ 107 |
Accruals and other creditors | 31,816 | 10,348 | 1,632 | 7 |
Tax and social security payables | 4,115 | 2,119 | 353 | |
Contract liabilities | 13,678 | 9,059 | 385 | |
Deferred consideration | 2,924 | 1,375 | ||
Total | 76,569 | 35,569 | 4,237 | 114 |
Current | 76,569 | 35,569 | 4,237 | 114 |
Non-current |
Loans and Borrowings (Details_3
Loans and Borrowings (Details) - Schedule of loans and borrowings - GBP (£) £ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | ||||
Stocking loans | £ 116,155 | £ 86,709 | £ 32,477 | |
Mortgages | 523 | 1,368 | ||
Lease liabilities | 14,125 | 6,540 | 1,510 | |
Total current | 130,803 | 94,617 | 33,987 | |
Non-current | ||||
Mortgages | 1,776 | 2,126 | ||
Lease liabilities | 46,702 | 41,508 | 4,358 | |
Total non-current | 48,478 | 43,634 | 4,358 | |
Total loans and borrowings | £ 179,281 | £ 138,251 | £ 38,345 |
Provisions (Details) - Schedu_2
Provisions (Details) - Schedule of provisions £ in Thousands | Jun. 30, 2021GBP (£) |
Schedule of provisions [Abstract] | |
At December 31, 2021 | £ 3,363 |
Acquisition of subsidiaries | 275 |
Recognised during the period | 525 |
Provisions total | 4,163 |
Current | |
Non-current | £ 4,163 |
Financial Instruments (Detail_8
Financial Instruments (Details) - Schedule of financial assets, other than cash and short-term deposits - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt instruments at amortised cost | ||
Trade receivables | £ 12,715 | £ 7,243 |
Contract assets | 153 | 599 |
Lease deposits | 1,954 | 2,653 |
Total | 14,822 | 10,495 |
Current | 14,822 | 10,495 |
Non-current |
Financial Instruments (Detail_9
Financial Instruments (Details) - Schedule of financial liabilities held by the group - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current: | ||||
Lease liabilities | £ 14,125 | £ 6,540 | ||
Stocking loans | 116,155 | 86,709 | ||
Mortgages | 523 | 1,368 | ||
Warrants | 6,648 | |||
Total | 137,451 | 94,617 | ||
Non-current: | ||||
Lease liabilities | 46,702 | 41,508 | £ 4,358 | |
Mortgages | 1,776 | 2,126 | ||
Warrants | ||||
Total | £ 48,478 | £ 43,634 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - GBP (£) £ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of cash and cash equivalents [Abstract] | ||
Cash held in short term deposit accounts | £ 32,373 | £ 52,742 |
Cash and cash equivalents | 27,974 | 190,782 |
Cash and cash equivalents in the statement of cash flows | £ 60,347 | £ 243,524 |