Registered number
08522594
Compass Land & Property Limited
Accounts
31 May 2023
Compass Land & Property Limited
Registered number: 08522594
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 329 14,653
Current assets
Debtors 4 126,800 39,749
Cash at bank and in hand 448,472 495,936
575,272 535,685
Creditors: amounts falling due within one year 5 (60,540) (65,173)
Net current assets 514,732 470,512
Net assets 515,061 485,165
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 514,061 484,165
Shareholder's funds 515,061 485,165
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Donnelly
Director
Approved by the board on 23 November 2023
Compass Land & Property Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings and office equipment 15% reducing balanace
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 12
3 Tangible fixed assets
Fixtures and fittings and office equipment
£
Cost
At 1 June 2022 46,869
Additions 1,221
Disposals (47,703)
At 31 May 2023 387
Depreciation
At 1 June 2022 32,216
Charge for the year 58
On disposals (32,216)
At 31 May 2023 58
Net book value
At 31 May 2023 329
At 31 May 2022 14,653
4 Debtors 2023 2022
£ £
Trade debtors 5,145 24,257
Amounts owed by group undertakings and undertakings in which the company has a participating interest 41,841 15,492
Other debtors 79,814 -
126,800 39,749
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 302 3,071
Taxation and social security costs 27,325 29,836
Accruals and deferred income 32,912 32,010
Other creditors 1 256
60,540 65,173
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D Donnelly
Director's loan - 21,005 - 21,005
- 21,005 - 21,005
Interest is charged at a rate of 2.25%.
7 Related party transactions
Compass Land & Property Limited is a subsidiary of Vision Property Holding Limited, registered at the same address.
8 Controlling party
The ultimate controlling party is Vision Property Holding Limited.
9 Other information
Compass Land & Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Goldington Road
Bedford
MK40 3JY
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