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REGISTERED NUMBER: 07855626 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 December 2023

for

CARBON AIR LIMITED

CARBON AIR LIMITED (Registered number: 07855626)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CARBON AIR LIMITED

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mr J Coakley
Mercia Fund Management (Nominees) Ltd





SECRETARY: Mrs L J Brogden





REGISTERED OFFICE: Unit 5, Empress Business Centre
380 Chester Road
Manchester
M16 9EA





REGISTERED NUMBER: 07855626 (England and Wales)





ACCOUNTANTS: Fact3
3 Hardman Square
Spinningfields
Manchester
M3 3EB

CARBON AIR LIMITED (Registered number: 07855626)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,351 9,188
Tangible assets 5 15,914 18,623
23,265 27,811

CURRENT ASSETS
Debtors 6 312,226 343,604
Cash at bank and in hand 150,076 965,482
462,302 1,309,086
CREDITORS
Amounts falling due within one year 7 96,715 93,889
NET CURRENT ASSETS 365,587 1,215,197
TOTAL ASSETS LESS CURRENT
LIABILITIES

388,852

1,243,008

CREDITORS
Amounts falling due after more than one
year

8

34,583

38,843
NET ASSETS 354,269 1,204,165

CAPITAL AND RESERVES
Called up share capital 1,846 1,846
Share premium 5,703,343 5,703,343
Other reserves 38,676 38,676
Retained earnings (5,389,596 ) (4,539,700 )
SHAREHOLDERS' FUNDS 354,269 1,204,165

CARBON AIR LIMITED (Registered number: 07855626)

Statement of Financial Position - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:





Mr J Coakley - Director


CARBON AIR LIMITED (Registered number: 07855626)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

CARBON AIR LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


CARBON AIR LIMITED (Registered number: 07855626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Going concern
The financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 23,700
AMORTISATION
At 1 January 2023 14,512
Charge for year 1,837
At 31 December 2023 16,349
NET BOOK VALUE
At 31 December 2023 7,351
At 31 December 2022 9,188

CARBON AIR LIMITED (Registered number: 07855626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 3,297 36,075 4,994 14,142 58,508
Additions - - 2,046 579 2,625
Disposals - - - (708 ) (708 )
At 31 December 2023 3,297 36,075 7,040 14,013 60,425
DEPRECIATION
At 1 January 2023 2,459 23,514 4,282 9,630 39,885
Charge for year 210 2,545 629 1,413 4,797
Eliminated on disposal - - - (171 ) (171 )
At 31 December 2023 2,669 26,059 4,911 10,872 44,511
NET BOOK VALUE
At 31 December 2023 628 10,016 2,129 3,141 15,914
At 31 December 2022 838 12,561 712 4,512 18,623

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,728 214
Other debtors 302,498 343,390
312,226 343,604

Other debtors include a tax credit receivable of £69,179 (2022: £94,458).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 74,475 49,317
Taxation and social security 7,805 9,691
Other creditors 14,435 34,881
96,715 93,889

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 10,747 15,007
Other creditors 23,836 23,836
34,583 38,843

CARBON AIR LIMITED (Registered number: 07855626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

During the period, the convertible loans have been successfully converted to equity concurrent with the equity investment received. The other loans are unsecured convertible loan balance. Interest is charged at a fixed rate of 10% per annum. The unsecured convertible loan balance represents the accrued interest.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 45,180 45,365
Between one and five years 18,825 18,825
64,005 64,190