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# SOURCE EV UK LIMITED

## Company Registration Number:
14401537 (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 UK 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 UK 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 company is to construct and operate electric vehicle charging stations. Source EV UK Limited is a wholly owned subsidiary of Source EV Limited, which in turn was wholly owned by SSE Utility Solutions Limited ("SSE") until 10 September 2024. On this date a 50/50 joint venture was formed between SSE and TotalEnergies Marketing UK Limited (“TotalEnergies”). The company was established to design, construct, install, operate, and maintain EV charging hubs across the United Kingdom. The business model is capital-intensive, technology - and data-driven, and front-loaded. The company incurs significant upfront costs in land leasing, network development, engineering, construction, installation, and commissioning before generating meaningful turnover. Turnover is primarily derived from electricity consumption at charging points.

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

Stuart Waddell
Nicolas Garnier
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 UK LIMITED

## Profit And Loss Account

for the Period Ended 31 December 2024

| 31 December 2024 | 31 March 2024
--- | --- | ---
| £ | £
Turnover: | 1,039 | 300
Cost of sales: | ( 388 ) | ( 297 )
Gross profit(or loss): | 651 | 3
Administrative expenses: | ( 8,774 ) | ( 6,167 )
Operating profit(or loss): | (8,123) | (6,164)
Interest payable and similar charges: | ( 655 ) | ( 791 )
Profit(or loss) before tax: | (8,778) | (6,955)
Tax: | 1,511 |
Profit(or loss) for the financial year: | (7,267) | (6,955)

# SOURCE EV UK LIMITED

## Balance sheet

As at 31 December 2024

| Notes | 31 December 2024 | 31 March 2024
--- | --- | --- | ---
|  | £ | £
Called up share capital not paid: |  | 0 | 0
Fixed assets
Intangible assets: | 3 | 197 | 0
Tangible assets: | 4 | 50,957 | 33,799
Total fixed assets: |  | 51,154 | 33,799
Current assets
Stocks: |  | 0 | 0
Debtors: | 5 | 1,945 | 764
Cash at bank and in hand: |  | 10,455 | 0
Investments: |  | 0 | 0
Total current assets: |  | 12,400 | 764
Prepayments and accrued income: |  | 0 | 0
Creditors: amounts falling due within one year: | 6 | ( 19,873 ) | ( 12,805 )
Net current assets (liabilities): |  | (7,473) | (12,041)
Total assets less current liabilities: |  | 43,681 | 21,758
Creditors: amounts falling due after more than one year: | 7 | ( 14,726 ) | ( 28,713 )
Provision for liabilities: |  | ( 220 ) | 0
Accruals and deferred income: |  | 0 | 0
Total net assets (liabilities): |  | 28,735 | (6,955)
Capital and reserves
Called up share capital: |  | 7,600 | 1
Share premium account: |  | 0 | 0
Other reserves: |  | 35,357 | 0
Profit and loss account: |  | (14,222 ) | (6,956 )
Total Shareholders' funds: |  | 28,735 | (6,955)

The notes form part of these financial statements

# SOURCE EV UK 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 UK 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

  Turnover 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 company expects to be entitled. The company 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 turnover as those performance obligations are satisfied. Performance obligations The company’s turnover arises from the provision of access to its electric vehicle charging network. The Group identifies the following distinct performance obligations in its contracts with customers: 1. EV charging sessions – Pay-as-you-go customers The company 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. 2. EV charging sessions – Roaming and other B2B commercial partners Under roaming agreements and corporate fleet contracts, the company 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 company acts as principal unless contractual terms indicate otherwise. 3. Subscription services For subscribers, the company 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 turnover is recognised when (or as) control of the service transfers to the customer Turnover from EV charging sessions is recognised at the point in time when the charging service is delivered and the customer has consumed the electricity. Turnover from the ongoing maintenance and services arrangements is recognised over time as the services are provided to the customer.

  Tangible fixed assets depreciation policy

  Tangible fixed assets 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 tangible fixed assets 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. Tangible fixed assets are initially measured at cost. Where the company has a legal or constructive obligation to dismantle or restore an EV charging site, a corresponding decommissioning asset is recognised within tangible fixed assets 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 company 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 tangible fixed assets 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 10% straight line EV charging stations non charger 5% straight line Right of use asset over lease term Asset 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 profit and loss account.

