Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
COMPANY INFORMATION
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
CONTENTS
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report with the financial statements of the Company for the year ended 31 December 2023.
The principal activities of the business are to develop, own, operate and maintain a nationwide network of electric vehicle chargers for use by the public, and to support the united Kingdoms need for the electrification of transport.
The business completed a fundraise during 2021 and began to build its network. As of 31 December 2023 the business has either completed or is awaiting final connection for all the chargers associated with the raise and financial performance and position is aligned with management’s expectations.
Network usage remains inline with management expectations. This demonstrates the continued positive attitude towards the shift to electric and using public charging networks which is consistent with the business model and the management’s strategy to deliver against their objectives. Be.EV are committed to creating a fair, future-proof infrastructure legacy that connects, engages, and elevates communities. We want to power easy and reliable charging experiences for everyone, across every community. We are ambitious to make a genuine difference and to drive positive social value. We want to create local jobs, working with academia in the UK to create mobility as a driver of economic growth. The company has confirmation that, if required, the group will provide financial support for at least 12 months from the date of signing the accounts. EV market growth 2023 has again been an exciting year for the electric vehicle industry. It was the most successful year in history for electric battery vehicle (BEV) uptake in the UK with 1m vehicles on the UK roads, a 47% increase on 2022. At the end of December 2023, there were 53,865 electric vehicle charging points across the UK. This represents a 45% increase in the number of charging devices since December 2022. As plug-in vehicle and BEV registrations surge, public charging infrastructure expansion is, however, still failing to keep pace. The previous delay from 2030 to 2035 has dampened both general sentiment and extended OEMs’ timeline. The Zero Emission Vehicle (ZEV) mandate, which requires car manufacturers to sell a certain percentage of zero-emission vehicles, is a positive factor although several car manufacturers are openly struggling to meet the targets or vocally against them.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal risks that affect the business are reviewed and monitored by senior management. The key risks that the company face include:
Health and safety The risk of site-related and workplace injuries and environmental incidents exist which could result in: • Serious injury or death of staff, contractors or customers. • Claims against the Company • Investigations and enforcement from statutory bodies (e.g. Health and Safety Executive) which could include improvement actions, fines and suspension of operations. • Reputational damage. The business operates a full Health, Safety, Environmental and Quality (HSEQ) management system with training, inspections and monitoring programmes in place to minimise the risk of incidents occurring. The management of HSEQ features prominently in discussions at quarterly board and monthly senior leadership meetings. Political Government policy on phasing out petrol and diesel engines as well as tackling the climate crisis could impact the uptake of electric vehicles. Management continually monitors government policy and retain flexibility in the business model to enable an appropriate response should there be policy changes that impact the business. Economic The business is reliant upon the growth in EV adoption by both private and commercial owners who then utilise the network. Government policies support and encourage this at present and whilst EV adoption remains a smaller part of the market today, the segment is growing rapidly. OEMs are aggressively promoting their lines of EVs in consideration of the 2035 deadline and with more fleets electrifying, a lively second-hand market for EVs will present itself and help consumers overcome the affordability risk that will be short term. Additionally, cost inflation has become an important factor for businesses to manage, in particular energy prices that are a significant category of expenditure for Iduna and its subsidiaries. Competition Be.EV has sought to differentiate itself from its competition by focusing on its green credentials, its bespoke charging solutions and by putting the communities it serves at the heart of its site selection. In support of the company’s strategy to deliver this, the business is well capitalised to fund the roll-out of the network quickly to secure market share. Be.EV recognises that price competitiveness is important, but the business prioritises value for money, which centres on great locations, scale, ease of use and reliability. Energy costs have relaxed during 2023 and Be-EV continue to explore ways in which to pass some of these savings on to customers.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Technology
