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REGISTERED NUMBER: 09444771 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BLINK CHARGING UK LIMITED

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


BLINK CHARGING UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mr A J Calnan
Mrs J L Clark





REGISTERED OFFICE: 45 Grosvenor Road
1st Floor
St Albans
Hertfordshire
AL1 3AW





REGISTERED NUMBER: 09444771 (England and Wales)





AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

STRATEGIC REPORT
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Blink is on a mission to make EV charging reliable, convenient and accessible to everyone. The principal activity of the company during the year was the expansion of our UK EV charging network in public and private spaces.

In March 2023 we changed our name to Blink Charging UK Limited and completed the rebranding of our EV charging network to create global branding alignment with our parent company and other international companies in the Blink Charging group.

Our revenue increased by 78% to £7,831,968 (2022: £4,401,643) demonstrating robust growth. Our EV charging network increased by 81% mostly driven by increased sales and our focus on project delivery.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks and uncertainties include:

Legislative and Regulatory changes
- Our Government Affairs resources keep up to date with the changing landscape to ensure we are compliant with new and evolving legislation and regulations.

The impact of energy cost and competition on charging pricing strategy
- Blink consistently analyse the market to ensure drivers charging sessions are priced fairly and competitively.

The emergence of innovative technology in a fast paced and growing industry
- Blink have a dedicated global Technology Team, who keep their finger on the pulse of the evolving technological landscape. We pride ourselves on our forward-thinking solutions.

Network downtime
- Blink have dedicated resources who monitor our network and deploy fixes where necessary to minimise disruption to our drivers.

KEY PERFORMANCE INDICATORS
Key Performance indicators are:

Revenue: £7.8M (2022: £4.4M)
Gross Margin: 16.5% (2022: 14.6%)
Increase No. of Chargers on Network: 81% (2022: 54%)

FUTURE DEVELOPMENTS
We will continue to work with our valued existing customers and newly acquired customers to provide solutions for their EV Charging requirements in private and commercial spaces.

Other core objectives for 2024 are the creation of synergy through shared technology in our Group and planning the pathway to profitability.

ON BEHALF OF THE BOARD:





Mr A J Calnan - Director


6 September 2024

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

REPORT OF THE DIRECTORS
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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing an electric vehicle charging infrastructure.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr A J Calnan
Mrs J L Clark

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A J Calnan - Director


6 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLINK CHARGING UK LIMITED

Opinion
We have audited the financial statements of Blink Charging UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Material uncertainty relating to going concern
We draw attention to note 2 in the financial statements which indicates the company's ability to continue as a going concern despite operational losses. As stated in note 2, these events or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included obtaining and reviewing the Group's forecasts and holding discussions with management over the key assumptions therein, and discussions with management surrounding the parent company's future plans for the Group including working capital support.

Our responsibilities and the responsibilities of the directors' with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLINK CHARGING UK LIMITED


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLINK CHARGING UK LIMITED


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the EV sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, ISO Standards, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BLINK CHARGING UK LIMITED


Use of our 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 a Report of the Auditors 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.




Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

11 September 2024

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 7,831,968 4,401,643

Cost of sales 6,611,195 3,760,912
GROSS PROFIT 1,220,773 640,731

Administrative expenses 7,363,716 5,088,466
(6,142,943 ) (4,447,735 )

Other operating income 15,663 110,711
OPERATING LOSS 5 (6,127,280 ) (4,337,024 )


Interest payable and similar expenses 6 7,783 7,660
LOSS BEFORE TAXATION (6,135,063 ) (4,344,684 )

Tax on loss 7 (21,271 ) -
LOSS FOR THE FINANCIAL YEAR (6,113,792 ) (4,344,684 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(6,113,792

)

(4,344,684

)

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1,464 1,773
Tangible assets 9 5,795,534 3,656,862
5,796,998 3,658,635

CURRENT ASSETS
Stocks 10 2,389,545 1,481,278
Debtors 11 2,607,016 2,385,469
Cash at bank and in hand 509,364 520,238
5,505,925 4,386,985
CREDITORS
Amounts falling due within one year 12 4,584,015 3,027,515
NET CURRENT ASSETS 921,910 1,359,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,718,908

