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REGISTERED NUMBER: 04777125 (England and Wales)















Compass Independent Financial Services
Limited

Unaudited Financial Statements for the Year Ended 30 April 2025






Compass Independent Financial Services
Limited (Registered number: 04777125)






Contents of the Financial Statements
for the Year Ended 30 April 2025




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Compass Independent Financial Services
Limited

Company Information
for the Year Ended 30 April 2025







Directors: J R Hughes
Mrs M K Clough
C B E Griffin





Secretary: Mrs J D Hughes





Registered office: 1 Doctors Road
Blofield
Norwich
Norfolk
NR13 4LF





Registered number: 04777125 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

Compass Independent Financial Services
Limited (Registered number: 04777125)

Statement of Financial Position
30 April 2025

30/4/25 30/4/24
Notes £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 128,933 78,505
Investments 6 100 100
129,033 78,605

Current assets
Debtors 7 15,269 50,204
Cash at bank 998,328 933,316
1,013,597 983,520
Creditors
Amounts falling due within one year 8 101,541 69,085
Net current assets 912,056 914,435
Total assets less current liabilities 1,041,089 993,040

Provisions for liabilities 11,123 19,626
Net assets 1,029,966 973,414

Capital and reserves
Called up share capital 119 119
Capital redemption reserve 107 107
Retained earnings 1,029,740 973,188
1,029,966 973,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Compass Independent Financial Services
Limited (Registered number: 04777125)

Statement of Financial Position - continued
30 April 2025


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 Board of Directors and authorised for issue on 6 June 2025 and were signed on its behalf by:





J R Hughes - Director


Compass Independent Financial Services
Limited (Registered number: 04777125)

Notes to the Financial Statements
for the Year Ended 30 April 2025

1. Statutory information

Compass Independent Financial Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be readily measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.


Compass Independent Financial Services
Limited (Registered number: 04777125)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

2. Accounting policies - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 10 (2024 - 10 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 May 2024
and 30 April 2025 67,830
Amortisation
At 1 May 2024
and 30 April 2025 67,830
Net book value
At 30 April 2025 -
At 30 April 2024 -

Compass Independent Financial Services
Limited (Registered number: 04777125)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

5. Tangible fixed assets
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 May 2024 34,447 124,251 75,529 234,227
Additions - 125,330 - 125,330
Disposals - (80,021 ) - (80,021 )
At 30 April 2025 34,447 169,560 75,529 279,536
Depreciation
At 1 May 2024 24,462 63,650 67,610 155,722
Charge for year 1,498 39,625 6,350 47,473
Eliminated on disposal - (52,592 ) - (52,592 )
At 30 April 2025 25,960 50,683 73,960 150,603
Net book value
At 30 April 2025 8,487 118,877 1,569 128,933
At 30 April 2024 9,985 60,601 7,919 78,505

6. Fixed asset investments
Shares in
group
undertakin
£   
Cost
At 1 May 2024
and 30 April 2025 100
Net book value
At 30 April 2025 100
At 30 April 2024 100

7. Debtors: amounts falling due within one year
30/4/25 30/4/24
£    £   
Other debtors 15,269 50,204

8. Creditors: amounts falling due within one year
30/4/25 30/4/24
£    £   
Trade creditors 209 1,262
Taxation and social security 98,794 65,880
Other creditors 2,538 1,943
101,541 69,085