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Registered number: 14839106
GLOBE TECHNOLOGIES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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GLOBE TECHNOLOGIES UK LIMITED
COMPANY INFORMATION
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Yirui Li (appointed 17 July 2026)
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Chartered Accountants & Statutory Auditor
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GLOBE TECHNOLOGIES UK LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Profit or Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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Detailed Profit and Loss Account and Summaries
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GLOBE TECHNOLOGIES UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Globe Technologies UK Limited is an operating subsidiary of the worldwide operating Greenworks (Jiangsu) group. Greenworks is a leading global producer of battery-powered outdoor power products for garden care, power tools and utility vehicles.
Globe Technologies UK Limited’s main activity is the selling and distributing of group products through UK dealers to both consumers and professional users. The Company was established on 2 May 2023 and started its operating activities in the first quarter of 2024.
Results and performance
The results of the Company for the period, show a loss on ordinary activities before tax of £847,173 (December 2024 : £277,105). The shareholder’s funds of the Company total a negative of £1,297,337 (December 2024 : £440,164).
The Directors are satisfied with the Company’s trading performance during this year and with the financial position at the period end.
Business environment
Garden products, which represent most of the Company’s total Sales, are highly seasonal due to end-consumer buying patterns. Garden products are mainly used during spring and summer, which means that the Sales to external customers are normally focused on the first half of the calendar year.
Key performance indicators (KPIs)
Greenworks manages its Sales operations on country and brand level. From a UK perspective, the company aims to achieve both a strong sales growth and an operating profit. The net sales at 31 December 2025 were £1,105,110 (December 2024 : £254,166) and the company made an operating loss of £847,173 (December 2024 : £277,105) in the financial year to 31 December 2025.
Principial risk and uncertainties
Globe Technologies UK Limited faces operational and financial risks to its business operations. The Company also has other external risks such as changes in legislation and regulations that can affect the business.
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls which are line with the group guidelines.
Operational Risks
The Company’s long-term profitability depends, among other things, on the ability to successfully develop, launch and market new products.
Principal operations risks for the Company include:
Competition and markets – the Company operates in competitive markets, most of which are relatively mature. This means that the customer demand is in general stable under most economic conditions and the price competition is intense.
Seasonality and weather – seasonal variations and weather conditions can lead to short term fluctuations in demand, as supply can be greater than demand or vice versa. In addition, customer demand is to some extent dependent on the weather conditions. Unexpected or unusual weather conditions can affect the sales positively or negatively.
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GLOBE TECHNOLOGIES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company’s Financial Risks are managed on the basis of the Company’s financial and credit policies. The Company’s principial financial instruments include cash, cash equivalents and intercompany financing through loans. Other financial assets and liabilities like trade payables and trade receivables arise directly from the Company’s operating activities.
The main financial risks for the Company are laid out below:
Credit risk – The Company’s credit risks are managed on basis of credit ratings, active monitoring of credits and routines for follow up on trade receivables. Provisions for doubtful trading are being implemented and will be closely monitored.
Liquidity risk – The Company aims to mitigate liquidity risks by managing cash generated from its operations
Currency exposure – The Company has risks from short-term effects of currency exchange rate fluctuations on foreign currency denominated purchases from group companies. Hedging of foreign exchange exposure is managed by the Group treasury.
Future Developments
The commercial environment in which the Company operates remains highly competitive. The company is closely monitoring the potential impacts from the global economic environment and its recent developments.
We will continue to develop our relationships with existing customers as well as generate new business relationships where possible to drive the growth of Sales in the UK market.
This report was approved by the board and signed on its behalf.
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Yirui Li
Director
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GLOBE TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
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 Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS Accounting Standards in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The principial activity of the Company is the selling and distributing of battery-powered outdoor garden equipment, power tools and utility vehicles in the UK.
The directors who served during the year were:
Likely future developments of the business are dealt with in the Strategic Report.
