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EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED

Registered Number
06898662
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

N A CAPSTICK
A LAWSON
C M ROWE
M D WALKER

Registered Address

Studio 5, The Kiln Hoults Yard
Walker Road
Newcastle Upon Tyne
NE6 2HL

Registered Number

06898662 (England and Wales)
EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets327,48138,665
27,48138,665
Current assets
Debtors4441,247499,280
Cash at bank and on hand549,552605,031
990,7991,104,311
Creditors amounts falling due within one year5(390,581)(423,853)
Net current assets (liabilities)600,218680,458
Total assets less current liabilities627,699719,123
Provisions for liabilities6(6,870)(7,316)
Net assets620,829711,807
Capital and reserves
Called up share capital100100
Profit and loss account620,729711,707
Shareholders' funds620,829711,807
The financial statements were approved and authorised for issue by the Board of Directors on 31 March 2025, and are signed on its behalf by:
C M ROWE
Director
Registered Company No. 06898662
EXECUTIVE COMPASS BUSINESS CONSULTANTS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by share capital, incorporated in the United Kingdom, registered in England and Wales. The company registered number is: 06898662 The address of its registered office is: Studio 5, The Kiln Hoults Yard Walker Road Newcastle Upon Tyne NE6 2HL England
Statement of compliance
These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.
Basis of preparation
These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue from sale of goods
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible fixed assets and depreciation
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
2.Average number of employees

20242023
Average number of employees during the year3328
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 2415,10746,882127,845189,834
Additions-1,134-1,134
Disposals(3,821)-(63,679)(67,500)
At 31 December 2411,28648,01664,166123,468
Depreciation and impairment
At 01 January 2414,94840,96295,259151,169
Charge for year-2,7069,36212,068
On disposals(3,662)-(63,588)(67,250)
At 31 December 2411,28643,66841,03395,987
Net book value
At 31 December 24-4,34823,13327,481
At 31 December 231595,92032,58638,665
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables427,054474,432
Prepayments and accrued income14,19324,848
Total441,247499,280
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables23,03327,294
Taxation and social security336,599343,223
Other creditors10,9568,194
Accrued liabilities and deferred income19,99345,142
Total390,581423,853
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)6,8707,316
Total6,8707,316
7.Pension commitments
The company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £10,912 (2023 - £8,194) were due to the fund. They are included in other creditors.