Compass Vehicle Solutions Ltd 07848806 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is repair, maintenance and MOT testing of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true 07848806 2023-12-01 2024-11-30 07848806 2024-11-30 07848806 core:RetainedEarningsAccumulatedLosses 2024-11-30 07848806 core:ShareCapital 2024-11-30 07848806 core:CurrentFinancialInstruments 2024-11-30 07848806 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 07848806 core:Non-currentFinancialInstruments 2024-11-30 07848806 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 07848806 core:FurnitureFittingsToolsEquipment 2024-11-30 07848806 core:MotorVehicles 2024-11-30 07848806 bus:SmallEntities 2023-12-01 2024-11-30 07848806 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 07848806 bus:FilletedAccounts 2023-12-01 2024-11-30 07848806 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 07848806 bus:RegisteredOffice 2023-12-01 2024-11-30 07848806 bus:Director1 2023-12-01 2024-11-30 07848806 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 07848806 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 07848806 core:LeaseholdImprovements 2023-12-01 2024-11-30 07848806 core:MotorVehicles 2023-12-01 2024-11-30 07848806 core:PlantMachinery 2023-12-01 2024-11-30 07848806 countries:EnglandWales 2023-12-01 2024-11-30 07848806 2023-11-30 07848806 core:FurnitureFittingsToolsEquipment 2023-11-30 07848806 core:MotorVehicles 2023-11-30 07848806 2022-12-01 2023-11-30 07848806 2023-11-30 07848806 core:RetainedEarningsAccumulatedLosses 2023-11-30 07848806 core:ShareCapital 2023-11-30 07848806 core:CurrentFinancialInstruments 2023-11-30 07848806 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07848806 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-11-30 07848806 core:Non-currentFinancialInstruments 2023-11-30 07848806 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 07848806 core:FurnitureFittingsToolsEquipment 2023-11-30 07848806 core:MotorVehicles 2023-11-30 07848806 core:PreviouslyStatedAmount 2023-11-30 iso4217:GBP xbrli:pure

Registration number: 07848806

Compass Vehicle Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Compass Vehicle Solutions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Compass Vehicle Solutions Ltd

(Registration number: 07848806)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,864

39,191

Current assets

 

Stocks

5

22,024

16,942

Debtors

6

29,893

42,033

Cash at bank and in hand

 

584

847

 

52,501

59,822

Creditors: Amounts falling due within one year

7

(65,945)

(54,439)

Net current (liabilities)/assets

 

(13,444)

5,383

Total assets less current liabilities

 

19,420

44,574

Creditors: Amounts falling due after more than one year

7

(34,897)

(77,484)

Net liabilities

 

(15,477)

(32,910)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(15,478)

(32,911)

Shareholders' deficit

 

(15,477)

(32,910)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Compass Vehicle Solutions Ltd

(Registration number: 07848806)
Balance Sheet as at 30 November 2024

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................
Mr R Tagg
Director

 

Compass Vehicle Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Foundry Garage
Rear of Noel Village Estate
Carr Hill
Doncaster
South Yorkshire
DN4 8DE

These financial statements were authorised for issue by the Board on 30 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Compass Vehicle Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% per annum on a reducing balance basis

Fixtures, fittings and equipment

25% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Property improvements

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

Compass Vehicle Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Compass Vehicle Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

91,521

11,300

102,821

At 30 November 2024

91,521

11,300

102,821

Depreciation

At 1 December 2023

54,537

9,093

63,630

Charge for the year

5,775

552

6,327

At 30 November 2024

60,312

9,645

69,957

Carrying amount

At 30 November 2024

31,209

1,655

32,864

At 30 November 2023

36,984

2,207

39,191

5

Stocks

2024
£

2023
£

Other inventories

22,024

16,942

6

Debtors

2024
£

2023
£

Trade debtors

29,893

40,184

Other debtors

-

1,849

29,893

42,033

 

Compass Vehicle Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,000

4,000

Trade creditors

 

40,204

44,208

Taxation and social security

 

11,145

3,797

Other creditors

 

9,783

1,663

Accrued expenses

 

813

771

 

65,945

54,439

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

34,897

77,484

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,667

5,667

Amounts owed to related parties

33,230

71,817

34,897

77,484

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,000

4,000