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REGISTERED NUMBER: 02216287 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Compac Services (NE) Limited

Compac Services (NE) Limited (Registered number: 02216287)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Compac Services (NE) Limited

Company Information
for the year ended 30 April 2024







DIRECTORS: D Malpass
J P Malpass



SECRETARY: V Keighery



REGISTERED OFFICE: 88 Westoe Road
South Shields
Tyne & Wear
NE33 4NA



REGISTERED NUMBER: 02216287 (England and Wales)



ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: Barclays Bank PLC
King Street
South Shields
Tyne and Wear
NE33 1DT

Compac Services (NE) Limited (Registered number: 02216287)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 404,070 349,197
Investment property 5 55,000 55,000
459,070 404,197

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 6 415,239 538,924
Cash at bank and in hand 104,708 159,148
520,947 699,072
CREDITORS
Amounts falling due within one year 7 493,159 638,456
NET CURRENT ASSETS 27,788 60,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

486,858

464,813

CREDITORS
Amounts falling due after more than one
year

8

(210,768

)

(115,963

)

PROVISIONS FOR LIABILITIES (23,789 ) (12,767 )
NET ASSETS 252,301 336,083

CAPITAL AND RESERVES
Called up share capital 491 491
Capital redemption reserve 518 518
Retained earnings 251,292 335,074
SHAREHOLDERS' FUNDS 252,301 336,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Compac Services (NE) Limited (Registered number: 02216287)

Statement of Financial Position - continued
30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




D Malpass - Director



J P Malpass - Director


Compac Services (NE) Limited (Registered number: 02216287)

Notes to the Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Compac Services (NE) Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sale of goods, services and property excluding value added tax.

Tangible fixed assets and depreciation
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.
Freehold property - 2% on cost
Improvements to property - 20% Straight line
Plant and machinery - 25% Straight line
Fixtures and fittings - 25% Straight line
Motor vehicles - 25% Straight line and 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Compac Services (NE) Limited (Registered number: 02216287)

Notes to the Financial Statements - continued
for the year ended 30 April 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.

Investments
Current asset investments are at lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 300,861 318,369 619,230
Additions - 90,867 90,867
Disposals - (60,070 ) (60,070 )
At 30 April 2024 300,861 349,166 650,027
DEPRECIATION
At 1 May 2023 18,276 251,757 270,033
Charge for year 3,718 21,597 25,315
Eliminated on disposal - (49,391 ) (49,391 )
At 30 April 2024 21,994 223,963 245,957
NET BOOK VALUE
At 30 April 2024 278,867 125,203 404,070
At 30 April 2023 282,585 66,612 349,197

On 13 January 2017, a lease was granted by Compac Services (NE) Ltd to InvestAcc Pension Trustees regarding the freehold property 88 Westoe Road. The lease granted was for 99 years in return for a premium of £100,000.

Compac Services (NE) Limited (Registered number: 02216287)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 92,294
Additions 89,649
Disposals (39,499 )
Transfer to ownership (52,795 )
At 30 April 2024 89,649
DEPRECIATION
At 1 May 2023 58,569
Charge for year 7,295
Eliminated on disposal (28,820 )
Transfer to ownership (29,749 )
At 30 April 2024 7,295
NET BOOK VALUE
At 30 April 2024 82,354
At 30 April 2023 33,725

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 55,000
NET BOOK VALUE
At 30 April 2024 55,000
At 30 April 2023 55,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2019 (121,686 )
Cost 176,686
55,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 379,355 515,032
Other debtors 35,884 23,892
415,239 538,924

Compac Services (NE) Limited (Registered number: 02216287)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 13,695 9,688
Trade creditors 330,551 382,236
Taxation and social security 48,461 77,547
Other creditors 90,452 158,985
493,159 638,456

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,447 23,333
Hire purchase contracts 46,701 -
Other creditors 151,620 92,630
210,768 115,963

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 60,396 9,688

Hire purchase contracts are secured on the assets to which they relate.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
J P Malpass
Balance outstanding at start of year 3,262 (3,122 )
Amounts advanced 62,043 57,877
Amounts repaid (56,162 ) (51,493 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,143 3,262