Registered number
12501824
CIRCPRO (UK) LIMITED
Unaudited Filleted Accounts
31 March 2023
CIRCPRO (UK) LIMITED
Registered number: 12501824
Balance Sheet
as at 31 March 2023
Restated
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,684 8,565
Current assets
Stocks 2,100,928 3,684,659
Debtors 4 1,794,628 2,917,672
Cash at bank and in hand 391,829 94,286
4,287,385 6,696,617
Creditors: amounts falling due within one year 5 (10,334,581) (10,459,805)
Net current liabilities (6,047,196) (3,763,188)
Net liabilities (6,039,512) (3,754,623)
Capital and reserves
Called up share capital 2 2
Share premium 327,460 327,460
Profit and loss account (6,366,974) (4,082,085)
Shareholder's funds (6,039,512) (3,754,623)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Fen Wang
Director
Approved by the board on 29 March 2024
CIRCPRO (UK) LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Going Concern
The company has net liabilities and is therefore dependent upon the continuing support of its creditors and directors. On the basis that this support is expected to continue, the accounts have been drawn up on the going concern basis.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 587 11,647 12,234
Additions - 1,485 1,485
At 31 March 2023 587 13,132 13,719
Depreciation
At 1 April 2022 - 3,669 3,669
Charge for the year - 2,366 2,366
At 31 March 2023 - 6,035 6,035
Net book value
At 31 March 2023 587 7,097 7,684
At 31 March 2022 587 7,978 8,565
Restated
4 Debtors 2023 2022
£ £
Trade debtors 1,781,003 2,907,797
Other debtors 13,625 9,875
1,794,628 2,917,672
Restated
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 10,306,204 9,510,420
Taxation and social security costs 28,377 804,150
Other creditors - 145,235
10,334,581 10,459,805
6 Other information
CIRCPRO (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
71-75 Shelton Street
London
WC2H 9JQ
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