Circle HD Limited 6633974 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is retailers of designer clothing Digita Accounts Production Advanced 6.30.9574.0 true 6633974 2023-01-01 2023-12-31 6633974 2023-12-31 6633974 bus:OrdinaryShareClass1 2023-12-31 6633974 core:CurrentFinancialInstruments 2023-12-31 6633974 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 6633974 core:FurnitureFittingsToolsEquipment 2023-12-31 6633974 bus:SmallEntities 2023-01-01 2023-12-31 6633974 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 6633974 bus:FullAccounts 2023-01-01 2023-12-31 6633974 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 6633974 bus:RegisteredOffice 2023-01-01 2023-12-31 6633974 bus:CompanySecretary1 2023-01-01 2023-12-31 6633974 bus:Director2 2023-01-01 2023-12-31 6633974 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 6633974 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 6633974 core:FurnitureFittings 2023-01-01 2023-12-31 6633974 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 6633974 countries:AllCountries 2023-01-01 2023-12-31 6633974 2022-12-31 6633974 core:FurnitureFittingsToolsEquipment 2022-12-31 6633974 2022-01-01 2022-12-31 6633974 2022-12-31 6633974 bus:OrdinaryShareClass1 2022-12-31 6633974 core:CurrentFinancialInstruments 2022-12-31 6633974 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 6633974 core:FurnitureFittingsToolsEquipment 2022-12-31 6633974 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 6633974

Circle HD Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Circle HD Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Circle HD Limited

Company Information

Director

Mr Mohammed Abbas

Company secretary

Mr Mohammed Abbas

Registered office

36-42 Westgate
Huddersfield
HD1 1NX

Accountants

Riaz Ahmad & Co Limited
Chartered Certified Accountants
Lord House
51 Lord Street
Manchester
M3 1HE

 

Circle HD Limited

(Registration number: 6633974)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

89,735

68,363

Current assets

 

Stocks

5

748,250

276,450

Debtors

6

100,889

179,294

Cash at bank and in hand

 

374,239

585,052

 

1,223,378

1,040,796

Creditors: Amounts falling due within one year

7

(642,909)

(538,981)

Net current assets

 

580,469

501,815

Net assets

 

670,204

570,178

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

670,104

570,078

Shareholders' funds

 

670,204

570,178

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 May 2024
 

.........................................
Mr Mohammed Abbas
Director

 

Circle HD Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
36-42 Westgate
Huddersfield
HD1 1NX
England and Wales

These financial statements were authorised for issue by the director on 30 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Circle HD Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

10% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Circle HD Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 10).

 

Circle HD Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

365,488

365,488

Additions

38,299

38,299

At 31 December 2023

403,787

403,787

Depreciation

At 1 January 2023

297,125

297,125

Charge for the year

16,927

16,927

At 31 December 2023

314,052

314,052

Carrying amount

At 31 December 2023

89,735

89,735

At 31 December 2022

68,363

68,363

5

Stocks

2023
£

2022
£

Other inventories

748,250

276,450

6

Debtors

Current

2023
£

2022
£

Trade debtors

98,204

124,094

Prepayments

2,685

-

Other debtors

-

55,200

 

100,889

179,294

7

Creditors

Creditors: amounts falling due within one year

 

Circle HD Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Due within one year

Trade creditors

465,668

291,477

Taxation and social security

102,079

204,335

Accruals and deferred income

43,068

42,869

Other creditors

32,094

300

642,909

538,981

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £200.00 (2022 - £150.00) per each Ordinary shares of £1 each

 

20,000

 

15,000

         

10

Related party transactions

 

Circle HD Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,887

14,590