Company registration number 10745053 (England and Wales)
GREENFIELD TECHNOLOGIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GREENFIELD TECHNOLOGIES LIMITED
Company information
Directors
Mr L G Bingham
Mr L J De Viel Castel
Mr Charles De Viel Castel
Secretary
Mr P Radford
Company number
10745053
Registered office
Coast Road
Greenfield
Holywell
Flintshire
Wales
CH8 9DP
Auditor
DJH Audit Limited
St George's House
56 Peter Street
Manchester
GREENFIELD TECHNOLOGIES LIMITED
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 41
Greenfield Technologies Limited
GREENFIELD TECHNOLOGIES LIMITED
Strategic report
For the year ended 31 December 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Greenfield Technologies Group sales have grown in the year by 42% (2024-£9.9m; 2023 - £6.9m) due to an increase in demand for the company's products in both the automotive and non-automotive sectors.

Profit after tax increased by 111% (2024 £0.7m; 2023 £0.3m). At the year end, the group had net assets of £2.7m (2023 - £1.7m). The Directors have forecast that there are sufficient resources in the group to continue to grow sales and profits in future years.

Principal risks and uncertainties

Competition Risk

Competition is a key risk to the company. To mitigate this risk, the business invests in its technical and engineering capability, including research and development to maintain or enhance its competitive advantage,

Inflation Risk

Raw material prices are a significant risk to the business. The business may face higher costs or lower margins due to the fluctuations in the prices of the raw material that it uses to produce its products or services. Raw material prices can be affected by various factors, such as supply and demand, availability and scarcity, quality and quantity, transportation and logistics, tariffs and taxes. To mitigate this risk, the business ensures that key materials have multiple suppliers.

Interest rate risk

The Company is exposed to interest rate risk as it borrows funds on floating rates of interest. The Board monitors its risk through careful forecasting.

Credit risk

The Company is exposed to credit risk on trade and other receivables. To mitigate credit risk, the company insures its debts through credit insurance.

Key performance indicators

The group closely monitors its customer gross margins to ensure that all customers are profitable and contribute to the successful financial performance of the group.

On behalf of the board

Mr L G Bingham
Director
6 November 2025
GREENFIELD TECHNOLOGIES LIMITED
Directors' report
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of the manufacture of knitted mesh products for a variety of industrial applications.

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L G Bingham
Mr L J De Viel Castel
Mr Charles De Viel Castel
Research and development

The past year has been a period of significant progress across research and development projects. This will allow the company to take advantage of key opportunities in the coming years.

Future developments

As the directors consider the future, our focus remains on sustainable growth and technological innovation. Our future plans are geared towards enhancing our competitive edge while addressing the evolving needs of the stakeholders.

Auditor

DJH Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GREENFIELD TECHNOLOGIES LIMITED
Directors' report (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr L G Bingham
Director
6 November 2025
Greenfield Technologies Limited
GREENFIELD TECHNOLOGIES LIMITED
Directors' responsibilities statement
For the year ended 31 December 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Greenfield Technologies Limited
GREENFIELD TECHNOLOGIES LIMITED
Independent auditor's report
To the members of Greenfield Technologies Limited
- 5 -
Opinion

We have audited the financial statements of Greenfield Technologies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

We were appointed as auditors of the Company after 31 December 2023 and were therefore unable to observe the counting of physical stocks at the beginning of the year, which was included in the comparative period balance sheet at £1,612,575. We were also unable to satisfy ourselves by alternative means concerning the stock quantities held at 1 January 2024. Since opening stock affect the determination of the results of operations and cash flows, we were unable to determine whether adjustments might have been necessary for the year ended 31 December 2024.

Conclusions relating to going concern

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 group's and parent 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.

Greenfield Technologies Limited
GREENFIELD TECHNOLOGIES LIMITED
Independent auditor's report (continued)
To the members of Greenfield Technologies Limited
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Greenfield Technologies Limited
GREENFIELD TECHNOLOGIES LIMITED
Independent auditor's report (continued)
To the members of Greenfield Technologies Limited
- 7 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- ensured laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- considered journal entries to identify unusual transactions; and

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements of the Company for the year ended 31 December 2023 were audited by another auditor who expressed a qualified opinion on those statements on 30 September 2024 due to the same limitation of scope regarding stock.

