IRIS Accounts Production v25.4.0.155 12508077 Board of Directors 30.4.25 1.5.24 30.4.25 30.4.25 true true false true false false false false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 12508077 2024-04-30 12508077 2025-04-30 12508077 2024-05-01 2025-04-30 12508077 2023-04-30 12508077 2023-05-01 2024-04-30 12508077 2024-04-30 12508077 ns15:EnglandWales 2024-05-01 2025-04-30 12508077 ns14:PoundSterling 2024-05-01 2025-04-30 12508077 ns10:Director1 2024-05-01 2025-04-30 12508077 ns10:Consolidated 2025-04-30 12508077 ns10:ConsolidatedGroupCompanyAccounts 2024-05-01 2025-04-30 12508077 ns10:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 12508077 ns10:Consolidated ns10:SmallEntities 2024-05-01 2025-04-30 12508077 ns10:Consolidated ns10:AuditExemptWithAccountantsReport 2024-05-01 2025-04-30 12508077 ns10:SmallCompaniesRegimeForDirectorsReport 2024-05-01 2025-04-30 12508077 ns10:SmallCompaniesRegimeForAccounts 2024-05-01 2025-04-30 12508077 ns10:Consolidated ns10:SmallCompaniesRegimeForDirectorsReport 2024-05-01 2025-04-30 12508077 ns10:Consolidated ns10:SmallCompaniesRegimeForAccounts 2024-05-01 2025-04-30 12508077 ns10:FullAccounts 2024-05-01 2025-04-30 12508077 ns5:Subsidiary1 2024-05-01 2025-04-30 12508077 ns5:Subsidiary2 2024-05-01 2025-04-30 12508077 ns5:Subsidiary3 2024-05-01 2025-04-30 12508077 ns5:Subsidiary4 2024-05-01 2025-04-30 12508077 1 2024-05-01 2025-04-30 12508077 ns10:OrdinaryShareClass1 2024-05-01 2025-04-30 12508077 ns10:Consolidated 2024-05-01 2025-04-30 12508077 ns10:Director2 2024-05-01 2025-04-30 12508077 ns10:Director3 2024-05-01 2025-04-30 12508077 ns10:Director4 2024-05-01 2025-04-30 12508077 ns10:Director5 2024-05-01 2025-04-30 12508077 ns10:Director6 2024-05-01 2025-04-30 12508077 ns10:CompanySecretary1 2024-05-01 2025-04-30 12508077 ns10:RegisteredOffice 2024-05-01 2025-04-30 12508077 ns10:Director7 2024-05-01 2025-04-30 12508077 ns10:Consolidated 2023-05-01 2024-04-30 12508077 ns5:CurrentFinancialInstruments 2025-04-30 12508077 ns5:CurrentFinancialInstruments 2024-04-30 12508077 ns5:ShareCapital 2025-04-30 12508077 ns5:ShareCapital 2024-04-30 12508077 ns5:SharePremium 2025-04-30 12508077 ns5:SharePremium 2024-04-30 12508077 ns5:RetainedEarningsAccumulatedLosses 2025-04-30 12508077 ns5:RetainedEarningsAccumulatedLosses 2024-04-30 12508077 ns5:NetGoodwill 2024-05-01 2025-04-30 12508077 ns5:CostValuation 2024-04-30 12508077 ns5:AdditionsToInvestments 2025-04-30 12508077 ns5:CostValuation 2025-04-30 12508077 1 ns5:Subsidiary1 2024-05-01 2025-04-30 12508077 ns5:Subsidiary2 3 2024-05-01 2025-04-30 12508077 5 ns5:Subsidiary3 2024-05-01 2025-04-30 12508077 ns5:Subsidiary4 7 2024-05-01 2025-04-30 12508077 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-04-30 12508077 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-04-30 12508077 ns10:OrdinaryShareClass1 2025-04-30

REGISTERED NUMBER: 12508077 (England and Wales)

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

CIRCLE 1991 LIMITED

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Consolidated Income Statement | 3 |

| Consolidated Statement of Financial Position | 4 |

| Company Statement of Financial Position | 6 |

| Notes to the Consolidated Financial Statements | 7 |

| CIRCLE 1991 LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | A J Norcott

| K A Egan

| J Shields

| P D Jones

| L Claro

| I Storm

| SECRETARY: | E L Ainscough

| REGISTERED OFFICE: | 118 Holyhead Road

| Coventry

| CV1 3LY

| REGISTERED NUMBER: | 12508077 (England and Wales)

| ACCOUNTANTS: | Clive Shedd & Co

| Chartered Accountants

| 232 Sladepool Farm Road

| Birmingham

| B14 5EE

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group was that of insurance broking.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

