1 January 2024 v2025.17.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP141784562024-01-012024-12-31141784562024-12-31141784562023-12-3114178456core:WithinOneYear2024-12-3114178456core:WithinOneYear2023-12-3114178456core:AfterOneYear2024-12-3114178456core:ShareCapital2024-12-3114178456core:ShareCapital2023-12-3114178456core:SharePremium2024-12-3114178456core:SharePremium2023-12-3114178456core:OtherReservesSubtotal2024-12-3114178456core:OtherReservesSubtotal2023-12-3114178456core:RetainedEarningsAccumulatedLosses2024-12-3114178456core:RetainedEarningsAccumulatedLosses2023-12-3114178456bus:Director12024-01-012024-12-3114178456bus:RegisteredOffice2024-01-012024-12-3114178456core:OfficeEquipment2024-01-012024-12-3114178456core:FurnitureFittings2024-01-012024-12-31141784562022-11-012023-12-3114178456core:PlantMachinery2024-01-0114178456core:PlantMachinery2024-01-012024-12-3114178456core:PlantMachinery2024-12-3114178456core:PlantMachinery2023-12-311417845612024-01-012024-12-3114178456countries:EnglandWales2024-01-012024-12-3114178456bus:AuditExemptWithAccountantsReport2024-01-012024-12-3114178456bus:PrivateLimitedCompanyLtd2024-01-012024-12-3114178456bus:SmallEntities2024-01-012024-12-3114178456bus:FullAccounts2024-01-012024-12-31
Company registration number:
14178456
Greenworkx Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Greenworkx Ltd
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 5
17,784
 
24,235
 
Current assets    
Debtors 6
148,046
 
45,609
 
Cash at bank and in hand
159,555
 
870,332
 
307,601
 
915,941
 
Creditors: amounts falling due within one year 7
(129,027
)
(147,629
)
Net current assets
178,574
 
768,312
 
Total assets less current liabilities 196,358   792,547  
Creditors: amounts falling due after more than one year 8
(546,408
) -  
Net (liabilities)/assets
(350,050
)
792,547
 
Capital and reserves    
Called up share capital
503
 
503
 
Share premium
1,480,041
 
1,480,041
 
Other reserves
75
 
75
 
Profit and loss account
(1,830,669
)
(688,072
)
Shareholders (deficit)/funds
(350,050
)
792,547
 
For the year ending
31 December 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.
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
24 March 2025
, and are signed on behalf of the board by:
Mr M Ilic
Director
Company registration number:
14178456
Greenworkx Ltd
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
63/66 Fifth Floor Suite 23, 63/66 Hatton Garden
,
London
,
EC1N 8LE
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line
Fixtures and fittings
25% straight line

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.

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 entity 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 entity 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 entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, 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 pension plan

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.

Share-based payments

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.

4 Average number of employees

The average number of persons employed by the company during the year was
23
(2023:
10.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2024
25,649
 
Additions
5,355
 
Disposals
(6,300
)
At
31 December 2024
24,704
 
Depreciation  
At
1 January 2024
1,414
 
Charge
7,399
 
Disposals
(1,893
)
At
31 December 2024
6,920
 
Carrying amount  
At
31 December 2024
17,784
 
At 31 December 2023
24,235
 

6 Debtors

20242023
££
Trade debtors
12,504
 
9,802
 
Other debtors
135,542
 
35,807
 
148,046
 
45,609
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
93,870
 
111,710
 
Taxation and social security
29,071
 
18,180
 
Other creditors
6,086
 
17,739
 
129,027
 
147,629
 

8 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
546,408
  -  
Included in other creditors falling due after more than one year is £532,000 of convertible loan notes. The loan notes are unsecured and have a fixed interest rate of 6.5% per annum.