Registration number:
Green Edge Cloud Ltd
for the Year Ended 31 March 2024
Green Edge Cloud Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Green Edge Cloud Ltd
Company Information
Directors |
Michael Wellesley-Wesley Anthony Leopold Monckton Mariza Wellesley-Wesley |
Registered office |
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Accountants |
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Green Edge Cloud Ltd
(Registration number: 11302215)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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|
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Other financial assets |
178,833 |
162,652 |
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|
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Current assets |
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Stocks |
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- |
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Debtors |
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Investments |
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
7,147 |
7,147 |
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Share premium reserve |
3,468,812 |
3,468,812 |
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Capital redemption reserve |
- |
200 |
|
Retained earnings |
(2,643,526) |
(3,191,747) |
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Shareholders' funds |
832,433 |
284,412 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Green Edge Cloud Ltd
(Registration number: 11302215)
Balance Sheet as at 31 March 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
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;
and specific criteria have been met for each of the company's activities.
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred 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.
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
Straight line - from 3 to10 years. |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortization and accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and development.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
Straight line -25% |
Investments
Investments include investments in cryptocurrency (tokens). The digital tokens can be exchanged in cryptocurrency market at spot exchange rate which is subject to significant price volatility and provided there is sufficient liquidity. The liquidity averaging approximately less than $100,000 per day would be considered insufficient liquidity for the company purposes. At the end of each reporting period, the total balance of the digital currency holdings is converted into functional currency at token price of the last transaction conducted within the year. The profits and losses resulting from transactions involving tokens are reflected in our profit and loss account.
Investments by parent company in its subsidiary are stated at cost less any impairment.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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.
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the net present value of estimated cash flow discounted at the assets’ original effective rate.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
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At 31 March 2023 |
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Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 |
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Provision |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Reichsratsstrasse 11/11, 1010 Vienna. Austria |
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Amsterdam, Netherlands.Weteringschans 165 C 1017XD Netherlands |
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Amsterdam, Netherlands.Weteringschans 165 C 1017XD Netherlands |
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Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Subsidiary undertakings |
Green Edge Cloud Austria GmbH The principal activity of Green Edge Cloud Austria GmbH is |
Green Edge Holding B.V The principal activity of Green Edge Holding B.V is |
Green Edge Cloud BV The principal activity of Green Edge Cloud BV is |
Other financial assets (current and non-current) |
Financial assets at amortised cost |
Other investment |
Total |
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Non-current financial assets |
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Cost or valuation |
|||
At 1 April 2023 |
178,407 |
426 |
178,833 |
At 31 March 2024 |
178,407 |
426 |
178,833 |
Impairment |
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Carrying amount |
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At 31 March 2024 |
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178,833 |
The Company holds a convertible loan note with a total amount of EUR 110,000 (GBP 97,382) as of 31 March 2024. The notes and any accrued interest are repayable or convertible into preferred shares on 31 December 2024.
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Stocks |
2024 |
2023 |
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Work in progress |
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- |
Debtors |
Note |
2024 |
2023 |
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Amounts owed by related parties |
- |
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Other debtors |
- |
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Deferred tax assets |
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Current asset investments |
2024 |
2023 |
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Other investments |
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Investments include investments in cryptocurrency (tokens). At the end of the reporting period, in order to calculate the value of the company cryptocurrency holdings, the rate of token price (between TFT and GBP) on the final day of the reporting period has been used. The profit and loss account reflects transactions involving cryptocurrency, converting into their GBP equivalent. Sales for the year are calculated by reference to the GBP equivalent of the value of the tokens issued in the year in exchange for remaining connected to the TFT Network.
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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The total unsecured convertible loan instrument amounts to £1,004,288. The notes were originally repayable or convertible into ordinary shares of the company as of 31 May 2023, but the repayment or share conversion period has been extended to 31 May 2025 .The conversion price is the lower of:
a)the Subscription Price;
b)80per cent of the Valuation per share.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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7,147 |
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7,147 |
Green Edge Cloud Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Unsecured debentures |
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Current loans and borrowings
2024 |
2023 |
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Other borrowings |
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Related party transactions |
Summary of transactions with subsidiaries
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Loans to related parties
2024 |
Subsidiary |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
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2023 |
Subsidiary |
Total |
At start of period |
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Advanced |
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At end of period |
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