1.
General Information
Carbonxgen Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08345925
. The registered office is 4 Lakeside Business Park , Swan Lane, Sandhurst, Berkshire, GU47 9DN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2.
Significant judgements and estimations
Accrued Income – Commission on Energy Contracts
The company recognises accrued income in respect of commissions earned from procuring energy contracts on behalf of customers. Under the terms of these contracts, commission income is receivable over the duration of the energy contract period and is linked to the level of energy consumption by the customer.
Management is required to exercise judgement in determining the amount of accrued income to recognise at the reporting date. The key sources of estimation uncertainty are as follows:
- Estimation of future energy consumption: The expected level of energy consumption across the life of the contract is estimated using historical consumption data and known contract terms. Actual future consumption may differ from these estimates, which could affect the timing and amount of commission income recognised.
- Receipts profile: Cash receipts are received over the term of the contract and the carrying amount of accrued income represents management’s best estimate of the income earned but not yet invoiced at the reporting date.
Management considers that the most significant judgement relates to forecasting future customer consumption patterns. Whilst estimates are based on historic data and reasonable assumptions, actual consumption may vary due to factors such as changes in customer demand, energy efficiency measures, or broader economic and environmental conditions.Estimates are uncertain by their nature and therefore may vary from the actual results.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Estimates are uncertain by their nature and therefore may vary from the actual results.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially recognised at cost, including costs directly attributable to bringing the asset into working condition for its intended use. Items with a value in excess of £200 are capitalised as tangible fixed assets, while items below this threshold are charged to the profit and loss account as incurred.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold |
|
| Leasehold |
|
| Plant & Machinery |
|
2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6.
Financial Instruments
Basic Financial Instruments
The company holds a range of basic financial instruments that arise from its operations. These are measured in accordance with FRS 102, Sections 11 and 12.
The principal financial instruments comprise:
- Trade and other debtors, including accrued income in respect of commission receivable under energy procurement contracts (see Key judgements and estimation uncertainty note for further detail)
- Cash at bank and in hand, representing readily available balances.
- Trade and other creditors, including accruals for commission costs.
Measurement
- Trade and other debtors are recognised initially at transaction price and subsequently measured at amortised cost, less provision for impairment where necessary.
- Cash is held at face value.
- Trade and other creditors are recognised at transaction price and carried at amortised cost.
Risk Management
The company’s exposure to financial instrument risks is limited:
- Credit risk arises from trade debtors and accrued income balances. The most significant area of estimation uncertainty relates to accrued income on energy contracts, which depends on management’s forecast of future consumption (see Key judgements and estimation uncertainty note).
- Liquidity risk is managed through regular cash flow forecasting to ensure sufficient funds are available to meet liabilities as they fall due.
- Interest rate risk is minimal as the company does not hold significant interest-bearing financial assets or liabilities.
The directors consider that the carrying amount of financial assets and liabilities approximates to their fair value due to the short-term nature of these instruments.
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
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.
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bureau and project services | 4,269,994 | 5,115,195 | |
| Commission income | 1,323,598 | 5,614,306 | |
| 5,593,592 | 10,729,501 | ||
Analysis of turnover by geographical market is as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 5,593,592 | 10,729,501 | ||
4.
Other Operating Income
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Rental income |
|
|
|
| 73,430 | 66,869 | ||
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets |
|
|
|
| Profit on disposal of tangible fixed assets | - |
( |
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
|
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| Other pension costs |
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8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Sales, marketing and distribution |
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9.
Directors' remuneration
Information regarding the highest paid director was as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Information regarding the highest paid director was as follows:
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to defined benefit pension schemes |
|
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|
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||
10.
Interest Receivable and Similar Income
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
11.
Interest Payable and Similar Charges
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
12.
Tax on Profit
The tax charge on the profit for the year was as follows:
| Tax Rate | 2025 | 2024 as restated |
|||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
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|||
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | 777,737 | 2,605,320 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
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| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
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| Capital allowances |
( |
( |
|||
| Short term timing differences |
( |
|
|||
| Total tax charge for the period | 231,021 | 673,014 | |||
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
13.
Reclassification of Farm Tracks from Plant and Machinery to Investment Property
Farm tracks with a total cost of £36,166.35 had been incorrectly classified as plant and machinery in prior periods. These assets form part of the land and buildings held for long‑term capital appreciation and rental/income generation and should have been classified as investment property.
