The directors present their strategic report together with the audited financial statements for the year ended 31 March 2026.

Our Board and Management team are pleased to provide a clear view of the company’s strategic direction, commercial progress, and operational performance — and we are committed to continuing this level of transparency in future disclosures.

Principal Activities

The principal activity of the Company is to develop, manufacture, operate and maintain on-street electric vehicle (EV) charge points with turnover being generated through the sale of electricity to drivers.

The year ending 31 March 2026 demonstrated strong turnover growth and featured an increase in our commissioned charge points from 3,879 at the start of the year to 4,978, an increase of over 28%.

Turnover of £5.6m (2025 - £4.1m) representing growth of over 37%, and an EBITDA loss of £11.7m (2025 – loss £10.3m) is in line with management’s expectations, based on the current market environment and the delays to the tendering process for Local Electric Vehicle Infrastructure (LEVI) funding at local council level getting underway. As of 31 March 2026, the Company has net assets of £15.2m which includes £4.8m of cash held in bank deposits.

Char.gy is an award-winning EV charging infrastructure company specialising in local, on-street public charging that is designed to serve the estimated 40% of UK households without access to off-street parking. We've spent a decade designing, manufacturing and refining our chargepoint technology, specialising in lamppost-mounted and bollard chargepoints that draw power from existing street infrastructure, creating significant cost savings and making us the most affordable public charging provider in the country. During this time, we have built deep expertise in deployment, operations and customer service across local authority partnerships. Our product portfolio now spans from 5kW to higher-power 22kW chargepoints for busier locations, allowing us to serve a broader range of street types and customer requirements, ensuring all drivers have access to charging.

Business review and future developments

2025 was the second full year under the direction of our Chief Executive Officer, John Lewis, and the year in which Char.gy’s strategy delivered tangible, market-leading results. Building on the foundations established in the prior year, the team executed with confidence across every dimension of the business in growing our network, expanding our product range and securing the first LEVI-funded deployment.

Our strategic framework organised around the priorities of customer service, product design, colleague development, turnover diversification and robust controls and performance management continued to direct our efforts and resource allocation during the year. Our company values and sustainability agenda, underpinning our commitment to our colleagues, the communities we operate in and the environment (“People & Planet”), remain central to our decision making.

Char.gy proudly deployed the first LEVI-funded chargepoint in the country in Brighton, significant evidence of our ability to compete and win in government backed infrastructure programmes. This deployment marks the beginning of a substantial pipeline of LEVI-funded council opportunities, and validates our investment in product, commercial and operational capabilities over recent years. Councils and local authorities are now actively progressing contract tenders. Char.gy has secured a number of these opportunities and expects to continue winning further contracts as procurement gathers pace.

The year also saw the commercial deployment of our on-door charge point, further extending Char.gy’s product portfolio and our ability to serve residents without off-street parking. This innovative solution strengthens our position as the leading provider of hyper-local, on-street EV charging and broadens the range of environments in which we can operate.

Char.gy is well positioned to benefit from the continued policy momentum behind EV adoption, including the LEVI funding programme and the Zero Emission Vehicle (ZEV) Mandate, which requires an increasing proportion of new car sales to be zero-emission. Our strong product offering, competitive pricing and demonstrated commitment to delivering Social Value enhance our ability to secure future commercial growth across both public and private funding opportunities. While the immediate focus remains on the UK market, there is significant potential to extend our approach internationally.

The Company is a certified B Corp, reflecting our commitment to meeting rigorous standards of social and environmental performance, accountability and transparency. This certification underscores Char.gy’s commitment to objectives that extend beyond shareholder profit, solidifying our role as a purpose-driven organisation.

The Company continues to benefit from its ISO certifications — ISO 9001 (Quality), ISO 14001 (Environment), ISO 27001 (Information Security) and ISO 45001 (Health & Safety) — which provide structure and validation to our enhanced processes and controls.

During the year, the Company continued to invest in its team to support the next phase of growth. Headcount increased from 92 at the start of the year to 104 at 31 March 2026, reflecting continued investment across our commercial, technical and operational functions.

We remain highly confident in our strategy and excited by the opportunities ahead. With our first LEVI deployment delivered, an expanded product range, an established network of 4,978 chargepoints, a significant secured pipeline of new installations and a strengthened team, Char.gy is well placed to accelerate its growth and deliver for UK communities. We continue to refine the design of our charge points to improve their utility, cost efficiency and environmental credentials, and this development work will continue at pace during the upcoming financial year.

Principal Risks and uncertainties

The Company has adopted an approach to managing risk within the business and risks are only accepted to build the business where these risks:

• Fit our business strategy and can be understood, mitigated and managed;

• Do not expose the business to any single material loss event from an acquisition, business or product; and

• Do not harm the Company’s brand.

Set out in summary below are the principal risks and uncertainties faced by the Company based on the market sector in which the Company operates. The Board is responsible for assessing the principal risks and these are monitored on a regular basis.

