Companies House 14278443 2024-12-31 2024-12-31 2024-04-01 false iso4217:GBP xbrli:pure 14278443 2023-04-01 2024-03-31 14278443 2024-12-31 14278443 2024-04-01 2024-12-31 14278443 2024-03-31 14278443 curr:PoundSterling 2024-04-01 2024-12-31 14278443 uk-bus:PrivateLimitedCompanyLtd 2024-04-01 2024-12-31 14278443 uk-bus:FRS102 2024-04-01 2024-12-31 14278443 uk-bus:AuditExempt-NoAccountantsReport 2024-04-01 2024-12-31 14278443 uk-bus:FullAccounts 2024-04-01 2024-12-31 14278443 uk-bus:RegisteredOffice 2024-04-01 2024-12-31 14278443 uk-bus:Director1 2024-04-01 2024-12-31 14278443 uk-bus:Director2 2024-04-01 2024-12-31 14278443 uk-bus:Director3 2024-04-01 2024-12-31 14278443 uk-bus:Director4 2024-04-01 2024-12-31 14278443 uk-bus:Director5 2024-04-01 2024-12-31 14278443 uk-bus:Director6 2024-04-01 2024-12-31 14278443 uk-bus:Director7 2024-04-01 2024-12-31 14278443 uk-bus:Director8 2024-04-01 2024-12-31 14278443 uk-bus:Director9 2024-04-01 2024-12-31 14278443 uk-bus:Director10 2024-04-01 2024-12-31 14278443 uk-bus:Director11 2024-04-01 2024-12-31 14278443 uk-bus:Director12 2024-04-01 2024-12-31 14278443 uk-bus:Director13 2024-04-01 2024-12-31 14278443 uk-bus:Director14 2024-04-01 2024-12-31 14278443 uk-bus:Director15 2024-04-01 2024-12-31 14278443 uk-bus:Director16 2024-04-01 2024-12-31 14278443 uk-bus:Director17 2024-04-01 2024-12-31 14278443 uk-bus:Director18 2024-04-01 2024-12-31 14278443 uk-bus:Director19 2024-04-01 2024-12-31 14278443 uk-bus:Director20 2024-04-01 2024-12-31 14278443 uk-bus:Director21 2024-04-01 2024-12-31 14278443 uk-bus:CompanySecretary1 2024-04-01 2024-12-31 14278443 core:AfterOneYear 2024-12-31 14278443 core:AfterOneYear 2024-03-31 14278443 core:WithinOneYear 2024-12-31 14278443 core:WithinOneYear 2024-03-31 14278443 core:WithinOneYear 2024-04-01 2024-12-31 14278443 core:AfterOneYear 2024-12-31 14278443 core:AfterOneYear 2024-03-31 14278443 core:AfterOneYear 2024-04-01 2024-12-31 14278443 core:ShareCapital 2024-12-31 14278443 core:ShareCapital 2024-03-31 14278443 core:SharePremium 2024-12-31 14278443 core:SharePremium 2024-03-31 14278443 core:OtherReservesSubtotal 2024-12-31 14278443 core:OtherReservesSubtotal 2024-03-31 14278443 core:RevaluationReserve 2024-12-31 14278443 core:RevaluationReserve 2024-03-31 14278443 core:RetainedEarningsAccumulatedLosses 2024-12-31 14278443 core:RetainedEarningsAccumulatedLosses 2024-03-31 14278443 1 2024-04-01 2024-12-31 14278443 2 2024-04-01 2024-12-31 14278443 3 2024-04-01 2024-12-31 14278443 core:LandBuildings 2024-04-01 2024-12-31 14278443 core:LandBuildings 2024-12-31 14278443 core:LandBuildings 2023-04-01 2024-03-31 14278443 core:LandBuildings 2024-03-31 14278443 core:PlantMachinery 2024-04-01 2024-12-31 14278443 core:PlantMachinery 2024-12-31 14278443 core:PlantMachinery 2023-04-01 2024-03-31 14278443 core:PlantMachinery 2024-03-31 14278443 core:FurnitureFittingsToolsEquipment 2024-04-01 2024-12-31 14278443 core:FurnitureFittingsToolsEquipment 2024-12-31 14278443 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 14278443 core:FurnitureFittingsToolsEquipment 2024-03-31 14278443 core:OfficeEquipment 2024-04-01 2024-12-31 14278443 core:OfficeEquipment 2024-12-31 14278443 core:OfficeEquipment 2023-04-01 2024-03-31 14278443 core:OfficeEquipment 2024-03-31 14278443 core:Vehicles 2024-04-01 2024-12-31 14278443 core:Vehicles 2024-12-31 14278443 core:Vehicles 2023-04-01 2024-03-31 14278443 core:Vehicles 2024-03-31 14278443 core:NetGoodwill 2024-04-01 2024-12-31 14278443 core:NetGoodwill 2024-12-31 14278443 core:NetGoodwill 2023-04-01 2024-03-31 14278443 core:NetGoodwill 2024-03-31 14278443 core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2024-12-31 14278443 core:IntangibleAssetsOtherThanGoodwill 2024-12-31 14278443 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 14278443 core:IntangibleAssetsOtherThanGoodwill 2024-03-31

