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REGISTERED NUMBER: OC353856 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Compass Financial Management LLP

Compass Financial Management LLP (Registered number: OC353856)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

General Information 1

Report of the Members 2

Abridged Income Statement 3

Abridged Balance Sheet 4

Notes to the Financial Statements 6


Compass Financial Management LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: Ms L C Loxley
D Thornton





REGISTERED OFFICE: Salisbury House
London
EC2M 5SQ





REGISTERED NUMBER: OC353856 (England and Wales)





ACCOUNTANTS: Pawley & Malyon
Salisbury House
London
EC2M 5SQ

Compass Financial Management LLP (Registered number: OC353856)

Report of the Members
for the Year Ended 31 March 2023


The members present their report with the financial statements of the LLP for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of Independent Financial Advisors

DESIGNATED MEMBERS
The designated members during the year under review were:

D Thornton

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £294,288 (2022 - £366,098 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





D Thornton - Designated member


30 September 2023

Compass Financial Management LLP (Registered number: OC353856)

Abridged Income Statement
for the Year Ended 31 March 2023

31/3/23 31/3/22
Notes £    £   

GROSS PROFIT 684,186 779,924

Administrative expenses 389,813 413,615
OPERATING PROFIT 4 294,373 366,309

Interest receivable and similar
income

40

1
294,413 366,310

Interest payable and similar
expenses

125

212
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS





294,288





366,098

Compass Financial Management LLP (Registered number: OC353856)

Abridged Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 14,907 26,406

CURRENT ASSETS
Debtors 5,006 41,833
Cash at bank 80,237 83,759
85,243 125,592
CREDITORS
Amounts falling due within one year 22,328 85,567
NET CURRENT ASSETS 62,915 40,025
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

77,822

66,431

LOANS AND OTHER DEBTS DUE
TO MEMBERS

6

77,822

66,431

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

6

77,822

66,431
Amounts due from members (5,006 ) (41,833 )
72,816 24,598

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Compass Financial Management LLP (Registered number: OC353856)

Abridged Balance Sheet - continued
31 March 2023


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The financial statements were approved by the members of the LLP and authorised for issue on 30 September 2023 and were signed by:





D Thornton - Designated member

Compass Financial Management LLP (Registered number: OC353856)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. Statutory information

Compass Financial Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on cost and 10% on cost

Hire purchase and 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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. Employee information

The average number of employees during the year was 2 (2022 - 1 ) .

4. Operating profit

The operating profit is stated after charging:

31/3/23 31/3/22
£    £   
Depreciation - owned assets 11,857 12,464

Compass Financial Management LLP (Registered number: OC353856)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. Tangible fixed assets
Totals
£   
Cost
At 1 April 2022 115,859
Additions 1,181
Disposals (1,098 )
At 31 March 2023 115,942
Depreciation
At 1 April 2022 89,453
Charge for year 11,857
Eliminated on disposal (275 )
At 31 March 2023 101,035
Net book value
At 31 March 2023 14,907
At 31 March 2022 26,406

6. Loans and other debts due to members

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.