Compass Land & Property Limited
Registered number: 08522594
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 280 329
Current assets
Debtors 4 406,321 126,800
Cash at bank and in hand 138,406 448,472
544,727 575,272
Creditors: amounts falling due within one year 5 (52,825) (60,540)
Net current assets 491,902 514,732
Net assets 492,182 515,061
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 491,182 514,061
Shareholder's funds 492,182 515,061
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Donnelly
Director
Approved by the board on 26 September 2024
Compass Land & Property Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 7
3 Tangible fixed assets
Fixtures and fittings and office equipment
£
Cost
At 1 June 2023 387
At 31 May 2024 387
Depreciation
At 1 June 2023 58
Charge for the year 49
At 31 May 2024 107
Net book value
At 31 May 2024 280
At 31 May 2023 329
4 Debtors 2024 2023
£ £
Trade debtors 7,742 5,145
Amounts owed by group undertakings and undertakings in which the company has a participating interest 341,960 41,841
Other debtors 56,619 79,814
406,321 126,800
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,645 -
Trade creditors 124 302
Taxation and social security costs 6,603 27,325
Accruals and deferred income 33,453 32,912
Other creditors - 1
52,825 60,540
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D Donnelly
Director's loan 21,005 9,360 11,005 19,360
21,005 9,360 11,005 19,360
Interest is charged at a rate of 2.25%
7 Related party transactions
Compass Land & Property Limited is a subsidiary of Vision Property Holding Limited, registered at the same address.
8 Controlling party
The ultimate controlling party is Vision Property Holding Limited.
9 Other information
Compass Land & Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Goldington Road
Bedford
MK40 3JY
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