A J Norcott

K A Egan

J Shields

P D Jones

L Claro

I Storm

Other changes in directors holding office are as follows:

A H Judson - resigned 20 December 2024

The group maintains directors' and officers' liability insurance which gives appropriate cover for any legal action brought against its directors.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A J Norcott - Director

17 December 2025

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 9,886,688 |  | 9,589,815 |  |

Cost of sales | 33,588 |  | 14,072 |  |

GROSS PROFIT | 9,853,100 |  | 9,575,743 |  |

Administrative expenses | 10,493,089 |  | 9,753,277 |  |

(639,989 | ) | (177,534 | ) |

Other operating income | 866,537 |  | 190,624 |  |

OPERATING PROFIT | 5 | 226,548 |  | 13,090 |  |

Interest receivable and similar income | 217,052 |  | 197,024 |  |

Gain/loss on revaluation of investments | (3,679 | ) | 559 |  |

Interest payable and similar expenses | 6 | (168,610 | ) | (67,483 | ) |

PROFIT BEFORE TAXATION | 271,311 |  | 143,190 |  |

Tax on profit | 7 | 209,087 |  | 100,396 |  |

PROFIT FOR THE FINANCIAL YEAR | 62,224 |  | 42,794 |  |

Profit attributable to:

Owners of the parent | 62,224 |  | 42,794 |  |

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 3,193,535 |  | 3,464,574 |  |

Tangible assets | 10 | 468,266 |  | 1,242,696 |  |

Investments | 11 | 1,073 |  | 1,789 |  |

3,662,874 |  | 4,709,059 |  |

CURRENT ASSETS

Debtors | 12 | 232,084 |  | 1,451,833 |  |

Investments | 13 | 48,492 |  | 51,611 |  |

Cash at bank and in hand | 1,135,937 |  | 401,122 |  |

1,416,513 |  | 1,904,566 |  |

CREDITORS

Amounts falling due within one year | 14 | 1,279,180 |  | 2,289,719 |  |

NET CURRENT ASSETS/(LIABILITIES) | 137,333 |  | (385,153 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,800,207 |  | 4,323,906 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,084,824 | ) | (1,724,931 | ) |

PROVISIONS FOR LIABILITIES | (20,030 | ) | (16,660 | ) |

NET ASSETS | 2,695,353 |  | 2,582,315 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 52,823 |  | 50,000 |  |

Share premium | 47,991 |  | - |  |

Retained earnings | 2,594,539 |  | 2,532,315 |  |

SHAREHOLDERS' FUNDS | 2,695,353 |  | 2,582,315 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued

30 APRIL 2025

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

A J Norcott - Director

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

COMPANY STATEMENT OF FINANCIAL POSITION

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 988,060 |  | 865,219 |  |

988,060 |  | 865,219 |  |

CURRENT ASSETS

Debtors | 12 | 124,054 |  | 110,000 |  |

CREDITORS

Amounts falling due within one year | 14 | - |  | 243,919 |  |

NET CURRENT ASSETS/(LIABILITIES) | 124,054 |  | (133,919 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,112,114 |  | 731,300 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 52,823 |  | 50,000 |  |

Share premium | 47,991 |  | - |  |

Retained earnings | 1,011,300 |  | 681,300 |  |

SHAREHOLDERS' FUNDS | 1,112,114 |  | 731,300 |  |

Company's profit for the financial year | 330,000 |  | 95,000 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

A J Norcott - Director

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Circle 1991 Limited 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. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention as modified by the measurement of investments at fair value.

| The group's functional and presentation currency is the pound sterling, rounded to the nearest £.

| Basis of consolidation

| The consolidated financial statements incorporate the results of the company and all of it's subsidiary undertakings with effect from the date of each subsidiary undertaking's acquisition.

| Significant judgements and estimates

| In preparing these financial statements the group's management make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the statement of financial position date and the amounts reported in the income statement for the period under review.

| The nature of estimates means that the actual outcome could differ and the group's management consider there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts reported for assets and liabilities within the next financial year.

| The group's management also consider the future cash requirements of the group and its available resources in order to ensure that the going concern basis used in the preparation of these financial statements is appropriate for the foreseeable future.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Fee, commission and brokerage income includes initial income receivable on the commencement of a new policy or investment product which are recognised when the policy or product goes on risk. Fee and commission income also includes on-going fees which are recognised as the services are provided and renewal commissions which are recognised when earned.

| Goodwill

| The difference between the fair value of consideration given and the fair value of the net assets of entities acquired is accounted for as goodwill. Amortisation is provided so as to write off goodwill evenly over its estimated useful life of ten years.