Greenfield Technologies Limited
GREENFIELD TECHNOLOGIES LIMITED
Independent auditor's report (continued)
To the members of Greenfield Technologies Limited
- 8 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Abbott FCA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
St George's House
56 Peter Street
Manchester
M2 3NQ
14 November 2025
GREENFIELD TECHNOLOGIES LIMITED
Group statement of comprehensive income
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
9,878,074
6,951,523
Cost of sales
(6,780,001)
(4,786,664)
Gross profit
3,098,073
2,164,859
Distribution costs
(1,064,084)
(791,340)
Administrative expenses
(1,432,173)
(1,382,452)
Other operating income
428,077
445,681
Operating profit
6
1,029,893
436,748
Interest receivable and similar income
7
10,353
8,884
Interest payable and similar expenses
8
(240,772)
(154,719)
Profit before taxation
799,474
290,913
Tax on profit
9
(138,146)
23,201
Profit for the financial year
661,328
314,114
Other comprehensive income
Revaluation of tangible fixed assets
463,813
-
0
Currency translation loss taken to retained earnings
(2,316)
-
0
Tax relating to other comprehensive income
(100,428)
-
0
Total comprehensive income for the year
1,022,397
314,114
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GREENFIELD TECHNOLOGIES LIMITED
Group balance sheet
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
47,198
67,430
Negative goodwill
10
(64,796)
-
0
Net goodwill
(17,598)
67,430
Other intangible assets
10
192,285
240,381
Total intangible assets
174,687
307,811
Tangible assets
11
3,588,568
2,397,441
Investments
12
-
0
40,000
3,763,255
2,745,252
Current assets
Stocks
14
1,796,710
1,612,575
Debtors
15
2,441,349
2,095,303
Cash at bank and in hand
224,885
132,774
4,462,944
3,840,652
Creditors: amounts falling due within one year
16
(3,334,914)
(3,111,134)
Net current assets
1,128,030
729,518
Total assets less current liabilities
4,891,285
3,474,770
Creditors: amounts falling due after more than one year
17
(1,665,470)
(1,502,127)
Provisions for liabilities
Deferred tax liability
20
496,487
265,712
(496,487)
(265,712)
Net assets
2,729,328
1,706,931
Capital and reserves
Called up share capital
22
1
1
Share premium account
650,446
650,446
Revaluation reserve
640,744
299,074
Other reserves
300,000
300,000
Profit and loss reserves
1,138,137
457,410
Total equity
2,729,328
1,706,931
GREENFIELD TECHNOLOGIES LIMITED
Group balance sheet (continued)
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 6 November 2025 and are signed on its behalf by:
06 November 2025
Mr L G Bingham
Director
Company registration number 10745053 (England and Wales)
GREENFIELD TECHNOLOGIES LIMITED
Company balance sheet
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
104,549
72,134
Investments
12
2
2
104,551
72,136
Current assets
Debtors
15
288,757
313,857
Cash at bank and in hand
8,796
4,220
297,553
318,077
Creditors: amounts falling due within one year
16
(1,121,100)
(968,987)
Net current liabilities
(823,547)
(650,910)
Total assets less current liabilities
(718,996)
(578,774)
Creditors: amounts falling due after more than one year
17
(116,602)
(159,134)
Provisions for liabilities
Deferred tax liability
20
12,706
-
0
(12,706)
-
Net liabilities
(848,304)
(737,908)
Capital and reserves
Called up share capital
22
1
1
Share premium account
650,446
650,446
Other reserves
300,000
300,000
Profit and loss reserves
(1,798,751)
(1,688,355)
Total equity
(848,304)
(737,908)
GREENFIELD TECHNOLOGIES LIMITED
Company balance sheet (continued)
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £110,395 (2023 - £178,623 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 November 2025 and are signed on its behalf by:
06 November 2025
Mr L G Bingham
Director
Company registration number 10745053 (England and Wales)
GREENFIELD TECHNOLOGIES LIMITED
Group statement of changes in equity
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
1
650,446
276,424
300,000
165,946
1,392,817
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
314,114
314,114
Transfers
-
-
22,650
-
(22,650)
-
Balance at 31 December 2023
1
650,446
299,074
300,000
457,410
1,706,931
Year ended 31 December 2024:
Profit for the year
-
-
-
-
661,328
661,328
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
463,813
-
-
463,813
Currency translation differences
-
-
-
-
(2,316)
(2,316)
Tax relating to other comprehensive income
-
-
(100,428)
-
-
0
(100,428)
Total comprehensive income
-
-
363,385
-
659,012
1,022,397
Transfers
-
-
(21,715)
-
21,715
-
Balance at 31 December 2024
1
650,446
640,744
300,000
1,138,137
2,729,328
GREENFIELD TECHNOLOGIES LIMITED
Company statement of changes in equity
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
1
650,446
300,000
(1,509,732)
(559,285)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(178,623)
(178,623)
Balance at 31 December 2023
1
650,446
300,000
(1,688,355)
(737,908)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
(110,396)
(110,396)
Balance at 31 December 2024
1
650,446
300,000
(1,798,751)
(848,304)
GREENFIELD TECHNOLOGIES LIMITED
Group statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,026,436
513,406
Interest paid
(240,772)
(154,719)
Income taxes paid
(138,015)
-
0
Net cash inflow from operating activities
647,649
358,687
Investing activities
Purchase of intangible assets
(28,492)
(1,249)
Purchase of tangible fixed assets
(845,172)
(453,060)
Proceeds from disposal of tangible fixed assets
-
11,450
Purchase of subsidiaries, net of cash acquired
(52,336)
-
Increase in loans made
(62,298)
(25,102)
Interest received
10,353
8,884
Net cash used in investing activities
(977,945)
(459,077)
Financing activities
Proceeds from new bank loans
500,000
500,000
Repayment of bank loans
(142,054)
(66,848)
Payment of finance leases obligations
(251,051)
(198,527)
Net cash generated from financing activities
106,895
234,625
Net (decrease)/increase in cash and cash equivalents
(223,401)
134,235
Cash and cash equivalents at beginning of year
(504,597)
(638,832)
Effect of foreign exchange rates
(2,316)
-
0
Cash and cash equivalents at end of year
(730,314)
(504,597)
Relating to:
Cash at bank and in hand
224,885
132,774
Bank overdrafts included in creditors payable within one year
(955,199)
(637,371)
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Greenfield Technologies Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Coast Road, Greenfield, Holywell, Flintshire, Wales, CH8 9DP.

