Company registration number 07481125 (England and Wales)
CIRCLE LOUNGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CIRCLE LOUNGE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
CIRCLE LOUNGE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
94,405
99,798
Current assets
Stocks
4,000
5,000
Debtors
1,735
1,273
Cash at bank and in hand
18,428
12,546
24,163
18,819
Creditors: amounts falling due within one year
(31,633)
(35,385)
Net current liabilities
(7,470)
(16,566)
Total assets less current liabilities
86,935
83,232
Creditors: amounts falling due after more than one year
(19,945)
(25,278)
Net assets
66,990
57,954
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss reserves
65,790
56,754
Total equity
66,990
57,954
CIRCLE LOUNGE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 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 director acknowledges his 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.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 July 2025
R S Jamieson
Director
Company registration number 07481125 (England and Wales)
Circle Lounge Limited
CIRCLE LOUNGE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
- 3 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT.
Turnover is recognised on supply of goods.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation,
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
No depreciation
Fixtures, fittings & equipment
15% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
Circle Lounge Limited
CIRCLE LOUNGE LIMITED
Notes to the financial statements (CONTINUED)
for the year ended 31 December 2024
- 4 -
3
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
54,184
120,502
174,686
Additions
1,449
1,449
At 31 December 2024
54,184
121,951
176,135
Depreciation and impairment
At 1 January 2024
74,888
74,888
Depreciation charged in the year
6,842
6,842
At 31 December 2024
81,730
81,730
Carrying amount
At 31 December 2024
54,184
40,221
94,405
At 31 December 2023
54,184
45,614
99,798