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Registered number: 08928675
Compass Corp UK Ltd
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08928675
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 608 1,714
608 1,714
CURRENT ASSETS
Debtors 5 18,183 22,197
Cash at bank and in hand 18,530 22,615
36,713 44,812
Creditors: Amounts Falling Due Within One Year 6 (17,144 ) (17,595 )
NET CURRENT ASSETS (LIABILITIES) 19,569 27,217
TOTAL ASSETS LESS CURRENT LIABILITIES 20,177 28,931
NET ASSETS 20,177 28,931
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 20,176 28,930
SHAREHOLDERS' FUNDS 20,177 28,931
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
These financial statements have been prepared in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The financial statements were approved by the board of directors on 13 March 2025 and were signed on its behalf by:
Mr S G Large
Director
13th March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Compass Corp UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08928675 . The registered office is The Old Farm Clapham Green, High Birstwith, Harrogate, HG3 2JD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts have been prepared on a going concern basis. It should be noted that the company's income is wholly derived from its immediate parent company Compasscorp Pty Ltd, a company incorporated in Australia (see note 9). If the company stopped trading with Compasscorp Pty Ltd it would almost certainly cease to trade. However whilst no formal contract is in place, Compasscorp Pty Ltd and its directors have confirmed their intention to continue to trade with Compass Corp UK Ltd for the foreseeable future and at least a period of 12 months from the date of signing these accounts.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33% Straight Line
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2.6. Turnover
The whole of the turnover is attributable to the principle activity of the company wholly undertaken in the United Kingdom.
Overseas turnover amounted to 100% (2023: 100%) of the total turnover for the year.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 18)
17 18
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 July 2023 4,442
As at 30 June 2024 4,442
Depreciation
As at 1 July 2023 2,728
Provided during the period 1,106
As at 30 June 2024 3,834
Net Book Value
As at 30 June 2024 608
As at 1 July 2023 1,714
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 18,183 22,197
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 40 7,268
Other creditors 11,069 10,327
Taxation and social security 6,035 -
17,144 17,595
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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8. Related Party Transactions
During the year the company made sales of £540,000 (2023 - £531,372) to Compasscorp Pty Ltd, the company's immediate parent company and a company in which the director S G T Large is also a director. The balance owed by Compasscorp Pty Ltd at the year end was £Nil (2023: £Nil).
9. Ultimate Controlling Party
The directors consider that the company is under the ultimate control of Archer Growth Custodians Pty Ltd, a company incorporated in Australia, through their majority interest in the ordinary share capital of North Group Holdings Pty Ltd.
Compasscorp Pty Ltd, a company incorporated in Australia is the company's immediate parent undertaking.  The directors regard North Group Holdings Pty Ltd, a company also incorporated in Australia, as its ultimate parent undertaking and is the parent undertaking of the smallest and largest group to consolidate these financial statements.  Copies of the ultimate parent undertaking's consolidated financial statements are available from their registered office at Suite 4, Level 5, 255 George Street, Sydney, NSW 2000.
10. Limitation of auditors liability
The company has entered into a limited liability agreement with the company's auditors which was approved on 30 August 2022. This agreement limits the amount of liability owed to the company by the auditors in respect of any negligence, default , or breach of duty occuring in the course of the audit of the financial statements for the year ended 30 June 2024.
11. Audit Information
The auditor's report on the accounts of Compass Corp UK Ltd for the year ended 30 June 2024 was unqualified.
The auditor's report was signed by William Philip Hodgson FCCA (Senior Statutory Auditor) for and on behalf of Hodgson Hey Limited , Statutory Auditor.
Hodgson Hey Limited
Chartered Certified Accountants
Heritage Exchange
South Lane
Elland
HX5 0HG
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