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REGISTERED NUMBER: SC309739 (Scotland)















Unaudited Financial Statements for the Year Ended 30th April 2024

for

Flatcircle Limited

Flatcircle Limited (Registered number: SC309739)

Contents of the Financial Statements
for the Year Ended 30th April 2024










Page

Company Information 1

Report of the Accountants 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Flatcircle Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: Mr C A Di Ciacca





REGISTERED OFFICE: 77/2 Hanover Street
Edinburgh
EH2 1EE





REGISTERED NUMBER: SC309739 (Scotland)





ACCOUNTANTS: McLaughlin Crolla LLP
77/2 Hanover Street
Edinburgh
EH2 1EE

Flatcircle Limited

Report of the Accountants to the Directors of
Flatcircle Limited


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 Statement of Financial Position. 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.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30th April 2024 set out on pages four to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






McLaughlin Crolla LLP
77/2 Hanover Street
Edinburgh
EH2 1EE


22nd October 2024

Flatcircle Limited (Registered number: SC309739)

Statement of Financial Position
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 237,293 269,173

CURRENT ASSETS
Stocks 13,335 14,935
Debtors 5 232,776 414,216
Cash at bank and in hand 6,508 36,332
252,619 465,483
CREDITORS
Amounts falling due within one year 6 269,060 252,149
NET CURRENT (LIABILITIES)/ASSETS (16,441 ) 213,334
TOTAL ASSETS LESS CURRENT LIABILITIES 220,852 482,507

CREDITORS
Amounts falling due after more than one year 7 (28,879 ) (92,233 )

PROVISIONS FOR LIABILITIES (24,909 ) (19,900 )
NET ASSETS 167,064 370,374

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 166,964 370,274
SHAREHOLDERS' FUNDS 167,064 370,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

Flatcircle Limited (Registered number: SC309739)

Statement of Financial Position - continued
30th April 2024


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 22nd October 2024 and were signed on its behalf by:





Mr C A Di Ciacca - Director


Flatcircle Limited (Registered number: SC309739)

Notes to the Financial Statements
for the Year Ended 30th April 2024


1. STATUTORY INFORMATION

Flatcircle Limited 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Flatcircle Limited (Registered number: SC309739)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in statement of other comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in statement of other comprehensive income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 42 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Cost
At 1st May 2023 597,889 7,650 404,195 - 1,009,734
Additions - 5,540 3,623 1,672 10,835
At 30th April 2024 597,889 13,190 407,818 1,672 1,020,569
Depreciation
At 1st May 2023 395,159 1,694 343,708 - 740,561
Charge for year 29,895 2,638 9,625 557 42,715
At 30th April 2024 425,054 4,332 353,333 557 783,276
Net book value
At 30th April 2024 172,835 8,858 54,485 1,115 237,293
At 30th April 2023 202,730 5,956 60,487 - 269,173

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,873 21,640
Other debtors 214,526 387,254
Directors' current accounts - 5,322
Prepayments 9,377 -
232,776 414,216

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 71,278 71,029
Trade creditors 39,078 48,027
Tax 41,197 63,709
Social security and other taxes 5,179 5,308
VAT 82,609 46,801
Other creditors 20,885 9,824
Directors' current accounts 2,652 -
Accrued expenses 6,182 7,451
269,060 252,149

Flatcircle Limited (Registered number: SC309739)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 21,835 71,277
Bank loans - 2-5 years 7,044 20,956
28,879 92,233

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 100,157 163,262

AIB Group UK Ltd hold a floating charge over the property of the company.

9. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 13,818 -