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Land and buildings | - | not provided |

| Plant and machinery etc | - | 10% to 50% on cost and 15% to 25% on reducing balance |

| The group's practice is to maintain its land and buildings in a continual state of repair and refurbishment such that the residual value is at least equal to its book value. Consequently a depreciation charge is considered to be immaterial.

| Tangible fixed assets are initially recorded at cost.

| Investments

| Listed fixed asset investments and unlisted current asset investments are measured at fair value with changes in fair value recognised in profit or loss. All other investments are measured at cost less impairment.

| Financial instruments

| Basic financial assets and liabilities are initially recognised at transaction price and are subsequently measured at amortised cost.

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| 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 group contributes to defined contribution pension schemes for its employees. Contributions payable are charged to profit or loss in the period to which they relate.

| Employee benefits

| When employees have rendered service to the group, short-term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 135 (2024 - 132 ) .

| The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2024 - 6 ) .

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 182,805 |  | 147,740 |  |

| Depreciation - owned assets | 85,375 |  | 78,935 |  |

| Loss/(profit) on disposal of fixed assets | 36,946 |  | (12,808 | ) |

| Goodwill amortisation | 492,317 |  | 259,495 |  |

| Foreign exchange differences | (376 | ) | 2,212 |  |

| Pension costs | 766,792 |  | 667,261 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 15 |  | - |  |

| Bank loan interest | 167,732 |  | 67,483 |  |

| Other interest | 863 |  | - |  |

168,610 |  | 67,483 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 205,718 |  | 92,122 |  |

| Prior year adjustment | (1 | ) | - |  |

| Total current tax | 205,717 |  | 92,122 |  |

| Deferred tax | 3,370 |  | 8,274 |  |

| Tax on profit | 209,087 |  | 100,396 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

9. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 May 2024 | 5,595,010 |  |

| Additions | 221,278 |  |

| At 30 April 2025 | 5,816,288 |  |

| AMORTISATION

| At 1 May 2024 | 2,130,436 |  |

| Charge for year | 492,317 |  |

| At 30 April 2025 | 2,622,753 |  |

| NET BOOK VALUE

| At 30 April 2025 | 3,193,535 |  |

| At 30 April 2024 | 3,464,574 |  |

10. | TANGIBLE FIXED ASSETS

| Group

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024 | 944,321 |  | 685,533 |  | 1,629,854 |  |

| Additions | - |  | 175,629 |  | 175,629 |  |

| Disposals | (794,107 | ) | (91,268 | ) | (885,375 | ) |

| At 30 April 2025 | 150,214 |  | 769,894 |  | 920,108 |  |

| DEPRECIATION

| At 1 May 2024 | - |  | 387,158 |  | 387,158 |  |

| Charge for year | - |  | 85,375 |  | 85,375 |  |

| Eliminated on disposal | - |  | (20,691 | ) | (20,691 | ) |

| At 30 April 2025 | - |  | 451,842 |  | 451,842 |  |

| NET BOOK VALUE

| At 30 April 2025 | 150,214 |  | 318,052 |  | 468,266 |  |

| At 30 April 2024 | 944,321 |  | 298,375 |  | 1,242,696 |  |

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | FIXED ASSET INVESTMENTS

| Group

| Listed

| investments

£ |

| COST

| At 1 May 2024 | 1,789 |  |

| Share of profit/(loss) | (716 | ) |

| At 30 April 2025 | 1,073 |  |

| NET BOOK VALUE

| At 30 April 2025 | 1,073 |  |

| At 30 April 2024 | 1,789 |  |

| Market value of listed investments at 30 April 2025 - £ 1,073 (2024 - £ 1,789 ).

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024 | 865,219 |  |

| Additions | 122,841 |  |

| At 30 April 2025 | 988,060 |  |

| NET BOOK VALUE

| At 30 April 2025 | 988,060 |  |

| At 30 April 2024 | 865,219 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Circle Insurance Services Limited

| Registered office: 118 Holyhead Road, Coventry CV1 3LY

| Nature of business: Insurance broking

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Circle Financial Services Limited

| Registered office: 118 Holyhead Road, Coventry CV1 3LY

| Nature of business: Independent financial advisers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | FIXED ASSET INVESTMENTS - continued

| Mercia Underwriting Solutions Ltd

| Registered office: 6 Lloyd's Avenue, London EC3N 3AX

| Nature of business: Insurance underwriters

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The Health & Safety Service Limited

| Registered office: Suite 5 Maple House, Queensway Business Park, Queensway, Telford TF1 7UL