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GLOBE TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Yirui Li
Director
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GLOBE TECHNOLOGIES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE TECHNOLOGIES UK LIMITED
We have audited the financial statements of Globe Technologies UK Limited for the year ended 31 December 2025 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 14 - 22. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended;
∙have been properly prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GLOBE TECHNOLOGIES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE TECHNOLOGIES UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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:
∙returns adequate for our audit have not been received from branches not visited by us; or
∙the 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' responsibilities statement on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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GLOBE TECHNOLOGIES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE TECHNOLOGIES UK LIMITED (CONTINUED)
Auditors' 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK). We are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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GLOBE TECHNOLOGIES UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE TECHNOLOGIES UK LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of our report
This report is made solely to the Company's directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's directors 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 Company and the Company's directors, as a body, for our audit work, for this report, or for the opinions we have formed.
Neal Carter ACA (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
249 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1NA
1 September 2026
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GLOBE TECHNOLOGIES UK LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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7 months ended
31 December
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Total comprehensive income
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The notes on pages 14 to 32 form part of these financial statements.
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GLOBE TECHNOLOGIES UK LIMITED
REGISTERED NUMBER: 14839106
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements on pages 9 to 32 were approved and authorised for issue by the board of directors and were signed on its behalf by:
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GLOBE TECHNOLOGIES UK LIMITED
REGISTERED NUMBER: 14839106
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
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Yirui Li
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The notes on pages 14 to 32 form part of these financial statements.
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GLOBE TECHNOLOGIES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Loss for the 7 month period
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Other comprehensive income
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Other comprehensive income
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Total comprehensive loss for the period
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The notes on pages 14 to 32 form part of these financial statements.
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GLOBE TECHNOLOGIES UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Movements in working capital:
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(Increase)/decrease in trade and other receivables
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Increase in trade and other payables
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Increase in provisions and employee benefits
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Cash generated from operations
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Net cash (used in)/from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash used in investing activities
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Cash flows from financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 14 to 32 form part of these financial statements.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies
Globe Technologies UK Ltd is a private company limited by shares incorporated in England and Wales. On 02 September 2025, the registered office was changed to Unit 1, 2 & 3 Roman Way, Coleshill, Birmingham, B46 1HG. Prior to this, the registered office was Castle Bromwich Hall Estate, Chester Road, Castle Bromwich, Birmingham, B36 9DE.
The previous financial statements were prepared for a 7 month period to 31 December 2024. These financial statements have been prepared for the 12 month period to 31 December 2025.
The financial statements have been prepared on a going concern basis, and the Directors have considered relevant information, including the Company’s current financial position, the annual budget, cash flow forecasts, and the wider economic, sector-specific risks affecting the business and the impact of subsequent events in making their assessment.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existences for the forseeable future.
The Company is inherently linked to the wider group and Globe Technologies Sweden AB has indicated its intention to continue to make available such funds as are needed by the Company.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for the at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Based upon these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty to adopt the going concern basis in preparing the financial statements.
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Basis of preparation of the financial statements
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The financial statements have been prepared in in accordance with UK adopted International Financial Reporting Standards (‘UK adopted IFRS’) and in accordance with the Companies Act 2006.
The preparation of financial statements in accordance with IFRS requires the use of critical accounting estimates and judgements that effect the carrying value of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The financial statements have been prepared on the historical cost basis except where specifically noted. The principal accounting policies adopted are set out below and have been consistently applied to all periods presented unless otherwise stated.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
New Standards adopted as at 1 January 2025
Some accounting pronouncements which have become effective from 1 January 2025 and have therefore
been adopted do not have a significant impact on the Company's financial results or position.
Standards, amendments and Interpretations to existing Standards that are not yet effective and have not been adopted early by the Group.
At the date of authorisation of these financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the Company and no Interpretations have been issued that are applicable and need to be taken into consideration by the Company at either reporting date.
