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REGISTERED NUMBER: 03747682 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CIRCUIT SUPPLY LIMITED

CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CIRCUIT SUPPLY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C S Hill
D J Brown
A Hiron





SECRETARY: C S Hill





REGISTERED OFFICE: 28 Aston Road
Waterlooville
Hampshire
PO7 7XJ





REGISTERED NUMBER: 03747682 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 93,212 755,745
Investments 5 55,000 55,000
148,212 810,745

CURRENT ASSETS
Stocks 445,101 429,937
Debtors 6 1,909,055 1,302,263
Cash at bank and in hand 20,633 105,047
2,374,789 1,837,247
CREDITORS
Amounts falling due within one year 7 (1,266,102 ) (1,415,077 )
NET CURRENT ASSETS 1,108,687 422,170
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,256,899

1,232,915

PROVISIONS FOR LIABILITIES (23,513 ) (18,936 )
NET ASSETS 1,233,386 1,213,979

CAPITAL AND RESERVES
Called up share capital 8 30,000 30,000
Retained earnings 1,203,386 1,183,979
SHAREHOLDERS' FUNDS 1,233,386 1,213,979

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





C S Hill - Director


CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)

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

1. STATUTORY INFORMATION

Circuit Supply 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain assets and liabilities measured at fair value.

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

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

Tangible fixed assets
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 25% straight line
Fixtures & fittings - 25% straight line
Motor vehicles - 25% straight line
Computer equipment - 25% straight line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Net realisable value is based on estimated selling price less costs to complete and sell.

At the end of each reporting period stocks and work in progress are assessed for impairment. If any stock or work in progress is impaired, it is reduced to its net realisable value and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Interest income
Interest income is recognised using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 680,000 8,330 13,330
Additions - - -
Disposals - - -
Reclassification/transfer (680,000 ) - -
At 31 December 2023 - 8,330 13,330
DEPRECIATION
At 1 January 2023 - 8,330 8,551
Charge for year - - 2,515
Eliminated on disposal - - -
At 31 December 2023 - 8,330 11,066
NET BOOK VALUE
At 31 December 2023 - - 2,264
At 31 December 2022 680,000 - 4,779

CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 161,433 37,568 900,661
Additions 68,021 - 68,021
Disposals (28,388 ) - (28,388 )
Reclassification/transfer - - (680,000 )
At 31 December 2023 201,066 37,568 260,294
DEPRECIATION
At 1 January 2023 91,307 36,728 144,916
Charge for year 30,048 840 33,403
Eliminated on disposal (11,237 ) - (11,237 )
At 31 December 2023 110,118 37,568 167,082
NET BOOK VALUE
At 31 December 2023 90,948 - 93,212
At 31 December 2022 70,126 840 755,745

5. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 January 2023
and 31 December 2023 55,000
NET BOOK VALUE
At 31 December 2023 55,000
At 31 December 2022 55,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 916,487 1,107,732
Amounts owed by group undertakings 861,839 17
Other debtors 130,729 194,514
1,909,055 1,302,263

CIRCUIT SUPPLY LIMITED (REGISTERED NUMBER: 03747682)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 298,524 134,177
Trade creditors 696,610 774,699
Amounts owed to group undertakings - 123,178
Taxation and social security 74,756 143,615
Other creditors 196,212 239,408
1,266,102 1,415,077

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary 1 20,000 20,000
10,000 Ordinary (A) Non-Voting 1 10,000 10,000
30,000 30,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen James Moore FCCA (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd

10. RELATED PARTY DISCLOSURES

At the year end there is a balance of £861,822 due from the parent company Circuit Group Limited (2022: £123,178 due to Circuit Group Limited) and £17 (2022: £17) due from a fellow subsidiary, DTC (2018) Limited.

Included in sales is £1,121,595 (2022: £683,309) relating to sales made to Power Discount LLP as well as an admin service charge of £24,000 (2022: £24,000), an LLP in which C S Hill, D J Brown and A Hiron are members of. Circuit Supply Limited has an investment of £55,000 (2022: £55,000) in Power Discount LLP.

Included in other debtors is £92,241 (2022: - £158,022) and included in other creditors is £41,004 (2022 - £67,112) relating to Power Discount LLP.

At the year end, amounts totalling £77,280 (2022 - £77,280) were owed by the company to it's directors

All transactions have been carried out at arm's length.

Both intercompany loans are payable on demand and therefore under FRS 102 no interest has been charged.