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REGISTERED NUMBER: 03657694 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

CIRCLE FINANCIAL SERVICES LIMITED

CIRCLE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)






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 FINANCIAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: A J Norcott
F P Gower-Smith
L Claro





SECRETARY: E L Ainscough





REGISTERED OFFICE: 118 Holyhead Road
Coventry
CV1 3LY





REGISTERED NUMBER: 03657694 (England and Wales)





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

CIRCLE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 635,897 -
Tangible assets 6 57 468
Investments 7 22,358 22,358
658,312 22,826

CURRENT ASSETS
Debtors 8 228,208 152,014
Cash at bank 66,319 392,088
294,527 544,102
CREDITORS
Amounts falling due within one year 9 411,494 210,141
NET CURRENT (LIABILITIES)/ASSETS (116,967 ) 333,961
TOTAL ASSETS LESS CURRENT
LIABILITIES

541,345

356,787

CREDITORS
Amounts falling due after more than one
year

10

127,000

-
NET ASSETS 414,345 356,787

CAPITAL AND RESERVES
Called up share capital 12 50,000 50,000
Retained earnings 364,345 306,787
SHAREHOLDERS' FUNDS 414,345 356,787

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 FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)

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 FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)

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

1. STATUTORY INFORMATION

Circle Financial 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 Financial 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 undertaking 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 between wholly owned members of 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 year 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.

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 and commission 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
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its 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 etc - 15% on reducing balance

Tangible fixed assets are initially recorded at cost.

CIRCLE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)

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

3. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Fixed asset investments are initially recorded at cost and are subsequently measured at cost less any amounts provided for 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.

Pension costs and other post-retirement benefits
The company contributes to defined contribution pension schemes for its employees. Contributions payable for the year 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 11 (2023 - 11 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 645,267
At 30 April 2024 645,267
AMORTISATION
Charge for year 9,370
At 30 April 2024 9,370
NET BOOK VALUE
At 30 April 2024 635,897

CIRCLE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)

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

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 13,478
DEPRECIATION
At 1 May 2023 13,010
Charge for year 70
Impairments 341
At 30 April 2024 13,421
NET BOOK VALUE
At 30 April 2024 57
At 30 April 2023 468

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 22,358
NET BOOK VALUE
At 30 April 2024 22,358
At 30 April 2023 22,358

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 70,840 8,300
Amounts owed by group undertakings 117,586 103,727
Other debtors - 228
Prepayments and accrued income 39,782 39,759
228,208 152,014

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,332 20,935
Amounts owed to group undertakings 159,542 65,057
Taxation and social security 47,375 40,556
Other creditors 127,000 -
Accruals and deferred income 53,245 83,593
411,494 210,141

CIRCLE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 03657694)

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
£    £   
Other creditors 127,000 -

11. SECURED DEBTS

Bank borrowings are secured by charges on the company's assets. Certain group bank borrowings are also supported by a guarantee given by the company.

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. ULTIMATE CONTROLLING PARTY

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