Registration number:
for the Year Ended
NIO Performance Engineering Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
NIO Performance Engineering Limited
Company Information
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Directors |
Hui Zhang Danilo Teobaldi |
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Registered office |
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Auditors |
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NIO Performance Engineering Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is automotive R&D for electric vehicle development for NIO Group companies.
Fair review of the business
- NIO Performance Engineering Limited (“the company”) provides automotive R&D and engineering services for electric vehicle development to support the NIO Group. During 2024 and continuing through 2025 the company also provided consultancy services to third party customers (see note 21).
- During the year recharges were made to Group companies for costs incurred. Future costs are to be invoiced as and when they are incurred.
- Turnover relating to group recharges amounted to £6.9m (2024: £9.9m) for the year whilst external turnover of £6.0m (2024: £0.5m) was achieved with a Net Profit/(Loss) After Tax of £0.8m (2024: £0.0m.). The Net Profit/ (Loss) figure for the year includes a Share Based Payment expense of £0.4m (2024: £0.4m)
- At the end of the year the company had total reserves of £4.4m (2024: £3.2m)
- At the end of the year the company had cash at bank balances of £6.2m (2024: £5.4m)
- The Directors are satisfied with the financial performance and position of the company and expect the company to remain profitable in future years.
- The company is a subsidiary of the NIO Inc group of companies (“the group”) and its strategic objectives are aligned with those of the Group. For further details please refer to the financial statements of NIO Inc https://ir.nio.com/financials/annual-reports, which do not form part of this report. NIO Inc was listed on The New York Stock exchange in September 2018.
- NIO Inc is a pioneer and a leading company in the premium smart electric vehicle market. They design, develop, manufacture, and sell premium smart electric vehicles, driving innovations in next-generation technologies in assisted and intelligent driving, digital technologies, electric powertrains and batteries. They differentiate themselves through their continuous technological breakthroughs and innovations, such as their industry-leading battery swapping technologies, Battery as a Service, or BaaS, as well as their proprietary NIO assisted and intelligent driving and its subscription services.
Our Vehicles
NIO design, develop, manufacture and sell premium smart electric vehicles under the NIO brand, family-oriented smart electric vehicles through the ONVO brand, and small smart high-end electric cars with the FIREFLY brand. We currently offer our products and services in China, Europe, Southeast Asia, the Middle East and other markets, and are planning to expand into more global markets to capture the fast-growing EV demand.
In 2025, NIO entered a new product cycle with the introduction of various core products and upgrades, further enhancing user experience and solidifying NIOs’ premium positioning. We started deliveries of the ET9, our smart electric executive flagship, in late March 2025. The ET9 integrates NIO’s full-stack technological capabilities across 12 areas, offering flagship experiences to users in design, space, comfort, audio, intelligent systems, assisted and intelligent driving, safety, powertrain, and overall driving and riding performance. In May 2025, we launched and started deliveries of four further upgraded vehicle models, including the New ES6, our smart electric all-round SUV, the New EC6, our smart electric coupe SUV, the New ET5, our smart electric mid-size sedan, and the New ET5T, our smart electric tourer. In August 2025, our flagship premium SUV, the All-New ES8, was unveiled and opened for pre-orders, with deliveries starting in late September. The All-New ES8 represents the pinnacle of our latest smart EV technologies, offering users a refined, safe, and seamless experience on every journey towards a new horizon, and is well positioned to lead large three-row SUVs into the battery electric era.
NIO Performance Engineering Limited
Strategic Report for the Year Ended 31 December 2025
ONVO, our family-oriented smart electric vehicle brand launched in May 2024, stands for “On Voyage,” and carries the implied meaning of “Happiness on Every Path We Travel With Family” in Chinese, which embodies ONVO’s commitment to creating better family life and bringing better brand and product experiences to family users. ONVO L60, a mid-size family smart electric SUV was launched and commenced delivery in September 2024. ONVO L90, a smart large-space flagship SUV, was officially launched in July 2025, with user deliveries starting shortly after. Built upon NIO’s leading technological innovations, the ONVO L90 is designed to delight every family member on every journey, delivering extraordinary spaciousness, premium comfort, all-scenario intelligence, and an exceptional driving and riding experience.