The group consists of Greenfield Technologies Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Greenfield Technologies Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024, with the exception of Knitmesh Technologies Private Limited which prepares accounts to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

In considering the appropriateness of the going concern basis of preparation, the Directors have considered the current trading performance and forecasts for at least twelve months from the date of signing the 2024 financial statements.

The Directors believe the Group is in a secure position with adequate liquidity and continues to benefit from a strong order book reflecting the global demand for its products.

The latest trading forecast indicate that the Group will continue to operate profitably as a going concern for the foreseeable future. After making detailed enquiries and forecasting, the Directors have formed a judgement, at the time of approving the financial statements, that there is a strong expectation that the Group has adequate resources to continue in operational existence for foreseeable future. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Turnover

Turnover is recognised when the risks and rewards of owning the goods has passed to the customer. For ex-works orders, the risks and rewards are passed to the customer when the customer (or customer haulier) picks up the goods from Knitmesh's premises. For delivered orders the risks and rewards are passed to the customer on delivery to the customers agreed location.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Negative goodwill represents the excess of the aggregate fair value of the acquired assets of Knitmesh Technologies Private Limited over the consideration paid, and is being written off to the profit and loss account systematically in the periods in which the non-monetary assets are expected to be recovered.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Software and development costs
10-20% Straight line
Patents & licences
2-10 years straight line
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Tangible fixed assets

With the exception of Freehold Property and some plant and machinery, Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold property and certain plant and machinery is stated in the balance sheet at revalued amounts, being the fair value on the date of revaluation less any subsequent depreciation and impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that with could be determined using fair values at the reporting end date.

If an asset's carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity. However, the increase shall be recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. The decrease of an asset's carrying amount as a result of revaluation shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation 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:

Freehold land and buildings
2-4% straight line
Plant and equipment
10-20% straight line
Fixtures and fittings
20-50% straight line
Computers
20-50% sraight line
Freehold property improvements
10% straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income or equity.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.20
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measure at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Valuation

Stocks are valued at the lower of costs and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast scrap value of raw materials.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
9,878,074
6,951,522
2024
2023
£
£
Turnover analysed by geographical market
UK
5,180,620
3,262,522
Europe
2,209,385
990,000
US & Canada
2,188,274
2,616,000
Rest of the World
299,795
83,000
9,878,074
6,951,522
2024
2023
£
£
Other revenue
Interest income
10,353
8,884
Grants received
71,019
70,537
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
5
5
3
3
Administration
23
23
15
15
Manufacture
107
77
-
-
Total
135
105
18
18

