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REGISTERED NUMBER: 08944694 (England and Wales)















Report of the Director and

Financial Statements for the Period 1 July 2020 to 31 December 2021

for

Circa Sustainable Chemicals Limited

Circa Sustainable Chemicals Limited (Registered number: 08944694)






Contents of the Financial Statements
for the period 1 July 2020 to 31 December 2021




Page

Company Information 1

Report of the Director 2

Income Statement 3

Other Comprehensive Income 4

Balance Sheet 5

Statement of Changes in Equity 6

Notes to the Financial Statements 7

Reconciliation of Equity 15

Reconciliation of Loss 17


Circa Sustainable Chemicals Limited

Company Information
for the period 1 July 2020 to 31 December 2021







DIRECTOR: A J Duncan





REGISTERED OFFICE: 1 Hassacarr Close
Dunnington
York
YO19 5SN





REGISTERED NUMBER: 08944694 (England and Wales)





ACCOUNTANTS: Atraxa Consulting Limited
Brooke's Mill
Armitage Bridge
Huddersfield
West Yorkshire
HD4 7NR

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Report of the Director
for the period 1 July 2020 to 31 December 2021

The director presents his report with the financial statements of the company for the period 1 July 2020 to 31 December 2021.

The company has changed its accounting reference date from 30 June to 31 December in order to align with the accounting period of its ultimate parent company, Circa Group AS. Consequently, these financial statements have been prepared for an 18 month period from 1 July 2020 to 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of research and development of bio-renewable chemicals and solvents.

REVIEW OF BUSINESS
The company made an operating loss of £173,270 (6 months ended 30 June 2020: £86,114) with the increase in the loss mainly attributable to an increase in research and development expenditure. The loss for the period was £173,270 (2020: £86,115).

At 31 December 2021 the company had net liabilities of £544,072 (30 June 2020: £370,802).

DIRECTOR
A J Duncan held office during the whole of the period from 1 July 2020 to the date of this report.

FINANCIAL SUPPORT
At this stage of its commercialisation, the company is reliant on ongoing financial support from its parent undertaking.

Based on its current levels of expenditure, the directors have a reasonable expectation that the parent company has adequate resources to be a going concern and therefore to be able to continue to provide financial support to the company.

The parent company, Circa Group Pty Limited, has confirmed its financial support to the company by providing funding to enable the company to meet its obligations as they fall due for a period of not less than twelve months from the date of approval of these financial statements. The directors have therefore prepared the financial statements on a going concern basis.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A J Duncan - Director


18 July 2022

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Income Statement
for the period 1 July 2020 to 31 December 2021

Period
1/7/20
to Year ended
31/12/21 30/6/20
Notes £    £   

TURNOVER - -

Administrative expenses 376,929 118,221
(376,929 ) (118,221 )

Other operating income 3 203,659 32,107
OPERATING LOSS (173,270 ) (86,114 )


Interest payable and similar expenses 5 - 1
LOSS BEFORE TAXATION 6 (173,270 ) (86,115 )

Tax on loss 7 - -
LOSS FOR THE FINANCIAL PERIOD (173,270 ) (86,115 )

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Other Comprehensive Income
for the period 1 July 2020 to 31 December 2021

Period
1/7/20
to Year ended
31/12/21 30/6/20
Notes £    £   

LOSS FOR THE PERIOD (173,270 ) (86,115 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(173,270

)

(86,115

)

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,853 509

CURRENT ASSETS
Debtors 9 38,280 85
Cash at bank 10 24,101 3,738
62,381 3,823
CREDITORS
Amounts falling due within one year 11 609,306 375,134
NET CURRENT LIABILITIES (546,925 ) (371,311 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(544,072

)

(370,802

)

CAPITAL AND RESERVES
Called up share capital 13 1 1
Retained earnings 14 (544,073 ) (370,803 )
SHAREHOLDERS' FUNDS (544,072 ) (370,802 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 18 July 2022 and were signed by:





A J Duncan - Director


Circa Sustainable Chemicals Limited (Registered number: 08944694)

Statement of Changes in Equity
for the period 1 July 2020 to 31 December 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 July 2019 1 (284,688 ) (284,687 )

Changes in equity
Total comprehensive income - (86,115 ) (86,115 )
Balance at 30 June 2020 1 (370,803 ) (370,802 )

Changes in equity
Total comprehensive income - (173,270 ) (173,270 )
Balance at 31 December 2021 1 (544,073 ) (544,072 )

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements
for the period 1 July 2020 to 31 December 2021

1. STATUTORY INFORMATION

Circa Sustainable Chemicals 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The prior year financial statements were prepared under Financial Reporting Standard 102 and the Companies Act. There are no transitional adjustments required in respect of the change from FRS102 to FRS 101 and no impact on either the results for the period ended 31 December 2021 or on net assets at 31 December 2021, nor on the comparative figures for the year ended 30 June 2020.

