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Registration number: 05406575

The Compliance Partnership Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

The Compliance Partnership Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 5

 

The Compliance Partnership Limited

(Registration number: 05406575)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

677

847

Current assets

 

Debtors

9,820

11,347

Cash at bank and in hand

 

22,395

19,437

 

32,215

30,784

Creditors: Amounts falling due within one year

(5,077)

(5,450)

Net current assets

 

27,138

25,334

Total assets less current liabilities

 

27,815

26,181

Accruals and deferred income

 

(11,663)

(11,550)

Net assets

 

16,152

14,631

Capital and reserves

 

Allotted, called up and fully paid share capital

1

1

Profit and loss account

16,151

14,630

Total equity

 

16,152

14,631

 

The Compliance Partnership Limited

(Registration number: 05406575)
Abridged Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised for issue by the director on 30 September 2024
 

.........................................

Ms J Connolly
Director

 

The Compliance Partnership Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

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 abridged 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 abridged 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.

When the outcome of a transaction can be estimated reliably, turnover from the provision of services is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tax

The tax expense for the period comprises current 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.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

The Compliance Partnership Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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 provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

The Compliance Partnership Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

1,591

At 31 March 2024

1,591

Depreciation

At 1 April 2023

744

Charge for the year

170

At 31 March 2024

914

Carrying amount

At 31 March 2024

677

At 31 March 2023

847

5

Related party transactions

During the year the Director advanced monies totalling £10,228 to the company on an interest free basis. The loans are unsecured and repayable on demand. The amount due to the Director at the year end was £928 (2023 - £970).

The company advanced monies to the Director during the year totalling £565 on an interest free basis. The loans were unsecured and repaid during the year.