ACCOUNTT - Final Accounts preparation

Registered number: 12309941

CLIMATE 2025 LIMITED

(A company limited by guarantee)

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

CLIMATE 2025 LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 12309941

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	181,562		52,356
Cash at bank and in hand		6,677,981		3,239,405
		6,859,543		3,291,761
Creditors: amounts falling due within one year	6	(6,894,521)		(3,406,364)
Net current liabilities			(34,978)		(114,603)
Total assets less current liabilities			(34,978)		(114,603)

Net liabilities			(34,978)		(114,603)

Capital and reserves
Profit and loss account	(34,978)	(114,603)
	(34,978)	(114,603)

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 12309941

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

L Garcia-Lillis

Director

Date: 13 October 2025

The notes on pages 3 to 8 form part of these financial statements.

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Climate 2025 Limited is a company limited by guarantee and incorporated in England and Wales, registration number 12309941. The registered office is Electric Works, 3 Concourse Way, Sheffield, England, S1 2BJ.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Exchange differences are recognised in the Income Statement in the period in which they arise.

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a grant to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the grant;

∙the stage of completion of the grant at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the grant can be measured reliably.

Turnover/Income
Turnover also consists of project income, to mean grants, donations, or subsidies intended for use towards; i) either a specific Climate 2025 programme or project (for example, capacity building, access to funding, ecosystem building work etc. including some elements of contribution towards administrative and operating expenses of managing projects and programmes); or ii) grants available to be used by Climate 2025 for essential running costs more broadly; or iii) the proceeds Climate 2025 generates from transaction fees, service fees and investment activities. Turnover also consists of project income, to mean grants restricted to the deliver of a specific project or defined set of activities, sometime including a percentage contribution towards general running costs.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Computer equipment

33%

Straight Line

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.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Donations

The company derives some of its income from donations and other voluntary income that provide core funding to the company. Donation income is included within the accounts as it is received.

Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 7).

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost or valuation
	At 1 January 2024	1,050
	At 31 December 2024	1,050
	Depreciation
	At 1 January 2024	1,050
	At 31 December 2024	1,050
	Net book value
	At 31 December 2024	-
	At 31 December 2023	-

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	129,952	27,566
Other debtors	26,820	-
Tax recoverable	24,790	24,790
	181,562	52,356

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	12,301	162,703
Accruals	9,500	5,225
Other taxation and social security	22,558	36,075
Other creditors	9,745	12,865
Deferred income	6,840,417	3,189,496
	6,894,521	3,406,364

Deferred Income 2024
£
Brought Forward in the year 3,189,496
Released in the year 3,019,187
Deferred in the year 6,670,108
Carried Forward in the year 6,840,417

Deferred income represents amounts received in advance of delivery in relation to project funds and core funding received for future periods.


7.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

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CLIMATE 2025 LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,849 (2023: £6,434). The profit or loss charge for the year was £16,256 (2023: £11,859).

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