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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
COMPANY INFORMATION
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
CONTENTS
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report with the financial statements of the Company for the year ended 31 December 2025.
The principal activities of the business are to develop, own, operate and maintain a nationwide network of electric vehicle chargers for use by the public, and to support the united Kingdoms need for the electrification of transport.
The company performed broadly as expected during 2025 and against the forecast set at the beginning of the year.
Headwinds in the market created by uncertainty around EV related policy, were partly offset via the successful introduction and growth of the Company’s subscription offering, including its market-leading 39p/kWh pricing proposition. This initiative has been well received by customers, supporting increased utilisation across the network and strengthening customer loyalty. Funding and capital structure The company remains capitalised supplemented by ongoing equity support from the company’s ultimate parent for ongoing operations. The company has a bond coming to maturity at the end of May 2026. Whilst this cannot be repaid from free cashflow, the intention was always to look to either refinance the loan via new/alternative financing available to the company or agreeing new terms with the existing lenders when the bond neared maturity. This activity is ongoing at the time of this report, and advanced discussions are taking place. Going concern and financial support The Directors have an expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company has received confirmation that its parent undertaking will provide financial support for a period of at least 12 months from the date of approval of these financial statements, if required. EV market growth The UK electric vehicle (EV) market continued to grow during 2025, despite ongoing macroeconomic uncertainty, cost of living pressures and evolving government policy. Battery electric vehicle (BEV) adoption has remained on an upward trajectory, supported by both regulatory drivers and increasing consumer acceptance. During the year, BEVs accounted for approximately 20%–25% of new car registrations, with full year penetration remaining materially ahead of prior periods. This reflects continued momentum in the transition away from internal combustion engine vehicles.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The regulatory backdrop remains a key driver of growth. The UK Government’s Zero Emission Vehicle (ZEV) mandate, which requires manufacturers to meet minimum zero-emission sales thresholds, continues to provide a clear framework supporting long-term electrification. Whilst the deferral of the ban on new petrol and diesel vehicles from 2030 to 2035 introduced some short-term uncertainty, this has not materially altered the long-term direction of travel.
The principal risks that affect the business are reviewed and monitored by senior management. The key risks that the company face include:
Health and safety: The risk of site-related and workplace injuries and environmental incidents exist which could result in: • Significant injury or death of staff, contractors, or customer. • Claims against the company. • Investigations and enforcement from statutory bodies (e.g. Health and Safety Executive) which could include improvement actions, fines and suspension of operations. • Reputational damage. The business operates a full Health, Safety, Environmental and Quality (HSEQ) management system with training, inspections and monitoring programmes in place to minimise the risk of incidents occurring. The management of HSEQ features prominently in discussions at quarterly board and monthly senior leadership meetings. Political and regulatory risk Government policy on phasing out petrol and diesel engines as well as tackling the climate crisis could impact the uptake of electric vehicles. The UK government has mandated that the public electric vehicle (EV) charging network, specifically for rapid and ultra-rapid chargers, must maintain 99% reliability to boost driver confidence and accelerate EV adoption. Management continually monitors government policy and retains flexibility in the business model to enable an appropriate response should there be policy changes that impact the business. We are an active member of the industry body ChargeUK, contributing to policy discussions and decisions.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Economic: The business is reliant upon the growth in EV adoption by both private and commercial owners who then utilise the network. Government policies support and encourage this at present and whilst EV adoption remains a smaller part of the market today, the segment is growing rapidly. OEMs are promoting their lines of EVs in consideration of the 2035 deadline and with more fleets electrifying, an increasing second-hand market for EVs will present itself and help consumers overcome the affordability risk that will be short term. Additionally, cost inflation has become an important factor for businesses to manage, in particular energy prices that are a significant category of expenditure for Iduna and its subsidiaries. Financing/liquidity risk The company has a bond that requires refinancing ahead of maturity on 30 June 2026. Detailed modelling has been undertaken, and options are explored ahead of time in order to avoid a liquidity issue. Options include raising new debt to repay the existing bonds or looking to agree new terms with the existing bondholders. Competition: Be.EV has sought to differentiate itself from its competition by focusing on the end user, its bespoke charging solutions and by putting the communities it serves at the heart of its site selection. In support of the company’s strategy to deliver this, the business is well capitalised to fund the roll-out of the network quickly to secure market share. Be.EV recognises that price