2023-01-012023-12-312023-12-31false12906385COMPASS BUILDING CONSULTANCY 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COMPASS BUILDING CONSULTANCY LIMITED

Registered Number
12906385
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

COMPASS BUILDING CONSULTANCY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

LEAF, Daniel Robert
SUTCLIFFE, Aidan

Registered Address

4 Foxoak Park
Common Road
York
YO19 5RZ

Registered Number

12906385 (England and Wales)
COMPASS BUILDING CONSULTANCY LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets350,66865,048
50,66865,048
Current assets
Debtors5135,54554,004
Cash at bank and on hand125,00674,286
260,551128,290
Creditors amounts falling due within one year6(170,322)(84,585)
Net current assets (liabilities)90,22943,705
Total assets less current liabilities140,897108,753
Creditors amounts falling due after one year7(38,501)(53,954)
Provisions for liabilities9(9,502)(12,359)
Net assets92,89442,440
Capital and reserves
Called up share capital100100
Profit and loss account92,79442,340
Shareholders' funds92,89442,440
The financial statements were approved and authorised for issue by the Board of Directors on 24 July 2024, and are signed on its behalf by:
LEAF, Daniel Robert
Director
Registered Company No. 12906385
COMPASS BUILDING CONSULTANCY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Functional and presentation currency
The financial statements are presented in sterling, which is the functional currency of the entity.
Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company’s trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it, and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
Revenue from sale of goods
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Current taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amount of tax expected to pay or recover using the tax rates and laws that have been enacted, or substantively enacted, at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.Average number of employees

20232022
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 January 232,43173,91312,50288,846
Additions--3,5753,575
Disposals--(3,445)(3,445)
At 31 December 232,43173,91312,63288,976
Depreciation and impairment
At 01 January 2392918,4784,39123,798
Charge for year37513,8591,51615,750
On disposals--(1,240)(1,240)
At 31 December 231,30432,3374,66738,308
Net book value
At 31 December 231,12741,5767,96550,668
At 31 December 221,50255,4358,11165,048
4.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables125,54554,004
Prepayments and accrued income10,000-
Total135,54554,004
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,0871,693
Amounts owed to related parties25,78531,311
Taxation and social security102,97322,639
Finance lease and HP contracts15,45315,453
Other creditors21,75812,047
Accrued liabilities and deferred income1,2661,442
Total170,32284,585
7.Creditors: amounts due after one year

2023

2022

££
Other creditors38,50153,954
Total38,50153,954
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts38,50153,954
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)9,50212,359
Total9,50212,359
10.Related party transactions
During the year the director loaned monies to the company. This loan is interest free and repayable on demand. At the year end the balance of the loan was £20,625 (2022: 10,870).