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REGISTERED NUMBER: 05641548 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Compass Financial Recovery
& Insolvency Limited

Compass Financial Recovery
& Insolvency Limited (Registered number: 05641548)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Compass Financial Recovery
& Insolvency Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: M Willis





SECRETARY: Mrs M Willis





REGISTERED OFFICE: Prospect House
11-13 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU





REGISTERED NUMBER: 05641548 (England and Wales)





ACCOUNTANTS: Bentleys Accounting Limited
Suite 6, 141/143 South Road
Haywards Heath
West Sussex
RH16 4LY

Compass Financial Recovery
& Insolvency Limited (Registered number: 05641548)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 80,000 80,000

CURRENT ASSETS
Stocks 500 500
Debtors 5 13,947 10,603
Cash at bank 41,653 40,081
56,100 51,184
CREDITORS
Amounts falling due within one year 6 32,449 42,867
NET CURRENT ASSETS 23,651 8,317
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,651

88,317

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 103,551 88,217
SHAREHOLDERS' FUNDS 103,651 88,317

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 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.

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 director and authorised for issue on 19 December 2024 and were signed by:





M Willis - Director


Compass Financial Recovery
& Insolvency Limited (Registered number: 05641548)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Compass Financial Recovery & Insolvency 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.

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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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.

3. EMPLOYEES AND DIRECTORS

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

Compass Financial Recovery
& Insolvency Limited (Registered number: 05641548)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 May 2023
and 30 April 2024 80,000
NET BOOK VALUE
At 30 April 2024 80,000
At 30 April 2023 80,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 3,582 603
Other debtors 10,000 10,000
VAT 365 -
13,947 10,603

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 10,000 831
Tax 9,154 3,313
VAT - 651
Directors' current accounts 13,295 38,072
32,449 42,867