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,937,128
2,962,132
794,377
751,275
Social security costs
331,520
264,754
78,847
75,368
Pension costs
212,681
180,118
93,421
87,987
4,481,329
3,407,004
966,645
914,630
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
103,987
97,030
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
46,874
96,756
Research and development costs
2,886
-
Government grants
(71,019)
(70,537)
Fees payable to the group's auditor for the audit of the group's financial statements
20,000
20,000
Depreciation of owned tangible fixed assets
304,379
225,819
Amortisation of intangible assets
96,820
137,869
Release of negative goodwill
(17,959)
-
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
10,353
8,884
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
129,413
55,026
Other interest on financial liabilities
22,967
25,384
Interest on finance leases and hire purchase contracts
67,899
57,685
Other interest
20,493
16,624
Total finance costs
240,772
154,719
9
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
2,948
-
0
Deferred tax
Origination and reversal of timing differences
135,198
(16,839)
Adjustment in respect of prior periods
-
0
(6,362)
Total deferred tax
135,198
(23,201)
Total tax charge/(credit)
138,146
(23,201)
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 28 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
799,474
290,912
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
199,869
68,423
Tax effect of expenses that are not deductible in determining taxable profit
34,115
11,582
Gains not taxable
-
0
(32,363)
Tax effect of utilisation of tax losses not previously recognised
(118,645)
(80,958)
Effect of change in corporation tax rate
-
(1,272)
Depreciation on assets not qualifying for tax allowances
10,150
17,749
Amortisation on assets not qualifying for tax allowances
19,518
-
0
Other permanent differences
(7,573)
-
0
Effect of overseas tax rates
712
-
0
Deferred tax adjustments in respect of prior years
-
0
(6,362)
Taxation charge/(credit)
138,146
(23,201)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
100,428
-
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software and development costs
Patents & licences
Total
£
£
£
£
£
Cost
At 1 January 2024
202,310
-
0
689,732
10,891
902,933
Additions - separately acquired
-
0
-
0
28,492
-
0
28,492
Additions - business combinations
-
0
(82,755)
-
0
-
0
(82,755)
At 31 December 2024
202,310
(82,755)
718,224
10,891
848,670
Amortisation and impairment
At 1 January 2024
134,880
-
0
455,891
4,351
595,122
Amortisation charged for the year
20,232
(17,959)
75,802
786
78,861
At 31 December 2024
155,112
(17,959)
531,693
5,137
673,983
Carrying amount
At 31 December 2024
47,198
(64,796)
186,531
5,754
174,687
At 31 December 2023
67,430
-
0
233,841
6,540
307,811
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
11
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Freehold property improvements
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,181,793
349,043
2,199,488
78,269
79,382
96,510
3,984,485
Additions
9,660
676,299
268,090
16,125
30,264
-
0
1,000,438
Business combinations
-
0
-
0
31,255
-
0
-
0
-
0
31,255
Disposals
-
0
-
0
-
0
(662)
(999)
-
0
(1,661)
Revaluation
195,338
-
0
-
0
-
0
-
0
-
0
195,338
Transfers
96,510
(349,043)
349,043
-
0
-
0
(96,510)
-
0
At 31 December 2024
1,483,301
676,299
2,847,876
93,732
108,647
-
0
5,209,855
Depreciation and impairment
At 1 January 2024
122,467
-
0
1,303,086
29,176
48,406
83,909
1,587,044
Depreciation charged in the year
62,099
-
0
204,928
15,743
21,609
-
0
304,379
Eliminated in respect of disposals
-
0
-
0
-
0
(662)
(999)
-
0
(1,661)
Revaluation
(268,475)
-
0
-
0
-
0
-
0
-
0
(268,475)
Transfers
83,909
-
0
-
0
-
0
-
0
(83,909)
-
0
At 31 December 2024
-
0
-
0
1,508,014
44,257
69,016
-
0
1,621,287
Carrying amount
At 31 December 2024
1,483,301
676,299
1,339,862
49,475
39,631
-
0
3,588,568
At 31 December 2023
1,059,326
349,043
896,402
49,093
30,976
12,601
2,397,441
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
Company
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
-
0
9,421
78,269
58,422
146,112
Additions
19,540
14,052
16,125
14,040
63,757
Disposals
-
0
-
0
(662)
(999)
(1,661)
At 31 December 2024
19,540
23,473
93,732
71,463
208,208
Depreciation and impairment
At 1 January 2024
-
0
7,817
29,176
36,985
73,978
Depreciation charged in the year
-
0
2,974
15,743
12,625
31,342
Eliminated in respect of disposals
-
0
-
0
(662)
(999)
(1,661)
At 31 December 2024
-
0
10,791
44,257
48,611
103,659
Carrying amount
At 31 December 2024
19,540
12,682
49,475
22,852
104,549
At 31 December 2023
-
0
1,604
49,093
21,437
72,134

