REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PLUG-N-GO LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 12 | ( |
) | ( |
) |
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 |
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 |
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 class | Depreciation method and rate |
Plant and machinery | Straight 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 - |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Prepayments |
VAT | 1,607 | 10,553 |
Option Deposit | 4,786 | 4,786 |
Rent deposit |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors | 8,810 | 8,041 |
Amounts owed to group undertakings |
Social security and other taxes |
Bounce Back Loan-Starling Bank |
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: | £ | £ |
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 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
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 | ( |
) | ( |
) |
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 |