Circle Financial Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03657694 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019

FOR

CIRCLE FINANCIAL SERVICES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A J Norcott

J Shields

F P Gower-Smith

L Claro

SECRETARY:

E L Ainscough

REGISTERED OFFICE:

118 Holyhead Road

Coventry

CV1 3LY

REGISTERED NUMBER:

03657694 (England and Wales)

ACCOUNTANTS:

Clive Shedd & Co

Chartered Accountants

232 Sladepool Farm Road

Birmingham

B14 5EE

FIXED ASSETS

Tangible assets

5

2,184

5,066

Investments

6

22,358

22,358

24,542

27,424

CURRENT ASSETS

Debtors

7

253,930

199,436

Cash at bank

54,048

40,511

307,978

239,947

CREDITORS

Amounts falling due within one year

8

80,930

57,615

NET CURRENT ASSETS

227,048

182,332

TOTAL ASSETS LESS CURRENT LIABILITIES

251,590

209,756

PROVISIONS FOR LIABILITIES

415

800

NET ASSETS

251,175

208,956

CAPITAL AND RESERVES

Called up share capital

10

50,000

50,000

Retained earnings

201,175

158,956

SHAREHOLDERS' FUNDS

251,175

208,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 August 2019 and were signed on its behalf by:

A J Norcott - Director

1.	STATUTORY INFORMATION

Circle Financial Services 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.

Preparation of consolidated financial statements

The financial statements contain information about Circle Financial 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 undertaking are included by full consolidation in the consolidated financial statements of its

parent, Circle Insurance Services Limited, of 118 Holyhead Road, Coventry CV1 3LY.

Related party exemption

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 year 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.

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 and commission 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 on receipt when earned.

Tangible fixed assets

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

Plant and machinery etc

-

50% on cost and 15% on reducing balance

Tangible fixed assets are initially recorded at cost.

Investments in subsidiaries

Fixed asset investments are initially recorded at cost less any amounts provided for 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.

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.

Pension costs and other post-retirement benefits

The company contributes to defined contribution pension schemes for its employees. Contributions payable for

the year are charged to profit or loss in the period to which they relate.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2018

and 30 April 2019

20,875

DEPRECIATION

At 1 May 2018

15,809

Charge for year

2,882

At 30 April 2019

18,691

NET BOOK VALUE

At 30 April 2019

2,184

At 30 April 2018

5,066

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2018

and 30 April 2019

22,358

NET BOOK VALUE

At 30 April 2019

22,358

At 30 April 2018

22,358

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

10,800

19,423

Amounts owed by group undertakings

216,243

149,912

Other debtors

13,296

20,796

Prepayments and accrued income

13,591

9,305

253,930

199,436

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

288

4,988

Taxation and social security

62,787

32,238

Accruals and deferred income

17,855

20,389

80,930

57,615

9.	SECURED DEBTS

Bank borrowings are secured by charges on the company's assets. Certain group bank borrowings are also

supported by a guarantee given by the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

50,000

Ordinary

£1

50,000

50,000

11.	ULTIMATE CONTROLLING PARTY