  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 company amortises software and other identifiable intangible assets over a typical useful life of ten years, equivalent to annual amortisation rate 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. All other development expenditure is expensed as incurred. Intangible assets consist 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 tangible fixed assets 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 tangible fixed assets 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 and 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 company’s incremental borrowing rate (“IBR”) at the lease commencement date. The company’s incremental borrowing rate reflects the rate of interest that the company 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 company’s credit risk at the lease commencement date. Given the company’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 company’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 14 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 company’s shareholder structure, and the expected utilisation profile under the company’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 company’s tax losses are expected to be utilisable through consortium relief arrangements with its shareholders within the foreseeable future. Refer to note 15 for further details.

  Other accounting policies

  1 Material accounting policies Source EV UK Limited (formerly SSE EV Operational Assets Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 19th Floor Upper Bank Street, London, E14 5BF. The company's principal activities and nature of its operations are disclosed in the directors' report. 1.1 Reporting period The financial statements are prepared for a shortened reporting period, covering 1 April 2024 to 31 December 2024. The comparative figures relate to the period from 6 October 2022 to 31 March 2024. 1.2 Basis of preparation The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and with the requirements of the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling. The financial statements have been prepared under the historical cost convention. The material accounting policy information that is relevant to an understanding of the financial statements is set out below. Reduced disclosures The company is a qualifying entity for the purposes of FRS 101, as it is a member of a group which prepares publicly available consolidated financial statements. Accordingly, the following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements in accordance with FRS 101: - Inclusion of an explicit and unreserved statement of compliance with IFRS - Disclosure of the future impact of new IFRS in issue but not yet effective at the reporting date - Presentation of a statement of cash flows and related notes - Disclosure of the categories of financial instruments and the nature and extent of risks arising on these financial instruments - Comparative period reconciliations for the number of shares outstanding and the carrying amounts of tangible and intangible fixed assets - Disclosure of key management personnel compensation - Revenue disclosures including: - Disaggregated and total revenue from contracts with customers - Explanation of significant changes in contract assets and liabilities - Description of when performance obligations are satisfied, significant payment terms and the nature of goods and services to be transferred - Significant judgements in determining the amount and timing of revenue recognition - Methods used to determine the transaction price and amounts allocated to performance obligations - Comparative narrative information - Related party disclosures for transactions with the parent or wholly owned members of the group Where required, equivalent disclosures are given in the group accounts of Source EV Limited. These group accounts are available to the public and can be obtained as set out in note 21. 1.3 Going concern The company incurred a loss for the period ended 31 December 2024 of 7,267,000 pounds sterling (31 March 2024: loss of 6,955,000 pounds sterling) and, at the reporting date, had net current liabilities of 7,473,000 pounds sterling (31 March 2024: net current liabilities of 12,041,000 pounds sterling). The company is in the early stages of developing and operating electric vehicle charging infrastructure, which requires significant upfront capital investment before generating stable operating cash flows. 1.3 Going concern (continued) The company is forecast to become profitable within five years, until which time expenses are expected to be covered by shareholder loans. The company is funded by its parent undertaking, Source EV Limited, through a combination of equity injections and shareholder loans ultimately from SSE Utility Solutions and TotalEnergies Marketing UK Limited. The company's shareholders have provided a formal letter of support under which they have committed to provide sufficient funding to enable the company to meet its liabilities as they fall due for the twelve-month period from the date of signing these financial statements, which is consistent with the period assessed by the directors in their cash flow forecasts. This assessment included consideration of the shareholders' financial strength, liquidity resources and track record of funding the company to date. Based on this assessment, the directors have concluded that the shareholders have both the intent and the financial capacity to provide the support pledged. Based on this assessment, the directors are satisfied that the company has adequate resources to continue in operational existence for a period of twelve months from the date of approval of these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis. 1.7 Impairment of tangible and intangible assets At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate reflecting current market assessments of the time value of money and asset-specific risks. Impairment losses are recognised immediately in profit or loss unless the asset is carried at a revalued amount. Reversals of impairment losses are recognised in profit or loss subject to carrying amount limits. 1.8 Cash at bank and in hand This includes cash in hand and deposits held at call with banks. 1.9 Financial instruments Financial assets are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are classified according to their nature and purpose. Financial assets measured at fair value through profit or loss are recognised initially at fair value with transaction costs expensed. Gains or losses are recognised in profit or loss. Financial assets held at amortised cost arise principally from trade receivables. They are initially recognised at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest method, less impairment. The company applies the simplified expected credit loss model under IFRS 9 and recognises lifetime expected credit losses from initial recognition. Financial liabilities are recognised when the company becomes party to the contractual provisions and are measured at amortised cost using the effective interest method. Financial liabilities comprise trade and other payables, accruals, lease liabilities and shareholder loans. Trade and other payables are non-interest bearing and are normally settled within agreed credit terms. Lease liabilities are recognised in accordance with IFRS 16 and measured at the present value of future lease payments. Loans due to related parties are recognised initially at fair value and subsequently measured at amortised cost. Further details are disclosed in note 18. The directors consider that the carrying values of financial liabilities approximate their fair values. 1.10 Equity instruments Equity instruments are recorded at proceeds received net of issue costs. Dividends are recognised as liabilities when no longer at the discretion of the company. 1.11 Taxation Current tax is based on taxable profits using enacted or substantively enacted tax rates. Deferred tax is recognised on temporary differences using the balance sheet liability method, subject to probability of recoverability. 1.12 Decommissioning provisions Provisions are recognised where the company has a present obligation to restore leased sites. Provisions are measured at the present value of expected future costs, with unwinding of the discount recognised as a finance cost. 1.13 Employee benefits Short-term employee benefits are recognised as expenses as services are received. Termination benefits are recognised immediately when the company is demonstrably committed. 1.14 Leases Leases are accounted for in accordance with IFRS 16. Right-of-use assets and lease liabilities are recognised at commencement date and subsequently measured using the straight-line and effective interest methods. The lease portfolio primarily comprises long-term land leases for EV charging hubs with terms of 25 to 30 years. Short-term and low-value leases are expensed on a straight-line basis.