In accordance with FRS 102, the comparative figures have been restated to reflect this reclassification as if the assets had always been presented as investment property. The reclassification has been made on a retrospective basis.
The effect of this reclassification is as follows:
A decrease in plant and machinery cost and carrying amount of £36,166.35; and
A corresponding increase in investment property cost and carrying amount of £36,166.35.
There is no impact on profit for the current or prior periods, total equity, or cash flows; only the presentation within non‑current assets has changed. Depreciation policies and any fair value movements have been applied on a consistent basis to the reclassified assets in line with the accounting policy for investment property.
14.
Tangible Assets
| Land & Property | |||
|---|---|---|---|
| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 1 January 2025 |
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| Additions |
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| As at 31 December 2025 |
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| Depreciation | |||
| As at 1 January 2025 |
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| Provided during the period |
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| As at 31 December 2025 |
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| Net Book Value | |||
| As at 31 December 2025 |
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| As at 1 January 2025 |
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15.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2025 |
|
| Additions |
|
| Revaluations | (154,277) |
| As at 31 December 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Cost | 3,092,957 | 2,696,046 | |
| Accumulated depreciation and impairment | 525,888 | 371,610 | |
| Carrying amount | 2,567,069 | 2,324,436 | |
The valuation of the property was carried out by Philip Martin Chartered Surveyors, who are qualified independent valuers with recent experience in the location and category of the property.
16.
Debtors
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
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| Other debtors | 2,382,763 | 2,948,636 | |
|
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| Due after more than one year | |||
| Amounts recoverable on contracts |
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17.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | - |
|
|
| Trade creditors |
|
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| Other loans | - |
|
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| Other creditors | 26,849 | 70,727 | |
| Corporation tax |
|
|
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| Taxation and social security | 620,459 | 631,546 | |
| Accruals and deferred income | 1,633,982 | 2,046,844 | |
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18.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income | 395,204 | 830,889 | |
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
19.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
Operating Leases
The company leases certain office equipment and interior fittings under cancellable operating lease arrangements. Lease rentals payable under these leases are charged to the profit and loss account on a straight-line basis over the lease term.
During the year, the company incurred £10,131 operating lease costs (2024: £12,064), relating primarily to photocopiers, printers, and office furniture hire.
(Commitments are based on known contracted amounts; amounts exclude recoverable VAT.)
The company has entered into a non-cancellable operating lease as lessee for which the total of future minimum lease payments are as follows:
|
2025
|
2024
|
||
|
Due within one year
|
18,875
|
18,875
|
|
|
Due 2 - 5 years
|
7,865
|
26,740
|
|
|
Due after more than five years
|
-
|
-
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![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
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26,740
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
45,615
|
Finance Leases / Hire Purchase
At 31 December 2025, the company had no finance leases or hire purchase agreements outstanding.
21.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £53,055 (2024: £53,509).
At the balance sheet date contributions of £53,055 (2024: £53,509) were due to the fund and are included in creditors.
22.
Controlling Parties
The company's ultimate controlling party during the year to 31 December 2025 was Mr Andrew Bowden.
Carbonxgen Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
23.
Post Balance Sheet Non-Adjusting Event
Following the death of Andrew Bowden on 29 January 2026, an amount of £2,301,394.61, representing the balance held in the Chairman’s bank account at the date of his death, has been ring-fenced for distribution to a beneficiary of Andrew Bowden’s estate.
The matter arose subsequent to the reporting date and is considered to be a non-adjusting event. Accordingly, no adjustment has been made to the amounts recognised in these financial statements. The above amount has been disclosed to provide an indication of the potential financial effect of the event.
23. Prior Year Adjustments
During the period, the company determined that accrued commission income and costs for certain contracts had been understated in the financial statements for the year ended 31 December 2024. As a result, the comparative figures for the prior period have been restated.
The affected balances are accrued income and revenue, accrued costs and expenditure, and the corporation tax liability. The adjustments have resulted in an increase in revenue and debtors of £1,396,959, an increase in accruals of £555,524, an increase in cost of sales of £354,912, an increase in administrative costs of £200,612 and an increase in tax liabilities of £210,359.
The net effect of these adjustments is an increase in retained earnings of £631,077.