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2024-01-31
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No description of principal activities is disclosed
2023-02-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
13137770
2023-02-01
2024-01-31
13137770
2024-01-31
13137770
2023-01-31
13137770
2022-02-01
2023-01-31
13137770
2023-01-31
13137770
2022-01-31
13137770
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2023-02-01
2024-01-31
13137770
bus:Director1
2023-02-01
2024-01-31
13137770
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2023-02-01
2024-01-31
13137770
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2023-01-31
13137770
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2024-01-31
13137770
core:WithinOneYear
2024-01-31
13137770
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2023-01-31
13137770
core:ShareCapital
2024-01-31
13137770
core:ShareCapital
2023-01-31
13137770
core:SharePremium
2024-01-31
13137770
core:SharePremium
2023-01-31
13137770
core:RetainedEarningsAccumulatedLosses
2024-01-31
13137770
core:RetainedEarningsAccumulatedLosses
2023-01-31
13137770
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2023-02-01
2024-01-31
13137770
core:FurnitureFittingsToolsEquipment
2023-01-31
13137770
bus:Director1
2023-01-31
13137770
bus:Director1
2024-01-31
13137770
bus:Director2
2023-01-31
13137770
bus:Director2
2024-01-31
13137770
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2023-01-31
13137770
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2022-01-31
13137770
bus:Director1
2023-01-31
13137770
bus:Director2
2022-01-31
13137770
bus:Director2
2023-01-31
13137770
bus:Director3
2023-01-31
13137770
bus:Director1
2022-02-01
2023-01-31
13137770
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2022-02-01
2023-01-31
13137770
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2022-02-01
2023-01-31
13137770
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2023-02-01
2024-01-31
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2023-02-01
2024-01-31
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2023-02-01
2024-01-31
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2024-01-31
Company registration number:
13137770
Green Lithium Refining Limited
Unaudited filleted financial statements
31 January 2024
Green Lithium Refining Limited
Contents
Statement of financial position
Notes to the financial statements
Green Lithium Refining Limited
Statement of financial position
31 January 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
6,174 |
|
|
|
7,634 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
6,174 |
|
|
|
7,634 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
237,923 |
|
|
|
851,269 |
|
|
Cash at bank and in hand |
|
|
3,207,090 |
|
|
|
1,957,082 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
3,445,013 |
|
|
|
2,808,351 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
1,490,147) |
|
|
|
(
1,467,521) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,954,866 |
|
|
|
1,340,830 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,961,040 |
|
|
|
1,348,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,961,040 |
|
|
|
1,348,464 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
9 |
|
|
|
8 |
Share premium account |
|
|
|
|
9,888,604 |
|
|
|
5,206,571 |
Profit and loss account |
|
|
|
|
(
7,927,573) |
|
|
|
(
3,858,115) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,961,040 |
|
|
|
1,348,464 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2024
, and are signed on behalf of the board by:
Mr J Charles
Director
Company registration number:
13137770
Green Lithium Refining Limited
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Engalnd and Wales. The address of the registered office is Ludgate House, 107-111 Fleet Street, London, EC4A 2AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for the revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
3 Years straight line |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in had, deposits held at call withbankc, other short-term liquid investments with original maturites of three months or less and bank overdrafts. Bank overdrafts are shown within current liabilities.
Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday emtitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediatley as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2023:
12
).
5.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2023 |
10,827 |
10,827 |
|
|
|
|
|
|
Additions |
2,483 |
2,483 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 January 2024 |
13,310 |
13,310 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2023 |
3,193 |
3,193 |
|
|
|
|
|
|
Charge for the year |
3,943 |
3,943 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 January 2024 |
7,136 |
7,136 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2024 |
6,174 |
6,174 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 January 2023 |
7,634 |
7,634 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
53,320 |
- |
|
Other debtors |
|
184,603 |
851,269 |
|
|
|
_______ |
_______ |
|
|
|
237,923 |
851,269 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
444,842 |
378,967 |
|
Social security and other taxes |
|
81,844 |
- |
|
Other creditors |
|
963,461 |
1,088,554 |
|
|
|
_______ |
_______ |
|
|
|
1,490,147 |
1,467,521 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Government grants
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Grants received or receivable |
|
220,494 |
119,112 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The amounts recognised in the for government grants are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Recognised in other operating income: |
|
|
|
|
Government grants recognised directly in income |
|
220,494 |
119,112 |
|
|
|
_______ |
_______ |
|
|
|
|
|
In the fiscal year ending 31/01/2024, Green Lithium Refining Limited (the Company) received grants from Innovate UK for three distinct projects. These grants are disbursed in quarterly installments upon submission of the corresponding claims. The Company has successfully lodged the initial claim for each project within the fiscal period. Below delineates a concise overview of the grants received and the status of claims for each project:Resource Efficiency for Materials and Manufacturing (REforMM) CRApplication Number: 10077146Project Title: Low-carbon, resource-efficient cement: Testing and designing a process to repurpose an industrial byproduct as an alternative construction material for the future economyProject Duration: 01/11/2023 - 31/10/2024Total Eligible Costs: £817,022Grant Rate: 70%Total Grant: £571,916During the period 01/11/2023 - 31/01/2024, the Company claimed eligible costs of £140,784, of which 70%, amounting to £98,549, was received. As of 31/01/2024, an additional £676,238 of eligible costs (£473,366 receivable) remain claimable.Launchpad: Net Zero, CR Tees Valley, R2Application Number: 10074864Project Title: Battery Materials R Centre of Excellence, Tees Valley: Testing and selecting an innovative, low-carbon, lithium pyrometallurgy solution for deploymentProject Duration: 01/09/2023 - 31/08/2024Total Eligible Costs: £496,822Grant Rate: 69.999%Total Grant: £347,775For the period 01/09/2023 - 30/11/2023, the Company claimed eligible costs of £69,278, of which 69.999%, equating to £48,494, was received. As of 31/01/2024, an additional £278,497 of eligible costs (£194,945 receivable) remain claimable.Automotive Transformation Fund Scale up Readiness Validation 2Application Number: 10077163Project Title: Battery Materials R Centre of Excellence, UK: Validating the lithium refining process flowsheet and designing a facility for rapid scale upProject Duration: 01/09/2023 - 31/08/2024Total Eligible Costs: £2,511,572Grant Rate: 69.999%Total Grant: £1,758,100During the period 01/09/2023 - 30/11/2023, the Company claimed eligible costs of £245,713, of which 69.999%, totalling £171,999, was received. As of 31/01/2024, an additional £2,265,859 of eligible costs (£1,586,101 receivable) remain claimable.These grants have been recognised in the financial records as income in accordance with the terms stipulated in the grant agreements. The Company intends to continue claiming eligible costs in subsequent quarters until the fulfillment of the respective projects.
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr G Hatcher |
21,421 |
654 |
- |
22,075 |
|
|
|
Mr J Charles |
10,206 |
298 |
- |
10,504 |
|
|
|
Mr S M Sargent |
5,675 |
- |
(
5,675) |
- |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
37,302 |
952 |
(
5,675) |
32,579 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr G Hatcher |
21,001 |
420 |
- |
21,421 |
|
|
|
Mr J Charles |
10,002 |
204 |
- |
10,206 |
|
|
|
Mr S M Sargent |
- |
32,000 |
(
26,325) |
5,675 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
31,003 |
32,624 |
(
26,325) |
37,302 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
At the year end, the directors owed a total of £32,579 (2023 : £37,302) to the company.