1.
General Information
Circulate Plus Ltd
is a private company, limited by shares, incorporated in Scotland, registered number
SC692699
. The registered office is 15 Strathburn Gardens, Inverurie, AB51 4RY.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors, having made due and careful enquiry, are of the opinion that the company continues to operate as a going concern with their continued support despite the negative Balance Sheet position. Included within creditors at the Balance Sheet date are directors loan accounts with a total balance of £131,195 (2024: £131,475) and amounts owed to associates with a total balance of £270,919 (2024: £183,289), the directors have confirmed that these amounts will not be called on for repayment until the company is in such a position to be able to make repayments. As such, the directors have given their assurance that the company will continue to trade as a going concern for a period of no less than 12 months from the date of signing of this report.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Intellectual Property
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.
Patents and licences are being amortised evenly over their estimated useful life of ten years.
2.5.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
Assets under construction
Assets under the course of construction are initially recognised at cost and no provision for depreciation is made. Upon completion, the underlying assets are reclassified to a suitable Tangible Fixed Asset account and depreciation is provided at a relevant rate to write down the asset over its expected economic useful life.
Circulate Plus Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.6.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Intangible Assets
| Intellectual Property | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 April 2024 |
|
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| Additions |
|
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| As at 31 March 2025 |
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...CONTINUED
Circulate Plus Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Amortisation | |||
| As at 1 April 2024 |
|
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| Provided during the period |
|
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| As at 31 March 2025 |
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| Net Book Value | |||
| As at 31 March 2025 |
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| As at 1 April 2024 |
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5.
Tangible Assets
| Assets under construction | |
|---|---|
| £ | |
| Cost | |
| As at 1 April 2024 |
|
| Additions |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
6.
Debtors
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| VAT |
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7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
( |
|
| Directors' loan accounts |
|
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| Amounts owed to associates |
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Circulate Plus Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
8.
Share Capital
| 2025 | 2024 as restated |
||
|---|---|---|---|
| £ | £ | ||
| Allotted, Called up and fully paid |
|
|
|
Shares issued during the period:
|
£
|
|
36
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9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Jonathan Buckland |
( |
|
|
- |
( |
| Mr Dave Walker |
( |
|
|
- |
( |
| Mr Bruce Thornton Jepp |
( |
|
|
- |
( |
The above loans are interest free and has no fixed repayment terms.
10.
Related Party Transactions
As at 31 Marchl 2025, there is a loan balance within creditors of £270,919 (2024: £183,289) due to associates that have participating interest in the company. This loan is interest free and has no fixed repayment terms
11.
Ultimate Controlling Party
The company's ultimate controlling parties are
Mr D Walker and Mr J Buckland
by virtue of their combined ownership of 66% (2024: 82%) of the issued share capital.
12.
Prior Year Adjustment
Adjustments have been made in the prior year to restate plant & machinery additions as assets under the course of construction.