REGISTERED NUMBER: 11656568 (England and Wales)

Evyve Limited

Financial Statements

for the Year Ended 31 March 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J W Moat

M J Southworth

S K Underwood

J P Whittaker

REGISTERED OFFICE:

Michael House 35 Chiswell Street

2nd Floor

London

EC1Y 4SE

REGISTERED NUMBER:

11656568 (England and Wales)

AUDITORS:

UHY Hacker Young (Birmingham) LLP

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

401,829

401,829

401,829

401,829

CURRENT ASSETS

Debtors

6

37,673,092

29,029,750

Cash at bank

1,832,223

34,196

39,505,315

29,063,946

CREDITORS

Amounts falling due within one year

7

42,606,132

30,543,970

NET CURRENT LIABILITIES

(3,100,817

)

(1,480,024

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,698,988

)

(1,078,195

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(2,698,990

)

(1,078,197

)

SHAREHOLDERS' FUNDS

(2,698,988

)

(1,078,195

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2026 and were signed on its behalf by:

J W Moat - Director

1.	STATUTORY INFORMATION

Evyve 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.

2.	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

As the company is in a net liability position at 31st March 2026 the directors have received confirmation that Peel NRE Development (IOM) Limited (“Peel”), the divisional holding company will continue to provide the necessary level of support to enable the company to operate for the 12 months from signing the financial statements. In considering the ability of Peel to provide any necessary support, the directors have obtained an understanding of Peel’s financial standing.

Taking all these factors into account, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months from signing of the financial statements and therefore continue to adopt the going concern basis in preparing the financial statements.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

- The amount of revenue can be reliably measured;

- It is probable that future economic benefits will flow to the entity;

- Specific criteria have been met for each of the company's activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

New or revised standard or interpretations

Initial application of the Periodic Review 2024 amendments to ‘FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

On 27 March 2024, the FRC issued ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs Periodic Review 2024’. The effective date for most amendments is accounting periods beginning on or after 1 January 2026, with earlier adoption permitted.

The most significant amendments are the replacement of Section 23, now renamed ‘Revenue from Contracts with Customers’, and Section 20 ‘Leases’. The other less significant changes, include a new Section 2A ‘Fair Value Measurement’, uncertain tax positions, business combinations and the revised Section 2 ‘Concepts and Pervasive Principles’ but these do not have a material impact on the company.

The company implemented these changes from 1 April 2025 and used the modified retrospective approach to apply the new Section 23 and Section 20. In applying this approach, comparative information has not been restated, and any retrospective cumulative effect of initial application is recognised as an adjustment to the opening balance of retained earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2025 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

14,992

Disposals

(14,992

)

At 31 March 2026

-

DEPRECIATION

Charge for year

1,246

Eliminated on disposal

(1,246

)

At 31 March 2026

-

NET BOOK VALUE

At 31 March 2026

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2025

and 31 March 2026

401,829

NET BOOK VALUE

At 31 March 2026

401,829

At 31 March 2025

401,829

Details of direct undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company directly holds 20% or more of the nominal value of any class of share capital are as follows:

Direct subsidiary undertaking

Registered office

Holding

Proportion of voting rights and shares held

2026

2025

Evy IP Services Ltd

Michael House

Ordinary

100%

100%

35 Chiswell Street

2nd Floor

London

EC1Y 4SE

England and Wales

Evyve Holdings (No.1) Ltd

Michael House

Ordinary A

40%

40%

35 Chiswell Street

Ordinary B

40%

40%

2nd Floor

London

EC1Y 4SE

England and Wales

Evyve Projects (No.2) Ltd

Michael

Ordinary

100%

100%

35 Chiswell Street

2nd Floor

London

EC1Y 4SE

England and Wales

Direct subsidiary undertakings

Evy IP Services Ltd

The principal activity of Evy IP Services Ltd is that of a management services company.

Evyve Holdings (No.1) Ltd

The principal activity of Evyve Holdings (No.1) Ltd is that of a holding company.

Evyve Projects (No.2) Ltd

The principal activity of Evyve Projects (No.2) Ltd is the operation of electric vehicle charging points.

Details of indirect subsidiary undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company indirectly holds 20% or more of the nominal value of any class of share capital are as follows:

Indirect subsidiary undertaking

Registered office

Holding

Proportion of voting rights and shares held

2026

2025

Pristine Energy Ltd

Michael House

Ordinary

100%

100%

35 Chiswell Street

2nd Floor

London

EC1Y 4SE

England and Wales

Evyve Services Ltd

Michael House

Ordinary

100%

100%

35 Chiswell Street

2nd Floor

London

EC1Y 4SE

England and Wales

Evyve Projects (No.1) Ltd

Michael

Ordinary

100%

100%

35 Chiswell Street

2nd Floor

London

EC1Y 4SE

England and Wales

Indirect subsidiary undertakings

Pristine Energy Ltd is a wholly owned subsidiary of EVY IP Services Ltd.