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the financial statements.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
At inception of a contract, the Company assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Short-term leases and leases of low-value assets
The Company has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
In preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).
The financial statements are presented in GBP, rounded to the nearest whole pound.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:
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9% to 33 1/3% straight line basis
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Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a weighted average basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
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(i) Classification of financial assets
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Debt instruments that meet the following conditions are subsequently measured at amortised cost:
∙the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
∙the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVOCI):
∙the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and
∙the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL).
Despite the aforegoing, the Company may make the following irrevocable election/designation at initial recognition of a financial asset:
∙the Company may irrevocably elect to present subsequent changes in fair value of an equity instrument in other comprehensive income if certain criteria are met; and
∙the Company may irrevocably designate a debt investment that meets the amortised cost or FVOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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Financial assets (continued)
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(ii) Measurement and recognition of expected credit losses
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The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets' gross carrying amount at the reporting date; for loan commitments and financial guarantee contracts, the exposure includes the amount drawn down as at the reporting date, together with any additional amounts expected to be drawn down in the future by default date determined based on historical trend, the Company's understanding of the specific future financing needs of the debtors, and other relevant forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate. For a lease receivable, the cash flow used for determining the expected credit losses is consistent with the cash flows used in measuring the lease receivable in accordance with IAS 17 Leases.
If the Company has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Company measures the loss allowance at an amount equal to 12m ECL at the current reporting date.
The Company recognises an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVOCI, for which the loss allowance is recognised in other comprehensive income and accumulated in the investments revaluation reserve, and does not reduce the carrying amount of the financial asset in the Statement of Financial Position.
Where lifetime ECL is measured on a collective basis to cater for cases where evidence of significant increases in credit risk at the individual instrument level may not yet be available, the financial instruments are grouped on the following basis:
∙Nature of financial instruments;
∙Past-due status;
∙Nature, size and industry of debtors;
∙Nature of collaterals for finance lease receivables; and
∙External credit ratings where available.
The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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Financial liabilities and equity instruments
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(i) Classification as debt or equity
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Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
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(ii) Financial liabilities
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All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination to which IFRS 3 applies, (ii) held for trading, or (iii) it is designated as at FVTPL.
A financial liability is classified as held for trading if:
∙it has been incurred principally for the purpose of repurchasing it in the near term;
∙on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or
∙it is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument.
A financial liability other than a financial liability held for trading or contingent consideration of an acquirer in a business combination may be designated as at FVTPL upon initial recognition if:
∙such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
∙the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company's documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or
∙it forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at FVTPL.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see note ). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the ‘fair value gains/losses' line item.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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Financial liabilities and equity instruments (continued)
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(ii) Financial liabilities (continued)
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However, for financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of the liability is recognised in profit or loss. Changes in fair value attributable to a financial liability's credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.
Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by the Company as at FVTPL are recognised in profit or loss.
Fair value is determined in the manner described in note.
Financial liabilities subsequently measured at amortised cost
Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
Foreign exchange gains and losses
For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the 'finance income' or 'finance expense' line item, for gains and losses respectively, in profit or loss for financial liabilities that are not part of a designated hedging relationship.
The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss for financial liabilities that are not part of a designated hedging relationship.
See note regarding the recognition of exchange differences where the foreign currency risk component of a financial liability is designated as a hedging instrument for a hedge of foreign currency risk.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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Defined contribution schemes
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Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the year to which they relate.
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The directors' note that there are no critical accounting judgements or key estimates in preparation of the financial statements.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Financial risk management
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Financial risk factors
The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance.
Market risk
Market risk arises from the Company's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or foreign exchange rates (foreign exchange risk).
Foreign exchange risk
The Company is exposed to foreign exchange risk on purchases, borrowings and cash and cash equivalents that are denominated in a currency other than GBP. Foreign exchange risk arises from transactions and recognised assets and liabilities. The foreign exchange risk is mitigated by the use of forward currency contracts and foreign currency bank accounts.
