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REGISTERED NUMBER: 12942593 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 March 2025

for

Carbon Re Ltd

Carbon Re Ltd (Registered number: 12942593)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Balance Sheet 1

Notes to the Financial Statements 2


Carbon Re Ltd (Registered number: 12942593)

Balance Sheet
31 March 2025

2025 2024
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,775,787 1,165,524
Tangible assets 5 28,079 50,087
1,803,866 1,215,611

CURRENT ASSETS
Debtors 6 618,324 442,910
Cash at bank 1,269,905 262,158
1,888,229 705,068
CREDITORS
Amounts falling due within one year 7 (326,818 ) (145,509 )
NET CURRENT ASSETS 1,561,411 559,559
TOTAL ASSETS LESS CURRENT LIABILITIES 3,365,277 1,775,170

CAPITAL AND RESERVES
Called up share capital 3 2
Share premium 8,390,347 5,241,821
Share Options Reserve 408,851 -
Retained earnings (5,433,924 ) (3,466,653 )
3,365,277 1,775,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:



E R Price - Director


Carbon Re Ltd (Registered number: 12942593)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

Carbon Re Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12942593

Registered office: Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the total invoice value of software sales during the year, excluding VAT where applicable.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

Government grants
Grant income during the period has been accounted for using the performance model.

Where a grant imposes specified future performance-related conditions on the recipient , income is recognised only when the performance-related conditions are met.

Where a grant does not impose specified future performance-related conditions on the recipient, income is recognised when the grant proceeds are received or receivable.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Carbon Re Ltd (Registered number: 12942593)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black-Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2024 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2024 1,452,106
Additions 1,118,746
At 31 March 2025 2,570,852
AMORTISATION
At 1 April 2024 286,582
Charge for year 508,483
At 31 March 2025 795,065
NET BOOK VALUE
At 31 March 2025 1,775,787
At 31 March 2024 1,165,524

Carbon Re Ltd (Registered number: 12942593)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2024 100,346
Additions 13,151
Disposals (4,973 )
At 31 March 2025 108,524
DEPRECIATION
At 1 April 2024 50,259
Charge for year 32,997
Eliminated on disposal (2,811 )
At 31 March 2025 80,445
NET BOOK VALUE
At 31 March 2025 28,079
At 31 March 2024 50,087

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 208,637 -
Other debtors 409,687 442,910
618,324 442,910

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 23,290 23,101
Taxation and social security 58,217 122,408
Other creditors 245,311 -
326,818 145,509

Carbon Re Ltd (Registered number: 12942593)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

8. SHARE-BASED PAYMENT TRANSACTIONS

The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are Ordinary shares granted with a fixed exercise price determined at the grant of the option. The options vest over a period of up to 4 years following the date of the grant. The options are exercisable until up to the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.

The company also operates an Unapproved Share Option Scheme. The options are Ordinary shares granted with a fixed exercise price determined at the grant of the option. The options vest over a period of up to 4 years following the date of the grant. The options are exercisable until up to the 10th anniversary from the date of grant. Option holders are not entitled to dividends until the shares are exercised.

Details of the share options outstanding during the financial year are as follows:

2025
Weighted Average
No. of OptionsAverage Ex. Price(£)

Outstanding at beginning of period--
Granted during the period729,2231.58
Forfeited during the period--
Exercised during the period(1,150)4.67
Expired during the period--
Outstanding at the end of the period728,0731.57
Exercisable at the end of the period37,4360.24


The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £412,252 related to equity-settled share-based payment transactions in 2025..