Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312false2022-04-01falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC400103 2022-04-01 2023-03-31 OC400103 2021-04-01 2022-03-31 OC400103 2023-03-31 OC400103 2022-03-31 OC400103 c:OfficeEquipment 2022-04-01 2023-03-31 OC400103 c:OfficeEquipment 2023-03-31 OC400103 c:OfficeEquipment 2022-03-31 OC400103 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC400103 c:ComputerEquipment 2022-04-01 2023-03-31 OC400103 c:ComputerEquipment 2023-03-31 OC400103 c:ComputerEquipment 2022-03-31 OC400103 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC400103 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC400103 c:CurrentFinancialInstruments 2023-03-31 OC400103 c:CurrentFinancialInstruments 2022-03-31 OC400103 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC400103 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC400103 d:FRS102 2022-04-01 2023-03-31 OC400103 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC400103 d:FullAccounts 2022-04-01 2023-03-31 OC400103 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC400103 d:PartnerLLP1 2022-04-01 2023-03-31 OC400103 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: OC400103










CIRCLENET LLP








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
CIRCLENET LLP
REGISTERED NUMBER: OC400103

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,347
11,808

  
23,347
11,808

Current assets
  

Debtors: amounts falling due within one year
 5 
285,389
66,196

Cash at bank and in hand
 6 
177,689
84,104

  
463,078
150,300

Creditors: Amounts Falling Due Within One Year
 7 
(915,385)
(345,821)

Net current liabilities
  
 
 
(452,307)
 
 
(195,521)

Total assets less current liabilities
  
(428,960)
(183,713)

  

Net liabilities
  
(428,960)
(183,713)


Represented by:
  

Loans and other debts due to members
  
(428,960)
(183,713)

Members' other interests
  

  
(428,960)
(183,713)


Total members' interests
  
(428,960)
(183,713)

  
(428,960)
(183,713)

Page 1

 
CIRCLENET LLP
REGISTERED NUMBER: OC400103

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




G Molist Cordina
Designated member

Date: 1 February 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 

 
CIRCLENET LLP


 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Other amounts
Total

£
£
£

Profit for the year available for discretionary division among members
 
31,439
-
31,439

Members' interests after profit for the year
31,439
(215,152)
(183,713)

Transfer division of profits
-
31,439
31,439

Transfer division of profits
(31,439)
-
(31,439)

Amounts due from members
(183,713)

Balance at 31 March 2022
-
(183,713)
(183,713)

Loss for the year available for discretionary division among members
 
(21,275)
-
(21,275)

Members' interests after profit/(loss) for the year
(21,275)
(183,713)
(204,988)

Transfer division of losses
-
(21,275)
(21,275)

Transfer division of losses
21,275
-
21,275

Drawings
-
(223,972)
(223,972)

Amounts due from members
(428,960)

Balance at 31 March 2023 
-
(428,960)
(428,960)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
CIRCLENET LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

CircleNet LLP is a private limited liability partnership, incorporated in England and Wales. Registered number: OC400103. Its registered office is Ariadne House, Town Quay, Southampton, England, SO14 2AQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the LLP has transferred the significant risks and rewards of ownership to the buyer;
the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
CIRCLENET LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5

 
CIRCLENET LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees



The average monthly number of employees during the year was as follows:


        2023
        2022
            No.
            No.







Employees
2
2

Page 6

 
CIRCLENET LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
7,012
9,500
16,512


Additions
9,906
8,646
18,552



At 31 March 2023

16,918
18,146
35,064



Depreciation


At 1 April 2022
2,804
1,900
4,704


Charge for the year on owned assets
3,384
3,629
7,013



At 31 March 2023

6,188
5,529
11,717



Net book value



At 31 March 2023
10,730
12,617
23,347



At 31 March 2022
4,208
7,600
11,808


5.


Debtors

2023
2022
£
£


Trade debtors
284,083
38,581

Amounts owed by group undertakings
-
27,615

Prepayments and accrued income
1,306
-

285,389
66,196



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
177,689
84,104

177,689
84,104


Page 7

 
CIRCLENET LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
372,433
304,536

Amounts owed to group undertakings
418,475
-

Other taxation and social security
87,263
21,107

Other creditors
34,014
19,778

Accruals and deferred income
3,200
400

915,385
345,821



8.


Related party transactions

During the year, the LLP paid £572,550 of recharges to MKMC Investments Limited, an entity with common control. At the year end £455,733 (2022: £302,043) was due to MKMC Investments Limited. 
During the year, the LLP paid £214,395 of recharges to Circle Cloud Communication Limited, an entity with common control. At the year end £264,785 was due to Circle Cloud Communication Limited. For the year ended 31 March 2022, £27,615 was due from Circle Cloud Comminications Limited to the Company.


Page 8