5,018,105

CREDITORS
Amounts falling due after more than one
year

13

22,556,032

14,741,437
NET LIABILITIES (15,837,124 ) (9,723,332 )

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings (15,837,224 ) (9,723,432 )
SHAREHOLDERS' FUNDS (15,837,124 ) (9,723,332 )

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





Mr A J Calnan - Director


BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 (5,378,748 ) (5,378,648 )

Changes in equity
Total comprehensive income - (4,344,684 ) (4,344,684 )
Balance at 31 December 2022 100 (9,723,432 ) (9,723,332 )

Changes in equity
Total comprehensive income - (6,113,792 ) (6,113,792 )
Balance at 31 December 2023 100 (15,837,224 ) (15,837,124 )

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

CASH FLOW STATEMENT
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (6,494,003 ) (3,620,009 )
Interest paid (3,996 ) (5,190 )
Interest element of hire purchase payments
paid

(3,787

)

(2,470

)
Tax paid 21,271 -
Net cash from operating activities (6,480,515 ) (3,627,669 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,140,047 ) (1,523,803 )
Sale of tangible fixed assets 8,466 61,666
Net cash from investing activities (1,131,581 ) (1,462,137 )

Cash flows from financing activities
Intercompany loans 7,601,515 5,371,664
Capital repayments in year (293 ) (24,795 )
Amount withdrawn by directors - (100,234 )
Net cash from financing activities 7,601,222 5,246,635

(Decrease)/increase in cash and cash equivalents (10,874 ) 156,829
Cash and cash equivalents at beginning of
year

2

520,238

363,409

Cash and cash equivalents at end of year 2 509,364 520,238

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Loss before taxation (6,135,063 ) (4,344,684 )
Depreciation charges 670,562 582,717
Loss on disposal of fixed assets 27,894 25,332
Finance costs 7,783 7,660
(5,428,824 ) (3,728,975 )
Increase in stocks (908,267 ) (1,481,278 )
Increase in trade and other debtors (1,926,965 ) (989,858 )
Increase in trade and other creditors 1,770,053 2,580,102
Cash generated from operations (6,494,003 ) (3,620,009 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 509,364 520,238
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 520,238 363,409


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 520,238 (10,874 ) 509,364
520,238 (10,874 ) 509,364
Debt
Finance leases (293 ) 293 -
(293 ) 293 -
Total 519,945 (10,581 ) 509,364

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Blink Charging UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realise its assets and discharge its liabilities in the normal course of business.
The Company recorded a loss from operations for the year of £6,127,280 (2022: £4,337,024) and as at 31 December 2023 had cash of £509,364 (2022: £520,238).

Blink Holdings BV (the ultimate Parent), are a wholly owned subsidiary of Blink Charging Co, a leading owner, operator and provider of electric vehicle (EV) charging equipment. Blink Charging Co is based in Miami Beach, Florida and listed on the NASDAQ Capital Market: BLNK. The Parent has substantially invested in the Group as it strategically expands its operational markets to the UK as part of its European growth strategy. During the year the Group received a total of £7,599,970 debt and £6,000,000 equity investments from the Parent.

The Groups core markets are in a significant growth area being Electric Vehicle charging. The growth of the EV market is accelerating as the UK prepares for the ban on new petrol and diesel vehicle sales in 2030 and strive to reach net zero by 2050. In March 2024 the government announced the LEVI fund, supporting local authorities in England to plan and deliver charging infrastructure, further demonstrating their commitment to these targets. The Group are well positioned to help support the increased demand by delivering first-class solutions to their public and private sector clients across the UK.

Based on the above, the Directors are confident that the Group and Company have adequate resources to continue to operate for at least twelve months from the date of approval of these financial statements and have, therefore, continued to adopt the going concern basis in preparing the Directors' Report and Financial Statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - Straight line over 7 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Current or deferred taxation assets and liabilities are not discounted.

