Compass Property Investment Ltd 11630526 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true true 11630526 2022-11-01 2023-10-31 11630526 2023-10-31 11630526 bus:Director1 1 2023-10-31 11630526 core:CurrentFinancialInstruments 2023-10-31 11630526 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 11630526 core:Non-currentFinancialInstruments 2023-10-31 11630526 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 11630526 core:FurnitureFittings 2023-10-31 11630526 bus:SmallEntities 2022-11-01 2023-10-31 11630526 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 11630526 bus:FullAccounts 2022-11-01 2023-10-31 11630526 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 11630526 bus:RegisteredOffice 2022-11-01 2023-10-31 11630526 bus:Director1 2022-11-01 2023-10-31 11630526 bus:Director1 1 2022-11-01 2023-10-31 11630526 bus:Director2 2022-11-01 2023-10-31 11630526 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11630526 core:FurnitureFittings 2022-11-01 2023-10-31 11630526 countries:EnglandWales 2022-11-01 2023-10-31 11630526 2022-10-31 11630526 bus:Director1 1 2022-10-31 11630526 core:FurnitureFittings 2022-10-31 11630526 2021-11-01 2022-10-31 11630526 2022-10-31 11630526 bus:Director1 1 2022-10-31 11630526 core:CurrentFinancialInstruments 2022-10-31 11630526 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 11630526 core:Non-currentFinancialInstruments 2022-10-31 11630526 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 11630526 core:FurnitureFittings 2022-10-31 11630526 bus:Director1 1 2021-11-01 2022-10-31 11630526 bus:Director1 1 2021-10-31 iso4217:GBP xbrli:pure

Registration number: 11630526

Compass Property Investment Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Compass Property Investment Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Compass Property Investment Ltd

Company Information

Directors

Mrs AR Czyrek-Escalona

HJ Escalona Perez

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Compass Property Investment Ltd

(Registration number: 11630526)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

589

786

Investment property

5

230,000

230,000

 

230,589

230,786

Current assets

 

Debtors

6

314

621

Cash at bank and in hand

 

15,805

5,130

 

16,119

5,751

Creditors: Amounts falling due within one year

7

(38,277)

(58,674)

Net current liabilities

 

(22,158)

(52,923)

Total assets less current liabilities

 

208,431

177,863

Creditors: Amounts falling due after more than one year

7

(190,040)

(164,496)

Provisions for liabilities

(7,621)

(7,621)

Net assets

 

10,770

5,746

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

10,768

5,744

Shareholders' funds

 

10,770

5,746

 

Compass Property Investment Ltd

(Registration number: 11630526)
Balance Sheet as at 31 October 2023

For the financial year ending 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 19 July 2024 and signed on its behalf by:
 

.........................................
Mrs AR Czyrek-Escalona
Director

.........................................
HJ Escalona Perez
Director

 

Compass Property Investment Ltd

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

1

General information

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 19 July 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises 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.

 

Compass Property Investment Ltd

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

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 been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

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

Asset class

Depreciation method and rate

Furniture and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Compass Property Investment Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 November 2022

1,427

1,427

At 31 October 2023

1,427

1,427

Depreciation

At 1 November 2022

641

641

Charge for the year

197

197

At 31 October 2023

838

838

Carrying amount

At 31 October 2023

589

589

At 31 October 2022

786

786

5

Investment properties

2023
£

At 1 November

230,000

At 31 October

230,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

410

Prepayments

314

211

 

314

621

 

Compass Property Investment Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,077

9,829

Trade creditors

 

305

-

Accruals and deferred income

 

1,680

1,680

Other creditors

 

26,215

47,165

 

38,277

58,674

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

190,040

164,496

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

190,040

164,496

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,077

9,829

 

Compass Property Investment Ltd

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

10

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mrs AR Czyrek-Escalona

Directors' loan account

(20,774)

12,615

(1,590)

(9,749)

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mrs AR Czyrek-Escalona

Directors' loan account

(41,487)

22,335

(1,622)

(20,774)