# SOURCE EV UK 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 UK 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 | 0
Additions | 0 | 200 | 200
Disposals | 0 | 0 | 0
Revaluations | 0 | 0 | 0
Transfers | 0 | 0 | 0
At 31 December 2024 | 0 | 200 | 200
Amortisation |  |  |
At 1 April 2024 | 0 | 0 | 0
Charge for year | 0 | 3 | 3
On disposals | 0 | 0 | 0
Other adjustments | 0 | 0 | 0
At 31 December 2024 | 0 | 3 | 3
Net book value |  |  |
At 31 December 2024 | 0 | 197 | 197
At 31 March 2024 | 0 | 0 | 0

# SOURCE EV UK 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 |  | 19,986 |  |  |  | 19,986
Disposals |  | ( 2,074 ) |  |  |  | ( 2,074 )
Revaluations |  |  |  |  |  |
Transfers |  | 0 |  |  |  | 0
At 31 December 2024 |  | 52,097 |  |  |  | 52,097
Depreciation |  |  |  |  |  |
At 1 April 2024 |  | 386 |  |  |  | 386
Charge for year |  | 754 |  |  |  | 754
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 31 December 2024 |  | 1,140 |  |  |  | 1,140
Net book value |  |  |  |  |  |
At 31 December 2024 |  | 50,957 |  |  |  | 50,957
At 31 March 2024 |  | 33,799 |  |  |  | 33,799

# SOURCE EV UK 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 | 686 | 346
Other debtors | 1,158 | 377
Total | 1,945 | 764

# SOURCE EV UK 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 | 1,208 | 911
Trade creditors | 1,276 | 571
Taxation and social security | 0 | 0
Accruals and deferred income | 4,956 | 1,352
Other creditors | 12,433 | 9,971
Total | 19,873 | 12,805

# SOURCE EV UK 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 | 14,726 | 8,864
Other creditors | 0 | 0
Total | 14,726 | 28,713