The key financial and non-financial risks identified by the Board and the measures taken to mitigate their impact are:

Political

Government policy plays a significant role in shaping the EV charging infrastructure market. A key example is the Zero Emission Vehicle (ZEV) Mandate, which requires an increasing proportion of new car sales to be zero-emission, driving EV uptake and influencing local authority priorities. Specific funding programmes, such as the £343 million Local Electric Vehicle Infrastructure (LEVI) fund, currently underpin infrastructure rollout, but political risks to market stability exist. Changes in policy direction or delays in mandates and incentives could affect EV ownership levels and therefore chargepoint utilisation. However, given current commitments and momentum, management currently assesses this risk as low.

As a relatively new and rapidly evolving market, government regulation in the EV charging sector is still developing. This includes emerging standards around accessibility, pricing transparency, compatibility between different vehicles and chargers, and reliability, all of which will influence the pace and shape of infrastructure deployment. Char.gy is compliant with all chargepoint regulations and actively manages risks related to regulatory change and uncertainty.

Economic

Char.gy’s turnover is currently derived entirely from the sale of electricity to EV drivers, creating concentration risk to its financial sustainability. As such, factors influencing EV adoption including government policy and the falling cost of EVs directly affect the Company’s addressable market. Management expects EV penetration to continue rising, which supports long-term turnover growth.

To maximise utilisation and turnover, the Company employs data-driven tools to strategically deploy charge points in high demand locations. At the same time, management has developed sophisticated energy procurement models to secure favourable electricity prices, ensuring EV charging remains cost-competitive compared to petrol and diesel.

In addition to its core turnover stream, the Company is actively developing ancillary turnover opportunities and exploring expansion into enterprise markets and new geographies, further diversifying its growth potential.

Technology

Failure to innovate or adopt the right technologies could limit Char.gy’s ability to scale efficiently and achieve its strategic objectives. To mitigate this, the company has made significant investments in its Hardware, Platform and Product Management capabilities, with a focus on developing scalable, interoperable, and future-proof solutions. This includes Char.gy’s industry-leading lamppost charge point – an affordable, reliable, and easily deployable solution that supports efficient rollout and consistent operational performance in a fast-moving market.

Char.gy uses a range of financial and non-financial KPIs to monitor performance against its strategic objectives and to support effective decision-making by management and the Board. These KPIs are selected to reflect key drivers of value and risk within the business and are reviewed periodically to ensure continued relevance.

Availability

Poor performance of installed hardware could pose a material risk to Char.gy. The high quality of our hardware, software, maintenance programmes and operating model ensure that network availability was 99% in the period (2024 – 99%).

Going Concern

The Directors have assessed future cash flows of the company at the date of approving the financial statements. The Company relies on financial support from investors and related parties to execute strategic growth and to meet its day-to day working capital requirements.

During the year, the Company received a capital injection of £5,000,346 from ZCIIF Hold Co 3 Limited. This cash injected along with further financial support available will enable the Company to continue to trade in operational existence for the foreseeable future. The investors and related parties have also confirmed their ability and willingness to support the Company for the next 12 months from the date of signing these financial statements.

The Directors have assessed future cash flows of the Company and received confirmation from investors and related parties of their ability and willingness to support the Company for the next 12 months from the date of signing these financial statements. The Directors therefore have a reasonable expectation that the Company has adequate resources to continue operations and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. As a result, the Directors do not consider there to be any material uncertainty in relating to the Company's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing the financial statements.

This report was approved by the board and signed on its behalf.

The directors present their annual report and financial statements for the year ended 31 March 2026.

The results for the year, after taxation, amounted to a loss of £12,480,305 (2025: - loss £10,767,989).

The directors have not recommended the payment of a dividend in respect of the year ended 31 March 2026 (2025 - £nil).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and principal risks and uncertainties section.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

• so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

• make judgements 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; and

• 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 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.

We have audited the financial statements of Char.gy Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 Auditor's 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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

• We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.

• The engagement lead assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

  • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and

  • Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

• As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

  • Posting of unusual journals and complex transactions; and

  • Risk of incorrect recognition of revenue.

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 Auditor's Report.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 32 form part of these financial statements.

Char.gy Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and 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 £.

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries could be excluded from consolidation by section 405 of the Companies Act 2006.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company made a loss after tax of £12,480,305 (2025: £10,767,989) during the year ended 31 March 2026 and at that date had net assets of £15,233,179 (2025: £22,713,088).true

The Directors have assessed future cash flows of the company at the date of approving the financial statements. The Company relies on financial support from investors and related parties to execute strategic growth and to meet its day-to day working capital requirements.

During the year, the Company received a capital injection of £5,000,346 from ZCIIF Hold Co 3 Limited. This cash injected along with further financial support available will enable the Company to continue to trade in operational existence for the foreseeable future. The investors and related parties have also confirmed their ability and willingness to support the Company for the next 12 months from the date of signing these financial statements.

The Directors have assessed future cash flows of the Company and received confirmation from investors and related parties of their ability and willingness to support the Company for the next 12 months from the date of signing these financial statements. The Directors therefore have a reasonable expectation that the Company has adequate resources to continue operations and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. As a result, the Directors do not consider there to be any material uncertainty in relating to the Company's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing the financial statements.

