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REGISTERED NUMBER: 03850900 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

COMPASS ACCOUNTANTS LIMITED

COMPASS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 03850900)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMPASS ACCOUNTANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: S J D Lawrance
Mrs K Lawrance





REGISTERED OFFICE: Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR





REGISTERED NUMBER: 03850900 (England and Wales)





ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

COMPASS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 03850900)

BALANCE SHEET
30TH JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 7,500
Tangible assets 5 24,374 18,350
24,374 25,850

CURRENT ASSETS
Debtors 6 507,023 467,853
Cash at bank and in hand 7,742 7,701
514,765 475,554
CREDITORS
Amounts falling due within one year 7 332,962 335,023
NET CURRENT ASSETS 181,803 140,531
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,177

166,381

CREDITORS
Amounts falling due after more than one
year

8

(20,367

)

(30,136

)

PROVISIONS FOR LIABILITIES (4,767 ) (3,227 )
NET ASSETS 181,043 133,018

CAPITAL AND RESERVES
Called up share capital 1,900 1,900
Capital redemption reserve 900 900
Retained earnings 178,243 130,218
SHAREHOLDERS' FUNDS 181,043 133,018

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 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.

COMPASS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 03850900)

BALANCE SHEET - continued
30TH JUNE 2023


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

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 and authorised for issue on 25th November 2023 and were signed on its behalf by:




S J D Lawrance - Director



Mrs K Lawrance - Director


COMPASS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 03850900)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Compass Accountants 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced fees receivable, excluding value added tax plus incomplete work not billed at the year end which has been valued by reference to the amount recoverable and the proportion of the work completed.

Goodwill
Goodwill, being the amounts paid in connection with the aquisition of businesses, is written off evenly over the expected useful lives of twenty years.

Intangible assets
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over period of lease
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

COMPASS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 03850900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Work in progress
Work in progress, being work done that has not been completed at the year end has been valued by reference to the amount recoverable and the proportion of the work completed and has been included in turnover and other debtors respectively.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2022
and 30th June 2023 465,000
AMORTISATION
At 1st July 2022 457,500
Charge for year 7,500
At 30th June 2023 465,000
NET BOOK VALUE
At 30th June 2023 -
At 30th June 2022 7,500

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st July 2022 4,513 44,352 77,876 126,741
Additions - 418 13,307 13,725
At 30th June 2023 4,513 44,770 91,183 140,466
DEPRECIATION
At 1st July 2022 4,513 42,974 60,904 108,391
Charge for year - 602 7,099 7,701
At 30th June 2023 4,513 43,576 68,003 116,092
NET BOOK VALUE
At 30th June 2023 - 1,194 23,180 24,374
At 30th June 2022 - 1,378 16,972 18,350

COMPASS ACCOUNTANTS LIMITED (REGISTERED NUMBER: 03850900)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 301,518 258,813
Amounts owed by group undertakings 136,652 62,796
Other debtors 68,853 146,244
507,023 467,853

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 44,724 52,977
Trade creditors 42,496 41,997
Taxation and social security 205,480 173,921
Other creditors 40,262 66,128
332,962 335,023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans 20,367 30,136

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank overdrafts 35,185 43,909
Bank loans 29,906 39,204
65,091 83,113

The overdraft has been personally guaranteed by the directors.

The bank loan and loan note liabilities of its parent company, The SKL Group Limited have been secured on the assets of Compass Accountants Limited.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned trading subsidiary of The SKL Group Limited.

The ultimate controlling party is director, Mrs K Lawrance, by virtue of a controlling interest in the share capital of the holding company.