The results of Circa Sustainable Chemicals Ltd are included in the consolidated financial statements of Circa Group AS which are available from the Company's registered office at Sjoelyst Plass 2 Oslo, 0278 Norway.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of
IFRS 16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to
(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS
1 Presentation of Financial Statements;
the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Research and development expenditure
Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is probable that the project will be a success considering its commercial and technical feasibility; the company is able to use or sell the asset; the company has sufficient resources; and intent to complete the development and its costs can be measured reliably. Management has decided that costs relating to the development costs incurred during 2021 will be expensed rather than assessing costs as the above conditions have not yet been met.

Tangible fixed assets
Computer equipment assets stated at historical cost less accumulated depreciation and impairment.

Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation is calculated on a straight-line basis to write off the net cost of each item of plant and equipment over their expected useful lives as follows:

- Computer equipment : 3 years.

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Financial instruments:
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days.

Trade and other payables
These amounts represent liabilities for goods and services provided to the entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

2. ACCOUNTING POLICIES - continued

Taxation
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:

When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or

When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.

Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously

Research and development
Research costs are charged against income as they are incurred. Certain development costs are capitalised as intangible assets, when it is probable that future economic benefits will flow to the company. Such intangible assets are amortised on a straight-line basis from the point at which the assets are ready for use over the period of the expected benefit and are reviewed for impairment at each balance sheet date. Other development costs are charged against income as incurred since the criteria for their recognition as an asset are not met.

The criteria for recognising development expenditure as an asset are:

- Completion of the intangible asset is technically feasible so that it will be available for use or sale;
- The company intends to complete the intangible asset and use or sell it;
- The company has the ability to use or sell the intangible asset;
- The intangible asset will generate probable future economic benefits. Among many other things, this requires that there is a market for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally, the asset will be used in generating such benefits;
- That the company has available to it adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
- That the company can reliably measure the expenditure attributable to the intangible asset during its development.

The company did not capitalise any development costs during the year as the directors considered that the criteria set out above were not met in respect of development costs incurred.

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are translated into Sterling using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Government grants
Government grants are treated in accordance with IAS20 and its related purpose.

Government grants are recognised as income or as a cost reduction, dependent on the basis for which the government grant has been awarded. Recognition will be on a systematic basis over the period they have been granted for, or on a systematic basis to the costs that they are intended to compensate for.

Government grants in the form of compensation for losses which have already been incurred, or in the form of direct financial support, which is not directly related to future costs, are recognised as income in the same period as they are awarded.

Government grants related to assets are presented in the balance sheet as deferred income or as a reduction of the depreciation of the assets the grant relates to. The grant will be recognised on a systematic basis over the periods in which the related expenses are recognised. The presentation method chosen is to deduct the grant in the carrying amount of the asset.

Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.

An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when: it is either expected to be settled in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current.

Deferred tax assets and liabilities are always classified as non-current.

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

3. OTHER OPERATING INCOME

20212020
£   £   

Government grants66,095632,107
Inter-group recharges37,500-
Other income63-
206,65932,107

4. EMPLOYEES AND DIRECTORS
Period
1/7/20
to Year ended
31/12/21 30/6/20
£    £   
Wages and salaries 225,728 50,173
Social security costs 16,348 5,652
Other pension costs 11,681 3,032
253,757 58,857

The average number of employees during the period was as follows:
Period
1/7/20
to Year ended
31/12/21 30/6/20

Research and development 3 2

Period
1/7/20
to Year ended
31/12/21 30/6/20
£    £   
Director's remuneration - -

The directors are remunerated for their services to other group companies within the group headed by the
Company's parent, Circa Group Limited. No amounts were received by them directly as directors of Circa Sustainable Chemicals Limited.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/7/20
to Year ended
31/12/21 30/6/20
£    £   
Bank interest - 1

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

6. LOSS BEFORE TAXATION

The loss before taxation is stated after charging:
Period
1/7/20
to Year ended
31/12/21 30/6/20
£    £   
Leases - 4,810
Depreciation - owned assets 587 243
Foreign exchange differences 35 13
Research and development costs 361,909 77,717
Grants receivable (166,095 ) (32,107 )

7. TAXATION

Analysis of tax expense
No liability to UK corporation tax arose for the period ended 31 December 2021 nor for the year ended 30 June 2020.

Factors affecting the tax expense
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/7/20
to Year ended
31/12/21 30/6/20
£    £   
Loss before income tax (173,270 ) (86,115 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

(32,921

)

(16,362

)

Effects of:
Trading losses carried forward 33,366 16,976
Capital allowances in excess of depreciation (445 ) (39 )
R & D tax credit adjustments - (575 )
Tax expense - -

The Company will recognise a deferred tax asset only if it can demonstrate convincing evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised.