The principal activity of Pristine Energy Ltd is that of a construction of utility projects for electricity and telecommunications company.

Evyve Services Ltd is a wholly owned subsidiary of EVY IP Services Ltd.

The principal activity of Evyve Services Ltd is that of a other service activities incidental to land transportation company.

Evyve Projects (No.1) Ltd is a wholly owned subsidiary of Evyve Holdings (No.1) Ltd.

The principal activity of Evyve Projects (No.1) Ltd is that of a other service activities incidental to land transportation company.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Amounts owed by group undertakings

37,643,437

28,829,420

Other debtors

-

2,830

VAT

21,217

20,427

Prepayments

8,438

177,073

37,673,092

29,029,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

48,420

11,851

Amounts owed to group undertakings

2,616,312

-

Amounts owed to other related parties

39,928,698

30,317,967

Other creditors

-

193,330

Accruals and deferred income

12,702

20,822

42,606,132

30,543,970

Included within 'Owed to related parties' is £39,637,457 (2025: £30,026,725) in relation to a loan which is secured by two fixed and floating charges dated 14th June 2022 and 31st March 2023 over all the property or undertakings of the company in favour Peel L&P Group Finance Limited. Within the previous year, these amounts are secured by a further three fixed and floating charge dated 29th April 2024 and 31st March 2025 which covers all the property or undertakings of the company in favour of Peel L&P Group Finance Limited, Peel Investments Finance Limited and Peel Finance (UK) Limited.

The loans are also secured by a fixed and floating charges over the assets of;

• Pristine Energy Limited

• Evyve Services Limited

• Evy IP Services Limited

• Evyve Projects (No.2) Limited

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jack Wilkinson (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (Birmingham) LLP

9.	OTHER FINANCIAL COMMITMENTS

For most contracts, the company has decommissioning obligations to remove some or all of the charging infrastructure and restore the site at the end of the contract. At 31 March 2026, the company’s intention was to renew or transfer the majority of these contracts at the end of their term, such that the future decommissioning obligations would be mitigated, and therefore no provision has been recognised.

Should the contracts not be renewed or transferred, potential decommissioning costs could be incurred. While a full assessment has not been completed, these are estimated to be around £2,315,000.

10.	RELATED PARTY TRANSACTIONS

During the year, the company incurred rent and electricity expenditure with entities associated with the Greene King Group, which is a shareholder in members of the Evyve group, as follows: Greene King Brewing And Retailing Limited £107,363, Greene King Retailing Limited £16,008, Spirit Pub Company (Managed) Limited £22,200 and Spirit Pub Company (Trent) Limited £46,866.

Evyve Holdings (No.1) Limited is a non-wholly owned member of the same group. During the year, the company distributed £2,049,000 to that company to support working capital requirements and entered into other transactions totalling £11,100. At the year end, £25,436,867 was owed from Evyve Holdings (No.1) Limited.

Evyve Projects (No.1) Limited is a non-wholly owned member of the same group. During the year, the company distributed £14,112 to that company to support working capital requirements and made sales/received other income totalling £173,897. At the year end, £159,785 was owed from Evyve Projects (No.1) Limited.

Peel Finance (UK) Limited is connected to the company through a common ultimate controlling party. During the year, loan drawdowns of £5,000,000 (2025: £6,000,000) and loan interest of £4,610,731 (2025: £2,861,745) were charged by that company. At the year end, £39,637,457 was due to Peel Finance (UK) Limited (2025: £30,026,725).

For the comparative year ended 31 March 2025, the company has taken advantage of the exemption permitted by FRS 102 Section 1A from disclosing related party transactions entered into on an arm’s length basis. Transactions with wholly owned companies within the same group have also not been disclosed.

11.	PARENT AND ULTIMATE PARENT UNDERTAKING

The parent companies are Evy Infrastructure Partners Limited and Peel NRE Developments (IOM) Limited.

Evy Infrastucture Partners Limited is a company incorporated in England and Wales, company number 12097912 , registered office Gathurst House, 389 Gathurst Road, Orrel, Wigan, WN5 0LL.

Peel NRE Developments (IOM) Limited is a company incorporated in the Isle of Man, company number 007991V. Its ultimate holding company is Tokenhouse Limited, a company incorporated in the Isle Of Man. Tokenhouse Limited is controlled by the 1997 Billown Settlement. The registered office is Ballaman Manor, Ballnahowe Road, Port Erin, IM9 6JF, Isle of Man.