competitiveness is important, but the business prioritises value for money, which centres on great locations, scale, ease of use and reliability. Energy costs have stabilised in recent years, and Be-EV continue to explore ways in which to offer value for money to customers. Technology: Most major vehicle manufacturers are investing in the electrification of transport as the clean alternative to fossil fuels, so the risk of electric vehicle technology being redundant in the foreseeable future is regarded as negligible. As the industry develops, it is expected that the charging capability of EVs will increase and support faster charging to reduce waiting times. However, this will be limited to the expected dwell times of the location. The business continually monitors alternative hardware solutions in the market to ensure it offers the best solutions to drivers. Management maintains strong relationships at the highest levels of its supply chain and ensures that the business is not dominated by one supplier.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Cyber security risk The company relies on digital systems to operate its charging network, including payment platforms and customer interfaces, and is therefore exposed to cyber security threats. A cyber incident could result in operational disruption, data loss, financial penalties and reputational damage. The company maintains appropriate controls, including system security measures, monitoring and incident response processes, use of secure third-party providers, and regular staff training to reduce exposure to cyber risks. Financial The board has responsibility for monitoring financial risks and its policies are implemented by senior management. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company as described below: 1. Asset Utilisation The long-term business model is based on an increasing rate of usage at sites once they go live. The usage expectation increases as the national adoption of electric vehicles grows. Work has been done with industry leading advisors on the forward demand profiles and achieving these demand curves remains the priority for the company. 2. Supply chain Risk The company is exposed to changes in the market price for its materials which impacts the cost of each charging station installation. To manage this the company has developed a broad and competitive supply base including framework agreements with key suppliers to ensure price stability for the installation of its chargers as well as engagement with potential suppliers in the market. 3. Energy Price Risk The company is exposed to energy price fluctuations from its energy suppliers which impacts gross margin. This can be partly offset, up or down, by the tariff charged to end users for charging as most competitors will also have similar exposure. 4. Foreign exchange risk The company makes purchases, and receives payment in sterling, which limits its exposure to exchange rate risk. The company's hardware suppliers whilst UK companies and who invoice in sterling source supply from oversees manufacturers and the business is subject to fluctuation in exchange rates. If any future contracts require an agreement with an oversees supplier, the company will seek to denominate process in sterling.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In addition to the financial information presented to the board throughout the year management monitors the following key performance indicators:
- Health & Safety performance - Network availability and reliability - Brand awareness - Utilisation/revenue - EBITDA Margin - Product gross margin - Customer satisfaction
As the Directors of the Company we acknowledge our legal responsibility under s172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the Company's success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Company and its stakeholders.
This report was approved by the board and signed on its behalf.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The loss for the year, after taxation, amounted to £1,751,605 (2024 - loss £853,381).
No dividends were paid or proposed during the year (2024: £Nil).
The directors who served during the year were:
Future developments There are no significant developments in the Company's Business. Engagement with suppliers, customers and others Engagement with suppliers and customers is key to our success. We work closely with our supply chain and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law. The Directors recognise the importance of building strong relationships with suppliers. Our suppliers provide products and services that helps us to execute our strategy. We also recognise that developing a strong understanding of customers’ needs and putting that into our business and strategy is critical.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
We have audited the financial statements of Iduna Electric Vehicle Charging Infrastructure PLC (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date: 22 May 2026
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
REGISTERED NUMBER: 13325200
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Iduna Electric Vehicle Charging Infrastructure PLC (company number 13325200) is a public company limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principal place of business is C/O Indigo Governance, Vincent Court, Ground Floor, 853-855 London Road, Westcliff-On-Sea, Essex, United Kingdom, SS0 9SZ.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 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).
The company has early adopted the amendments introduced by FRED 82 (Draft amendments to FRS 102 – Periodic Review 2024) from 01/01/2025, including the revised requirements relating to revenue recognition and leases. These amendments have been applied consistently to all periods presented, except where transitional reliefs permitted by FRS 102 have been elected.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis as the directors believe the company has access to sufficient resources to be able to carry out its activities.
