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Registration number: 11302215

Green Edge Cloud Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Green Edge Cloud Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Green Edge Cloud Ltd

Company Information

Directors

Michael Wellesley-Wesley

Anthony Leopold Monckton

Mariza Wellesley-Wesley

Registered office

80-83 Long Lane
London
EC1A 9ET

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Green Edge Cloud Ltd

(Registration number: 11302215)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

758

25,807

Investments

6

21,686

21,686

Other financial assets

7

178,833

162,652

 

201,277

210,145

Current assets

 

Stocks

8

423,180

-

Debtors

9

239,411

746,066

Investments

10

1,521,905

528,618

Cash at bank and in hand

 

11,472

57,437

 

2,195,968

1,332,121

Creditors: Amounts falling due within one year

11

(338,914)

(72,490)

Net current assets

 

1,857,054

1,259,631

Total assets less current liabilities

 

2,058,331

1,469,776

Creditors: Amounts falling due after more than one year

11

(1,225,898)

(1,185,364)

Net assets

 

832,433

284,412

Capital and reserves

 

Called up share capital

12

7,147

7,147

Share premium reserve

3,468,812

3,468,812

Capital redemption reserve

-

200

Retained earnings

(2,643,526)

(3,191,747)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 5 August 2024 and signed on its behalf by:
 

.....................................
Mariza Wellesley-Wesley
Director

   
     
 

Green Edge Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

These financial statements were authorised for issue by the Board on 5 August 2024.

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.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date 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 rate on the date when the fair value is re-measured.

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
The company only enters into basis financial transaction that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non -puttable ordinary shares.
 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method
 Impairment
Financial assets that are measured at the cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairment id found, an impairment loss is recognised in Statement of Comprehensive income.
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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 2).

 

Green Edge Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

12,215

12,215

At 31 March 2024

12,215

12,215

Amortisation

At 1 April 2023

12,215

12,215

At 31 March 2024

12,215

12,215

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

10,674

1,426,263

1,436,937

At 31 March 2024

10,674

1,426,263

1,436,937

Depreciation

At 1 April 2023

7,767

1,403,363

1,411,130

Charge for the year

2,907

22,142

25,049

At 31 March 2024

10,674

1,425,505

1,436,179

Carrying amount

At 31 March 2024

-

758

758

At 31 March 2023

2,907

22,900

25,807

 

Green Edge Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

21,686

21,686

Subsidiaries

£

Cost or valuation

At 1 April 2023

21,686

Provision

Carrying amount

At 31 March 2024

21,686

At 31 March 2023

21,686

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

2024

2023

Subsidiary undertakings

Green Edge Cloud Austria GmbH

Reichsratsstrasse 11/11, 1010 Vienna.

Austria

Ordinary shares

60%

60%

Green Edge Holding B.V

Amsterdam, Netherlands.Weteringschans 165 C 1017XD

Netherlands

Ordinary

100%

100%

Green Edge Cloud BV

Amsterdam, Netherlands.Weteringschans 165 C 1017XD

Netherlands

Ordinary

100%

100%

 

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 telecommunication activities.

Green Edge Holding B.V

The principal activity of Green Edge Holding B.V is holding company.

Green Edge Cloud BV

The principal activity of Green Edge Cloud BV is telecommunication activities.

7

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Other investment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

178,407

426

178,833

At 31 March 2024

178,407

426

178,833

Impairment

Carrying amount

At 31 March 2024

178,407

426

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

8

Stocks

2024
£

2023
£

Work in progress

423,180

-

9

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

14

-

461,655

Other debtors

 

-

45,000

Deferred tax assets

239,411

239,411

 

239,411

746,066

10

Current asset investments

2024
£

2023
£

Other investments

1,521,905

528,618

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

11

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

8,333

8,333

Trade creditors

 

1,716

-

Taxation and social security

 

3,035

4,175

Accruals and deferred income

 

323,327

59,777

Other creditors

 

2,503

205

 

338,914

72,490

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

1,225,898

1,185,364

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.

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

714,667

7,147

714,667

7,147

       
 

Green Edge Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

13

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,590

23,271

Unsecured debentures

1,212,308

1,162,093

1,225,898

1,185,364

Current loans and borrowings

2024
£

2023
£

Other borrowings

8,333

8,333

14

Related party transactions

Summary of transactions with subsidiaries

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

461,655

461,655

Repaid

(461,655)

(461,655)

At end of period

-

-

2023

Subsidiary
£

Total
£

At start of period

286,053

286,053

Advanced

175,602

175,602

At end of period

461,655

461,655