E.ON DRIVE SOLUTIONS UK LIMITED

Company number

12467317

Status

Active

Incorporation

2020-02-17

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

35140

Hubs

UK Energy & Climate

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors have considered the Company's principal risks and uncertainties and concluded that the Company will have sufficient funds available under its current resources and committed facilities to continue to meet its liabilities as they fall due for at least 12 months from the date these financial statements are approved. These financial statements have been prepared on the going concern basis, which the directors believe to be appropriate for the following reasons: The Company is part of the E.ON UK group, a significant component of the E.ON SE group, one of Europe's largest energy groups. The Company performs key business activities including the sale of electric charging stations to customers. The Company is a member of the UK cash pooling facility managed by E.ON SE, whereby the cash balance of the Company is swept into an inter-company bank account on a daily basis. To the extent that working capital requirements arise, these are met through access to the cash pooling facility. As at the date of approval of these financial statements, the Company had a net payable balance to that facility. The E.ON UK Group has prepared a base case financial forecast covering the E.ON UK group companies ("the UK Group"), including the Company, for at least 12 months from the date these financial statements are approved. These forecasts indicate that the UK Group will have sufficient funds available under its current resources and committed facilities to continue to meet its liabilities as they fall due. The UK Group has also prepared a range of potential scenarios. This includes certain severe but plausible downside scenarios under which the UK Group requires the extension of committed facilities from the ultimate holding company, E.ON SE to meet its working capital requirements. The directors consider that in these circumstances, E.ON SE would have the ability and intention to provide funding such that the UK Group will continue to meet its liabilities as they fall due. E.ON SE has indicated its intention to continue to make available such funds as are needed by the UK Group and intends to renew the internal credit facilities as required during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors of the Company are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements and therefore have prepared these financial statements on the going concern basis.”

Significant events

• “On 1 March 2024, as part of a group restructuring exercise, certain assets and liabilities were transferred to the Company from E.ON Energy Solutions Limited and the Company commenced trading.”
• “On 18 March 2024, the Company received a capital injection of £7,999,999 from its parent company, E.ON UK plc.”
• “During the year, the Company made an operating loss of £14,262,000 (2023: £nil) and a loss after tax of £12,727,000 (2023: £nil). In addition, the Company recognised an impairment of fixed assets of £7,862,000 (2023: £nil), primarily due to changes in economic conditions.”
• “On 1 March 2024, as part of a group restructuring, the Company acquired the E.ON Drive Solutions business and certain assets and liabilities from E.ON Energy Solutions Limited, a fellow group undertaking for a total consideration paid of £9,863,000.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers