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Registered number: 13148784










OLA ELECTRIC UK PRIVATE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
COMPANY INFORMATION


Director
H Abichandani 




Company secretary
Speafi Secretarial Limited



Registered number
13148784



Registered office
1 London Street

Reading

RG1 4PN




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD





 
OLA ELECTRIC UK PRIVATE LIMITED
 

CONTENTS



Page
Statement of financial position
1 - 2
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 16


 
OLA ELECTRIC UK PRIVATE LIMITED
REGISTERED NUMBER: 13148784

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

  

Intangible assets
 5 
7,447,663
5,226,986

Tangible assets
 6 
206,885
285,513

  
7,654,548
5,512,499

Current assets
  

Debtors: amounts falling due within one year
 7 
1,710,846
887,847

Cash at bank and in hand
 8 
1,308,412
95,694

  
3,019,258
983,541

Creditors: amounts falling due within one year
 9 
(325,389)
(526,955)

Net current assets
  
 
 
2,693,869
 
 
456,586

Total assets less current liabilities
  
10,348,417
5,969,085

  

  

  

Net assets
  
10,348,417
5,969,085


Capital and reserves
  

Called up share capital 
 11 
15,910,595
9,609,656

Capital contribution
 12 
70,426
865,000

Profit and loss account
 12 
(5,632,604)
(4,505,571)

  
10,348,417
5,969,085


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

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2025.


H Abichandani
Director

The notes on pages 5 to 16 form part of these financial statements.
Page 1

 
OLA ELECTRIC UK PRIVATE LIMITED
REGISTERED NUMBER: 13148784
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025


Page 2

 
OLA ELECTRIC UK PRIVATE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 April 2024
9,609,656
865,000
(4,505,571)
5,969,085


Comprehensive income for the year

Loss for the year

-
-
(1,117,329)
(1,117,329)

Capital Contribution
-
5,506,365
(9,704)
5,496,661


Other comprehensive income for the year
-
5,506,365
(9,704)
5,496,661


Total comprehensive income for the year
-
5,506,365
(1,127,033)
4,379,332

Shares issued during the year
6,300,939
-
-
6,300,939

Transfer of capital contribution to Equity
-
(6,300,939)
-
(6,300,939)


Total transactions with owners
6,300,939
(6,300,939)
-
-


At 31 March 2025
15,910,595
70,426
(5,632,604)
10,348,417


The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
OLA ELECTRIC UK PRIVATE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
4,039,229
1,803,555
(2,622,293)
3,220,491


Comprehensive income for the year

Loss for the year

-
-
(1,925,751)
(1,925,751)

Share based payments
-
-
42,473
42,473


Other comprehensive income for the year
-
-
42,473
42,473


Total comprehensive income for the year
-
-
(1,883,278)
(1,883,278)


Contributions by and distributions to owners

Shares issued during the period
5,570,427
-
-
5,570,427

Capital contribution during the period
-
(938,555)
-
(938,555)


Total transactions with owners
5,570,427
(938,555)
-
4,631,872


At 31 March 2024
9,609,656
865,000
(4,505,571)
5,969,085


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Ola Electric UK Private Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is 1 London Street, Reading, England, RG1 4PN.
The nature of the Company's principal activity is research and development to support its parent company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Page 5

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Ola Electric Mobility Private Limited as at 31 March 2024 and these financial statements may be obtained from Regent Insignia,#414, 3rd Floor 4th Block 17th Main, 100 Feet Road Koramangala, Bangalore Karnataka 560034 India.

Page 6

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

Going concern

Ola Electric Mobility Private Limited, the India based ultimate parent entity, has committed to provide ongoing support to allow the company to meet its liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


  
2.10

Intangible assets

Recognition and measurement
Intangible assets under development
Expenditure on research activities is recognised in statement of profit and loss as incurred.
Development expenditure is capitalised as part of cost of resulting intangible asset only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and intends to use or sell the asset. Otherwise, it is recognised in the statement of profit and loss as incurred. Subsequent to initial recognition, the internally generated intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets under development are tested for impairment annually irrespective of whether there is any indication of impairment.

Page 8

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.



Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold Improvements
-
33%
Plant and machinery
-
10% to 20 %
Fixtures and fittings
-
10%
Office equipment
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 9

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 101 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.
The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 101 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment.
Critical Judgements
The company issues share-based payments to employees in the form of stock options. The recognition and measurement of these awards require management to make critical judgements regarding the fair value of the options at the grant date and the expected vesting outcomes (see note 2.8)


4.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2025
        2024
            No.
            No.