During 2024 the Iduna Infrastructure Group secured a debt facility of up to £55m from Natwest Bank and KfW IPEX-Bank. This was secured by Iduna EVCI Asset Co 1 Limited, which is a fellow subsidiary of the Iduna Infrastructure group. The debt facility includes a mechanism whereby the following year’s commitment is reviewed at the end of each year, to ensure that the group is managed within its financial facilities. This facility is available to be drawn down at the company level. As at 31 December 2025, tranches of £36m of this facility had been drawn down. The full £55m is scheduled to be drawn by 31 December 2026. During 2025, Iduna Infrastructure Limited, the holding company of the Iduna Infrastructure group (“the Group”), secured funding in the form of loan notes from Sky EV Charging Holdco Limited of up to £16.5m that can be drawn down in tranches. As at the date of this report, £14.0m had been drawn down with one further tranche forecast during October 2026. Beyond this the group is self funded thorough its operations. Management have considered several factors in their assessment of going concern. These include important factors such as the selling price, utilisation of the network, rate of installation, competitor pricing, electricity price inflation, supply chain inflation, IT requirements, capital expenditure per charger and staff expansion costs.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
These factors are also set in the context of the wholesale electricity price volatility, forecasted rates of inflation, further impacts from global conflicts and the Electric vehicle ownership levels. Whilst an extreme movement of one of these factors could result in a change in forecast cash need, the funding currently available would never be exceeded in the next 12 months. The business has performed working capital phasing checks and reasonable worst case scenario sensitivity analysis calculations. This includes reduction to the selling price, increase to the cost of electricity and a reduction in utilization due to a decrease in Electric vehicle ownership growth or increase in competitors. An important factor for the business is that its cash requirements are a result of its capital expenditure need for expansion. Should any cash reserves become unpredictably constrained, there is the option for the business to control and slow its expansion to conserve the necessary cash and bridge the shortfall. Management can demonstrate that either enough cash is available to continue, or that there would be a controllable reaction to conserve cash from capital investment to continue funding losses. All companies within the Iduna Infrastructure group have committed to providing mutual support in allocating working capital across the group to support the operations of each individual group company. The Group's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Group is dependent on the above finance being made available to the Group by the lenders during the 2026 year. After making enquiries and based on the financial support confirmed by the lenders, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operation existence for the foreseeable future. The Company and Group therefore have concluded that no material uncertainty exists in the current climate in respect of going concern.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised in accordance with Section 23 of FRS 102, Revenue from Contracts with Customers, using a single, principles-based five-step model to account for revenue arising from contracts with customers.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company has adopted the revised Section 20 ''Leases'' of FRS 102 from 01/01/2025, which introduces a single on balance sheet accounting model for lessees, replacing the previous distinction between operating and finance leases.
Comparative information has not been restated in accordance with the transitional provisions of Section 20. Recognition At the commencement date of a lease, the company recognises: - a right-of-use asset, representing its right to use the underlying leased asset; and - a lease liability, representing its obligation to make lease payments. Leases with a lease term of 12 months or less and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Measurement of lease liabilities The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date. Lease payments include: - fixed payments (including in substance fixed payments), less any lease incentives receivable; - variable lease payments that depend on an index or a rate; - amounts expected to be payable under residual value guarantees; and - payments of termination penalties, where the lease term reflects the company exercising that option. The lease payments are discounted using the interest rate implicit in the lease, or, where this cannot be readily determined, the company’s incremental borrowing rate. Subsequently, the lease liability is measured at amortised cost, with interest expense recognised in profit or loss and reduced by lease payments made.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line/ reducing balances.
Depreciation is provided on the following basis:
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.
In accordance with the adoption of the revised section 20 Leases of FRS 102 the Company now recognises leased assets on a control basis.
Measurement of right-of-use assets Right-of-use assets are initially measured at cost, comprising: - the initial measurement of the lease liability; - any lease payments made at or before the commencement date; - any initial direct costs incurred; and - an estimate of costs to be incurred in dismantling or restoring the leased asset. Subsequently, right-of-use assets are measured at cost less accumulated depreciation and impairment losses. Depreciation is charged on a straight-line basis over the shorter of the lease term and the asset’s useful economic life.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and judgements concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and judgements thathave a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Tangible fixed assets, incorporating assets under the course of construction Tangible fixed assets are recognised at cost with consideration given to their carrying value in relation to their future profit-generating capacity and value in use. Lease liabilities and right-of-use assets Leases and the subsequent right of use assets are recognised on the transition to revised section 20 Leases of FRS102. Lease liabilities are recognised on the basis of the present value of future payment obligations. Lease payments are discounted using the interest rate implicit in the lease, where this rate is not available the company's incramental borrowing rate is used.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The whole of the turnover is attributable to the principal activities of the Company.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The net book value of owned and leased assets included as ''Tangible fixed assets'' in the Statement of financial position is as follows:
Information about the right-of-use assets is summarised below:
Net book value
Depreciation charge for the year
Recognition of right-of-use assets
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
As at 31 December 2025, the Company is party to a cross guarantee arrangement with fellow subsidiary undertakings in respect of debentures held. Under the terms of this arrangement, the debentures held are secured over the shares held by Iduna EVCI Holdings Limited in the Company.
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IDUNA ELECTRIC VEHICLE CHARGING INFRASTRUCTURE PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is wholly owned by Iduna EVCI Holdings Limited. The ultimate parent company is Iduna Infrastructure Limited, a company incorporated and registered in the United Kingdom. The Company is included within the consolidated financial statements of the ultimate parent, which can be obtained from Companies House or its registered office, which is located at C/O Indigo Governance, Vincent Court, Ground Floor, 853-855 London Road, Westcliff-On-Sea, Essex, United Kingdom, SS0 9SZ..
The ultimate controlling party is Octopus Renewables Infrastructure SCSP, due to its majority shareholding of the ultimate parent.
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