Circle Specialist Services Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02015792 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

CIRCLE SPECIALIST SERVICES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A J Norcott

J Shields

L Claro

F P Gower-Smith

L Brown

SECRETARY:

E L Ainscough

REGISTERED OFFICE:

118 Holyhead Road

Coventry

CV1 3LY

REGISTERED NUMBER:

02015792 (England and Wales)

ACCOUNTANTS:

Clive Shedd & Co

Chartered Accountants

232 Sladepool Farm Road

Birmingham

B14 5EE

FIXED ASSETS

Tangible assets

5

779,916

736

CURRENT ASSETS

Debtors

6

89,328

13,400

Cash at bank

74,651

255,367

163,979

268,767

CREDITORS

Amounts falling due within one year

7

301,097

113,756

NET CURRENT (LIABILITIES)/ASSETS

(137,118

)

155,011

TOTAL ASSETS LESS CURRENT LIABILITIES

642,798

155,747

CREDITORS

Amounts falling due after more than one year

8

477,518

-

NET ASSETS

165,280

155,747

CAPITAL AND RESERVES

Called up share capital

10

100,000

100,000

Retained earnings

65,280

55,747

SHAREHOLDERS' FUNDS

165,280

155,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 3 January 2024 and were signed on its behalf by:

A J Norcott - Director

1.	STATUTORY INFORMATION

Circle Specialist Services Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

Significant judgements and estimates

In preparing these financial statements the company's management make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the statement of financial position date and the amounts reported in the income statement for the year under review.

The nature of estimates means that the actual outcome could differ and the company's management consider there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts reported for assets and liabilities within the next financial year.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

15% on reducing balance

The company's practice is to maintain its land and buildings in a continual state of repair and refurbishment such that the residual value is at least equal to its book value. Consequently a depreciation charge is considered to be immaterial.

Tangible fixed assets are initially recorded at cost.

Financial instruments

Basic financial assets and liabilities are initially recognised at transaction price and are subsequently measured at amortised cost.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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

Operating lease commitments

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

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service.

Pension costs and other post-retirement benefits

The company contributes to defined contribution pension schemes for its employees. Contributions payable for the year are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2022

-

1,903

1,903

Additions

779,310

-

779,310

At 30 April 2023

779,310

1,903

781,213

DEPRECIATION

At 1 May 2022

-

1,167

1,167

Charge for year

-

130

130

At 30 April 2023

-

1,297

1,297

NET BOOK VALUE

At 30 April 2023

779,310

606

779,916

At 30 April 2022

-

736

736

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

80,539

10,500

Prepayments and accrued income

8,789

2,900

89,328

13,400

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

37,831

-

Trade creditors

34,424

1,031

Amounts owed to group undertakings

166,672

65,465

Taxation and social security

28,868

12,240

Accruals and deferred income

33,302

35,020

301,097

113,756

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loan - 1 to 2 years

40,376

-

Bank loan - 2 to 5 years

138,122

-

Bank loan - over 5 years

299,020

-

477,518

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loan - over 5 years

299,020

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

515,349

-

Group bank borrowings are secured by charges on the company's assets. Certain of the company's bank borrowings are secured by a charge on the company's freehold property and by a company debenture.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100,000

Ordinary

£1

100,000

100,000

11.	ULTIMATE CONTROLLING PARTY