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Registered Number: 08274551
England and Wales

 

 

 

COMPASS EXECUTIVE CARS (UK) LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
Directors Simon Stewart
Stephen David Melledew
Registered Number 08274551
Registered Office c/o Melanie Curtis Accountants Ltd
100 Berkshire Place, Winnersh
Wokingham
Berkshire
RG41 5RD
1
Director's report and financial statements
The directors present his annual report and the financial statements for the year ended 31 October 2023.
Principal activities
Principal activity of the company during the financial year was of chauffeur services.
Directors
The directors who served the company throughout the year were as follows:
Simon Stewart
Stephen David Melledew

This report was approved by the board and signed on its behalf by:


----------------------------------
Simon Stewart
Director

Date approved: 09 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 11,781    13,190 
Tangible fixed assets 4 50,463    27,882 
62,244    41,072 
Current assets      
Debtors 5 163,800    212,835 
Cash at bank and in hand 495,573    403,233 
659,373    616,068 
Creditors: amount falling due within one year 6 (306,023)   (381,013)
Net current assets 353,350    235,055 
 
Total assets less current liabilities 415,594    276,127 
Creditors: amount falling due after more than one year 7 (10,248)   (35,519)
Provisions for liabilities 8 18,193    17,918 
Net assets 423,539    258,526 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 423,439    258,426 
Shareholder's funds 423,539    258,526 
 


For the 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:
  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 financial statements were approved by the board of directors on 09 February 2024 and were signed on its behalf by:


-------------------------------
Simon Stewart
Director
3
General Information
Compass Executive Cars (Uk) Ltd is a private company, limited by shares, registered in England and Wales, registration number 08274551, registration address c/o Melanie Curtis Accountants Ltd, 100 Berkshire Place, Winnersh, Wokingham, Berkshire, RG41 5RD. The trading address of the company is Yewtree Cottage Stoke Row, Silchester, Reading, Berkshire, RG7 2PB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102.1A The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover represents net sales of services, excluding value added tax, as adjusted for work in
progress. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for the services rendered to its customer.
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.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 taxation
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.
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.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are being amortised evenly over their estimated useful life of 3 years.

Computer software is being amortised evenly over its estimated useful life of 3 years.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
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:

Motor Vehicles 33% Reducing Balance
Computer Equipment 33% Reducing Balance
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.
2.

Average number of employees


Average number of employees during the year was 1 (2022 : 1).
3.

Intangible fixed assets

Cost Goodwill   Other   Software License   Total
  £   £   £   £
At 01 November 2022 197,500    3,500    28,530    229,530 
Additions      
Disposals      
At 31 October 2023 197,500    3,500    28,530    229,530 
Amortisation
At 01 November 2022 184,700    3,183    28,457    216,340 
Charge for year 1,280    105    24    1,409 
On disposals      
At 31 October 2023 185,980    3,288    28,481    217,749 
Net book values
At 31 October 2023 11,520    212    49    11,781 
At 31 October 2022 12,800    317    73    13,190 


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Total
  £   £   £
At 01 November 2022 277,310    5,199    282,509 
Additions 39,450      39,450 
Disposals    
At 31 October 2023 316,760    5,199    321,959 
Depreciation
At 01 November 2022 249,702    4,925    254,627 
Charge for year 16,779    90    16,869 
On disposals    
At 31 October 2023 266,481    5,015    271,496 
Net book values
Closing balance as at 31 October 2023 50,279    184    50,463 
Opening balance as at 01 November 2022 27,608    274    27,882 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 145,648    194,661 
Taxation Recoverable 11,476    11,476 
Directors' Loan Accounts 6,676    6,698 
163,800    212,835 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 30,979    32,263 
Bank Loans & Overdrafts 5,856    5,856 
Other Loans 19,414    28,007 
Social Security and Other Taxes 132,741    124,375 
Other Creditors 93    93 
Directors' Current Accounts 116,940    190,419 
306,023    381,013 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 10,248    16,105 
Other Loans 1-5 Years   19,414 
10,248    35,519 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax (18,193)   (17,918)
(18,193)   (17,918)

4