Green Lithium Refining Limited 31/01/2025 iXBRL

Company registration number: 13137770

Green Lithium Refining Limited

Unaudited filleted financial statements

31 January 2025

Green Lithium Refining Limited

Contents

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Green Lithium Refining Limited

Statement of financial position

31 January 2025

		2025		2024
				As restated
	Note	£	£	£	£

Fixed assets
Intangible assets	5	3,813,115		2,066,777
Tangible assets	6	6,663		6,174
		_______		_______
			3,819,778		2,072,951

Current assets
Debtors	7	161,065		237,923
Cash at bank and in hand		1,238,045		3,207,090
		_______		_______
		1,399,110		3,445,013
Creditors: amounts falling due
within one year	8	( 317,529)		( 1,490,147)
		_______		_______
Net current assets			1,081,581		1,954,866
			_______		_______
Total assets less current liabilities			4,901,359		4,027,817

			_______		_______
Net assets			4,901,359		4,027,817
			_______		_______

Capital and reserves
Called up share capital	11		10		9
Share premium account			11,337,707		9,888,604
Profit and loss account			( 6,436,358)		( 5,860,796)
			_______		_______
Shareholders funds			4,901,359		4,027,817
			_______		_______

For the year ending 31 January 2025 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 2025 , and are signed on behalf of the board by:

Mr G Hatcher

Director

Company registration number: 13137770

Green Lithium Refining Limited

Statement of changes in equity

Year ended 31 January 2025

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 February 2023 (as previously reported)	8	5,181,571	( 3,862,411)	1,319,168
Prior period adjustments	(-)	(-)	987,885	987,885
	_______	_______	_______	_______
At 1 February 2023 (restated)	8	5,181,571	( 2,874,526)	2,307,053

Loss for the year			( 2,986,270)	( 2,986,270)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 2,986,270)	( 2,986,270)

Issue of shares	1	4,707,033		4,707,034
	_______	_______	_______	_______
Total investments by and distributions to owners	1	4,707,033	-	4,707,034

	_______	_______	_______	_______
At 31 January 2024 and 1 February 2024	9	9,888,604	( 5,860,796)	4,027,817

Loss for the year			( 575,562)	( 575,562)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 575,562)	( 575,562)

Issue of shares	1	1,449,103		1,449,104
	_______	_______	_______	_______
Total investments by and distributions to owners	1	1,449,103	-	1,449,104

	_______	_______	_______	_______
At 31 January 2025	10	11,337,707	( 6,436,358)	4,901,359
	_______	_______	_______	_______

Green Lithium Refining Limited

Notes to the financial statements

Year ended 31 January 2025

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.

Changes in accounting policies

During the current financial year, the directors reviewed the accounting treatment of development expenditure associated with internally generated intellectual property, particularly in relation to the design and implementation of proprietary processes for lithium refining.Historically, all such costs were expensed to the profit and loss account as incurred. However, following a reassessment of the nature and purpose of these expenditures, and in light of increasing investment in technological development, the directors have adopted a revised accounting policy to capitalise qualifying development costs that meet the recognition criteria in accordance with FRS 102 Section 18 - Intangible Assets other than Goodwill. These criteria include technical feasibility, intention and ability to complete the asset, probable future economic benefits, availability of adequate resources, and reliable measurement of costs.This change reflects the director's view that capitalisation provides more relevant and reliable information about the economic benefits expected to arise from these activities. The revised policy better aligns the financial statements with the substance of the underlying transactions and the company's strategic investment in proprietary refining technology.The new policy has been applied retrospectively from the beginning of the prior financial year. Prior periods have been restated, this change arise from a voluntary reassessment of the accounting treatment. The impact of the change is disclosed in the notes to the financial statements, including the amount capitalised and the amortisation policy applied.The cumulative impact of this change resulted in the recognition of £2,329,655 of development costs as intangible assets at 1 February 2024, with associated accumulated amortisation of £262,878. The net adjustment of £2,066,777 has been reflected in the restated opening retained earnings as at that date.Intangible assets are amortised over their estimated useful lives of 10 years and are reviewed for impairment when indicators arise.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Development Costs	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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 22 (2024: 19 ).

5. Intangible assets

	Other intangible assets As restated	Total
	£	£
Cost
At 1 February 2024	2,329,655	2,329,655
Additions	2,132,492	2,132,492
	_______	_______
At 31 January 2025	4,462,147	4,462,147
	_______	_______
Amortisation
At 1 February 2024	262,878	262,878
Charge for the year	386,154	386,154
	_______	_______
At 31 January 2025	649,032	649,032
	_______	_______
Carrying amount
At 31 January 2025	3,813,115	3,813,115
	_______	_______
At 31 January 2024	2,066,777	2,066,777
	_______	_______

The brought forward balance in the intangible asset note reflects a prior period adjustment to capitalise development costs incurred in earlier periods. The comparative balance sheet figures have been restated accordingly. See Note 10 for details

