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REGISTERED NUMBER: 12508077 (England and Wales)















REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

CIRCLE 1991 LIMITED

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)






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




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Statement of Financial Position 4

Company Statement of Financial Position 6

Notes to the Consolidated Financial Statements 7


CIRCLE 1991 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







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





SECRETARY: E L Ainscough





REGISTERED OFFICE: 118 Holyhead Road
Coventry
CV1 3LY





REGISTERED NUMBER: 12508077 (England and Wales)





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

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group was that of insurance broking.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

A J Norcott
K A Egan
J Shields
P D Jones
L Claro
I Storm

Other changes in directors holding office are as follows:

A H Judson ceased to be a director after 30 April 2024 but prior to the date of this report.

The group maintains directors' and officers' liability insurance which gives appropriate cover for any legal action brought against its directors.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A J Norcott - Director


27 January 2025

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 9,589,815 9,152,103

Cost of sales 14,072 16,620
GROSS PROFIT 9,575,743 9,135,483

Administrative expenses 9,753,277 8,822,779
(177,534 ) 312,704

Other operating income 190,624 239,080
OPERATING PROFIT 5 13,090 551,784

Interest receivable and similar income 197,024 66,077
Gain/loss on revaluation of investments 559 -
Interest payable and similar expenses 6 (67,483 ) (17,872 )
PROFIT BEFORE TAXATION 143,190 599,989

Tax on profit 7 100,396 153,052
PROFIT FOR THE FINANCIAL YEAR 42,794 446,937

Profit attributable to:
Owners of the parent 42,794 446,937

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,464,574 1,196,290
Tangible assets 10 1,242,696 1,171,937
Investments 11 1,789 389
4,709,059 2,368,616

CURRENT ASSETS
Debtors 12 1,451,833 1,053,384
Investments 13 51,611 -
Cash at bank and in hand 401,122 1,468,850
1,904,566 2,522,234
CREDITORS
Amounts falling due within one year 14 2,289,719 1,507,803
NET CURRENT (LIABILITIES)/ASSETS (385,153 ) 1,014,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,323,906

3,383,047

CREDITORS
Amounts falling due after more than one
year

15

(1,724,931

)

(835,851

)

PROVISIONS FOR LIABILITIES (16,660 ) (7,675 )
NET ASSETS 2,582,315 2,539,521

CAPITAL AND RESERVES
Called up share capital 17 50,000 50,000
Retained earnings 2,532,315 2,489,521
SHAREHOLDERS' FUNDS 2,582,315 2,539,521

The company and the group are 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 and the group 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 group 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 and the group as at the end of each financial year and of the group's 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 and the group.

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 1991 LIMITED (REGISTERED NUMBER: 12508077)

COMPANY STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 865,219 865,219
865,219 865,219

CURRENT ASSETS
Debtors 12 110,000 -

CREDITORS
Amounts falling due within one year 14 243,919 228,919
NET CURRENT LIABILITIES (133,919 ) (228,919 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

731,300

636,300

CAPITAL AND RESERVES
Called up share capital 17 50,000 50,000
Retained earnings 681,300 586,300
SHAREHOLDERS' FUNDS 731,300 636,300

Company's profit for the financial year 95,000 195,000

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

1. STATUTORY INFORMATION

Circle 1991 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 as modified by the measurement of investments at fair value.

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

Basis of consolidation
The consolidated financial statements incorporate the results of the company and all of it's subsidiary undertakings with effect from the date of each subsidiary undertaking's acquisition.

Significant judgements and estimates
In preparing these financial statements the group'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 group'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 group's management also consider the future cash requirements of the group 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 or investment product which are recognised when the policy or product 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 on receipt when earned.

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

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

NOTES TO THE CONSOLIDATED 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-10% to 50% on cost and 15% to 25% on reducing balance

The group'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.

Investments
Listed fixed asset investments and unlisted current asset 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 group 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 group, 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 132 (2023 - 122 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2023 - 12 ) .

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 147,740 114,608
Depreciation - owned assets 78,935 71,506
Depreciation - assets on hire purchase contracts or finance leases - 3,442
Profit on disposal of fixed assets (12,808 ) (13,538 )
Goodwill amortisation 259,495 171,676
Foreign exchange differences 2,212 490
Pension costs 667,261 573,625

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 149
Bank loan interest 67,483 17,658
Hire purchase interest - 65
67,483 17,872

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 92,122 146,125
Prior year adjustment - (22 )
Total current tax 92,122 146,103

Deferred tax 8,274 6,949
Tax on profit 100,396 153,052

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023 3,067,231
Additions 2,527,779
At 30 April 2024 5,595,010
AMORTISATION
At 1 May 2023 1,870,941
Charge for year 259,495
At 30 April 2024 2,130,436
NET BOOK VALUE
At 30 April 2024 3,464,574
At 30 April 2023 1,196,290

10. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 929,524 578,986 1,508,510
Additions 14,797 143,824 158,621
Disposals - (37,277 ) (37,277 )
At 30 April 2024 944,321 685,533 1,629,854
DEPRECIATION
At 1 May 2023 - 336,573 336,573
Charge for year - 78,935 78,935
Eliminated on disposal - (28,775 ) (28,775 )
Impairments - 425 425
At 30 April 2024 - 387,158 387,158
NET BOOK VALUE
At 30 April 2024 944,321 298,375 1,242,696
At 30 April 2023 929,524 242,413 1,171,937


CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

11. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST
At 1 May 2023 389
Additions 1,400
At 30 April 2024 1,789
NET BOOK VALUE
At 30 April 2024 1,789
At 30 April 2023 389

