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Logo On Report
Registered Number: 10615460
England and Wales

 

 

 

COMPASS SKILLS TRAINING LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 14,300    18,635 
Investments 4 4,395   
18,695    18,635 
Current assets      
Stocks 83,412    19,681 
Debtors 127,784    101,705 
Cash at bank and in hand 12,178    3,946 
223,374    125,332 
Creditors: amount falling due within one year (173,620)   (118,283)
Net current assets 49,754    7,049 
 
Total assets less current liabilities 68,449    25,684 
Creditors: amount falling due after more than one year (30,990)   (35,185)
Provisions for liabilities (3,399)  
Net assets 34,060    (9,501)
 

Capital and reserves
     
Called up share capital 5 150    100 
Profit and loss account 33,910    (9,601)
Shareholder's funds 34,060    (9,501)
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 22 March 2024 and were signed on its behalf by:


-------------------------------
Paul Williams
Director
1
General Information
Compass Skills Training Limited is a private company, limited by shares, registered in England and Wales, registration number 10615460, registration address Compass House Cowling Business Park, Canalside, Chorley, Lancashire, PR6 0QL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
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.
2.

Average number of employees

Average number of employees during the year was 18 (2023 : 20).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 March 2023 3,338    11,443    22,352    37,133 
Additions      
Disposals      
At 29 February 2024 3,338    11,443    22,352    37,133 
Depreciation
At 01 March 2023 1,930    5,006    10,359    17,295 
Charge for year 469    2,146    2,923    5,538 
On disposals      
At 29 February 2024 2,399    7,152    13,282    22,833 
Net book values
Closing balance as at 29 February 2024 939    4,291    9,070    14,300 
Opening balance as at 01 March 2023 1,408    6,437    10,790    18,635 


4.

Investments

Cost Loans to participating interests   Total
  £   £
At 01 March 2023  
Additions 4,395    4,395 
Transfer to/from tangible fixed assets  
Disposals  
At 29 February 2024 4,395    4,395 

5.

Share Capital

Authorised
150 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
150 Class A shares of £1.00 each 150    150 
150    150 

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Erin Williams4,395 

During the year £4,395 was loaned to Erin Williams. This is to be repaid in the next financial year (2024/25) with no interest applied.
2