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COMPANY REGISTRATION NUMBER: 5649415
Compass Business Solutions Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 December 2023
Compass Business Solutions Limited
Financial Statements
Year Ended 31st December 2023
Contents
Page
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Compass Business Solutions Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Compass Business Solutions Limited
Year Ended 31st December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PEYTON TYLER MEARS Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
23 August 2024
Compass Business Solutions Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
933,946
933,946
Current Assets
Debtors
6
567,574
575,375
Cash at bank and in hand
4,945
33,979
----------
----------
572,519
609,354
Creditors: amounts falling due within one year
7
939,325
971,366
----------
----------
Net Current Liabilities
366,806
362,012
----------
----------
Total Assets Less Current Liabilities
567,140
571,934
Creditors: amounts falling due after more than one year
8
542,535
548,916
----------
----------
Net Assets
24,605
23,018
----------
----------
Compass Business Solutions Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Profit and loss account
24,505
22,918
---------
---------
Shareholders Funds
24,605
23,018
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
M. D. Nelson
B. A. Nelson
Director
Director
J. D. Nelson
Director
Company registration number: 5649415
Compass Business Solutions Limited
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Compass House, 21 Medway Wharf Road, Tonbridge, TN9 1GH, Kent.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. Tangible Assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Impairment of 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2022: Nil).
5. Tangible Assets
Freehold property
£
Cost
At 1st January 2023 and 31st December 2023
933,946
----------
Depreciation
At 1st January 2023 and 31st December 2023
----------
Carrying amount
At 31st December 2023
933,946
----------
At 31st December 2022
933,946
----------
6. Debtors
2023
2022
£
£
Trade debtors
85,920
93,720
Other debtors
481,654
481,655
----------
----------
567,574
575,375
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,380
6,380
Trade creditors
594
261
Corporation tax
39,310
37,263
Social security and other taxes
8,584
21,534
Other creditors
884,457
905,928
----------
----------
939,325
971,366
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
542,535
548,916
----------
----------