The losses available for carry forward at 31 December 2021 amount to £498,400 (2020: £322,787).

Change in Corporation Tax rate
The Finance Bill 2021 includes legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. These changes are not included above as the Finance Bill 2021 was not substantively enacted by the year end. Accordingly, unrecognised deferred tax assets and liabilities have been calculated at the tax rate of 19% (2020: 19%).

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

8. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2020 35,509
Additions 2,931
At 31 December 2021 38,440
DEPRECIATION
At 1 July 2020 35,000
Charge for period 587
At 31 December 2021 35,587
NET BOOK VALUE
At 31 December 2021 2,853
At 30 June 2020 509

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Amounts owed by group undertakings 37,500 -
Other debtors 780 85
38,280 85

10. CASH AT BANK

All of the company's cash and cash equivalents at 31 December 2021 are at floating interest rates and are denominated in UK Sterling (£). The Directors consider that the carrying value of cash and cash equivalents approximates to their fair value.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 14,468 -
Amounts owed to group undertakings 594,838 374,838
Social security and other taxes - 296
609,306 375,134

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Notes to the Financial Statements - continued
for the period 1 July 2020 to 31 December 2021

12. LEASING
Other leases

Period
1/7/20
to Year ended
31/12/21 30/6/20
£    £   
Short-term leases - 4,810

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1 Ordinary £1 1 1

14. RESERVES
Retained
earnings
£   

At 1 July 2020 (370,803 )
Deficit for the period (173,270 )
At 31 December 2021 (544,073 )

15. CONTINGENT LIABILITIES

There are no contingent liabilities for the period ended 31 December 2021 (30 June 2020: £nil).

16. CAPITAL COMMITMENTS

There are no capital commitments at 31 December 2021 (30 June 2020: £nil).

17. RELATED PARTY DISCLOSURES

During the period the company made sales of £37,500 (2020: £nil) to its ultimate parent company, Circa Group AS. At 31 December 2021, £37,500 was outstanding from Circa Group AS (2020: £nil).

The company has a loan of £594,838 (2020: £374,838) from its immediate parent company, Circa Group Limited. This loan is unsecured, interest free and has no fixed terms for repayment.

18. ULTIMATE PARENT COMPANY

The parent company is Circa Group Pty Limited which is incorporated in Australia. The ultimate parent company is Circa Group AS which is incorporated in Norway.

The results of the company are consolidated in the group accounts of the ultimate parent company's financial statements. Copies of the ultimate parent company's financial statements may be obtained from the Secretary of Circa Group AS, Sjoelyst Plass 2 Oslo, 0278 Oslo, Norway.

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Reconciliation of Equity
1 July 2019
(Date of Transition to FRS 101)

Effect of
transition
FRS 102 to FRS 101 FRS 101
£    £    £   
FIXED ASSETS
Intangible assets 303 - 303
CURRENT ASSETS
Debtors 4,749 - 4,749
Cash at bank 53,132 - 53,132
57,881 - 57,881
CREDITORS
Amounts falling due within one year (342,871 ) - (342,871 )
NET CURRENT LIABILITIES (284,990 ) - (284,990 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(284,687

)

-

(284,687

)
NET LIABILITIES (284,687 ) - (284,687 )
CAPITAL AND RESERVES
Called up share capital 1 - 1
Retained earnings (284,688 ) - (284,688 )
SHAREHOLDERS' FUNDS (284,687 ) - (284,687 )

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Reconciliation of Equity - continued
30 June 2020

Effect of
transition
FRS 102 to FRS 101 FRS 101
£    £    £   
FIXED ASSETS
Tangible assets 509 - 509
CURRENT ASSETS
Debtors 85 - 85
Cash at bank 3,738 - 3,738
3,823 - 3,823
CREDITORS
Amounts falling due within one year (375,134 ) - (375,134 )
NET CURRENT LIABILITIES (371,311 ) - (371,311 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(370,802

)

-

(370,802

)
NET LIABILITIES (370,802 ) - (370,802 )
CAPITAL AND RESERVES
Called up share capital 1 - 1
Retained earnings (370,803 ) - (370,803 )
SHAREHOLDERS' FUNDS (370,802 ) - (370,802 )

Circa Sustainable Chemicals Limited (Registered number: 08944694)

Reconciliation of Loss
for the year ended 30 June 2020

Effect of
transition
FRS 102 to FRS 101 FRS 101
£    £    £   
TURNOVER - - -

Administrative expenses (118,221 ) - (118,221 )
Other operating income 32,107 - 32,107

OPERATING LOSS (86,114 ) - (86,114 )
Interest payable and similar expenses (1 ) - (1 )
LOSS BEFORE TAXATION (86,115 ) - (86,115 )
Tax on loss - - -
LOSS FOR THE FINANCIAL PERIOD (86,115 ) - (86,115 )