Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-01-01development of technologies to enable the processing of low-grade plastic in manufacturing105truetruefalse 13802527 2024-01-01 2024-12-31 13802527 2023-01-01 2023-12-31 13802527 2024-12-31 13802527 2023-12-31 13802527 2023-01-01 13802527 1 2023-01-01 2023-12-31 13802527 d:Director1 2024-01-01 2024-12-31 13802527 e:PlantMachinery 2024-01-01 2024-12-31 13802527 e:PlantMachinery 2024-12-31 13802527 e:PlantMachinery 2023-12-31 13802527 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13802527 e:OfficeEquipment 2024-01-01 2024-12-31 13802527 e:OfficeEquipment 2024-12-31 13802527 e:OfficeEquipment 2023-12-31 13802527 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13802527 e:ComputerEquipment 2024-01-01 2024-12-31 13802527 e:ComputerEquipment 2024-12-31 13802527 e:ComputerEquipment 2023-12-31 13802527 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13802527 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13802527 e:CurrentFinancialInstruments 2024-12-31 13802527 e:CurrentFinancialInstruments 2023-12-31 13802527 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 13802527 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 13802527 e:ShareCapital 2024-01-01 2024-12-31 13802527 e:ShareCapital 2024-12-31 13802527 e:ShareCapital 2023-01-01 2023-12-31 13802527 e:ShareCapital 2023-12-31 13802527 e:ShareCapital 2023-01-01 13802527 e:SharePremium 2024-01-01 2024-12-31 13802527 e:SharePremium 2024-12-31 13802527 e:SharePremium 2023-01-01 2023-12-31 13802527 e:SharePremium 2023-12-31 13802527 e:SharePremium 2023-01-01 13802527 e:SharePremium 1 2023-01-01 2023-12-31 13802527 e:OtherMiscellaneousReserve 2024-12-31 13802527 e:OtherMiscellaneousReserve 2023-12-31 13802527 e:OtherMiscellaneousReserve 2023-01-01 13802527 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 13802527 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13802527 e:RetainedEarningsAccumulatedLosses 2024-12-31 13802527 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13802527 e:RetainedEarningsAccumulatedLosses 2023-12-31 13802527 e:RetainedEarningsAccumulatedLosses 2023-01-01 13802527 d:OrdinaryShareClass1 2024-01-01 2024-12-31 13802527 d:OrdinaryShareClass1 2024-12-31 13802527 d:OrdinaryShareClass1 2023-12-31 13802527 d:FRS102 2024-01-01 2024-12-31 13802527 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13802527 d:FullAccounts 2024-01-01 2024-12-31 13802527 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13802527 e:WithinOneYear 2024-12-31 13802527 e:WithinOneYear 2023-12-31 13802527 e:BetweenOneFiveYears 2024-12-31 13802527 e:BetweenOneFiveYears 2023-12-31 13802527 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13802527









CIRCULAR11 LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CIRCULAR11 LTD
REGISTERED NUMBER: 13802527

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
69,130
60,399

  
69,130
60,399

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
41,042
33,909

Cash at bank and in hand
  
30,421
28,985

  
71,463
62,894

Creditors: amounts falling due within one year
 6 
(19,258)
(9,190)

NET CURRENT ASSETS
  
 
 
52,205
 
 
53,704

TOTAL ASSETS LESS CURRENT LIABILITIES
  
121,335
114,103

  

NET ASSETS
  
121,335
114,103


CAPITAL AND RESERVES
  

Called up share capital 
 7 
117
114

Share premium account
  
358,322
249,993

Profit and loss account
  
(237,104)
(136,004)

  
121,335
114,103


Page 1

 
CIRCULAR11 LTD
REGISTERED NUMBER: 13802527
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Gibbons
Director

Date: 4 April 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
CIRCULAR11 LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
100
-
120,000
(34,634)
85,466



Loss for the year
-
-
-
(101,370)
(101,370)

Shares issued during the year
14
249,993
-
-
250,007

Transfer between other reserves
-
-
(120,000)
-
(120,000)



At 1 January 2024
114
249,993
-
(136,004)
114,103



Loss for the year
-
-
-
(101,100)
(101,100)

Shares issued during the year
3
108,329
-
-
108,332


AT 31 DECEMBER 2024
117
358,322
-
(237,104)
121,335


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
CIRCULAR11 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Circular11 Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is Unit 3 Ambassador Industrial Estate, Airfield Road, Christchurch, England, BH23 3TG.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax. Turnover is measured as the fair value of the consideration received or receivable, and is recognised in the period to which it relates.

 
2.4

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
CIRCULAR11 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the performance model as permitted by FRS 102. A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CIRCULAR11 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.9
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight-line
Office equipment
-
25%
straight-line
Computer equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 10 (2023 - 5).

Page 6

 
CIRCULAR11 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



COST


At 1 January 2024
76,441
1,219
660
78,320


Additions
31,072
66
-
31,138



At 31 December 2024

107,513
1,285
660
109,458



DEPRECIATION


At 1 January 2024
17,680
145
96
17,921


Charge for the year on owned assets
21,935
307
165
22,407



At 31 December 2024

39,615
452
261
40,328



NET BOOK VALUE



At 31 December 2024
67,898
833
399
69,130



At 31 December 2023
58,761
1,074
564
60,399


5.


DEBTORS

2024
2023
£
£


Trade debtors
3,090
570

Other debtors
18,497
12,348

Prepayments and accrued income
650
6,963

Tax recoverable
18,805
14,028

41,042
33,909


During the year, the company made interest-free advances to the directors amounting to £2,740 (2023: £5,223). These loans were non-interest bearing and had no fixed date for repayment. These balances are included within other debtors.

Page 7

 
CIRCULAR11 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other taxation and social security
5,359
4,366

Obligations under finance lease and hire purchase contracts
-
1,091

Other creditors
10,445
58

Accruals and deferred income
3,454
3,675

19,258
9,190



7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,172,513 (2023 - 1,141,231) Ordinary shares of £0.0001 each
117
114


During the year, the Company issued 31,282 Ordinary shares, each at a nominal value of £0.0001 per share. For these, the Company received £108,332. This resulted in the recognition of £108,329 in share premium.


8.


PENSION COMMITMENTS

The Company operates a defined contributions penson scheme. The assets of the scheme are held separately from those of the Company in and independently administered fund. The pension cost represents contributions payable by the Company to the fund and amounted to £1,516 (2023 - £291).


9.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
28,500
28,500

Later than 1 year and not later than 5 years
-
28,500

28,500
57,000

 
Page 8