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REGISTERED NUMBER: 04654953 (England and Wales)















CIRCUIT 2 CIRCUIT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CIRCUIT 2 CIRCUIT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L A Pettifer
T L Pettifer





SECRETARY: T L Pettifer





REGISTERED OFFICE: Wood Farm
Tiffield
Northamptonshire
NN12 7HZ





REGISTERED NUMBER: 04654953 (England and Wales)





ACCOUNTANTS: Blencowes
15 High Street
Brackley
Northamptonshire
NN13 7DH

CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 627,055 489,993

CURRENT ASSETS
Debtors 5 770,303 279,171
Cash at bank and in hand 856,605 1,136,855
1,626,908 1,416,026
CREDITORS
Amounts falling due within one year 6 128,337 109,864
NET CURRENT ASSETS 1,498,571 1,306,162
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,125,626

1,796,155

PROVISIONS FOR LIABILITIES 153,571 119,278
NET ASSETS 1,972,055 1,676,877

CAPITAL AND RESERVES
Called up share capital 7 2 2
Revaluation reserve 8 185,460 185,460
Retained earnings 1,786,593 1,491,415
SHAREHOLDERS' FUNDS 1,972,055 1,676,877

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.

CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)

BALANCE SHEET - continued
31 MARCH 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 6 November 2024 and were signed on its behalf by:




L A Pettifer - Director



T L Pettifer - Director


CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Circuit 2 Circuit Ltd 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.

The presentation currency is rounded to the nearest 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Revenues are recognised on the profit and loss account in the period when realised and earned, which is once the company has the obligation to receive the income.

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 - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Commercial vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within on year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023 25,432 137,000 11,220
Additions - 212 -
Disposals - - -
At 31 March 2024 25,432 137,212 11,220
DEPRECIATION
At 1 April 2023 5,882 34,250 9,545
Charge for year 509 25,720 419
Eliminated on disposal - - -
At 31 March 2024 6,391 59,970 9,964
NET BOOK VALUE
At 31 March 2024 19,041 77,242 1,256
At 31 March 2023 19,550 102,750 1,675

Commercial Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 430,895 10,489 615,036
Additions 276,370 1,947 278,529
Disposals (13,000 ) - (13,000 )
At 31 March 2024 694,265 12,436 880,565
DEPRECIATION
At 1 April 2023 64,877 10,489 125,043
Charge for year 104,474 595 131,717
Eliminated on disposal (3,250 ) - (3,250 )
At 31 March 2024 166,101 11,084 253,510
NET BOOK VALUE
At 31 March 2024 528,164 1,352 627,055
At 31 March 2023 366,018 - 489,993

CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Valuation in 2022 25,432 137,000 11,220

Valuation in 2024 - 212 -
25,432 137,212 11,220

Commercial Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 218,000 10,489 402,141
Valuation in 2023 212,895 - 212,895
Valuation in 2024 263,370 1,947 265,529
694,265 12,436 880,565

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 171,505 226,700
Amounts owed by associates 550,000 -
Other debtors 47,870 52,471
Prepayments 928 -
770,303 279,171

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 45,389 16,115
Tax 68,372 30,116
Social security and other taxes 2,736 2,097
VAT 4,284 52,465
Other creditors 1,087 1,908
Directors' current accounts 681 1,660
Accrued expenses 5,788 5,503
128,337 109,864

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

CIRCUIT 2 CIRCUIT LTD (REGISTERED NUMBER: 04654953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 185,460