# SOURCE EV LIMITED

## Company Registration Number:
14278443 (England and Wales)

## Unaudited statutory accounts for the year ended 31 December 2024

## Period of accounts

## Start date: 1 April 2024

## End date: 31 December 2024

# SOURCE EV LIMITED

## Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# SOURCE EV LIMITED

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Principal activities of the company

The principal activity of the Group, represented by Source EV Limited and its subsidiaries (the “Group”) continued to be that of Electric Vehicle (EV) charge point operator. The Group was wholly owned by SSE Utility Solutions Limited ("SSE") until 10 September 2024, when it became a 50/50 joint venture between SSE and TotalEnergies Marketing UK Limited (“TotalEnergies”). The Group was established to design, construct, install, operate, and maintain EV charging hubs across the United Kingdom and Ireland. It operates through two wholly owned subsidiaries: Source EV UK Limited and Source EV Ireland Limited. The business model is capital-intensive, technology and data-driven, and front-loaded. The Group incurs significant upfront costs in land leasing, network development, engineering, construction, installation, and commissioning before generating meaningful revenue. Revenue is primarily derived from electricity consumption at charge points.

Company policy on disabled employees

The Group is committed to a policy of recruitment and promotion of the basis of aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons and retaining of employees who may become disabled whilst employed.

Directors

The director shown below has held office during the whole of the period from
1 April 2024 to 31 December 2024

Nathan Sanders

The directors shown below have held office during the period of
10 September 2024 to 31 December 2024

Nicolas Garnier
Stuart Waddell
Pascal Bouttier
Pierre-Alexandre Vigil
Steven Griffin

Secretary Toby Bailey

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
1 April 2026

And signed on behalf of the board by:
Name: Nicolas Garnier
Status: Director

# SOURCE EV LIMITED

## Profit And Loss Account

for the Period Ended 31 December 2024

| 31 December 2024 | 31 March 2024
--- | --- | ---
| £ | £
Turnover: | 1,046 | 300
Cost of sales: | ( 402 ) | ( 297 )
Gross profit(or loss): | 644 | 3
Administrative expenses: | ( 8,939 ) | ( 6,167 )
Operating profit(or loss): | (8,295) | (6,164)
Interest payable and similar charges: | ( 676 ) | ( 791 )
Profit(or loss) before tax: | (8,971) | (6,955)
Tax: | 1,519 |
Profit(or loss) for the financial year: | (7,452) | (6,955)

# SOURCE EV LIMITED

## Balance sheet

As at 31 December 2024

| Notes | 31 December 2024 | 31 March 2024
--- | --- | --- | ---
|  | £ | £
Fixed assets
Intangible assets: | 3 | 197 | 0
Tangible assets: | 4 | 56,046 | 33,799
Total fixed assets: |  | 56,243 | 33,799
Current assets
Debtors: | 5 | 1,775 | 764
Cash at bank and in hand: |  | 13,088 |
Total current assets: |  | 14,863 | 764
Creditors: amounts falling due within one year: | 6 | ( 20,027 ) | ( 12,805 )
Net current assets (liabilities): |  | (5,164) | (12,041)
Total assets less current liabilities: |  | 51,079 | 21,758
Creditors: amounts falling due after more than one year: | 7 | ( 15,104 ) | ( 28,713 )
Provision for liabilities: |  | ( 233 ) |
Total net assets (liabilities): |  | 35,742 | (6,955)
Capital and reserves
Called up share capital: |  | 10,000 | 1
Other reserves: |  | (87) |
Profit and loss account: |  | 25,829 | (6,956 )
Total Shareholders' funds: |  | 35,742 | (6,955)

The notes form part of these financial statements

# SOURCE EV LIMITED

## Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 1 April 2026
and signed on behalf of the board by:

