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REGISTERED NUMBER: 02575623 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

CIRCLE INSURANCE SERVICES LIMITED

CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CIRCLE INSURANCE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A J Norcott
P D Jones
I Storm
K A Egan





SECRETARY: E L Ainscough





REGISTERED OFFICE: 118 Holyhead Road
Coventry
CV1 3LY





REGISTERED NUMBER: 02575623 (England and Wales)





ACCOUNTANTS: Clive Shedd & Co
Chartered Accountants
232 Sladepool Farm Road
Birmingham
B14 5EE

CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 385,036 378,299
Investments 7 2,873,189 866,680
3,258,225 1,244,979

CURRENT ASSETS
Debtors 8 1,348,669 1,124,200
Cash at bank 53,885 342,109
1,402,554 1,466,309
CREDITORS
Amounts falling due within one year 9 1,820,134 927,726
NET CURRENT (LIABILITIES)/ASSETS (417,580 ) 538,583
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,840,645

1,783,562

CREDITORS
Amounts falling due after more than one
year

10

(1,157,100

)

(208,333

)

PROVISIONS FOR LIABILITIES (11,500 ) (5,510 )
NET ASSETS 1,672,045 1,569,719

CAPITAL AND RESERVES
Called up share capital 12 50,000 50,000
Retained earnings 1,622,045 1,519,719
SHAREHOLDERS' FUNDS 1,672,045 1,569,719

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

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

CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

STATEMENT OF FINANCIAL POSITION - continued
30 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 27 January 2025 and were signed on its behalf by:





A J Norcott - Director


CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Circle Insurance Services 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company's functional and presentation currency is the pound sterling, rounded to the nearest £.

Preparation of consolidated financial statements
The financial statements contain information about Circle Insurance Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Circle 1991 Limited, of 118 Holyhead Road, Coventry CV1 3LY.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing these financial statements the company's management make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the statement of financial position date and the amounts reported in the income statement for the period under review.

The nature of estimates means that the actual outcome could differ and the company's management consider there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts reported for assets and liabilities within the next financial year.

The company's management also consider the future cash requirements of the company and its available resources in order to ensure that the going concern basis used in the preparation of these financial statements is appropriate for the foreseeable future.

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

Fee, commission and brokerage income includes initial income receivable on the commencement of a new policy which is recognised when the policy goes on risk. Fee and commission income also includes on-going fees which are recognised as the services are provided and renewal commissions which are recognised when earned.

Goodwill
The difference between the fair value of consideration given and the fair values of the net assets of entities acquired has been accounted for as goodwill. Amortisation has been provided so as to write off goodwill evenly over its estimated useful life of between five and ten years.

CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings-not provided
Plant and machinery etc-20% to 50% on cost and 15% to 25% on reducing balance

The company's practice is to maintain its land and buildings in a continual state of repair and refurbishment such that the residual value is at least equal to its book value. Consequently a depreciation charge is considered to be immaterial.

Tangible fixed assets are initially recorded at cost.

Fixed asset investments
Listed investments are measured at fair value with changes in fair value recognised in profit or loss. All other investments are measured at cost less impairment.

Financial instruments
Basic financial assets and liabilities are initially recognised at transaction price and are subsequently measured at amortised cost.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss ) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position and are depreciated over their estimated useful lives. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. 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 contributes to defined contribution pension schemes for its employees. Contributions payable are charged to profit or loss in the period to which they relate.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 79 (2023 - 75 ) .

CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 205,207
AMORTISATION
At 1 May 2023
and 30 April 2024 205,207
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 150,214 493,188 643,402
Additions - 84,566 84,566
Disposals - (37,277 ) (37,277 )
At 30 April 2024 150,214 540,477 690,691
DEPRECIATION
At 1 May 2023 - 265,103 265,103
Charge for year - 69,327 69,327
Eliminated on disposal - (28,775 ) (28,775 )
At 30 April 2024 - 305,655 305,655
NET BOOK VALUE
At 30 April 2024 150,214 234,822 385,036
At 30 April 2023 150,214 228,085 378,299


CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. FIXED ASSET INVESTMENTS
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST
At 1 May 2023 1,831,654 389 1,832,043
Additions 2,006,609 - 2,006,609
Impairments (21,053 ) - (21,053 )
At 30 April 2024 3,817,210 389 3,817,599
PROVISIONS
At 1 May 2023 965,363 - 965,363

Provision written back (20,953 ) - (20,953 )
At 30 April 2024 944,410 - 944,410
NET BOOK VALUE
At 30 April 2024 2,872,800 389 2,873,189
At 30 April 2023 866,291 389 866,680

Market value of listed investments at 30 April 2024 - £ 389 (2023 - £ 389 ).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 291,547 181,401
Amounts owed by group undertakings 872,606 790,950
Other debtors 14,605 37,213
Prepayments and accrued income 169,911 114,636
1,348,669 1,124,200

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 385,735 100,000
Trade creditors 245,136 146,797
Amounts owed to group undertakings 322,555 289,749
Taxation and social security 148,731 130,464
Other creditors 568,000 38,724
Accruals and deferred income 149,977 221,992
1,820,134 927,726

CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan - 1 to 2 years 422,936 100,000
Bank loan - 2 to 5 years 341,164 108,333
Other creditors 393,000 -
1,157,100 208,333

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank borrowings 941,501 -

Certain of the company's bank borrowings are secured by a charge on the company's freehold property and by a company debenture. Any assets held in accounts designated client accounts are excluded from the security given.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

13. IMMEDIATE AND ULTIMATE PARENT COMPANY

The company is a subsidiary of Circle 1991 Limited whose registered office address is 118 Holyhead Road,
Coventry CV1 3LY.