| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| Carbon Re Ltd |
| REGISTERED NUMBER: |
| 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 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Share Options Reserve |
| Retained earnings | ( |
) | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| Registered number: |
| Registered office: |
| 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. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| AMORTISATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 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 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 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 Options | Average Ex. Price(£ | ) |
| Outstanding at beginning of period | - | - |
| Granted during the period | 729,223 | 1.58 |
| Forfeited during the period | - | - |
| Exercised during the period | (1,150 | ) | 4.67 |
| Expired during the period | - | - |
| Outstanding at the end of the period | 728,073 | 1.57 |
| Exercisable at the end of the period | 37,436 | 0.24 |
| 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.. |