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

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

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

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Charger Installation 6,542,056 3,645,160
Charger Usage 991,915 497,108
Network Services 237,409 85,234
Consulting & Other 60,588 174,141
7,831,968 4,401,643

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 3,484,554 2,485,967
Social security costs 380,341 292,271
Other pension costs 85,801 36,163
3,950,696 2,814,401

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Executive - 2
Sales and Marketing 24 20
Commercial 6 6
Operations 24 22
Finance, legal and HR 7 8
Technology 6 6
67 64

31.12.23 31.12.22
£    £   
Directors' remuneration 226,585 119,418

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
31.12.23
£   
Emoluments etc 121,963

5. OPERATING LOSS

The operating loss is stated after charging:

31.12.23 31.12.22
£    £   
Other operating leases 340,712 118,230
Depreciation - owned assets 666,517 565,947
Depreciation - assets on hire purchase contracts 3,176 16,452
Loss on disposal of fixed assets 27,894 25,332
Patents and licences amortisation 309 309
Foreign exchange differences 19,407 8,201

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 3,996 1,304
Loan interest - 3,886
Hire purchase 3,787 2,470
7,783 7,660

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax (21,271 ) -
Tax on loss (21,271 ) -

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Loss before tax (6,135,063 ) (4,344,684 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

(1,165,662

)

(825,490

)

Effects of:
Utilisation of tax losses 1,144,391 825,490
Total tax credit (21,271 ) -

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 3,090
AMORTISATION
At 1 January 2023 1,317
Amortisation for year 309
At 31 December 2023 1,626
NET BOOK VALUE
At 31 December 2023 1,464
At 31 December 2022 1,773

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 4,081,669 153,422 68,908 133,034 4,437,033
Additions 3,452,372 247,919 - 20,250 3,720,541
Disposals (902,374 ) (35,973 ) (68,908 ) - (1,007,255 )
At 31 December 2023 6,631,667 365,368 - 153,284 7,150,319
DEPRECIATION
At 1 January 2023 651,875 23,937 48,571 55,788 780,171
Charge for year 560,112 62,443 3,176 43,962 669,693
Eliminated on disposal (43,332 ) - (51,747 ) - (95,079 )
At 31 December 2023 1,168,655 86,380 - 99,750 1,354,785
NET BOOK VALUE
At 31 December 2023 5,463,012 278,988 - 53,534 5,795,534
At 31 December 2022 3,429,794 129,485 20,337 77,246 3,656,862

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 68,908
Disposals (68,908 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 48,571
Charge for year 3,176
Eliminated on disposal (51,747 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 20,337

10. STOCKS
31.12.23 31.12.22
£    £   
Stocks 2,389,545 1,481,278

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

11. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,796,656 1,490,736
Other debtors 123,497 67,711
Value added tax - 60,020
Prepayments and accrued income - 109,399
Prepayments 683,504 654,244
2,603,657 2,382,110

Amounts falling due after more than one year:
Amounts owed by group undertakings 3,359 3,359

Aggregate amounts 2,607,016 2,385,469

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 14) - 293
Trade creditors 1,569,069 854,422
Social security and other taxes 139,757 116,915
Value added tax 57,166 -
Other creditors 153,975 1,344
Accruals and deferred income 1,563,235 1,534,693
Accruals 1,100,813 515,873
Deferred government grants - 3,975
4,584,015 3,027,515

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 19,105,056 11,503,541
Accruals and deferred income 3,450,976 3,237,896
22,556,032 14,741,437

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year - 293

BLINK CHARGING UK LIMITED (REGISTERED NUMBER: 09444771)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

14. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 198,728 74,645
Between one and five years 1,004,100 918,752
In more than five years 1,004,100 1,255,125
2,206,928 2,248,522

15. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts - 293

The assets which are financed by hire purchase liabilities are secured by way of a director's personal guarantee.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

The Ordinary Shares have full voting rights, full dividend rights and rights to a capital distribution upon winding up.

17. RELATED PARTY DISCLOSURES

The parent company of Blink Charging UK Limited is Blink Charging Holdings UK Limited a company which is registered in England and Wales. The registered address of this company is 45 Grosvenor Road, 1st Floor, St Albans, Hertfordshire, AL1 3AW.