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
573,308
440,356
-
0
1,238
Fixtures and fittings
27,716
35,549
27,716
35,549
Computers
10,282
15,891
10,282
15,891
Assets under construction
93,094
187,913
-
-
704,400
679,709
37,998
52,678
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 32 -

Knitmesh Technologies Limited undertook a plant and equipment valuation on 28 April 2017 by Wignall Brownlow LLP, independent valuers not connected with the company on the basis of market value. As a result of this valuation certain assets were increased in value by £178,439. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar assets. The directors have considered the valuation as at 31 December 2024 and deemed there to be no movement on the plant and equipment value during the year.

Land and buildings were formally valued in 2025 by Roger Parry & Partners LLP independent valuers not connected with the company on the basis of market value. The valuation was prepared in accordance with RICS Valuation- Global Standards effective 31 January 2025 and was based on recent market transactions on arm's length terms for similar properties.

Land and buildings relate to the site at Coast Road. Part of the site is leased to a 3rd party and meets the definition of Investment Property. The market value of the element of the property that is leased to to a 3rd party at 31 December 2024 was £460,000.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
1,257,077
1,080,718
Accumulated depreciation
(506,868)
(431,026)
Carrying value
750,209
649,692
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2
2
Investments in joint ventures
-
0
40,000
-
0
-
0
-
0
40,000
2
2
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 January 2024
40,000
Disposals
(40,000)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
40,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
2
Carrying amount
At 31 December 2024
2
At 31 December 2023
2
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Knitmesh Technologes Limited
UK
Ordinary
100.00
-
Greenfield Technologies Limited
UK
Ordinary
100.00
-
Knitmesh Technologies Private Limited
India
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1,2
Coast Road, Greenfiled, Holywell, Flintshire, CH8 9DP
3
G.T.Road, Dhandari Khurd, Ludhiana, 141012, Punjab, India
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,038,245
1,007,091
-
-
Work in progress
285,507
117,348
-
-
Finished goods and goods for resale
472,958
488,136
-
0
-
0
1,796,710
1,612,575
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,463,462
1,379,277
38,188
122,169
Corporation tax recoverable
159,553
138,527
-
0
-
0
Amounts owed by group undertakings
-
-
173,041
122,476
Other debtors
656,182
501,232
31,853
25,571
Prepayments and accrued income
162,152
74,572
45,675
41,946
2,441,349
2,093,608
288,757
312,162
Amounts falling due after more than one year:
Deferred tax asset (note 20)
-
0
1,695
-
0
1,695
Total debtors
2,441,349
2,095,303
288,757
313,857
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,159,721
758,172
-
0
-
0
Obligations under finance leases
19
199,535
285,914
-
0
20,317
Trade creditors
816,096
823,379
130,614
58,908
Amounts owed to group undertakings
-
0
-
0
742,672
573,981
Corporation tax payable
23,974
137,757
-
0
-
0
Other taxation and social security
215,733
247,583
75,745
88,115
Other creditors
504,293
454,412
98,468
124,546
Accruals and deferred income
415,562
403,917
73,601
103,120
3,334,914
3,111,134
1,121,100
968,987
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Creditors: amounts falling due within one year
(Continued)
- 35 -

The hire purchase agreements are secured on the assets to which the agreements relate to.

Aldermore Bank and DBW Investments (3) Limited have security, by way of a fixed and floating charge, over the assets of the group. Included within the bank overdraft is an amount of £955,199 (2023: £637,371) relating to the invoice discount financing by Aldermore Bank.

