REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Compass Financial Management LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
Compass Financial Management LLP (Registered number: OC353856) |
Income Statement |
for the Year Ended 31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
354,227 | 294,413 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Compass Financial Management LLP (Registered number: OC353856) |
Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
Plant and machinery etc | - |
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 |
4. | Operating profit |
The operating profit is stated after charging: |
31/3/24 | 31/3/23 |
£ | £ |
Depreciation - owned assets |
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 |
Disposals | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
6. | Debtors: amounts falling due within one year |
31/3/24 | 31/3/23 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
31/3/24 | 31/3/23 |
£ | £ |
Trade creditors |
Other creditors |
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. |