| Nature of business: Health & safety services

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Circle Specialist Services Ltd

| Registered office: 118 Holyhead Road, Coventry CV1 3LY

| Nature of business: Unregulated advice and expert witness services

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Circle Specialist Services Ltd are all held by Circle Financial Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

| Creative Risk Solutions Ltd

| Registered office: 6 Deryn Court, Wharfedale Road, Pentwyn, Cardiff CF23 7HA

| Nature of business: Insurance broking

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Creative Risk Solutions Ltd are all held by Circle Insurance Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

| Nautical Insurance Services Limited

| Registered office: 6 Lloyd's Avenue, London EC3N 3AX

| Nature of business: Insurance underwriters

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Nautical Insurance Services Limited are all held by Mercia Underwriting Solutions Ltd (who is also a wholly owned subsidiary of Circle 1991 Limited).

| Sherwin Insurance Services Limited

| Registered office: 118 Holyhead Road, Coventry CV1 3LY

| Nature of business: Insurance broking

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Sherwin Insurance Services Limited are all held by Sherwin (General Holdings) Ltd who is a wholly owned subsidiary of Circle Insurance Services Limited (Circle Insurance Services Limited is also a wholly owned subsidiary of Circle 1991 Limited).

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | FIXED ASSET INVESTMENTS - continued

| Circle Insurance Services (Nottingham) Ltd

| Registered office: 118 Holyhead Road, Coventry CV1 3LY

| Nature of business: Non trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Circle Insurance Services (Nottingham) Ltd are all held by Circle Insurance Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

| Sherwin (General Holdings) Ltd

| Registered office: 118 Holyhead Road, Coventry CV1 3LY

| Nature of business: Non trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Sherwin (General Holdings) Ltd are all held by Circle Insurance Services Limited (who is also a wholly owned subsidiary of Circle 1991 Limited).

| Bevan Charles General Limited

| Registered office: 6 Deryn Court, Wharfedale Road, Pentwyn, Cardiff CF23 7HA

| Nature of business: Non trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The shares in Bevan Charles General Limited are all held by Creative Risk Solutions Ltd who is a wholly owned subsidiary of Circle Insurance Services Limited (Circle Insurance Services Limited is also a wholly owned subsidiary of Circle 1991 Limited).

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 134,382 |  | 1,020,439 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 124,054 |  | - |  |

| Other debtors | 17,104 |  | 134,605 |  | - |  | 110,000 |  |

| Prepayments and accrued income | 80,598 |  | 296,789 |  | - |  | - |  |

232,084 |  | 1,451,833 |  | 124,054 |  | 110,000 |  |

13. | CURRENT ASSET INVESTMENTS

| Group |

2025 | 2024 |

£ | £ |

| Unlisted Investments | 48,492 |  | 51,611 |  |

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts | 144,906 |  | 424,399 |  | - |  | - |  |

| Trade creditors | 127,255 |  | 315,915 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | - |  | 243,919 |  |

| Taxation and social security | 241,598 |  | 335,891 |  | - |  | - |  |

| Other creditors | 470,191 |  | 847,450 |  | - |  | - |  |

| Accruals and deferred income | 295,230 |  | 366,064 |  | - |  | - |  |

1,279,180 |  | 2,289,719 |  | - |  | 243,919 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans - 1 to 2 years | 157,949 |  | 464,629 |  |

| Bank loans - 2 to 5 years | 564,386 |  | 486,885 |  |

| Bank loans - over 5 years | 222,969 |  | 253,417 |  |

| Trade creditors | 139,520 |  | - |  |

| Other creditors | - |  | 520,000 |  |

1,084,824 |  | 1,724,931 |  |

| Amounts falling due in more than five years:

| Group |

2025 | 2024 |

£ | £ |

| Repayable by instalments

| Bank loans - over 5 years | 222,969 |  | 253,417 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank borrowings | 1,090,210 |  | 1,420,997 |  |

| Certain of the group's bank borrowings are secured by a charge on the group's freehold property and group guarantees. Group bank borrowings are also secured by a company debenture and by subsidiary company debentures. Any assets held in accounts designated client accounts by group trading companies are excluded from the security given.

| CIRCLE 1991 LIMITED (REGISTERED NUMBER: 12508077) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 52,823 | Ordinary | £1 | 52,823 |  | 50,000 |  |

| The company had previously granted share options under an EMI Share Option Scheme to two senior group staff members. The share options related in total to 2,823 ordinary shares of £1 each at an exercise price of £18.00 per share. The share options were exercised in the financial year giving rise to an increase of 2,823 ordinary shares of £1 each and a share premium of £47,991.