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COMPASS CONSTRUCTION SOUTHERN LIMITED

Registered Number
06876734
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

COMPASS CONSTRUCTION SOUTHERN LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

TAYLOR, Richard William
CADMAN, Stephen Robert Gary

Company Secretary

TAYLOR, Richard William

Registered Address

71-75 Shelton Street
Covent Garden
WC2H 9JQ

Registered Number

06876734 (England and Wales)
COMPASS CONSTRUCTION SOUTHERN LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets716,04719,774
16,04719,774
Current assets
Debtors8390,224165,961
Cash at bank and on hand122,737298,610
512,961464,571
Creditors amounts falling due within one year9(283,359)(244,570)
Net current assets (liabilities)229,602220,001
Total assets less current liabilities245,649239,775
Creditors amounts falling due after one year10(73,179)(93,162)
Provisions for liabilities11(4,012)(3,757)
Net assets168,458142,856
Capital and reserves
Called up share capital7070
Other reserves5050
Profit and loss account168,338142,736
Shareholders' funds168,458142,856
The financial statements were approved and authorised for issue by the Board of Directors on 6 February 2024, and are signed on its behalf by:
CADMAN, Stephen Robert Gary
Director
TAYLOR, Richard William
Director

Registered Company No. 06876734
COMPASS CONSTRUCTION SOUTHERN LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
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).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents amounts receivable for property development and refurbishment services and is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery33
Fixtures and fittings33
Vehicles25
Revenue recognition policy
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.
Taxation policy
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 policy
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. Current and deferred tax assets and liabilities are not discounted. The carrying amount of deferred tax is reviewed at the end of each reporting end date.
Research and development policy
Research and development costs are written off to the profit and loss account as incurred. Tax relief is recognised once the benefit can be reliably quantifed.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
5.Exceptional items
Research and Development Tax relief is recognised in the previous financial year in relation to the financial periods ending 2020 and 2021. Qualifying expenditure which contributed to the R&D relief consists of Staffing costs, consumable items and subcontracting activities, these were all written off to the profit and loss as incurred. The total benefit recognised in the prior financial year, is £13 605. There is no relief in the current year.
6.Employee information

20232022
Average number of employees during the year43
7.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 November 2251,04863,3031,732116,083
Additions2,660--2,660
At 31 October 2353,70863,3031,732118,743
Depreciation and impairment
At 01 November 2245,64048,9371,73296,309
Charge for year2,7933,59136,387
At 31 October 2348,43352,5281,735102,696
Net book value
At 31 October 235,27510,775(3)16,047
At 31 October 225,40814,366-19,774
8.Debtors

2023

2022

££
Trade debtors / trade receivables102,268-
Other debtors287,956165,961
Total390,224165,961
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.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables14,1106,716
Taxation and social security45,05038,437
Other creditors224,199199,417
Total283,359244,570
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.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts30,00050,000
Other creditors43,17943,162
Total73,17993,162
Creditors after one year consist of the repayments on the Bounce Back loan after one year and Directors Loans.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)4,0123,757
Total4,0123,757