| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 |
| FOR |
| CIRCLE INSURANCE SERVICES LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 |
| FOR |
| CIRCLE INSURANCE SERVICES LIMITED |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| CIRCLE INSURANCE SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 232 Sladepool Farm Road |
| Birmingham |
| B14 5EE |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| STATEMENT OF FINANCIAL POSITION |
| 30 APRIL 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 APRIL 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 1. | STATUTORY INFORMATION |
| Circle Insurance Services Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 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 listed investments at fair value. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Circle Insurance Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Circle 1991 Limited, of 118 Holyhead Road, Coventry CV1 3LY. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In preparing these financial statements the company'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 company'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 company's management also consider the future cash requirements of the company 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 which is recognised when the policy 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 values of the net assets of entities acquired has been accounted for as goodwill. Amortisation has been provided so as to write off goodwill evenly over its estimated useful life of between five and ten years. |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| NOTES TO THE 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 | - | 20% to 50% on cost and 15% to 25% on reducing balance |
| The company'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. |
| Fixed asset investments |
| Listed 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 company 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 company, 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 |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 May 2024 |
| and 30 April 2025 |
| AMORTISATION |
| At 1 May 2024 |
| and 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 April 2025 |
| DEPRECIATION |
| At 1 May 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Listed |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2024 | 3,817,599 |
| Fair value adjustment | - | (155 | ) | (155 | ) |
| At 30 April 2025 | 3,817,444 |
| PROVISIONS |
| At 1 May 2024 |
| and 30 April 2025 | 944,410 | - | 944,410 |
| NET BOOK VALUE |
| At 30 April 2025 | 2,873,034 |
| At 30 April 2024 | 2,873,189 |
| Market value of listed investments at 30 April 2025 - £ 234 (2024 - £ 389 ). |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loan - 1 to 2 years |
| Bank loan - 2 to 5 years |
| Bank loan - over 5 years |
| Trade creditors |
| Other creditors |
| CIRCLE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02575623) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan - over 5 years | 222,969 | - |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank borrowings |
| Certain of the company's bank borrowings are secured by a charge on the company's freehold property and by a company debenture. Any assets held in accounts designated client accounts are excluded from the security given. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 50,000 |
| 13. | IMMEDIATE AND ULTIMATE PARENT COMPANY |
| The company is a subsidiary of Coventry CV1 3LY. |