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REGISTERED NUMBER: SC692699 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CIRCULATE PLUS LTD

CIRCULATE PLUS LTD (REGISTERED NUMBER: SC692699)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

CIRCULATE PLUS LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: J Buckland
D Walker
B Jepp





REGISTERED OFFICE: 15 Strathburn Gardens
Inverurie
AB51 4RY





REGISTERED NUMBER: SC692699 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

CIRCULATE PLUS LTD (REGISTERED NUMBER: SC692699)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 18,505 21,000
Tangible assets 5 157,220 -
175,725 21,000

CURRENT ASSETS
Debtors 6 35,185 11,445
Cash at bank 9,187 298
44,372 11,743
CREDITORS
Amounts falling due within one year 7 314,744 98,598
NET CURRENT LIABILITIES (270,372 ) (86,855 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(94,647

)

(65,855

)

CAPITAL AND RESERVES
Called up share capital 8 118 118
Share premium 14,982 14,982
Retained earnings (109,747 ) (80,955 )
SHAREHOLDERS' FUNDS (94,647 ) (65,855 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





D Walker - Director


CIRCULATE PLUS LTD (REGISTERED NUMBER: SC692699)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Circulate Plus Ltd is a private company, limited by shares , registered in Scotland. 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 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors, having made due and careful enquiry, are of the opinion that the company continues to operate as a going concern with their continued support despite the negative Balance Sheet position. Included within creditors at the Balance Sheet date are directors loan accounts with a total balance of £131,475, the directors have confirmed that these amounts will not be called on for repayment until the company is in such a position to be able to make repayments. As such, the directors have given their assurance that the company will continue to trade as a going concern for a period of no less than 12 months from the date of signing of this report.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

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.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities
Basic financial liabilities which include trade and other creditors are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

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.

CIRCULATE PLUS LTD (REGISTERED NUMBER: SC692699)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 24,950
AMORTISATION
At 1 April 2023 3,950
Charge for year 2,495
At 31 March 2024 6,445
NET BOOK VALUE
At 31 March 2024 18,505
At 31 March 2023 21,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
Additions 157,220
At 31 March 2024 157,220
NET BOOK VALUE
At 31 March 2024 157,220

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax - 7,378
VAT 35,185 4,067
35,185 11,445

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors (20 ) 498
Amounts owed to associates 183,289 -
Other creditors - 625
Directors' current accounts 131,475 97,475
314,744 98,598

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
118 Ordinary 118 118 118

CIRCULATE PLUS LTD (REGISTERED NUMBER: SC692699)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J Buckland
Balance outstanding at start of year (41,650 ) (37,400 )
Amounts repaid - (4,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (41,650 ) (41,650 )

D Walker
Balance outstanding at start of year (55,200 ) (37,450 )
Amounts advanced - 3,000
Amounts repaid (4,000 ) (20,750 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,200 ) (55,200 )

B Jepp
Balance outstanding at start of year (625 ) -
Amounts repaid (30,000 ) (625 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (30,625 ) (625 )

These amounts bear no interest and have no fixed repayment terms.

10. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Mr D Walker and Mr J Buckland.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CIRCULATE PLUS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Circulate Plus Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Circulate Plus Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Circulate Plus Ltd and state those matters that we have agreed to state to the Board of Directors of Circulate Plus Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Circulate Plus Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Circulate Plus Ltd. You consider that Circulate Plus Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Circulate Plus Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


16 October 2024