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REGISTERED NUMBER: 10848124 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PLUG-N-GO LIMITED

PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PLUG-N-GO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr K Hounsell
Mr T Revill





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
England
WC2H 9JQ





REGISTERED NUMBER: 10848124 (England and Wales)





ACCOUNTANTS: Grant Thornton Limited
Chartered Accountants
St James Place
St James Street
St Peter Port
Guernsey
GY1 2NZ

PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 10,406 20,406
Tangible assets 5 374 489
10,780 20,895

CURRENT ASSETS
Stocks 62,748 65,695
Debtors 6 8,397 15,414
Cash at bank 2,867 1,052
74,012 82,161
CREDITORS
Amounts falling due within one year 7 (646,950 ) (506,885 )
NET CURRENT LIABILITIES (572,938 ) (424,724 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(562,158

)

(403,829

)

CAPITAL AND RESERVES
Called up share capital 8 50,000 50,000
Retained earnings 9 (612,158 ) (453,829 )
SHAREHOLDERS' FUNDS 12 (562,158 ) (403,829 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:




Mr K Hounsell - Director



Mr T Revill - Director


PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling (£) being the functional and presentational currency of the Company.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going Concern
The directors, having considered the Company's objectives and available resources along with its projected income and expenditure, are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life as follows:

Asset classDepreciation method and rate
Plant and machineryStraight line over 5 years

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents represent those balances held within the Company's bank accounts and in term deposits of three months or less.

Debtors
Short term debtors are measured at transaction price less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class Amortisation method and rate
Other intangible assets Straight line over 5 years

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 250 50,000 50,250
AMORTISATION
At 1 January 2023 250 29,594 29,844
Charge for year - 10,000 10,000
At 31 December 2023 250 39,594 39,844
NET BOOK VALUE
At 31 December 2023 - 10,406 10,406
At 31 December 2022 - 20,406 20,406

The intangible assets relate to the acquisition of the asset purchase agreement with EV Driver Limited on 16 January 2020.

PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 574
DEPRECIATION
At 1 January 2023 85
Charge for year 115
At 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 374
At 31 December 2022 489

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments - 75
VAT 1,607 10,553
Option Deposit 4,786 4,786
Rent deposit 2,004 -
8,397 15,414

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,250 38,448
Other creditors 8,810 8,041
Amounts owed to group undertakings 620,506 449,035
Social security and other taxes 5,226 7,102
Bounce Back Loan-Starling Bank 3,158 4,259
646,950 506,885

The amounts owed to group undertakings is an inter-company loan which is unsecured, interest free and repayable on demand. The bank loan has interest charged at 12% per annum and is unsecured. The first 12 months of the loan will be paid to Starling directly by HM Government as a Business Interruption Payment. The remaining loan will be paid in installments by Oct 2026. Interest started accruing on the loan from November 2021.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

PLUG-N-GO LIMITED (REGISTERED NUMBER: 10848124)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. RESERVES
Retained
earnings
£   

At 1 January 2023 (453,829 )
Deficit for the year (158,329 )
At 31 December 2023 (612,158 )

10. RELATED PARTY TRANSACTIONS

Summary of transactions with parent company.

Parent company - Plug-N-Go EV Limited

At the balance sheet date, an amount of £620375 was due to Plug-N-Go EV Limited in respect of loans made (2022: £449,035).

The immediate controlling party is Plug-N-Go EV Limited. The directors believe the ultimate controlling
parties of the company to be Mr T Revill and Mr K Hounsell.

11. POST BALANCE SHEET EVENTS

There are no subsequent events from the reporting date to the date of signing of these financial statements.

12. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2023 2022
£    £   
Loss for the financial year (158,329 ) (102,579 )
Net reduction of shareholders' funds (158,329 ) (102,579 )
Opening shareholders' funds (403,829 ) -
Closing shareholders' funds (562,158 ) (102,579 )

** TOTAL OF CLOSING SHAREHOLDERS' FUNDS FOR LAST YEAR AS SHOWN HERE (102,579 )
DOES NOT AGREE TO TOTAL PER BALANCE SHEET (403,829 )

PLEASE CHECK CLIENT SCREEN - NOTES TO FINANCIAL STATEMENTS - MOVEMENTS IN SHAREHOLDERS' FUNDS