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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
COMPANY INFORMATION
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EARTHSTREAM GLOBAL LIMITED
CONTENTS
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EARTHSTREAM GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
This strategic report is a summary of the Directors’ views on how the Company has performed during the year
ended 31 December 2024.
The company is a global energy recruitment specialist operating out of the UK, delivering services on a global basis. The company operates under the brand of Earthstream and specialises in Renewable Energy, Power and Utilities, Nuclear and Commodities.
The results of the company for the year, as set out on page 11 of the accounts, show a profit on ordinary activity before tax of £10,025,125 (2023: Loss of £4,501,414). Business Environment The Company is well positioned to deliver talent in the niche skillsets across the globe. The diversity of the operating brands and the geographies serviced has allowed the business to benefit form some insulation against volatility individual market segments and sectors. Demand for talent across the areas the business supports remains strong and the Group is confident that it is properly positioned to continue strong growth. Strategy The Company’s focus is continued organic growth in its core brands, with growth in permanent and contract revenues. The company has the capability to service multiple areas of demand within large clients and supporting these clients will afford strong revenue and profit growth through depth of relationship within such customers.
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EARTHSTREAM GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A key principal risk that the group is exposed to, which directly impacts the company, is credit risk. This is in respect of its trade receivables, particularly from Northvolt AB, which was its largest debtor as at the year-end. As at 31.12.2024, the balance due from Northvolt was £1.6 million, which represented 33% of the total trade receivables.
During the financial year, Northvolt AB filed for bankruptcy, leading to uncertainty regarding the recovery of the outstanding balance. As a result, the company has made a specific provision for doubtful debts of £1.6 million against the receivable due. This provision reflected the company’s best estimate of the recoverability of the outstanding amount, based on the information available as at the reporting date. In March 2025 Northvolt filed for full bankruptcy and it was apparent that no repayment would occur. Any recovery from Northvolt is extremely unlikely but a full write off will occur in the following financial period. In response to this significant credit risk exposure, the company has secured debt/credit insurance, which is effective from 01 January 2025, to mitigate future credit risk on trade receivables. This new insurance policy will provide coverage for a portion of the company’s receivables, helping to reduce the risk of non-recovery of outstanding balances, particularly from customers with higher risk profiles. The debt/credit insurance will be in place for the next financial year and is expected to provide additional protection against potential credit defaults. The directors continue to closely monitor credit risk and have implemented tighter credit control procedures to reduce exposure to future defaults. In addition to this, the company is not immune to the affects of an unstable economy, which can impact the amount of jobs available. This is known as sector specific volatility, such as changes in government policy and commodity prices which can impact hiring activity. However, the company has many processes in place in order to increase business and expand operations. The majority of the revenue generated from this company comes from the placement of Contract sales, to fluctuating revenues given the lifecycle of a transaction is short and the bulk of revenues generated are success fee based. There may be a reliance on a small number of key clients or markets, making the business vulnerable to shifts in demand or contract losses. Talent shortages, particularly in specialist technical roles, also pose a challenge. In order to sustain growth, the company has monitored these risks and will continue to do so. The Company is exposed to market risk and through the funding requirements to interest and currency risks. These are being evaluated on a continuous basis.
The Company has continued to make progress towards its strategic objectives. The Board monitors progress by reference to these key KPI’s (£000) amongst others:
Revenue - £31,913 (2023: £33,133) Permanent NFI - £317 (2023: £576) Contract NFI - £5,326 (2023: £5,509) Gross Profit - £5,643 (2023: £6,086) Administration Expenses - £5,582 (2023: £10,227) Gross Profit % - 17.7% (2023: 18.4%)
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EARTHSTREAM GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
To assess the reasonableness of the going concern basis of preparation, the Directors have prepared forecasts for the period to December 2027 for the group which the company is part of. The directors have considered the appropriateness of preparing the financial statements on a going concern basis in light of the recent bankruptcy of Northvolt AB, the company’s largest debtor, which owed £1.6 million at the year-end. Following Northvolt’s bankruptcy, the company has assessed the recoverability of this balance and has recognised a specific provision of £1.6 million, reflecting the current uncertainty over collection. Discussions with Northvolt’s administrators regarding potential repayment are ongoing, and any upside from recovery has not been factored into the company’s financial forecasts.
The company's management have on a group level prepared detailed forecasts and cash flow projections for a period of at least 12 months from the date of approval of these financial statements. These forecasts incorporate expected trading performance and demonstrate a continued increase in headroom of approximately £700k by the end of 2025, excluding any potential recovery from Northvolt. The company has a proven track record of effective working capital management and continues to implement robust controls to monitor and maintain liquidity. The overall debtor days average at 53.5 days, with non notified debt dropping to 7% of total by the end of 2025. The overall potential performance of the company in the following year is positive, with EBITDA projecting to increase to £2m, a rise of £328k (19.1%) driven by a reduction in direct costs of 18% and overheads of 11%. Despite the overall drop in sales, the sharper reduction in costs explains the EBITDA increase. After reviewing the forecasts, considering available financing facilities, and assessing key sensitivities, the directors believe the Group has adequate resources to continue operating for the foreseeable future. Based on this assessment, they have concluded that it is appropriate to prepare the financial statements on a going concern basis. The directors have also considered the limitations of any financial covenants, and conclude that the group is not at risk of breaching any financial covenants and expects to remain in compliance for the foreseeable future. Measures such as the restructure noted in the subsequent events section have been undertaken to further support the group in its ability to continue operating as a going concern, while meeting its debt obligations. On this basis, the Directors have a reasonable expectation that the Group will have sufficient cash flow and available resources to continue operating for at least the next 12 months from the approval date of these financial statements. Accordingly, the Group and Company continue to adopt the going concern basis in preparing the financial statements.