Turnover shown in the Income Statement represents amounts receivable for products and services sold during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Turnover is generated from the supply and installation of electric car charging points and charging customers for the use of electric car charge points on a Pay As You Go basis (PAYG).

Turnover from the supply and installation of electric car charging points is recognised at the point the charging point has been installed. PAYG turnover is recognised over the period in which the service provided relates.

The concession contract has been initially recognised at fair value based on the overall services under the terms of the contractual arrangement as the operator of the charging points. All other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

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.

Investments in subsidiaries are measured at cost less accumulated impairment.

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independent administered funds.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

The company's functional and presentational currency is GBP.

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.

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.

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.

Interest income

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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

The preparation of the financial statements require management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The directors consider the following to be critical judgments, estimates and assumptions used in the preparation of these financial statements:

Management have estimated that the Development platform has a useful life of 10 years on the basis that the future profits occurring as result of the platform will match amortisation over that period. This will be amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and then physical condition of the asset.

Management have estimated that the charging points have a useful life of 10 years based on the terms of the long term contracts held which will match amortisation over that period. This will be amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and then physical condition of the asset.

Management have carried out a review to identify whether there are any indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

An analysis of turnover by class of business is as follows:

All turnover arose within the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Staff costs, including directors' remuneration, were as follows:

The above directors' remuneration of £489,368 (2025 - £474,982) does not include benefits the directors received during the year which amounted to £5,289 (2025: £2,488).

The highest paid director received remuneration of £264,463 (2025 - £256,545).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,750 (2025 - £6,584).

The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below.

Deferred tax

The Company has gross losses carried forward of £46,291,185 (2025: £33,441,024) which if fully recognised would give rise to a deferred tax asset of £11,572,796 (2054: £8,360,256). These assets have not been recognised in the financial statements as there is currently insufficient certainty about the availability of future taxable profits to offset these amounts.

In addition to this there are net short term and fixed asset timing differences totalling £3,421,774 (2025: £3,243,677) which if fully recognised would give rise to a deferred tax liability of £855,444 (2025: £810,919). These liabilities have not been recognised as there is a legally enforceable right to offset against any deferred tax asset and the entity intends to settle on a net basis.

The following was a subsidiary undertaking of the Company:

Registered office addresses (all UK unless otherwise indicated):

The carrying value of stocks are stated net of impairment losses totalling £23,346 (2025: £408,925).

Included within other debtors is restricted cash of £302,622 (2025: £nil) relating to a performance bond.

Each Ordinary A share has full rights in the company with respect to voting, dividends and distributions.

Each Ordinary B share has full rights in the company with respect to voting, dividends but not equal rights with respect to distributions.

Each Ordinary D share has full rights in the company with respect to dividends but not equal rights with respect to voting rights and distributions.

Each Ordinary E share has no rights in the company with respect to voting and dividends.

During the year, the Company received a capital injection of £5,000,346 from ZCIIF Hold Co 3 Limited in exchange for 13,189 A shares for strategic growth purposes and for working capital requirements. ZCIIF Hold Co 3 Limited is the controlling party by virtue of its majority shareholding.

The share premium account represents premiums paid in excess of the company's ordinary shares nominal value.

The profit and loss account represents retained earnings and accumulated losses attributable to the shareholders of the company.

At the balance sheet date the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

The Company has taken advantage of the exemption in FRS 102 not to disclose transactions entered into between members of the Group where subsidiaries party to the transaction are wholly owned members of the Group.

At 1 April 2025, the company owed C McDowell £1,029. During the year further advances in form of reimbursable expenses were made of £2,038 and repayments made of £3,067. At 31 March 2026, an amount of £nil was owed from the company to C McDowell. No interest was charged on these amounts.

At 1 April 2025, the company owed G Watson £236. During the year further advances in form of reimbursable expenses were made of £nil and repayments made of £236. At 31 March 2026, an amount of £nil was owed from the company to G Watson. No interest was charged on these amounts.

At 1 April 2025, £125 was owed to J Lewis. During the year further advances in form of reimbursable expenses were made of £686 and repayments made of £811. At 31 March 2026, an amount of £nil was owed from the company to J Lewis. No interest was charged on these amounts.

At 1 April 2025, £563 was owed to O Brighton. During the year further advances in form of reimbursable expenses were made of £nil and repayments made of £563. At 31 March 2026, an amount of £nil was owed from the company to O Brighton. No interest was charged on these amounts.

ZCIIF Hold Co 3 Limited is the controlling party by virtue of its majority shareholding.

There has been a reclassification of some costs in the prior period Statement of Comprehensive Income to reflect the substance of those costs which are presentational, but this restatement does not affect overall profit, the Statement of Financial Position or the Cash Flow Statement for the period period. The reclassification results in an increase to cost of sales of £41,996, decrease to administrative expenses of £390,383 and an increase to operating costs of £348,387.