FIREFLY, our small, smart, high-end electric car brand, was launched in December 2024. Built upon NIO’s expertise in research and development, design capabilities, safety standards, and intelligent technologies, FIREFLY embodies the brand’s DNA of being “vivid, thoughtful and solid.” FIREFLY’s namesake model was launched and commenced delivery in April 2025. It offers a vivid driving experience where users can embrace the freedom to glow.
In 2025, NIO delivered 326,028 vehicles, including 178,806 vehicles from our premium smart electric vehicle brand NIO, 107,808 vehicles from our family-oriented smart electric vehicle brand ONVO, and 39,414 vehicles from our small smart high-end electric car brand FIREFLY. We will continue to develop more products to expand our addressable market segments.
NIO Performance Engineering Limited
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
The Company’s principal activity is the provision of research and development services to other entities within the NIO Group. The principal risks and uncertainties facing the Company are set out below.
Dependence on Group Funding and Demand
The Company's activities are dependent upon the ongoing research and development requirements of Group companies. Changes in Group strategy, investment priorities, product portfolios or research programmes could reduce demand for the Company's services and adversely affect future revenues.
Management mitigates this risk through regular engagement with Group leadership and by aligning the Company's capabilities with the Group's long-term strategic priorities.
Retention and Recruitment of Skilled Personnel
The Company's success depends on its ability to attract, develop and retain highly qualified engineering and technical personnel. Competition for specialist talent may impact the Company's ability to deliver projects efficiently and maintain its technical capabilities.
The Company seeks to mitigate this risk through competitive remuneration, employee development programmes and succession planning. Employees are encouraged to participate with the Group’s NIO Values (Vision, Action, Care & Honesty.)
Research and Development Delivery Risk
The Company's performance is dependent on the successful execution of research and development programmes. Delays, technical challenges or failures in development activities may result in increased costs, project delays or reduced value delivered to Group customers.
Project governance processes, regular technical reviews and oversight by experienced management teams help to manage this risk.
Intellectual Property and Confidential Information
The Company handles valuable intellectual property, proprietary technologies and confidential information belonging to the Group and customers. Any loss, misuse or unauthorised disclosure of such information could adversely affect the Group's competitive position and reputation.
Appropriate information security controls, confidentiality policies and intellectual property management procedures are maintained to mitigate this risk.
Cyber Security and Information Technology Risk
The Company relies on information systems and digital infrastructure to conduct its activities and manage data. Cyber-attacks, system failures or data breaches could disrupt operations and compromise sensitive information.
The Company operates within the Group's cyber security framework, including access controls, monitoring, user training and disaster recovery arrangements.
Regulatory and Compliance Risk
Research and development activities are subject to various legal, regulatory and ethical requirements, including those relating to health and safety, environmental matters and data protection. Failure to comply with applicable regulations could result in financial penalties, legal liabilities or reputational damage.
The Company maintains compliance policies, training programmes and monitoring procedures to support adherence to relevant requirements
Foreign Exchange Risk
Where the Company's revenues or costs are denominated in currencies other than Sterling, fluctuations in exchange rates may impact financial results.
This risk is managed in accordance with Group treasury policies.
NIO Performance Engineering Limited
Strategic Report for the Year Ended 31 December 2025
Approved and authorised by the
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NIO Performance Engineering Limited
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.
Directors of the company
The directors who held office during the year were as follows:
Research and development
The company continues to carry out automotive R&D for electric vehicle development.
Going concern
The financial statements have been prepared on a going concern basis. The company relies on the group intercompany support of its parent company NIO Nextev Limited and other group companies and will continue to provide services to the group by recharging costs incurred on a cost-plus basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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NIO Performance Engineering Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
NIO Performance Engineering Limited
Independent Auditor's Report to the Members of NIO Performance Engineering Limited
Opinion
We have audited the financial statements of NIO Performance Engineering Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit 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 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 UK, including the FRC’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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
NIO Performance Engineering Limited
Independent Auditor's Report to the Members of NIO Performance Engineering Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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.
