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REGISTERED NUMBER: 04824522 (England and Wales)












Compass Lift Truck Services Limited

Unaudited Financial Statements

for the Year Ended 31st August 2023






Compass Lift Truck Services Limited (Registered number: 04824522)






Contents of the Financial Statements
for the Year Ended 31st August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Compass Lift Truck Services Limited

Company Information
for the Year Ended 31st August 2023







DIRECTORS: R W Gerry
Mrs C J Barnard





SECRETARY: Mrs C J Barnard





REGISTERED OFFICE: 34A & B Compass Business Park
Pipers Close
Pennygillam Industrial Estate
Launceston
Cornwall
PL15 7EB





REGISTERED NUMBER: 04824522 (England and Wales)





ACCOUNTANTS: ATC Advisors
Chartered Accountants
Unit 2 Dunheved Court
Pennygillam Way
LAUNCESTON
Cornwall
PL15 7ED

Compass Lift Truck Services Limited (Registered number: 04824522)

Statement of Financial Position
31st August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 85,437 106,533

CURRENT ASSETS
Stocks 434,031 414,659
Debtors 5 239,827 265,670
Cash at bank and in hand 350,871 256,164
1,024,729 936,493
CREDITORS
Amounts falling due within one year 6 133,203 123,544
NET CURRENT ASSETS 891,526 812,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

976,963

919,482

PROVISIONS FOR LIABILITIES 15,421 15,358
NET ASSETS 961,542 904,124

CAPITAL AND RESERVES
Called up share capital 860 860
Capital redemption reserve 140 140
Retained earnings 960,542 903,124
SHAREHOLDERS' FUNDS 961,542 904,124

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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.

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 4th March 2024 and were signed on its behalf by:





R W Gerry - Director


Compass Lift Truck Services Limited (Registered number: 04824522)

Notes to the Financial Statements
for the Year Ended 31st August 2023

1. STATUTORY INFORMATION

Compass Lift Truck Services 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.

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.

Turnover
Turnover represents net sales of goods and supply of services, excluding value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - 4% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 25% on reducing balance

Stocks
Stock (including hire stock) is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Net realisable value is based on selling prices less anticipated selling and completion costs.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 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.

Compass Lift Truck Services Limited (Registered number: 04824522)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
Buildings machinery fittings
£    £    £   
COST
At 1st September 2022 25,113 4,558 15,999
Disposals - - -
At 31st August 2023 25,113 4,558 15,999
DEPRECIATION
At 1st September 2022 15,182 4,097 15,470
Charge for year 1,004 115 132
Eliminated on disposal - - -
At 31st August 2023 16,186 4,212 15,602
NET BOOK VALUE
At 31st August 2023 8,927 346 397
At 31st August 2022 9,931 461 529

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st September 2022 185,175 7,821 238,666
Disposals (13,479 ) - (13,479 )
At 31st August 2023 171,696 7,821 225,187
DEPRECIATION
At 1st September 2022 89,583 7,801 132,133
Charge for year 18,189 5 19,445
Eliminated on disposal (11,828 ) - (11,828 )
At 31st August 2023 95,944 7,806 139,750
NET BOOK VALUE
At 31st August 2023 75,752 15 85,437
At 31st August 2022 95,592 20 106,533

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 216,821 250,688
Other debtors 23,006 14,982
239,827 265,670

Compass Lift Truck Services Limited (Registered number: 04824522)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 54,066 76,356
Taxation and social security 70,810 34,679
Other creditors 8,327 12,509
133,203 123,544

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 19,787 19,787

8. SECURED DEBTS

HSBC Bank Plc hold a fixed and floating charge over all property and assets of the company.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st August 2023 and 31st August 2022:

2023 2022
£    £   
R W Gerry
Balance outstanding at start of year (3,099 ) 6,899
Amounts advanced 68,499 56,002
Amounts repaid (57,600 ) (66,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,800 (3,099 )

Mrs C J Barnard
Balance outstanding at start of year (6,677 ) (2,786 )
Amounts advanced 25,400 32,509
Amounts repaid (24,500 ) (36,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,777 ) (6,677 )

The overdrawn Directors' loan account has been repaid within 9 months of the year end date.