All major vehicle manufacturers are investing in the electrification of transport as the clean alternative to fossil fuels, so the risk of electric vehicle technology being redundant in the near future is regarded as negligible. As the industry develops, it is expected that the charging capability of EVs will increase and support faster charging to reduce waiting times. However, this will be limited to the expected dwell times of the location. The business continually monitors alternative hardware solutions in the market to ensure it offers the best solutions to drivers. Management maintains strong relationships at the highest levels of its supply chain and ensures that the business is not dominated by one supplier. Staff Retention The loss of key personnel would cause disruption to the business continuity. The business provides competitive remuneration and succession planning takes place. Financial The board has responsibility for monitoring financial risks and its policies are implemented by senior management. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company as described below: 1. Asset Utilisation The long-term business model is based on an increasing rate of usage at sites once they go live. The usage expectation increases as the national adoption of electric vehicles grows. Work has been done with industry leading advisors on the forward demand profiles and achieving these demand curves remains the priority for the company. Repayment of the debenture is dependent on achieving such levels of usage. 2. Supply chain Risk The Company is exposed to changes in the market price for its materials which impacts the cost of each charging station installation. To manage this the Company has developed as broad and competitive supply base including framework agreements with key suppliers to ensure price stability for the installation of its chargers as well as engagement with potential suppliers in the market. 3. Energy Price Risk The Company is exposed to energy price fluctuations from its energy suppliers which impacts gross margin. This can be partly offset, up or down, by the tariff charged to end users for charging as most competitors will also have similar exposure. 4. Foreign exchange risk The Company makes purchases, and receives payment in sterling, which limits its exposure to exchange rate risk. The Company's hardware suppliers whilst UK companies and who invoice in sterling source supply from oversees manufacturers and the business is subject to fluctuation in exchange rates. If any future contracts require an agreement with an oversees supplier, the Company will seek to denominate process in sterling.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In addition to the financial information presented to the board throughout the year management monitors the following key performance indicators:
- Site leads generated - Leases signed - Capital deployed - No of chargers installed - No of chargers in operation - Network availability - Brand recognition - Utilisation/revenue - Safety - Margin%
As the Directors of the Company we acknowledge our legal responsibility under s172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the Company's success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Company and its stakeholders.
This report was approved by the board and signed on its behalf.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £702,483 (2022 - loss £671,296).
No dividends were paid or proposed during the year (2022: £nil).
The directors who served during the year were:
Please refer to the Strategic Report.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Engagement with suppliers and customers is key to our success. We work closely with our supply chain and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
The Directors recognise the importance of building strong relationships with suppliers. Our suppliers provide products and services that helps us to execute our strategy. We also recognise that developing a strong understanding of customers’ needs and putting that into our business and strategy is critical.
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
We have audited the financial statements of Iduna Electric Vehicle Charging Infrastructure PLC (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
REGISTERED NUMBER: 13325200
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 26 form part of these financial statements.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Iduna Electric Vehicle Charging Infrastructure PLC (company number 13325200) is a public company limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principal place of business is C/O Mazars LLP, One St Peter's Square, Manchester, M2 3DE.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Natwest Bank and KfW IPEX-Bank GmbH have committed a debt facility of up to £55m to Iduna EVCI Asset Co 1 Limited, of which Iduna Electric Vehicle Charging Infrastructure PLC is a fellow group member. The debt facility includes a mechanism whereby the following year’s commitment is reviewed at the end of each year, to ensure that the group is managed within its financial facilities.
The Company has net current liabilities of £55,369 (2022: net current assets of £683,744). This includes amounts owed to fellow group entities totalling £559,863 (2022: £86,508). Excluding the amounts owed to group companies, the Company has net current assets of £504,494 (2022: £770,252). All companies within the Iduna Infrastructure group have committed to providing mutual support in allocating working capital across the group to support the operations of each individual group company. The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is dependent on the above finance being made available to the Group by the lenders during the 2024 year. After making enquiries, and based on the financial support confirmed by the parent company and lenders, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and judgements concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and judgements thathave a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Tangible fixed assets, incorporating assets under the course of construction Tangible fixed assets are recognised at cost with consideration given to their carrying value in relation to their future profit-generating capacity and value in use.
The whole of the turnover is attributable to the principal activities of the Company.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is wholly owned by Iduna EVCI Holdings Limited. The ultimate parent company is Iduna Infrastructure Limited, a company incorporated and registered in the United Kingdom. The Company is included within the consolidated financial statements of the ultimate parent, which can be obtained from Companies House or its registered office, which is located at C/O Mazars LLP, One St Peter's Square, Manchester, M2 3DE.
The ultimate controlling party is Sky EV Charging Holdco Limited, due to its majority shareholding of the ultimate parent.
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