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Registrar

Registration number: 08271721

Green Compass Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Green Compass Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Green Compass Ltd

Company Information

Directors

G Green

J A Clapson

S F Hitchcock

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank Plc
Wolverhampton Queen Square
Leicester
Leicestershire
LE87 2BB

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Green Compass Ltd

(Registration number: 08271721)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,095

-

Investment property

5

350,000

345,000

 

351,095

345,000

Current assets

 

Debtors

6

903

280

Cash at bank and in hand

 

56,283

76,953

 

57,186

77,233

Creditors: Amounts falling due within one year

7

(305,364)

(305,771)

Net current liabilities

 

(248,178)

(228,538)

Total assets less current liabilities

 

102,917

116,462

Provisions for liabilities

(8,599)

(7,649)

Net assets

 

94,318

108,813

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

94,018

108,513

Shareholders' funds

 

94,318

108,813

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2024 and signed on its behalf by:
 

S F Hitchcock
Director

 

Green Compass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Jangles, Barrells Road, Thurston, Bury St Edmunds, IP31 3SF.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable of rental income from the investment property.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

 

Green Compass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Investment property

Investment property is carried at fair value, derived from the current market price at the time of purchase by the directors. Market price will be determined annually by the directors, adjusted if necessary for any change in nature, location or condition of the specific asset. Changes in fair value will be recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from tenants for rental of the investment property.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

Additions

1,200

1,200

At 31 October 2023

1,200

1,200

Depreciation

Charge for the year

105

105

At 31 October 2023

105

105

Carrying amount

At 31 October 2023

1,095

1,095

 

Green Compass Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Investment properties

2023
£

At 1 November 2022

345,000

Additions

13,522

Fair value adjustments

(8,522)

At 31 October 2023

350,000

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors annually.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Other debtors

107

280

Prepayments and accrued income

796

-

903

280

7

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Directors loan

304,439

304,439

Accruals and deferred income

925

1,332

305,364

305,771

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

300

300

300

300