Auditor Responsibilities for the audit of the financial statements
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:
NIO Performance Engineering Limited
Independent Auditor's Report to the Members of NIO Performance Engineering Limited
We obtained an understanding of the laws and regulations applicable to the company through discussions with management, and from our wider knowledge of the company and industry. We determined that the most significant laws and regulations, which may have a material effect on the financial statements, include the Companies Act 2006, Taxation Legislation, Employment Law and Health & Safety legislation.
• the identified laws and regulations were communicated to the audit engagement team;
• we assessed the extent of compliance with the laws and regulations identified, through making enquiries of management, inspecting legal correspondence, personnel records and health and safety logs.
We assessed the susceptibility of the company's financial statements to material misstatement due to fraud, by:
• reviewing managements’ own assessment of the company’s susceptibility to fraud;
• considering the strength of the control environment; and
• evaluating management’s incentives for fraudulent manipulation of the financial statements, such as profit-related earn-out incentives.
To address the risk of fraud, we:
• compared financial statement disclosures to supporting documentation;
• performed analytical procedures to identify any unusual trends;
• tested journal entries to identify unusual transactions; and
• investigated the rationale behind significant or unusual transactions, as well as key assumptions and
estimates used in the preparation of the financial statements.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
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 auditor’s 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.
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For and on behalf of
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
NIO Performance Engineering Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
|
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Other operating income |
|
- |
|
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Operating profit |
1,578,801 |
51,069 |
|
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Other interest receivable and similar income |
|
( |
|
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Interest payable and similar expenses |
( |
( |
|
|
3,612 |
(25,396) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
NIO Performance Engineering Limited
Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Profit/(loss) for the year |
|
( |
|
Total comprehensive income for the year |
|
( |
NIO Performance Engineering Limited
(Registration number: 12118475)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
1 |
1 |
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Other reserves |
2,186,756 |
1,771,557 |
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Profit and loss account |
2,192,959 |
1,399,769 |
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Total equity |
4,379,716 |
3,171,327 |
Approved and authorised by the
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NIO Performance Engineering Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Other reserves |
Profit and loss account |
Total |
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At 1 January 2024 |
|
|
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Loss for the year |
- |
- |
( |
( |
|
Share based payment transactions |
- |
437,869 |
- |
437,869 |
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At 31 December 2024 |
1 |
1,771,557 |
1,399,769 |
3,171,327 |
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Share capital |
Other reserves |
Profit and loss account |
Total |
|
|
At 1 January 2025 |
|
|
|
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Profit for the year |
- |
- |
|
|
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Share based payment transactions |
- |
415,199 |
- |
415,199 |
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At 31 December 2025 |
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NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
Building 6, Begbroke Science Park
Begbroke Hill
Woodstock Road
Oxfordshire
OX5 1PF
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £.
Administrative costs of £206,289 in 2024 have been reclassified as cost of sales to better reflect their nature.
Summary of disclosure exemptions
The company, being a member of a group which prepares publicly available consolidated financial statements, has taken advantage of the exemption granted in FRS 102 not to present a cash flow statement and certain information about financial instruments.
Going concern
The financial statements have been prepared on a going concern basis. The company relies on the group intercompany support of its parent company NIO Nextev Limited and other group companies and will continue to provide services to the group by recharging costs incurred on a cost-plus basis.
Judgements
No significant judgements have had to be made by management in preparing these financial statements. |
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. None of these estimates have a significant level of uncertainty.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of discounts and value
added taxes. Turnover includes revenue earned from the rendering of services to Group companies on a cost plus basis and to external customers as the services are provided and the performance obligations satisfied, typically by reference to the stage completion at the reporting date.
NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Foreign currency transactions and balances
of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing
on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office Equipment |
Straight line over the useful life of 3 years |
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Fixtures and Fittings |
Straight line over the useful life of 4 years |
|
Plant and Machinery |
Straight line over the useful life of 4 years |
|
Motor Vehicles |
Straight line over the useful life of 4 years |
|
Leasehold Improvements |
Straight line over the period of the lease |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life, commencing in 2021, as follows:
|
Asset class |
Amortisation method and rate |
|
Computer Software |
Straight line over the useful life of 3 years |
NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of NIO Inc. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
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Rendering of services |
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Research & Development tax credits |
|
- |
NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
- |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
( |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
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Foreign exchange (gains) / losses |
|
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NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Staff costs |
The aggregate payroll costs were as follows:
|
2025 |
2024 |
|
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Wages and salaries |
|
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Social security costs |
|
|
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Other short-term employee benefits |
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Pension costs, defined contribution scheme |
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Share-based payment expenses |
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Other employee expense |
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The average number of persons employed by the company during the year, analysed by category was as follows:
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2025 |
2024 |
|
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Vehicle Engineering |
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Administration and support |
|
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|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
|
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Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
345,139 |
192,766 |
No directors exercised share options during the year, one director became entitled to shares under a long-term incentive scheme.
In respect of the highest paid director:
|
2025 |
2024 |
|
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Remuneration |
|
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Company contributions to money purchase pension schemes |
|
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NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
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|
UK corporation tax |
|
( |
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Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
350,359 |
105,218 |
|
Tax expense in the income statement |
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|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax (decrease)/increase from effect of exercise of employee share options |
( |
|
|
Increase in UK and foreign current tax from unrecognised tax loss or credit |
|
- |
|
Tax increase from effect of adjustment in research and development tax credit |
|
- |
|
Total tax charge |
|
|
NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Intangible assets |
|
Computer Software |
Total |
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Cost or valuation |
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At 1 January 2025 |
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Additions acquired separately |
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At 31 December 2025 |
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Amortisation |
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At 1 January 2025 |
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Amortisation charge |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
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At 1 January 2025 |
|
|
|
|
|
|
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Additions |
- |
- |
|
|
- |
|
|
Disposals |
- |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
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|
|
|
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Depreciation |
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At 1 January 2025 |
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Charge for the year |
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|
|
|
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
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|
|
|
|
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|
Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Included within the net book value of land and buildings above is £1,709 (2024 - £4,498) in respect of short leasehold land and buildings.
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Debtors |
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Note |
2025 |
2024 |
|
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Trade debtors |
|
- |
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|
Amounts owed by related parties |
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Other debtors |
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Prepayments |
|
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|
Accrued income |
- |
|
|
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Deferred tax assets |
|
|
|
|
Income tax asset |
- |
|
|
|
|
|
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Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
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Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals |
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NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
Rights, preferences and restrictions
|
Ordinary Shares have the following rights, preferences and restrictions: |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Share-based payments |
Scheme details and movements
The share options under the 2015 Plan have a contractual term of ten years from the grant date, and vest over a period of four years of continuous service, one quarter (1/4) of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest rateably over the following 36 months.
In 2016, 2017 and 2018, the Board of Directors of NIO Inc further approved the 2016 Stock Incentive Plan (the “2016 Plan”), the 2017 Stock Incentive Plan (the “2017 Plan") and the 2018 Stock Incentive Plan (the "2018 Plan”). The share options of NIO Inc under the 2016, 2017 and 2018 Plans have a contractual term of seven or ten years from the grant date, and vest over a period of four or five years of continuous service.
The fair value of each option granted under the 2015, 2016, 2017 and 2018 Plans was estimated on the date of each grant using the binomial option pricing model.
The share-based payment charge for 2025 is £415,199 (2024: £437,869). For details of the assumptions used in the valuation model, please see the financial statements of NIO Inc, which are publicly available from https://ir.nio.com/financials/annual-reports
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Related party transactions |
During the year NIO Performance Engineering Limited provided R&D engineering services to McLaren Automotive Limited, including work previously contracted with Forseven Limited, amounting to £5,990,991 (2024: £496,276). An amount of £160,707 is included in deferred income at the year end in respect of consideration invoiced in advance that relates to services to be performed in the following financial year. Forseven Limited, McLaren Automotive Limited and NIO Inc are each controlled or significantly influenced by a principal shareholder, CYVN Holdings L.L.C.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
As a wholly owned subsidiary, the company has taken advantage of the exemption in s33 of FRS102 not to disclose transactions with members of the Group.
NIO Performance Engineering Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Non adjusting events after the financial period |
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