2023-01-012023-12-312023-12-31false06898662EXECUTIVE COMPASS BUSINESS CONSULTANTS 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EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED

Registered Number
06898662
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

N A CAPSTICK
A LAWSON
C M ROWE

Registered Address

Studio 5, The Kiln Hoults Yard
Walker Road
Newcastle Upon Tyne
NE6 2HL

Registered Number

06898662 (England and Wales)
EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets38,66535,509
38,66535,509
Current assets
Debtors6499,280400,884
Cash at bank and on hand605,031496,165
1,104,311897,049
Creditors amounts falling due within one year7(423,852)(357,089)
Net current assets (liabilities)680,459539,960
Total assets less current liabilities719,124575,469
Provisions for liabilities9(7,316)(6,747)
Net assets711,808568,722
Capital and reserves
Called up share capital100100
Profit and loss account711,708568,622
Shareholders' funds711,808568,722
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:
N A CAPSTICK
Director
Registered Company No. 06898662
EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Statutory information
The company is a private company limited by share capital, incorporated in the United Kingdom, registered in England and Wales. The company registered number is: 06898662 The address of its registered office is: Studio 5, The Kiln Hoults Yard Walker Road Newcastle Upon Tyne NE6 2HL England
2.Compliance with applicable reporting framework
These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.
3.Basis of measurement used in financial statements
These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
4.Accounting policies
Property, plant and equipment policy
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Revenue recognition policy
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. 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.
Taxation policy
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Deferred tax policy
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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.
Government grants and other government assistance policy
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Employee benefits policy
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
5.Employee information

20232022
Average number of employees during the year2828
6.Debtors

2023

2022

££
Trade debtors / trade receivables474,432392,966
Prepayments and accrued income24,8487,918
Total499,280400,884
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables27,29722,935
Taxation and social security343,219291,124
Other creditors8,1945,904
Accrued liabilities and deferred income45,14237,126
Total423,852357,089
8.Creditors after one year
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)7,3166,747
Total7,3166,747