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Company No: 13802527 (England and Wales)

# CIRCULAR11 LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

CIRCULAR11 LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

CIRCULAR11 LIMITED

## BALANCE SHEET

As at 31 December 2025
CIRCULAR11 LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 482,404 |  | 69,130
|  | 482,404 |  | 69,130
Current assets |  |  |  |
Debtors | 4 | 46,217 |  | 41,042
Cash at bank and in hand |  | 124,062 |  | 30,421
|  | 170,279 |  | 71,463
Creditors: amounts falling due within one year | 5 | ( 488,093) |  | ( 19,258)
Net current (liabilities)/assets |  | (317,814) |  | 52,205
Total assets less current liabilities |  | 164,590 |  | 121,335
Creditors: amounts falling due after more than one year | 6 | ( 390,325) |  | 0
Net (liabilities)/assets |  | ( 225,735) |  | 121,335
Capital and reserves |  |  |  |
Called-up share capital | 7 | 117 |  | 117
Share premium account |  | 358,322 |  | 358,322
Profit and loss account |  | ( 584,174 ) |  | ( 237,104 )
Total shareholders' (deficit)/funds |  | ( 225,735) |  | 121,335

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Circular11 Limited (registered number: 13802527) were approved and authorised for issue by the Board of Directors on 14 May 2026. They were signed on its behalf by:

Ben Gibbons Director |

CIRCULAR11 LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
CIRCULAR11 LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Circular11 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3 Ambassador Industrial Estate, Airfield Road, Christchurch, BH23 3TG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

##### Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery | 4 years straight line
Office equipment | 4 years straight line
Computer equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 18 |  | 10

#### 3. Tangible assets

| Plant and machinery |  | Office equipment |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 January 2025 | 107,513 |  | 1,285 |  | 660 |  | 109,458
Additions | 444,901 |  | 0 |  | 0 |  | 444,901
Disposals | ( 5,000) |  | 0 |  | 0 |  | ( 5,000)
At 31 December 2025 | 547,414 |  | 1,285 |  | 660 |  | 549,359
Accumulated depreciation |  |  |  |  |  |  |
At 01 January 2025 | 39,615 |  | 452 |  | 261 |  | 40,328
Charge for the financial year | 30,411 |  | 322 |  | 165 |  | 30,898
Disposals | ( 4,271) |  | 0 |  | 0 |  | ( 4,271)
At 31 December 2025 | 65,755 |  | 774 |  | 426 |  | 66,955
Net book value |  |  |  |  |  |  |
At 31 December 2025 | 481,659 |  | 511 |  | 234 |  | 482,404
At 31 December 2024 | 67,898 |  | 833 |  | 399 |  | 69,130

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 14,606 |  | 3,090
Corporation tax | 0 |  | 18,805
Other debtors | 31,611 |  | 19,147
| 46,217 |  | 41,042

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 40,362 |  | 311
Trade creditors | 43,222 |  | 0
Amounts owed to Group undertakings | 18,564 |  | 0
Other taxation and social security | 28,772 |  | 5,359
Obligations under finance leases and hire purchase contracts | 53,138 |  | 0
Other creditors | 304,035 |  | 13,588
| 488,093 |  | 19,258

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 200,555 |  | 0
Obligations under finance leases and hire purchase contracts (secured) | 189,770 |  | 0
| 390,325 |  | 0

The hire purchase loans are secured against the assets to which they relate.

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
1,172,513 Ordinary shares of £ 0.0001 each | 117 |  | 117

#### 8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
Within one year | 7,125 |  | 28,500
Between one and five years | 0 |  | 7,125
Total future minimum lease payments under non-cancellable operating leases | 7,125 |  | 35,625

#### 9. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Key Management | 6,251 |  | 2,829