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EARTHSTREAM GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsequent to the financial year-end of 31 December 2024, the group undertook a restructuring of its shareholders’ loans on 31 January 2025. The restructuring was necessitated by the company’s difficulty to meet its existing obligations under the previous loan structure, particularly due to financial difficulties arising from the bankruptcy of Northvolt AB, its largest debtor, and the resulting impact on liquidity. The company faced significant risks in meeting its debt repayment obligations, including those owed to Investec, which were due for repayment in January 2025. The threat of breaching covenants and the challenge of securing additional financing put substantial pressure on the business.
In response, the company negotiated a restructuring of the existing loan agreements with Investec, deferring the liability of the loan repayment. As part of the restructuring, the company’s Loan Notes were waived and released in consideration for the allotment and issuance of 85,000 A Ordinary shares of £0.10 each. UPI also subscribed to additional Loan Notes of £900,000 under the existing loan note instrument, bringing the total to 2,550,000 unsecured Loan Notes of £1.00 each. This restructuring effectively deferred liabilities and removed the immediate need for a cash outflow, thereby improving the company’s cash flow position and ensuring the business was able to continue operations without breaching its financial covenants. For a more detailed breakdown of the restructure, refer to the disclosure note - Subsequent Event: Shareholders’ Loan Restructuring. The restructuring was a critical step in addressing the company's short-term liquidity challenges and in supporting its long-term sustainability, providing greater financial flexibility moving forward.
This report was approved by the board and signed on its behalf.
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EARTHSTREAM GLOBAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £10,025,125 (2023 - loss £4,501,414).
There was no dividends paid during the year.
The directors who served during the year were:
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EARTHSTREAM GLOBAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EARTHSTREAM GLOBAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EARTHSTREAM GLOBAL LIMITED
We have audited the financial statements of Earthstream Global Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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EARTHSTREAM GLOBAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EARTHSTREAM GLOBAL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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EARTHSTREAM GLOBAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EARTHSTREAM GLOBAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing risks related to irregularities: We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates. Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional skepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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EARTHSTREAM GLOBAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EARTHSTREAM GLOBAL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered accountants
1st Floor South
W1W 6XH
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EARTHSTREAM GLOBAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
REGISTERED NUMBER: 08357070
BALANCE SHEET
AS AT 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
REGISTERED NUMBER: 08357070
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 30 form part of these financial statements.
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EARTHSTREAM GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Earthstream Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Eversholt Street, London, England, NW1 1AD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
This company is a qualifying entity for the purposes of FRS 102. Being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements: • Section 7 ‘Statement of Cash Flows': Presentation of statement of cash flow and related notes and disclosures; • Section 33 'Related Party Disclosures': Compensation for key management personnel. The financial statements of the company are consolidated in the financial statements of Xcede Global Holdings Limited (Company number 11996176). These consolidated financial statements are available from its registered office, 24 Eversholt Street, London, England, NW1 1AD.
To assess the reasonableness of the going concern basis of preparation, the Directors have prepared forecasts for the period to December 2027 for the group which the company is part of. These forecasts have been prepared considering the sectors that the group operates, the continued growth the group is experiencing and the potential uncertainty due to global geopolitical events. Throughout the going concern review period as determined by the Directors, the Group meets its financial covenants and is forecast to meet its liabilities as the fall due. The Directors continue to closely monitor the-group funding requirements and are working closely with their significant shareholder and fund providers to ensure that the Group is appropriately funded over the next 12 to 18 months.
On this basis, the Directors have a reasonable expectation that the Group will have sufficient cash flow and available resources to continue operating for at least 12 months from the approval date of these financial statements. Accordingly, the Group and the Company continues to adopt the going concern basis in preparing its financial statements. The ultimate shareholders have provided assurances that they will continue to support the company going forward for a period of not less than 12 months from the signing of these financial statements through not seeking repayment of their loans during this period. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue arising from the placement of permanent candidates is recognised when the company has fulfilled its contractual obligations in accordance with the underlying contracts. Depending on the terms and conditions agreed with the hiring client, this is either on the start date of a candidate's employment, or when a candidate accepts an offer of employment, and a start date has been determined. Revenue arising from temporary placements is recognised over the period that temporary staff are provided. Provision is made for the expected cost or meeting obligations where temporary workers have submitted approved timesheets for the specified contractual period.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Contracts -Straight line over 5 years
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affect both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Intercompany Recoverability The recoverability of the amounts owed from group entities has been based on the review of the trading activities and forecasts for the next 12 months for the wider group and entities the debt relates to in order to ensure the group lending will be continued and no issues in the ability of the groups liquidity and going concern as a whole. Creditor note provisioning Credit note provisions in relation to permanent placements that are recognised on acceptance date and are included at the year end have been based on the value of credit notes raised in 2025 for invoices recognised in 2024.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administrative fund.
The charge to profit or loss in respect of defined contribution schemes amounted to £45,430 (2023: £31,000)
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EARTHSTREAM GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent of the company is Xcede Group International Limited (Company number 08356900) whose registered office is 24 Eversholt Street, London, England, NW1 1AD.
The parent of the smallest and largest group into which Earthstream Global Limited is consolidated is Xcede Global Holdings Limited (Company number 11996176).
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