Market value of listed investments at 30 April 2024 - £ 1,789 (2023 - £ 389 ).
Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 865,219
NET BOOK VALUE
At 30 April 2024 865,219
At 30 April 2023 865,219

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Circle Insurance Services Limited
Registered office: 118 Holyhead Road, Coventry CV1 3LY
Nature of business: Insurance broking
%
Class of shares: holding
Ordinary 100.00

Circle Financial Services Limited
Registered office: 118 Holyhead Road, Coventry CV1 3LY
Nature of business: Independent financial advisers
%
Class of shares: holding
Ordinary 100.00

Mercia Underwriting Solutions Ltd
Registered office: 6 Lloyd's Avenue, London EC3N 3AX
Nature of business: Insurance underwriters
%
Class of shares: holding
Ordinary 100.00

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

11. FIXED ASSET INVESTMENTS - continued

Circle Specialist Services Ltd
Registered office: 118 Holyhead Road, Coventry CV1 3LY
Nature of business: Unregulated advice and expert witness services
%
Class of shares: holding
Ordinary 100.00

The shares in Circle Specialist Services Ltd are all held by Circle Financial Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

Creative Risk Solutions Ltd
Registered office: 6 Deryn Court, Wharfedale Road, Pentwyn, Cardiff CF23 7HA
Nature of business: Insurance broking
%
Class of shares: holding
Ordinary 100.00

The shares in Creative Risk Solutions Ltd are all held by Circle Insurance Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

Nautical Insurance Services Limited
Registered office: 6 Lloyd's Avenue, London EC3N 3AX
Nature of business: Insurance underwriters
%
Class of shares: holding
Ordinary 100.00

The shares in Nautical Insurance Services Limited are all held by Mercia Underwriting Solutions Ltd (who is also a wholly owned subsidiary of Circle 1991 Limited).

Sherwin Insurance Services Limited
Registered office: 118 Holyhead Road, Coventry CV1 3LY
Nature of business: Insurance broking
%
Class of shares: holding
Ordinary 100.00

The shares in Sherwin Insurance Services Limited are all held by Sherwin (General Holdings) Ltd who is a wholly owned subsidiary of Circle Insurance Services Limited (Circle Insurance Services Limited is also a wholly owned subsidiary of Circle 1991 Limited).

Circle Insurance Services (Nottingham) Ltd
Registered office: 118 Holyhead Road, Coventry CV1 3LY
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

The shares in Circle Insurance Services (Nottingham) Ltd are all held by Circle Insurance Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

11. FIXED ASSET INVESTMENTS - continued

Sherwin (General Holdings) Ltd
Registered office: 118 Holyhead Road, Coventry CV1 3LY
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

The shares in Sherwin (General Holdings) Ltd were all held by Circle Insurance Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).


Acquisitions in year
On 8 March 2024 the company's subsidiary, Circle Insurance Services Limited, acquired the entire share capital of Sherwin (General Holdings) Ltd, which included its subsidiary company Sherwin Insurance Services Limited. The fair value of net assets acquired has been assessed and it is considered this equates to their book value at date of acquisition.

The net assets at date of acquisition were as follows:

Book Fair Value Fair
Value Adjustment Value
£ £ £
Book and fair value of net assets acquired
Tangible fixed assets 4,379 - 4,379
Investments 1,400 - 1,400
Current assets 161,051 - 161,051
Current liabilities (42,021 ) - (42,021 )
Deferred tax (711 ) - (711 )
Net assets acquired 124,098 - 124,098
Goodwill arising on consolidation 1,882,512
2,006,610
Discharged by:
Cash 1,179,000
Future instalments payable in cash 786,000
Acquisition expenses 41,610
Consideration 2,006,610

On 8 March 2024 the company's subsidiary, Circle Financial Services Limited, acquired the Goodwill of Sherwin Financial Services Limited at its fair value as follows:

Purchased goodwill 645,267
Discharged by:
Cash 381,000
Future instalments payable in cash 254,000
Acquisition expenses 10,267
645,267

Both acquisitions has been accounted for under the acquisition method of accounting.

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,020,439 775,310 - -
Other debtors 134,605 42,893 110,000 -
Prepayments and accrued income 296,789 235,181 - -
1,451,833 1,053,384 110,000 -

13. CURRENT ASSET INVESTMENTS

Group
2024 2023
£    £   
Unlisted Investments 51,611 -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts 424,399 137,831 - -
Trade creditors 315,915 251,466 - -
Amounts owed to group undertakings - - 243,919 228,919
Taxation and social security 335,891 298,608 - -
Other creditors 847,450 199,634 - -
Accruals and deferred income 366,064 620,264 - -
2,289,719 1,507,803 243,919 228,919

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans - 1 to 2 years 464,629 140,376
Bank loans - 2 to 5 years 486,885 246,455
Bank loans - over 5 years 253,417 299,020
Other creditors 520,000 150,000
1,724,931 835,851

Amounts falling due in more than five years:

Group
2024 2023
£    £   
Repayable by instalments
Bank loans - over 5 years 253,417 299,020

CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077)

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

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank borrowings 1,420,997 515,349

Certain of the group's bank borrowings are secured by a charge on the group's freehold property and group guarantees. Group bank borrowings are also secured by a company debenture and by subsidiary company debentures. Any assets held in accounts designated client accounts by group trading companies are excluded from the security given.

17. CALLED UP SHARE CAPITAL

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

The company has granted share options under an EMI Share Option Scheme to two senior group staff members. The share options relate in total to 2,823 ordinary shares of £1 each at an exercise price of £18.00 per share. The share options are fully vested and can be exercised at any time until 27 February 2025. No other share options were granted during the financial year.