Name: Nicolas Garnier
Status: Director

The notes form part of these financial statements

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  Revenue is recognised in accordance with IFRS 15 when control of goods or services transfers to the customer and at an amount that reflects the consideration to which the Group expects to be entitled. The Group identifies its contracts with customers, determines the performance obligations within those contracts, establishes the transaction price, allocates the transaction price to the performance obligations, and recognises revenue as those performance obligations are satisfied. The Group’s revenue arises from the provision of access to its electric vehicle charging network. The Group installs electric vehicle charging equipment, sells the related hardware, and provides ongoing maintenance and service arrangements. The Group identifies the following distinct performance obligations in its contracts with customers: EV charging sessions – Pay-as-you-go customers The Group provides access to charging hubs and the supply of electricity to EV users. This is a single performance obligation, satisfied at the point in time when the charging service is delivered and the customer consumes the electricity. EV charging sessions – EMSP roaming and other B2B commercial partners Under roaming agreements and corporate fleet contracts, the Group provides charging services to authorised end-users on behalf of partner networks. The performance obligation is the delivery of a charging session, satisfied at the point in time when the charge is completed. The Group acts as principal unless contractual terms indicate otherwise. Subscription services For subscribers, the Group provides ongoing rights of access to its charging network in exchange for a recurring fee and customers can get some discount as per the company’s decision in view of the market. Any charging sessions delivered beyond subscription entitlements are recognised at the point in time they occur. Each performance obligation is assessed as distinct, and revenue is recognised when (or as) control of the service transfers to the customer. Revenue from EV charging sessions is recognised at the point in time when the charging service is delivered and the customer has consumed the electricity. Revenue from the ongoing maintenance and services arrangements is recognised over time as the services are provided to the customer.

  Tangible fixed assets depreciation policy

  Property, plant and equipment comprise EV charging equipment, grid infrastructure, fixtures and fittings, long-lead equipment prepared for installation and assets under construction (“AUC”). Expenditure directly attributable to the development and construction of electric vehicle charging hubs is capitalised as property, plant and equipment in accordance with IAS 16. Such costs include site preparation, civil works, grid connection costs, charging equipment, installation and other directly attributable costs necessary to bring the asset to the location and condition required for it to operate as intended. Assets under construction are not depreciated. Depreciation commences when the charging hub is commissioned and available for use. Property, plant and equipment are initially measured at cost. Where the Group has a legal or constructive obligation to dismantle or restore an EV charging site, a corresponding decommissioning asset is recognised within property, plant and equipment with a matching provision recognised in accordance with IAS 37. The decommissioning asset is depreciated over the useful life of the associated asset, and the provision is unwound over time using an appropriate discount rate. Residual values, useful economic lives and depreciation methods are reviewed at least annually and accounted for prospectively as changes in accounting estimates. During the period, the Group reassessed the classification of certain development costs previously recognised as intangible assets. These costs were determined to relate directly to the construction of physical EV charging infrastructure and have therefore been reclassified to assets under construction within property, plant and equipment in accordance with IAS 16. The reclassification has been applied retrospectively in accordance with IAS 8 and results solely in a reclassification within non-current assets. There is no impact on total assets, profit or loss, or equity. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: EV charging stations charger 10% straight line EV charging stations non charger 5% straight line Right of use assets over lease term Assets under construction not depreciated The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement. No residual values are considered applicable.

  Intangible fixed assets amortisation policy

  Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is charged on a straight-line basis over the estimated useful lives of the assets. The Group amortises software and other identifiable intangible assets over a typical useful life of ten years, equivalent to annual amortisation rates of 10% per annum. Internally generated development expenditure is capitalised only when the criteria in IAS 38 are met, including the technical feasibility of completing the asset, the intention and ability to complete it, and the availability of adequate resources to use or sell the resulting asset. Intangible assets Intangible assets are measured at cost less accumulated amortisation and impairment losses. Amortisation is charged on a straight-line basis over the estimated useful lives of the assets. Trademarks are amortised over a useful life of ten years, equivalent to an annual amortisation rate of 10% per annum. The Group does not currently capitalise internally generated development expenditure. Development costs are expensed as incurred, as the criteria for capitalisation under IAS 38 Intangible Assets have not been met during the period. The Group does not expect to incur material development expenditure in the near future. Costs incurred in relation to cloud-based software arrangements, including one off Software as a Service (SaaS) implementation cost, do not give rise to an identifiable intangible asset controlled by the Group and are therefore expensed over the implementation period up to the point the system is available for use. Intangible assets recognised by the Group consist solely of trademarks

