Company registration number 12567100 (England and Wales)
GOODRAYS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
GOODRAYS LTD
COMPANY INFORMATION
Directors
Mr E Keenan
Mr C D Kelly
Mr S R Patel
Mr J P T Stone
Mr O Tozer
Mr A J Barker
(Appointed 2 January 2025)
Company number
12567100
Registered office
483 Green Lanes
London
England
N13 4BS
Accountants
TC Farnell Clarke Limited
Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
England
NR6 6BB
GOODRAYS LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
GOODRAYS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

PRINCIPAL ACTIVITIES

Goodrays is one of the UK’s fastest growing and top performing functional drinks brands. The company creates innovative, effective and high quality functional drinks that help people find clarity and calm, with the core product range containing CBD.

Goodrays sells its products into retailers, online marketplaces, and directly to consumers via its own website. Throughout the financial year, Goodrays supplied some of the largest retailers in the UK including Tesco, Sainsbury’s, Waitrose, Morrisons and Ocado.

These retailers, and online sales, drove exceptional growth for the business, and revenue increased by 50% year on year.

KEY PERFORMANCE INDICATORS

Goodrays has grown revenue by 50% in the financial year. This has been achieved whilst maintaining a similar EBITDA loss margin to the prior year. Spend has increased proportionally with revenue growth as the business invested in marketing activities and team expansion.

OUTLOOK

Goodrays is focusing on disruptive and fast growth. The Directors’ anticipate that EBITDA losses will increase in the next financial year as the business invests in marketing to increase brand awareness and presence at point of sale. Within the next three years the business aims to move towards profitability.

The success of the business to date is largely driven by the quality and credibility of its products. Goodrays remains committed to creating CBD and other functional products which are innovative and disruptive, whilst leading the way on compliance and R&D in a fast-paced regulatory environment.

The planned revenue growth is based on a strong pipeline of new retail customers in the UK, as well as growing shelf presence in current retail partners. The business will also continue to invest and grow in online marketplaces and make sales through its own e-commerce site. This will be supported by investment into the brand as well as continued commitment to producing the highest quality products on the market.

Directors

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

Mr E Keenan
Mr C D Kelly
Mr S R Patel
Mr J P T Stone
Mr O Tozer
Mr A J Barker
(Appointed 2 January 2025)
Small companies exemption

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

On behalf of the board
Mr E Keenan
Director
22 January 2026
GOODRAYS LTD
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
499,200
416,944
Tangible assets
5
25,260
27,051
524,460
443,995
Current assets
Stocks
1,532,990
1,032,912
Debtors
6
1,715,648
1,142,726
Cash at bank and in hand
1,886,970
474,715
5,135,608
2,650,353
Creditors: amounts falling due within one year
7
(1,412,105)
(803,958)
Net current assets
3,723,503
1,846,395
Net assets
4,247,963
2,290,390
Capital and reserves
Called up share capital
166
142
Share premium account
6,766,615
4,037,649
Profit and loss reserves
(2,518,818)
(1,747,401)
Total equity
4,247,963
2,290,390

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 January 2026 and are signed on its behalf by:
Mr E Keenan
Director
Company registration number 12567100 (England and Wales)
GOODRAYS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2023
131
2,871,300
(1,264,852)
1,606,579
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
(482,549)
(482,549)
Issue of share capital
11
1,166,349
-
1,166,360
Balance at 30 April 2024
142
4,037,649
(1,747,401)
2,290,390
Year ended 30 April 2025:
Loss and total comprehensive income
-
-
(771,417)
(771,417)
Issue of share capital
24
2,728,966
-
2,728,990
Balance at 30 April 2025
166
6,766,615
(2,518,818)
4,247,963
GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
1
Accounting policies
Company information

Goodrays Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 483 Green Lanes, London, England, N13 4BS.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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.

1.4
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.

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:

Website
straight line over 5 years
Trademarks and IP
straight line over 10 years
Product development
straight line over 10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -

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:

Fixtures and fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Event assets
20% on reducing balance

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

1.7
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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.

GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 6 -
1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 method 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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 7 -
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 when the company has 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.

1.12
Employee benefits

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

1.13
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

The average monthly number of persons employed by the company during the year was:

2025
2024
Number
Number
Total
14
8
GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
4
Intangible fixed assets
Website
Trademarks and IP
Product development
Total
£
£
£
£
Cost
At 1 May 2024
15,944
24,280
512,642
552,866
Additions
7,475
31,125
107,798
146,398
At 30 April 2025
23,419
55,405
620,440
699,264
Amortisation and impairment
At 1 May 2024
8,455
6,761
120,706
135,922
Amortisation charged for the year
3,569
3,463
57,110
64,142
At 30 April 2025
12,024
10,224
177,816
200,064
Carrying amount
At 30 April 2025
11,395
45,181
442,624
499,200
At 30 April 2024
7,489
17,519
391,936
416,944
5
Tangible fixed assets
Fixtures and fittings
Computer equipment
Event assets
Total
£
£
£
£
Cost
At 1 May 2024
10,315
27,208
3,132
40,655
Additions
-
0
4,044
-
0
4,044
At 30 April 2025
10,315
31,252
3,132
44,699
Depreciation and impairment
At 1 May 2024
3,901
8,355
1,348
13,604
Depreciation charged in the year
1,283
4,195
357
5,835
At 30 April 2025
5,184
12,550
1,705
19,439
Carrying amount
At 30 April 2025
5,131
18,702
1,427
25,260
At 30 April 2024
6,414
18,853
1,784
27,051
GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,069,835
1,037,013
Other debtors
196,727
90,760
Prepayments and accrued income
449,086
14,953
1,715,648
1,142,726
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
985,492
642,318
Taxation and social security
29,700
63,966
Other creditors
194,169
13,591
Accruals and deferred income
202,744
84,083
1,412,105
803,958
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