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Company registration number: 05211028
Compass Car Hire Ltd
Unaudited filleted abridged financial statements
31 August 2021
Compass Car Hire Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Compass Car Hire Ltd
Directors and other information
Director Mr Murat Yeter
Company number 05211028
Registered office 16 Andre Street
Hackney
London
E8 2AA
Accountants Benchmark Accounting Services Ltd
187 High Road Leyton
London
E15 2BY
Compass Car Hire Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Compass Car Hire Ltd
Year ended 31st August 2021
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st August 2021 which comprise the abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Benchmark Accounting Services Ltd
187 High Road Leyton
London
E15 2BY
26th August 2022
Compass Car Hire Ltd
Abridged statement of financial position
31st August 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 518,901 603,528
Investments 6 - 15,000
_______ _______
518,901 618,528
Current assets
Debtors 107,425 146,087
Cash at bank and in hand 587,149 14,443
_______ _______
694,574 160,530
Creditors: amounts falling due
within one year ( 293,205) ( 204,431)
_______ _______
Net current assets/(liabilities) 401,369 ( 43,901)
_______ _______
Total assets less current liabilities 920,270 574,627
Creditors: amounts falling due
after more than one year ( 1,191,016) ( 696,989)
_______ _______
Net liabilities ( 270,746) ( 122,362)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 270,748) ( 122,364)
_______ _______
Shareholders deficit ( 270,746) ( 122,362)
_______ _______
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 August 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr Murat Yeter
Director
Company registration number: 05211028
Compass Car Hire Ltd
Statement of changes in equity
Year ended 31st August 2021
Called up share capital Profit and loss account Total
£ £ £
At 1st September 2019 2 40,157 40,159
Loss for the year ( 162,521) ( 162,521)
_______ _______ _______
Total comprehensive income for the year - ( 162,521) ( 162,521)
_______ _______ _______
At 31st August 2020 and 1st September 2020 2 ( 122,364) ( 122,362)
Loss for the year ( 148,384) ( 148,384)
_______ _______ _______
Total comprehensive income for the year - ( 148,384) ( 148,384)
_______ _______ _______
At 31st August 2021 2 ( 270,748) ( 270,746)
_______ _______ _______
Compass Car Hire Ltd
Notes to the financial statements
Year ended 31st August 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Andre Street, Hackney, London, E8 2AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 6 ).
5. Tangible assets
£
Cost
At 1st September 2020 911,921
Additions 243,873
Disposals ( 296,181)
_______
At 31st August 2021 859,613
_______
Depreciation
At 1st September 2020 308,393
Charge for the year 129,725
Disposals ( 97,406)
_______
At 31st August 2021 340,712
_______
Carrying amount
At 31st August 2021 518,901
_______
At 31st August 2020 603,528
_______
6. Investments
£
Cost
At 1st September 2020 15,000
Disposals ( 15,000)
_______
At 31st August 2021 -
_______
Impairment
At 1st September 2020 and 31st August 2021 -
_______
Carrying amount
At 31st August 2021 -
_______
At 31st August 2020 15,000
_______