  Valuation information and policy

  In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Useful economic lives The depreciation of property, plant and equipment and amortisation of intangible fixed assets is based upon estimates of the useful economic lives of the assets involved. Useful economic life is assessed initially upon acquisition or capitalisation of the assets, with a review performed at each reporting period end. Refer to the accounting policy in section 1.5 and 1.6 which outlines the useful economic lives determine for each asset category. Impairment of property, plant and equipment Assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. When no changes of circumstances occur then an annual impairment review is carried out. Refer to note 10 for further details of the carrying values at 31 December 2024. Incremental borrowing rate - leases Lease liabilities are measured at the present value of future lease payments, discounted using the interest rate implicit in the lease where this can be readily determined, or otherwise using the Group’s incremental borrowing rate (“IBR”) at the lease commencement date. The Group’s incremental borrowing rate reflects the rate of interest that the Group would have to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a similar value in a similar economic environment. In determining the IBR, management considers the lease term, the nature and location of the underlying asset, prevailing market based borrowing rates and the Group’s credit risk at the lease commencement date. Given the Group’s funding structure during the period and the absence of external third party borrowing, the IBR is determined using observable secured borrowing rate benchmarks applied by the Group’s shareholders, SSE and TotalEnergies, where these are considered representative of market rates for comparable assets, terms and jurisdictions. Different incremental borrowing rates are applied to leases commenced at different points in time, reflecting changes in market conditions. Refer to note 15 for further details. Recoverability of deferred tax asset The recognition of deferred tax assets requires judgement in assessing whether it is probable that sufficient taxable profits will be available against which the underlying tax losses and temporary differences can be utilised. In making this assessment, management has considered the nature and timing of the deductible temporary differences, the availability of consortium relief within the Group’s shareholder structure, and the expected utilisation profile under the Group’s approved long term plan. For the period, management has concluded that recovery of the deferred tax asset is probable, primarily on the basis that the Group’s tax losses are expected to be utilisable through consortium relief arrangements with its shareholders within the foreseeable future. Refer to note 16 for further details.

  Other accounting policies

  All as contained in the accounts document entitled Material Company Policies section.

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

- ## 2. Employees

  | 31 December 2024 | 31 March 2024
  --- | --- | ---
  Average number of employees during the period | 0 | 0

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 3. Intangible assets

| Goodwill | Other | Total
--- | --- | --- | ---
Cost | £ | £ | £
At 1 April 2024 |  | 0 | 0
Additions |  | 200 | 200
Disposals |  | 0 | 0
Revaluations |  |  |
Transfers |  |  |
At 31 December 2024 |  | 200 | 200
Amortisation |  |  |
At 1 April 2024 |  | 0 | 0
Charge for year |  | 3 | 3
On disposals |  |  |
Other adjustments |  |  |
At 31 December 2024 |  | 3 | 3
Net book value |  |  |
At 31 December 2024 |  | 197 | 197
At 31 March 2024 |  | 0 | 0

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 4. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 1 April 2024 |  | 34,185 |  |  |  | 34,185
Additions |  | 25,147 |  |  |  | 25,147
Disposals |  | ( 2,076 ) |  |  |  | ( 2,076 )
Revaluations |  |  |  |  |  |
Transfers |  | 0 |  |  |  | 0
At 31 December 2024 |  | 57,256 |  |  |  | 57,256
Depreciation |  |  |  |  |  |
At 1 April 2024 |  | 386 |  |  |  | 386
Charge for year |  | 824 |  |  |  | 824
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 31 December 2024 |  | 1,210 |  |  |  | 1,210
Net book value |  |  |  |  |  |
At 31 December 2024 |  | 56,046 |  |  |  | 56,046
At 31 March 2024 |  | 33,799 |  |  |  | 33,799

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 5. Debtors

| 31 December 2024 | 31 March 2024
--- | --- | ---
| £ | £
Trade debtors | 101 | 41
Prepayments and accrued income | 693 | 346
Other debtors | 981 | 377
Total | 1,775 | 764

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 6. Creditors: amounts falling due within one year note

| 31 December 2024 | 31 March 2024
--- | --- | ---
| £ | £
Bank loans and overdrafts | 0 | 0
Amounts due under finance leases and hire purchase contracts | 1,237 | 911
Trade creditors | 1,276 | 571
Taxation and social security | 0 | 0
Accruals and deferred income | 5,083 | 1,352
Other creditors | 12,431 | 9,971
Total | 20,027 | 12,805

# SOURCE EV LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 7. Creditors: amounts falling due after more than one year note

| 31 December 2024 | 31 March 2024
--- | --- | ---
| £ | £
Bank loans and overdrafts | 0 | 19,849
Amounts due under finance leases and hire purchase contracts | 15,104 | 8,864
Total | 15,104 | 28,713