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REGISTERED NUMBER: OC353856 (England and Wales)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Compass Financial Management LLP

Compass Financial Management LLP (Registered number: OC353856)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Compass Financial Management LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: D Thornton
S Kingston





REGISTERED OFFICE: Salisbury House
London
EC2M 5SQ





REGISTERED NUMBER: OC353856 (England and Wales)





ACCOUNTANTS: Pawley & Malyon
Salisbury House
London
EC2M 5SQ

Compass Financial Management LLP (Registered number: OC353856)

Report of the Members
for the Year Ended 31 March 2024


The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

CESSATION OF TRADING
The LLP ceased trading on 6 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of Independent Financial Advisors

DESIGNATED MEMBERS
The designated members during the year under review were:

D Thornton
S Kingston

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £354,227 (2023 - £294,288 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





D Thornton - Designated member


9 September 2024

Compass Financial Management LLP (Registered number: OC353856)

Income Statement
for the Year Ended 31 March 2024

31/3/24 31/3/23
Notes £    £   

TURNOVER 643,213 684,186

Administrative expenses 289,163 389,813
OPERATING PROFIT 4 354,050 294,373

Interest receivable and similar
income

177

40
354,227 294,413

Interest payable and similar
expenses

-

125
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION
AMONG MEMBERS





354,227





294,288

Compass Financial Management LLP (Registered number: OC353856)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 928 14,907

CURRENT ASSETS
Debtors 6 31,503 5,006
Cash at bank 71,197 80,237
102,700 85,243
CREDITORS
Amounts falling due within one year 7 10,725 22,328
NET CURRENT ASSETS 91,975 62,915
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

92,903

77,822

LOANS AND OTHER DEBTS DUE
TO MEMBERS

8

92,903

77,822

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

8

92,903

77,822
Amounts due from members 6 - (5,006 )
92,903 72,816

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Compass Financial Management LLP (Registered number: OC353856)

Balance Sheet - continued
31 March 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 9 September 2024 and were signed by:





D Thornton - Designated member

Compass Financial Management LLP (Registered number: OC353856)

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


1. Statutory information

Compass Financial Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. 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.
Plant and machinery etc - 25% on cost and 10% on cost

Hire purchase and leasing commitments
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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. Employee information

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

4. Operating profit

The operating profit is stated after charging:

31/3/24 31/3/23
£    £   
Depreciation - owned assets 1,220 11,857

Compass Financial Management LLP (Registered number: OC353856)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 April 2023 115,942
Disposals (98,780 )
At 31 March 2024 17,162
Depreciation
At 1 April 2023 101,035
Charge for year 1,220
Eliminated on disposal (86,021 )
At 31 March 2024 16,234
Net book value
At 31 March 2024 928
At 31 March 2023 14,907

6. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Other debtors 31,503 5,006

7. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade creditors 4,954 16,076
Other creditors 5,771 6,252
10,725 22,328

8. Loans and other debts due to members

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.