Development Staff
8
11



Management
1
6

9
17

Page 10

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Intangible assets




Intangible assets under development

£



Cost


At 1 April 2024
5,226,986


Additions 
2,220,677



At 31 March 2025

7,447,663






Net book value



At 31 March 2025
7,447,663



At 31 March 2024
5,226,986

Ola Electric Mobility Limited (OEM India) is engaged in the business of designing and manufacturing electric two-wheelers (Scooters / Motorcycles), three-wheeler and four-wheelers. The Company is building vertically integrated technology and manufacturing capabilities for EVs and EV components, most of which is developed in-house by its skilled resources. Using the in-house technology, the Company manufactures EVs and certain core EV components.
Research and development (“R&D”) and technology is at the core of the Groups business model with a focus on in-house product innovation. The Company undertakes R&D activities in India and the United Kingdom (“UK”).
OEM UK is focused on designing EV products and core EV components.
Salaries and other design related costs incurred during the year were capitalised, in accordance with applicable accounting standards and group policy, as part of the development of the core group model.




Page 11

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Tangible fixed assets





Leasehold Improvement
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 April 2024
72,131
120,664
11,200
89,036
68,334


Additions
-
-
3,359
-
-



At 31 March 2025

72,131
120,664
14,559
89,036
68,334



Depreciation


At 1 April 2024
12,350
16,912
1,814
25,877
18,899


Charge for the year on owned assets
-
16,178
1,279
18,051
22,421


Charge for the year on Improvement
24,058
-
-
-
-



At 31 March 2025

36,408
33,090
3,093
43,928
41,320



Net book value



At 31 March 2025
35,723
87,574
11,466
45,108
27,014



At 31 March 2024
59,781
103,752
9,386
63,159
49,435
Page 12

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

           6.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2024
361,365


Additions
3,359



At 31 March 2025

364,724



Depreciation


At 1 April 2024
75,852


Charge for the year on owned assets
57,929


Charge for the year on Improvement
24,058



At 31 March 2025

157,839



Net book value



At 31 March 2025
206,885



At 31 March 2024
285,513




The net book value of land and buildings may be further analysed as follows:


2025
2024
£
£

Short-term leasehold Improvements
35,723
59,781

35,723
59,781


Page 13

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Debtors



2025
2024
£
£

Due within one year

Amounts owed by group undertakings
862,632
129,756

Other debtors
801,260
684,321

Prepayments and accrued income
46,954
73,770

1,710,846
887,847


Other debtors include a VAT refund receivable from HMRC. A portion of the balance, amounting to £572,979,relates to historical VAT claims from the period 2022 to 2024, which are currently under investigation by HMRC.


8.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
1,308,412
95,694

1,308,412
95,694



9.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
12,995
3,319

Amounts owed to group undertakings
-
1,524

Other taxation and social security
33,019
66,948

Other creditors
-
259

Accruals
279,375
454,905

325,389
526,955


Page 14

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

10.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,308,412
1,308,412




Financial assets measured at fair value through profit or loss comprise...


11.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



15,910,595 (2024 - 9,609,656) Ordinary shares of £1.00 each
15,910,595
9,609,656


During the year, 6,300,939 Ordinary shares of £1 each were issued at par.


12.


Reserves

Capital contribution

A capital contribution of £5,506,365 was made during the year, in addition to the brought forward balance of £865,000 from March 2024. £6,300,939 was subsequently converted into equity shares during the year.

Profit and loss account

The profit and loss account includes all current period losses.


13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £57,081 (2024: £117,206). Contributions totalling £Nil (2024: £Nil) were payable to the fund at the balance sheet date.


14.Other financial commitments

At 31 March 2025, the Company had future payments due under non-cancellable agreements amounting to £721,008 (2024: £1,081,512).

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OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

15.


Related party transactions

The company has taken advantage of the exemption granted by FRS 101 not to disclose transactions with other undertakings within its qualifying group.


16.


Post balance sheet events

Other than the disclosure made below, the directors have concluded that no other material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


17.


Controlling party

The company's immediate parent company is Ola Electric Mobility B.V., a company registered in the Netherlands. The ultimate controlling party is Ola Electric Mobility Limited (formerly known as Ola Electric Mobility Private Limited) , a company registered in India. The consolidated financial statements of this group are available to the public and may be obtained at Regent Insignia, #414, 3rd Floor 4th Block 17th Main, 100 Feet Road Koramangala, Bangalore Karnataka 560034 India.
Following the year-end, Ola Electric Mobility Private Limited (OEM India) successfully raised capital through an Initial Public Offfering (IPO), resulting in the listing of its shares on an Indian Stock Exchange.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 27 May 2025 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
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