Credit risk
The Company is responsible for managing and analysing the credit risk for each of its new customers before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. If there is no independent rating, risk control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. The utilisation of credit limits is regularly monitored.
Credit default is late payment of undisputed invoices identified by the credit department, adverse credit information from credit reporting company and financial viability using company’s house records.
Liquidity risk
Cash flow forecasting is performed and the company monitors rolling forecasts of the Company's liquidity requirements to ensure it has sufficient cash to meet operational needs.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The following is an analysis of the Company's revenue for the year from continuing operations:
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7 months ended
31 December
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Analysis of revenue by country of destination:
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7 months ended
31 December
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Timing of revenue recognition:
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Goods and services transferred at a point in time
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There are no contract assets and liabilities in the statement of financial position at the reporting date.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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During the year, the Company obtained the following services from the Company's auditors:
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7 months ended
31 December
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Employee benefit expenses
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7 months ended
31 December
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Employee benefit expenses (including directors) comprise:
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Defined contribution pension cost
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Key management personnel compensation
The directors' services to the Company do not occupy a significant amount of their time due to their roles with other Greenworks Holdings group companies. As such the directors do not consider that they have received any remuneration for their incidental services to the Company for the year ended 31 December 2025 (2024 - £Nil).
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The monthly average number of persons, including the directors, employed by the Company during the year was as follows:
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7 months ended
31 December
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Finance income and expense
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Recognised in profit or loss
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Loans from group undertakings
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10.1 Income tax recognised in profit or loss
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:
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7 months ended
31 December
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Tax using the Company's domestic tax rate of 25% (2024:25%)
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Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
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Capital allowances for the year in excess of depreciation
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Short-term timing difference leading to an increase/(decrease) in taxation
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Unrelieved tax losses carried forward
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Changes in tax rates and factors affecting the future tax charges
There were no factors that may affect future tax charges.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Property, plant and equipment
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Charge owned for the year
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Charge owned for the year
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Finished goods and goods for resale
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The stock carrying amount is stated net of provisions totalling £60,172 (2024: Nil).
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Trade and other receivables
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Receivables from related parties
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Total financial assets other than cash and cash equivalents classified as loans and receivables
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Prepayments and accrued income
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Total trade and other receivables
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Amounts receivable from trade customers are non-interest bearing and are generally on 60 day terms.
Amounts receivable from affiliated companies are on 30 day terms. Intercompany receivable balances have no interest and no fixed terms of repayment.
The fair value of trade and other receivables is not materially different from the carrying value.
The Company has no material foreign currency denominated trade receivables at the reporting date.
The provision for the impaired receivable is determined using a provision matrix, which considers general credit risk, including factors such as current and forecasted economic conditions that may impact the ability of customers to repay amounts outstanding.
The rates applied to each ageing brackets are as follows:
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Payables to related parties
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total trade and other payables
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Included in the payables to related parties balance above, is a £1,000,000 payable due to Globe Technologies Sweden AB which accrues interest at 2.25% per annum and is repayable 01 November 2026.
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Charged to profit or loss
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Due within one year or less
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Warranty provision
The product warranty provision represents an amount assigned by the company relating to an estimated cost of repairing and/or replacing the products as sold that are covered by the respective warranty.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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Retained earnings includes all current and prior period retained profits and losses.
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
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Related party transactions
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The following balances were outstanding at the end of the reporting period:
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Amounts owed by related parties
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Amounts owed to related parties
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Globe Technologies Sweden AB
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Globe (Jiangsu) Co., Ltd.
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HongKong Sun Rise Trading Ltd
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No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties. No guarantees have been given or received.
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The ultimate parent company is Greenworks Holdings Ltd, a company established in the British Virgin Islands.
The immediate parent company is Globe Technologies Sweden AB, a company established in Sweden, registered number 559065-0619. The address is Hjortronvägen 3, 554 75 Jönköping.
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GLOBE TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Cash and cash equivalents in the statement of cash flows
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