Company Registration No. 14923089 (England and Wales)
CIRCULAI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
CIRCULAI LIMITED
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 8
CIRCULAI LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

Circulai Limited is a technology-led waste management broker committed to delivering cost-effective, flexible and sustainable solutions to our Corporate and Enterprise clients across the UK. Through data, innovation, and decades of sector expertise, we are building the future of waste management.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Sharp
Mr M Kanda
D J Swallow Holdings Limited
Business Review

As a newly established start-up, the year under review marks our foundational phase. During this period, we have invested significantly in building robust operational systems, digital infra-structure, and administrative capabilities to position the business for accelerated growth in the 2025-26 financial year and beyond.

 

At the heart of our proposition is our proprietary AI-powered, all-in-one digital platform. This platform enables real-time insights, automated analysis, and actionable outputs for our clients - offering unparalleled transparency and control over their waste management strategies. Our technology not only delivers significant value to customers but is also designed to drive systemic, disruptive change within the waste management industry.

 

Significant shareholder support from DJ Swallow Holdings has provided the business with the financial stability and runway required to execute our ambitious strategy. The company also benefits from the leadership and sector knowledge of Max Kanda and Simon Sharp, both of whom bring over three decades of experience in the UK waste brokerage market. Having built and exited two of the UK's largest independent waste management brokerage businesses - with combined revenues exceeding £90 million - they bring deep commercial acumen and operational know-how to Circulai.

 

Despite the early-stage nature of the business, our commercial traction has been highly encouraging. We are forecasting revenues in excess of £2 million in the year ahead, with a significantly higher monthly run rate expected by year-end. Our active commercial pipeline currently exceeds £50 million, reflecting strong demand for our platform and services.

Future Developments

The Directors are focused on scaling the business rapidly over the coming 12 months. Our priorities include onboarding major national clients, expanding our supply chain partnerships, enhancing platform capabilities through continued AI innovation, and investing in team growth to support rising service demands.

 

As ESG priorities, cost pressures, and regulatory shifts continue to drive change across the waste landscape, we believe that Circulai is exceptionally well-positioned to become a market leader in intelligent, brokered waste services.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

CIRCULAI LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
On behalf of the board
Mr S Sharp
Director
4 June 2025
CIRCULAI LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,541
-
0
Current assets
Debtors
5
30,108
120
Cash at bank and in hand
20,228
-
0
50,336
120
Creditors: amounts falling due within one year
6
(282,063)
-
Net current (liabilities)/assets
(231,727)
120
Net (liabilities)/assets
(214,186)
120
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
(214,306)
-
0
Total equity
(214,186)
120

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
Mr S Sharp
Director
Company registration number 14923089 (England and Wales)
CIRCULAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information

Circulai Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Halifax Court, Fernwood Business Park, Cross Lane, Fernwood, Newark, NG24 3JP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% Reducing Balance
Computers
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CIRCULAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CIRCULAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CIRCULAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
-
0
Additions
21,813
At 31 March 2025
21,813
Depreciation and impairment
At 1 April 2024
-
0
Depreciation charged in the year
4,272
At 31 March 2025
4,272
Carrying amount
At 31 March 2025
17,541
At 31 March 2024
-
0
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
16,088
-
0
Other debtors
14,020
120
30,108
120
CIRCULAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
13,585
-
0
Taxation and social security
3,918
-
0
Other creditors
264,560
-
0
282,063
-
0
2025-03-312024-04-01falsefalsefalse04 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr S SharpMr M KandaD J Swallow Holdings Limited149230892024-04-012025-03-3114923089bus:Director12024-04-012025-03-3114923089bus:Director22024-04-012025-03-3114923089bus:Director32024-04-012025-03-31149230892025-03-31149230892024-03-3114923089core:OtherPropertyPlantEquipment2025-03-3114923089core:OtherPropertyPlantEquipment2024-03-3114923089core:CurrentFinancialInstrumentscore:WithinOneYear2025-03-3114923089core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3114923089core:ShareCapital2025-03-3114923089core:ShareCapital2024-03-3114923089core:RetainedEarningsAccumulatedLosses2025-03-3114923089core:RetainedEarningsAccumulatedLosses2024-03-3114923089core:FurnitureFittings2024-04-012025-03-3114923089core:ComputerEquipment2024-04-012025-03-31149230892023-06-082024-03-3114923089core:OtherPropertyPlantEquipment2024-03-3114923089core:OtherPropertyPlantEquipment2024-04-012025-03-3114923089core:CurrentFinancialInstruments2025-03-3114923089core:CurrentFinancialInstruments2024-03-3114923089core:WithinOneYear2025-03-3114923089core:WithinOneYear2024-03-3114923089bus:PrivateLimitedCompanyLtd2024-04-012025-03-3114923089bus:SmallCompaniesRegimeForAccounts2024-04-012025-03-3114923089bus:FRS1022024-04-012025-03-3114923089bus:AuditExemptWithAccountantsReport2024-04-012025-03-3114923089bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP