REGISTERED NUMBER: 09830711 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CIRCLE CLOUD COMMUNICATIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Barrett

G Boyes

J R Evans

G Molist Cordina

REGISTERED OFFICE:

Ariadne House

Town Quay

Southampton

Hampshire

SO14 2AQ

REGISTERED NUMBER:

09830711 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Intangible assets

4

7,935

-

Tangible assets

5

504,310

283,697

Investments

6

1,000

-

513,245

283,697

CURRENT ASSETS

Stocks

63,849

108,980

Debtors

7

2,196,132

1,870,350

Cash at bank

429,972

352,471

2,689,953

2,331,801

CREDITORS

Amounts falling due within one year

8

2,444,485

2,135,180

NET CURRENT ASSETS

245,468

196,621

TOTAL ASSETS LESS CURRENT LIABILITIES

758,713

480,318

CREDITORS

Amounts falling due after more than one year

9

(501,485

)

(245,009

)

PROVISIONS FOR LIABILITIES

(28,306

)

(12,371

)

NET ASSETS

228,922

222,938

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

227,922

221,938

228,922

222,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

G Molist Cordina - Director

1.	STATUTORY INFORMATION

Circle Cloud Communications Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about Circle Cloud Communications Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken an exemption from preparing consolidated financial information, as group accounts are prepared by the holding company.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold

the amount of revenue can be measured reliably

it is probable that the Company will receive the consideration due under the transaction; and

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five 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

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance and 5% on reducing balance

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 80 (2023 - 72 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

9,000

At 31 December 2024

9,000

AMORTISATION

Charge for year

1,065

At 31 December 2024

1,065

NET BOOK VALUE

At 31 December 2024

7,935

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

84,459

36,200

236,293

86,835

443,787

Additions

-

-

399,245

15,721

414,966

Disposals

-

-

(150,251

)

-

(150,251

)

At 31 December 2024

84,459

36,200

485,287

102,556

708,502

DEPRECIATION

At 1 January 2024

36,599

20,392

58,404

44,695

160,090

Charge for year

-

1,150

52,369

15,625

69,144

Eliminated on disposal

-

-

(25,042

)

-

(25,042

)

At 31 December 2024

36,599

21,542

85,731

60,320

204,192

NET BOOK VALUE

At 31 December 2024

47,860

14,658

399,556

42,236

504,310

At 31 December 2023

47,860

15,808

177,889

42,140

283,697

Included within motor vehicles is assets under hire purchase. The net book value of the assets under hire purchase is £399,556 (2023:£177,889).

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1,000

At 31 December 2024

1,000

NET BOOK VALUE

At 31 December 2024

1,000

At 31 December 2024, the company held 100% of the share capital of 3C Capital Ltd.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

532,426

144,924

Amounts owed by participating interests

823,289

492,312

Other debtors

840,417

1,233,114

2,196,132

1,870,350

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 10)

110,341

81,153

Hire purchase contracts (see note 11)

93,314

34,207

Trade creditors

575,177

485,729

Amounts owed to group undertakings

1,000

-

Taxation and social security

591,950

175,337

Other creditors

1,072,703

1,358,754

2,444,485

2,135,180

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 10)

350,890

178,361

Hire purchase contracts (see note 11)

150,595

66,648

501,485

245,009

The Company took out a Funding Circle loan during the period ended 31 December 2022. The loan is secured by way of a fixed and floating charge over the Company's assets. The loan is repayable after 6 years and has an interest rate of 9.90% applied.

The Company took out a Funding Circle loan during the period ended 31 December 2024. The loan is secured by way of a fixed and floating charge over the Company's assets. The loan is repayable after 6 years and has an interest rate of 11.60% applied.

The Company took a Coronavirus Business Interruption Loan in March 2021 of £300,000. The loan was interest free for the first 12 months and interest is payable at BOE + 3.99% thereafter. The loan is repayable over 6 years.

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

2,130

202

Bank loans

108,211

80,951

110,341

81,153

Amounts falling due between one and two years:

Bank loans - 1-2 years

108,211

80,951

Amounts falling due between two and five years:

Bank loans - 2-5 years

242,679

97,410

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

93,314

34,207

Between one and five years

150,595

66,648

243,909

100,855

Non-cancellable

operating leases

2024

2023

£

£

Within one year

78,528

146,362

Between one and five years

80,419

91,728

158,947

238,090

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the four directors owed the Company £387,175 (2023: £531,286), the loans are interest free and repayable on demand. The loans were repaid by 30 September 2025.

13.	RELATED PARTY DISCLOSURES

During the period, the Company paid £148,590 (2023: £97,500) of recharges to MKMC Investments Limited, an entity with common control. At the year end £17,660 (2023: £64,371) was due from MKMC Investments Limited.

During the period, the Company received £921,680 (2023: £282,560) of management fees from Circlenet LLP, an entity with common control. At the year end £805,629 (2023: £427,941) was due to the Company from Circlenet LLP.

At the year end the company was owed £55,000 (2023: £30,000) by RG Boyes Properties Ltd, a company connected to one of the directors.