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REGISTERED NUMBER: 11752673 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

COMPASS ELECTRICAL SOLUTIONS (SW) LTD

COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMPASS ELECTRICAL SOLUTIONS (SW) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Mr L J Turvey



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 11752673 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Natwest Plc
15 Victoria Street
Paignton
Devon
TQ4 5DE

COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,877 32,507

CURRENT ASSETS
Stocks 5 4,500 4,000
Debtors 6 29,975 33,095
Cash at bank 19 2,578
34,494 39,673
CREDITORS
Amounts falling due within one year 7 36,318 28,023
NET CURRENT (LIABILITIES)/ASSETS (1,824 ) 11,650
TOTAL ASSETS LESS CURRENT LIABILITIES 24,053 44,157

CREDITORS
Amounts falling due after more than one
year

8

22,476

38,265
NET ASSETS 1,577 5,892

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,477 5,792
SHAREHOLDERS' FUNDS 1,577 5,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

BALANCE SHEET - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 April 2024 and were signed by:





Mr L J Turvey - Director


COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Compass Electrical Solutions (SW) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 914 64,391 3,834 69,139
Additions 2,125 - - 2,125
At 31 January 2024 3,039 64,391 3,834 71,264
DEPRECIATION
At 1 February 2023 183 35,491 958 36,632
Charge for year 571 7,226 958 8,755
At 31 January 2024 754 42,717 1,916 45,387
NET BOOK VALUE
At 31 January 2024 2,285 21,674 1,918 25,877
At 31 January 2023 731 28,900 2,876 32,507

COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023
and 31 January 2024 63,882
DEPRECIATION
At 1 February 2023 35,364
Charge for year 7,130
At 31 January 2024 42,494
NET BOOK VALUE
At 31 January 2024 21,388
At 31 January 2023 28,518

5. STOCKS
2024 2023
£    £   
Stocks 4,500 4,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,881 2,386
Amounts recoverable on contract 14,572 17,669
Other debtors 771 750
Directors' current accounts 9,751 8,712
Tax - 3,578
29,975 33,095

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,836 8,325
Hire purchase contracts 8,604 12,969
Tax 5,335 -
Social security and other taxes 29 940
VAT 1,206 1,206
Other creditors 3,060 2,450
Accrued expenses 2,248 2,133
36,318 28,023

COMPASS ELECTRICAL SOLUTIONS (SW) LTD (REGISTERED NUMBER: 11752673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 13,067 20,253
Hire purchase contracts 9,409 18,012
22,476 38,265

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr L J Turvey
Balance outstanding at start of year 8,712 9,725
Amounts advanced 29,039 33,505
Amounts repaid (28,000 ) (34,518 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,751 8,712

Loans are interest free, unsecured and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr L J Turvey.

11. GOVERNMENT GUARANTEED LOAN

The bank loan is a COVID-19 Bounce Back Loan, guaranteed by the government. Terms run to April 2026.