Amounts owed by group undertakings are repayable on demand and do not attract interest.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
690,173
408,539
-
0
-
0
Obligations under finance leases
19
295,808
305,214
-
0
-
0
Other taxation and social security
240,602
336,438
116,602
159,134
Other creditors
438,887
427,388
-
0
-
0
Accruals and deferred income
-
0
24,548
-
0
-
0
1,665,470
1,502,127
116,602
159,134
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
894,695
529,340
-
0
-
0
Bank overdrafts
955,199
637,371
-
0
-
0
1,849,894
1,166,711
-
-
Payable within one year
1,159,721
758,172
-
0
-
0
Payable after one year
690,173
408,539
-
0
-
0

Security in the form of a debenture with a fixed charge over the property of the company has been given in respect of bank loans and overdrafts. At the year end the bank loan and overdraft was also secured by a cross guarantee from other group and related companies of £500,000 from each company. A personal guarantee of £150,000 has also been provided by the one of the shareholders of the parent company.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
199,535
265,597
-
0
-
0
In two to five years
295,808
305,214
-
0
-
0
495,343
570,811
-
-

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
379,537
245,834
-
(9,014)
Tax losses
(981)
(2,564)
-
-
Revaluations
159,275
58,847
-
-
Other short term differences
(41,344)
(36,405)
-
10,709
496,487
265,712
-
1,695
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
13,899
-
-
(9,014)
Other short term differences
(1,193)
-
-
10,709
12,706
-
-
1,695
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 37 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
264,017
(1,695)
Charge to profit or loss
132,042
14,401
Charge to other comprehensive income
100,428
-
Liability at 31 December 2024
496,487
12,706

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
212,681
180,118

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
110
109
1
1
Ordinary A of 1p each
18
18
-
-
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
23
Acquisition of a business

On 20 May 2024 the group acquired a further 50% percent of the issued capital of Knitmesh Technologies Private Limited therefore gaining control by virtue of owning 100% of the issued share capital. It subsequently sold 30% of its share capital in March 2025.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
31,255
-
31,255
Inventories
24,208
-
24,208
Trade and other receivables
189,395
-
189,395
Cash and cash equivalents
9,164
-
9,164
Borrowings
(7,409)
-
(7,409)
Trade and other payables
(65,256)
-
(65,256)
Deferred tax
2,898
-
2,898
Total identifiable net assets
184,255
-
184,255
Goodwill
(82,755)
Total consideration
101,500
The consideration was satisfied by:
£
Cash
101,500
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
52,306
Profit after tax
6,911
GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
24
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
28,068
16,717
-
-
Between two and five years
72,956
46,159
-
-
101,024
62,876
-
-
25
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
350,297
392,811
119
13,459
Company
Other related parties
244,644
283,005
-
8,718
Management charge
Other charges
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
-
-
11,499
10,994
Other related parties
354,809
375,144
60,497
62,706
Company
Other related parties
354,809
375,144
-
-

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
Related party transactions
(Continued)
- 40 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
438,887
427,388
Entities over which the group has control, joint control or significant influence
-
49,221
Other related parties
695
-
Company
Other related parties
695
-

Included within other creditors due after more than one year is a loan from a shareholder amounting to £438,887 (2023: £427,388), which is unsecured and repayable on demand.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
20,734
99,057
Company
Other related parties
-
84,253
26
Directors' transactions

Included within other debtors at the year end is a director's loan account amounting to £470,468 (2023: £408,170) which is unsecured and repayable on demand. The loan attracts interest at the HMRC official rate of interest and is charged to the loan account annually, amounting to £10,353 in the period (2023: £8,884).

27
Controlling party

The ultimate controlling party is the shareholder Mr L J De Viel Castel. Since the year end, Mr De Viel Castel's shareholding has increased from 85.9% to 90.6%.

GREENFIELD TECHNOLOGIES LIMITED
Notes to the group financial statements (continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 41 -
28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
661,328
314,114
Adjustments for:
Taxation charged/(credited)
138,146
(23,201)
Finance costs
240,772
154,719
Investment income
(10,353)
(8,884)
Amortisation and impairment of intangible assets
78,861
137,869
Depreciation and impairment of tangible fixed assets
304,379
225,819
Movements in working capital:
Increase in stocks
(159,927)
(463,248)
Increase in debtors
(75,022)
(17,481)
(Decrease)/increase in creditors
(151,748)
193,699
Cash generated from operations
1,026,436
513,406
29
Analysis of changes in net debt - group
1 January 2024
Cash flows
New finance leases
Exchange rate movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
132,774
94,427
-
(2,316)
224,885
Bank overdrafts
(637,371)
(317,828)
-
-
(955,199)
(504,597)
(223,401)
-
(2,316)
(730,314)
Borrowings excluding overdrafts
(529,340)
(365,355)
-
-
(894,695)
Obligations under finance leases
(591,128)
251,051
(155,266)
-
(495,343)
(1,625,065)
(337,705)
(155,266)
(2,316)
(2,120,352)
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