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REGISTERED NUMBER: 09444791 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BLINK CHARGING HOLDINGS UK LIMITED

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


BLINK CHARGING HOLDINGS UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mr A J Calnan
Mr M M De Haan
Mr B Jones





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





REGISTERED NUMBER: 09444791 (England and Wales)





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

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

GROUP STRATEGIC REPORT
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group 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 PERORMANCE 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 HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group 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.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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
Mr M M De Haan
Mr B Jones

Other changes in directors holding office are as follows:

Mr M D Farkas - resigned 28 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023


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 HOLDINGS UK LIMITED

Opinion
We have audited the financial statements of Blink Charging Holdings UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 Group 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 Group 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 Group 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 HOLDINGS UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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 HOLDINGS 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 HOLDINGS 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 HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

CONSOLIDATED
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 7,366,517 5,091,902
(6,145,744 ) (4,451,171 )

Other operating income 15,663 110,711
OPERATING LOSS 5 (6,130,081 ) (4,340,460 )

Amounts written off investments 6 - 100
(6,130,081 ) (4,340,560 )

Interest payable and similar expenses 7 7,783 121,683
LOSS BEFORE TAXATION (6,137,864 ) (4,462,243 )

Tax on loss 8 (21,271 ) -
LOSS FOR THE FINANCIAL YEAR (6,116,593 ) (4,462,243 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(6,116,593

)

(4,462,243

)

Loss attributable to:
Owners of the parent (6,116,593 ) (4,462,243 )

Total comprehensive income attributable to:
Owners of the parent (6,116,593 ) (4,462,243 )

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

CONSOLIDATED BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,464 2,014
Tangible assets 11 5,795,534 3,656,862
Investments 12 - -
5,796,998 3,658,876

CURRENT ASSETS
Stocks 13 2,389,545 1,481,278
Debtors 14 2,603,657 2,382,277
Cash at bank and in hand 519,826 534,516
5,513,028 4,398,071
CREDITORS
Amounts falling due within one year 15 4,587,727 3,031,105
NET CURRENT ASSETS 925,301 1,366,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,722,299

5,025,842

CREDITORS
Amounts falling due after more than one
year

16

5,730,946

3,917,896
NET ASSETS 991,353 1,107,946

CAPITAL AND RESERVES
Called up share capital 18 15,046 2,087
Share premium 17,171,043 11,184,002
Retained earnings (16,194,736 ) (10,078,143 )
SHAREHOLDERS' FUNDS 991,353 1,107,946

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 HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

COMPANY BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 200 200
200 200

CURRENT ASSETS
Debtors 14 19,191,822 11,589,291
Cash at bank and in hand 10,138 12,814
19,201,960 11,602,105
CREDITORS
Amounts falling due within one year 15 301 -
NET CURRENT ASSETS 19,201,659 11,602,105
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,201,859

11,602,305

CREDITORS
Amounts falling due after more than one
year

16

2,279,970

680,000
NET ASSETS 16,921,889 10,922,305

CAPITAL AND RESERVES
Called up share capital 18 15,046 2,087
Share premium 17,171,043 11,184,002
Retained earnings (264,200 ) (263,784 )
SHAREHOLDERS' FUNDS 16,921,889 10,922,305

Company's loss for the financial year (416 ) (114,295 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 January 2022 1,326 (5,615,900 ) 4,349,176 59,205 (1,206,193 )
Deficit for the year - (4,462,243 ) - - (4,462,243 )
Total comprehensive income - (4,462,243 ) - - (4,462,243 )
Issue of share capital 761 - 6,834,826 - 6,835,587
Loan note equity on conversion - - - (59,205 ) (59,205 )
Balance at 31 December 2022 2,087 (10,078,143 ) 11,184,002 - 1,107,946
Deficit for the year - (6,116,593 ) - - (6,116,593 )
Total comprehensive income - (6,116,593 ) - - (6,116,593 )
Issue of share capital 12,959 - 5,987,041 - 6,000,000
Balance at 31 December 2023 15,046 (16,194,736 ) 17,171,043 - 991,353

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 January 2022 1,326 (149,489 ) 4,349,176 59,205 4,260,218

Changes in equity
Deficit for the year - (114,295 ) - - (114,295 )
Total comprehensive income - (114,295 ) - - (114,295 )
Issue of share capital 761 - 6,834,826 - 6,835,587
Loan note equity on conversion - - - (59,205 ) (59,205 )
Balance at 31 December 2022 2,087 (263,784 ) 11,184,002 - 10,922,305

Changes in equity
Deficit for the year - (416 ) - - (416 )
Total comprehensive income - (416 ) - - (416 )
Issue of share capital 12,959 - 5,987,041 - 6,000,000
Balance at 31 December 2023 15,046 (264,200 ) 17,171,043 - 16,921,889

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

CONSOLIDATED 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 (6,496,430 ) (5,115,462 )
Interest paid (3,700 ) (60,768 )
Interest element of hire purchase payments
paid

(3,787

)

(2,470

)
Tax paid 21,271 -
Net cash from operating activities (6,482,646 ) (5,178,700 )

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
Capital repayments in year (293 ) -
Share issue 12,959 3,413
Share premium 5,986,901 6,775,710
Loan from Parent undertaking 1,599,970 -
Net cash from financing activities 7,599,537 6,779,123

(Decrease)/increase in cash and cash equivalents (14,690 ) 138,286
Cash and cash equivalents at beginning of
year

