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Company registration number: 05211028
Compass Car Hire Ltd
Unaudited filleted abridged financial statements
31 August 2024
Compass Car Hire Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Compass Car Hire Ltd
Directors and other information
Director Mr Murat Yeter
Company number 05211028
Registered office 16 Andre Street
Hackney
London
E8 2AA
Accountants Benchmark Accounting Services Ltd
187 High Road Leyton
London
E15 2BY
Compass Car Hire Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Compass Car Hire Ltd
Year ended 31st August 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st August 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Benchmark Accounting Services Ltd
187 High Road Leyton
London
E15 2BY
29th August 2025
Compass Car Hire Ltd
Abridged statement of financial position
31st August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 297,156 234,424
_______ _______
297,156 234,424
Current assets
Debtors 1,043,077 479,255
Cash at bank and in hand 40,030 79,977
_______ _______
1,083,107 559,232
Creditors: amounts falling due
within one year ( 347,396) ( 123,041)
_______ _______
Net current assets 735,711 436,191
_______ _______
Total assets less current liabilities 1,032,867 670,615
Creditors: amounts falling due
after more than one year ( 1,091,403) ( 1,015,033)
_______ _______
Net liabilities ( 58,536) ( 344,418)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 58,538) ( 344,420)
_______ _______
Shareholders deficit ( 58,536) ( 344,418)
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2025 , and are signed on behalf of the board by:
Mr Murat Yeter
Director
Company registration number: 05211028
Compass Car Hire Ltd
Statement of changes in equity
Year ended 31st August 2024
Called up share capital Profit and loss account Total
£ £ £
At 1st September 2022 2 ( 316,311) ( 316,309)
Profit/(loss) for the year ( 28,109) ( 28,109)
_______ _______ _______
Total comprehensive income for the year - ( 28,109) ( 28,109)
_______ _______ _______
At 31st August 2023 and 1st September 2023 2 ( 344,420) ( 344,418)
Profit/(loss) for the year 285,882 285,882
_______ _______ _______
Total comprehensive income for the year - 285,882 285,882
_______ _______ _______
At 31st August 2024 2 ( 58,538) ( 58,536)
_______ _______ _______
Compass Car Hire Ltd
Notes to the financial statements
Year ended 31st August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Andre Street, Hackney, London, E8 2AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements indicate that the company had net liabilities at the year end. The main creditor is a related company. The director is of the opinion that such support will continue in the foreseeable future and on this basis deem it appropriate to prepare the financial statements on the going concern basis of accounting.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from services is recognised when the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
£
Cost
At 1st September 2023 404,284
Additions 285,462
Disposals ( 244,309)
_______
At 31st August 2024 445,437
_______
Depreciation
At 1st September 2023 169,860
Charge for the year 74,290
Disposals ( 95,869)
_______
At 31st August 2024 148,281
_______
Carrying amount
At 31st August 2024 297,156
_______
At 31st August 2023 234,424
_______