Circulate Plus Ltd

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—7

Report to the directors on the preparation of the unaudited statutory accounts of Circulate Plus Ltd for the year ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Circulate Plus Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Circulate Plus Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Circulate Plus Ltd and state those matters that we have agreed to state to the directors of Circulate Plus Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Circulate Plus Ltd and its directors as a body for our work or for this report.

It is your duty to ensure that Circulate Plus Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Circulate Plus Ltd . You consider that Circulate Plus Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Circulate Plus Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

23 July 2026

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Circulate Plus Ltd

Balance Sheet

As At 31 March 2026

Balance Sheet

Registered number: SC692699

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		20,977		21,025
Tangible Assets	5		221,689		211,014

			242,666		232,039
CURRENT ASSETS
Debtors	6	2,721		1,018
Cash at bank and in hand		60,180		9,827

		62,901		10,845
Creditors: Amounts Falling Due Within One Year	7	(424,883 )		(421,368 )

NET CURRENT ASSETS (LIABILITIES)			(361,982 )		(410,523 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(119,316 )		(178,484 )

NET LIABILITIES			(119,316 )		(178,484 )

CAPITAL AND RESERVES
Called up share capital			154		154
Share premium account			14,982		14,982
Profit and Loss Account			(134,452 )		(193,620 )

SHAREHOLDERS' FUNDS			(119,316)		(178,484)

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Circulate Plus Ltd

Balance Sheet (continued)

As At 31 March 2026

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 23 July 2026 and were signed on its behalf by:

Mr D Walker

Director

The notes on pages 4 to 7 form part of these financial statements.

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Circulate Plus Ltd

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

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 £137,719 (2025: £131,195) and amounts owed to associates with a total balance of £284,101 (2025: £270,919), 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.

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.

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Circulate Plus Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

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 (2025: NIL)

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Circulate Plus Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

4. Intangible Assets

	Intellectual Property
	£
Cost
As at 1 April 2025	30,477
Additions	3,000

As at 31 March 2026	33,477

Amortisation
As at 1 April 2025	9,452
Impairment losses	3,048

As at 31 March 2026	12,500

Net Book Value
As at 31 March 2026	20,977

As at 1 April 2025	21,025

5. Tangible Assets

	Assets under construction
	£
Cost
As at 1 April 2025	211,014
Additions	10,675

As at 31 March 2026	221,689

Net Book Value
As at 31 March 2026	221,689

As at 1 April 2025	211,014

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	2,721	-
Prepayments and accrued income	-	780
VAT	-	238

	2,721	1,018

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Circulate Plus Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	54	19,254
VAT	3,009	-
Directors' loan accounts	137,719	131,195
Amounts owed to associates	284,101	270,919

	424,883	421,368

8. Directors Advances, Credits and Guarantees

Included within creditors are the following loans to directors:

	As at 1 April 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2026
	£	£	£	£	£
Mr Jonathan Buckland	(41,650 )	-	(2,750 )	-	(44,400 )
Mr Dave Walker	(58,956 )	5,500	(8,250 )	-	(61,706 )
Mr Bruce Thornton Jepp	(30,589 )	1,024	(2,048 )	-	(31,613 )

The above loan's are interest free and have no fixed repayment terms.

9. Related Party Transactions

As at 31 March 2026, there is a loan balance within creditors of £284,101 (2025: £270,919) due to associates that have participating interest in the company. This loan is interest free and has no fixed repayment terms

10. Ultimate Controlling Party

The company's ultimate controlling parties are Mr D Walker and Mr J Buckland by virtue of their combined ownership of 55% (2025: 66%) of the issued share capital.

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