2

534,516

396,230

Cash and cash equivalents at end of year 2 519,826 534,516

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

NOTES TO THE CONSOLIDATED 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 (6,137,864 ) (4,462,243 )
Depreciation charges 670,562 582,757
Loss on disposal of fixed assets 27,894 25,332
Finance costs 7,783 121,683
(5,431,625 ) (3,732,471 )
Increase in stocks (908,267 ) (1,481,278 )
Increase in trade and other debtors (1,926,828 ) (3,096,719 )
Increase in trade and other creditors 1,770,290 3,195,006
Cash generated from operations (6,496,430 ) (5,115,462 )

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 519,826 534,516
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 534,516 396,230


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 534,516 (14,690 ) 519,826
534,516 (14,690 ) 519,826
Debt
Finance leases (293 ) 293 -
Debts falling due after 1 year 1 (1 ) -
(292 ) 292 -
Total 534,224 (14,398 ) 519,826

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

1. STATUTORY INFORMATION

Blink Charging Holdings 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 General 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 Group's financial statements have been prepared on a going concern basis, which assumes that the
Group will be able to realise its assets and discharge its liabilities in the normal course of business.
The Group recorded a loss from operations for the year of £6,130,081 (2022: £4,340,460) and as at 31
December 2023 had cash of £519,826 (2022: £534,516).

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.

Basis of consolidation
The consolidated financial statements incorporate those of Blink Charging Holdings UK Ltd and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2023.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

2. ACCOUNTING POLICIES - continued

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

Turnover is measured at the fair value of the consideration receivable, derived from ordinary activities, stated net of VAT.

Turnover from the rendering of services is recognised on a systematic basis over the period to which it is provided except to the extent that they relate to long-term contracts.

Long term contract accounting is applied when the risks and rewards of goods are substantially transferred. Related revenues and expenses are recognised by way of reference to the stage of the completion of the project activity at the end of the reporting period by reference to the performance targets as they are met. If the outcome of the project cannot be estimated reliably, all related project costs that are incurred are immediately expensed and revenues are only recognised to the extent of the costs being recoverable.

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.

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.

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

2. ACCOUNTING POLICIES - continued

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 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 Consolidated 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.

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.

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with he substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

3. TURNOVER

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

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 HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

NOTES TO THE CONSOLIDATED 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

The average number of employees by undertakings that were proportionately consolidated during the year was 64 (2022 - 49 ) .

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 309 349
Foreign exchange differences 19,407 8,201

6. AMOUNTS WRITTEN OFF INVESTMENTS
31.12.23 31.12.22
£    £   
Amounts w/o invs - 100

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 3,996 1,304
Loan interest - 117,909
Hire purchase 3,787 2,470
7,783 121,683

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

8. 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 (6,137,864 ) (4,462,243 )
Loss multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

(1,166,194

)

(847,826

)

Effects of:
Utilisation of tax losses 1,144,923 847,826
Total tax credit (21,271 ) -

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 January 2023 3,491
Disposals (401 )
At 31 December 2023 3,090
AMORTISATION
At 1 January 2023 1,477
Amortisation for year 309
Eliminated on disposal (160 )
At 31 December 2023 1,626
NET BOOK VALUE
At 31 December 2023 1,464
At 31 December 2022 2,014

11. TANGIBLE FIXED ASSETS

Group
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

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

11. TANGIBLE FIXED ASSETS - continued

Group

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

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 200
At 31 December 2022 200

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Blink Charging UK Limited
Registered office:
Nature of business: Electric Vehicle Charging Infrastructure
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (15,837,124 ) (9,723,332 )
Loss for the year (6,113,792 ) (4,344,684 )

EB Technologies Ltd
Registered office:
Nature of business: Taxi Vehicle Dispatch
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (93,210 ) (90,825 )
Loss for the year (2,385 ) (3,264 )


13. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 2,389,545 1,481,278

14. DEBTORS

Group Company
31.12.23 31.12.22 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 - 60,187 16 -
Prepayments and accrued income - 109,399 - -
Prepayments and WIP 683,504 654,244 - -
2,603,657 2,382,277 16 -

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

14. DEBTORS - continued

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings - - 19,191,806 11,589,291

Aggregate amounts 2,603,657 2,382,277 19,191,822 11,589,291

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Hire purchase contracts (see note 17) - 293 - -
Trade creditors 1,571,208 856,258 300 -
Social security and other taxes 139,757 116,915 - -
Value added tax 56,988 - - -
Other creditors 153,974 1,346 1 -
Accruals and deferred income 1,563,237 1,534,695 - -
Accruals 1,102,563 517,623 - -
Deferred government grants - 3,975 - -
4,587,727 3,031,105 301 -

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts owed to group undertakings 2,279,970 680,000 2,279,970 680,000
Accruals and deferred income 3,450,976 3,237,896 - -
5,730,946 3,917,896 2,279,970 680,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

BLINK CHARGING HOLDINGS UK LIMITED (REGISTERED NUMBER: 09444791)

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

17. LEASING AGREEMENTS - continued

Group
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

Company
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

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,497,077 Ordinary £0.01 14,971 2,012
7,500 Deferred £0.01 75 75
15,046 2,087

On 27 December 2023 1,295,896 Ordinary shares were issued at a premium of £4.62 per share.

Ordinary shares attract full voting rights, dividend rights and entitled to participate in a distribution on winding-up.

Deferred shares are not entitled to vote, not entitled to receive dividends and are not entitled to participate in a distribution on winding-up.

19. POST BALANCE SHEET EVENTS

On 29 May 2024 the board agreed to dissolve EB Technologies Ltd, a dormant subsidiary undertaking.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the entity is Blink Charging Co. a company registered in Florida, USA at 605 Lincoln Road, Miami Beach, Florida 33139-3024, United States.