| Neot Green Mobility UK Limited |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Statutory information |
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Neot Green Mobility UK Limited is a private company limited by shares and incorporated in England and Wales. The company's registered number and registered office address are as follows: |
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Registered number : |
12448858 |
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Registered office : |
25 Station Road |
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Kings Heath |
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Birmingham |
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B14 7SR |
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| 2 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the companies Act 2006. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Going concern |
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The company is reliant on its parent company for funds to support its working capital. The parent company have pledged continued support for the company for at least 12 months from the date of the approval of these financial statements. |
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This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payments. As with any company placing reliance on other related parties for financial support, that there are no certainty that this support will continue although at the date of approval of these financial statements, there is no reason to believe that they will not do so. |
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On this basis, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. |
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The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
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Turnover |
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Turnover represents amounts receivable from renting and leasing of electric buses and vehicle batteries. |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Rental income from operating leases of motor vehicles and vehicle batteries is recognised on a straight line basis over the lease term. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Motor vehicles |
Straight line over 9 to 12 years |
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Vehicle batteries |
Straight line over 10 years |
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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 credited or charged to profit or loss. |
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Financial instruments |
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Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference share and non-puttable ordinary shares, which are measured at fair value, with changes recognised in profit and loss. |
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Financial instruments are recognised when the company becomes a party to the contract. They are only offset when there is a legally enforceable right to do so. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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Current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash at bank and in hand, short term deposits with financial institutions. Cash equivalents are defined as short term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. |
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At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 3 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Indra Raj Giri ACA, FCCA |
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Firm: |
Makesworth Audit Services Ltd |
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Date of audit report: |
10 June 2026 |
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| 4 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company (including the director) |
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1 |
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1 |
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| 5 |
Taxation |
2025 |
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2024 |
| £ |
£ |
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Analysis of charge in period: |
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Tax value of loss surrendered to group company (Relating to 31 December 2022 and 31 December 2023) |
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- |
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227,711 |
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Tax on loss |
- |
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227,711 |
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| 6 |
Intangible fixed assets |
£ |
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Development expenditure: |
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Cost |
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At 1 January 2025 |
818,143 |
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Additions |
376,942 |
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At 31 December 2025 |
1,195,085 |
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Amortisation |
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At 1 January 2025 |
117,523 |
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Provided during the year |
95,392 |
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At 31 December 2025 |
212,915 |
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Net book value |
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At 31 December 2025 |
982,170 |
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At 31 December 2024 |
700,620 |
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Development expenditure is being written off in equal annual instalments over its estimated economic life of 12 years. |
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| 7 |
Tangible fixed assets |
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Vehicle batteries |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 January 2025 |
23,331,600 |
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8,132,418 |
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31,464,018 |
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Additions |
- |
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14,910,000 |
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14,910,000 |
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At 31 December 2025 |
23,331,600 |
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23,042,418 |
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46,374,018 |
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Depreciation |
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At 1 January 2025 |
4,581,664 |
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3,219,084 |
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7,800,748 |
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Charge for the year |
2,333,160 |
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1,782,146 |
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4,115,306 |
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At 31 December 2025 |
6,914,824 |
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5,001,230 |
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11,916,054 |
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Net book value |
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At 31 December 2025 |
16,416,776 |
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18,041,188 |
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34,457,964 |
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At 31 December 2024 |
18,749,936 |
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4,913,334 |
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23,663,270 |
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| 8 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
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497,188 |
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524,986 |
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Other debtors |
4,811 |
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8,075 |
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501,999 |
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533,061 |
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| 9 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
1,581 |
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- |
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Amounts owed to group undertakings |
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1,009,115 |
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873,749 |
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Taxation and social security costs |
216,261 |
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120,083 |
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Accruals and deferred income |
713,184 |
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5,000 |
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Other creditors |
6,495 |
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6,097 |
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1,946,636 |
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1,004,929 |
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| 10 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Amounts owed to group undertakings |
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34,965,071 |
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25,054,909 |
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| 11 |
Related party transactions |
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Included within creditors due over one year is an amount of £34,965,071 (2024: £25,054,909) which is payable to its parent company. The amount of interest charged on this loan was £1,528,161 (2024: £1,158,591). |
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Included within creditors due within one year is an amount of £1,009,115 (2024: £873,749) payable to the group companies. |
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Included within expenses is a management fee of £194,909 (2024: £133,371) charged by its parent company. |
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| 12 |
Controlling party |
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The company's parent company is N Green Mobility Project, a company registered in France. The consolidated financial statements of this group can be obtained from 49 rue de Ponthieu, 75008 Paris, France. |