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 February 2024	13,310	13,310
Additions	5,133	5,133
Disposals	( 763)	( 763)
	_______	_______
At 31 January 2025	17,680	17,680
	_______	_______
Depreciation
At 1 February 2024	7,136	7,136
Charge for the year	4,644	4,644
Disposals	( 763)	( 763)
	_______	_______
At 31 January 2025	11,017	11,017
	_______	_______
Carrying amount
At 31 January 2025	6,663	6,663
	_______	_______
At 31 January 2024	6,174	6,174
	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	-	53,320
Other debtors	161,065	184,603
	_______	_______
	161,065	237,923
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	246,920	444,842
Social security and other taxes	61,998	81,844
Other creditors	8,611	963,461
	_______	_______
	317,529	1,490,147
	_______	_______

9. Government grants

	2025	2024
	£	£
Grants received or receivable	2,062,170	220,494
	_______	_______

The amounts recognised in the for government grants are as follows:

	2025	2024
	£	£
Recognised in other operating income:
Government grants recognised directly in income	2,062,170	220,494
	_______	_______

In the fiscal year ending 31/01/2025, 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 economyTotal Eligible Costs: £817,022Grant Rate: 70%Total Grant: £571,916During the period 01/02/2024 - 31/01/2025, the Company claimed eligible costs of £806,065, of which 70%, amounting to £564,242 was received. As of 31/01/2025, an additional £10,963 of eligible costs (£6,792 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 deploymentTotal Eligible Costs: £496,822Grant Rate: 69.999%Total Grant: £347,775For the period 01/02/2024 - 31/01/2025, the Company claimed eligible costs of £368,158, of which 69.999%, amounting to £257,710 was received. As of 31/01/2025, an additional £59,256 of eligible costs (£41,479 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 upTotal Eligible Costs: £2,511,572Grant Rate: 69.999%Total Grant: £1,758,100During the period 01/02/2024 - 31/01/2025, the Company claimed eligible costs of £1,771,741, of which 69.999%, amounting to £1,240,218, was received. As of 31/01/2025, an additional £494,101 of eligible costs (£345,870 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.

10. Prior period adjustment

During the year ended 31 January 2025, the directors reviewed the company's accounting policy for development expenditure. Historically, all development costs were expensed to profit or loss as incurred. Following this review, the directors concluded that capitalising qualifying development costs under FRS 102 Section 18 Intangible Assets other than Goodwill provides a more appropriate reflection of the nature and future economic benefits of such expenditure.As a result, the directors have adopted a policy of capitalising development costs that meet the recognition criteria set out in FRS 102 Section 18.8 to 18.10. These include the technical feasibility of completing the asset, the intention and ability to complete and use or sell it, the expectation of probable future economic benefits, the availability of adequate resources, and the ability to measure costs reliably.This change in accounting policy has been applied retrospectively from 1 February 2023, in accordance with FRS 102 Section 10.14. Comparative figures have been restated. The cumulative impact of the change has been recognised directly in retained earnings in the brought forward position in the comparative financial year.As a result of this change, development costs of £1,074,946 have been capitalised as intangible assets as at 1 February 2023. Associated accumulated amortisation of £87,061 has also been recognised, resulting in a net adjustment of £987,885 to opening retained earnings as at 1 February 2023.Development costs of £1,254,709 have been capitalised as intangible assets in the year ended 31 January 2024. Associated amortisation of £175,817 has also been recognised, resulting in a net adjustment of £1,078,892 to opening retained earnings as at 1 February 2024.Overall, development costs of £2,329,655 have been capitalised as intangible assets to the year ended 31 January 2024. Associated accumulated amortisation of £262,878 has also been recognised, resulting in a net adjustment of £2,066,777 to opening retained earnings as at 1 February 2024.

11. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary A shares of £ 0.0000001 - each	74,206,752	7.42	72,705,615	7.27
Ordinary B shares of £ 0.0000001 - each	16,037,674	1.60	14,876,583	1.49
Ordinary C shares of £ 0.0000001 - each	5,911,439	0.59	4,286,343	0.53
	_______	_______	_______	_______
	96,155,865	9.61	91,868,541	9.29
	_______	_______	_______	_______

Share movements

	No	£
Ordinary A :
At 1 February 2024	72,705,615	7.27
Issue of shares	1,501,137	0.15
	_______	_______
At 31 January 2025	74,206,752	7.42
	_______	_______

	No	£
Ordinary B :
At 1 February 2024	14,876,583	1.49
Issue of shares	1,161,091	0.11
	_______	_______
At 31 January 2025	16,037,674	1.60
	_______	_______

	No	£
Ordinary C :
At 1 February 2024	4,286,343	0.53
Issue of shares	625,096	0.06
	_______	_______
At 31 January 2025	5,911,439	0.59
	_______	_______

12. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr G Hatcher	22,075	-	( 1,233)	20,842
	Mr J Charles	10,504	236	-	10,740
	Mr S M Sargent	-	-	-	-
		_______	_______	_______	_______
		32,579	236	( 1,233)	31,582
		_______	_______	_______	_______

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
		_______	_______	_______	_______

At the year end, the directors owed a total of £31,582 (2024 : £32,579) to the company.