REGISTERED NUMBER: 09289138 (England and Wales)

Compass House Bridgwater Limited

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

T H Vlek

R P Schouten

REGISTERED OFFICE:

Sedgemoor Auction Centre

Market Way

North Petherton

Bridgwater

Somerset

TA6 6DF

REGISTERED NUMBER:

09289138 (England and Wales)

SENIOR STATUTORY AUDITOR:

Adam Turrell FCA

AUDITORS:

Maxwells

Chartered Accountants

and Statutory Auditor

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

National Westminster Bank plc

PO Box 2BA

69 Baker Street

London

W1U 6AT

FIXED ASSETS

Investment property

5

10,788,000

10,788,000

CURRENT ASSETS

Debtors

6

166,692

317,392

Cash at bank

1,332,164

688,221

1,498,856

1,005,613

CREDITORS

Amounts falling due within one year

1,371,361

153,740

NET CURRENT ASSETS

127,495

851,873

TOTAL ASSETS LESS CURRENT LIABILITIES

10,915,495

11,639,873

CREDITORS

Amounts falling due after more than one year

(3,861,587

)

(4,775,082

)

PROVISIONS FOR LIABILITIES

(458,969

)

(415,987

)

ACCRUALS AND DEFERRED INCOME

7

(303,695

)

(286,505

)

NET ASSETS

6,291,244

6,162,299

CAPITAL AND RESERVES

Called up share capital

4

4

Share premium

4,919,260

4,919,260

Investment property revaluation reserve

8

1,993,481

2,036,462

Retained earnings

(621,501

)

(793,427

)

SHAREHOLDERS' FUNDS

12

6,291,244

6,162,299

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

T H Vlek - Director

1.	STATUTORY INFORMATION

Compass House Bridgwater 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

Other operating income

Other operating income comprises rental income, insurance and service charges net of VAT. Rental income from investment property is recognised on a straight-line basis over the term of the lease.

Incentives to enter rental agreements are spread evenly over the rental term.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and is stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

In accordance with Financial Reporting Standard 102, no depreciation is provided on investment properties. This departure from the requirements of the Companies Act 2006 for all properties to be depreciated is, in the opinion of the directors, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards, as properties are included at their open market value and so therefore, their fair values, though no formal valuation took place in the year, as it is considered by the directors that it would be unlikely to result in any significant changes to the values, and so there would be little to justify the cost of any valuation.

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.

Borrowing costs

A bank loan facility was provided to cover the net project costs of the first phase of construction. Fees and interest in connection with the loan facility were capitalised as part of the cost of construction. This loan was subsequently refinanced in the form of a business term loan, which was redeemed in full on 22 December 2023..

Borrowing costs attributable to the refinanced loan were recognised as an expense in the profit and loss account in the period in which they are incurred.

Going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainty relating to events or conditions that, individually or collectively, may cast doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Accounting estimates and judgements

The directors consider there to be no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

10,788,000

NET BOOK VALUE

At 31 December 2024

10,788,000

At 31 December 2023

10,788,000

Cost or valuation at 31 December 2024 is represented by:

£

Valuation in 2019

8,335,551

Valuation in 2020

2,452,449

10,788,000

The fair value of the investment property was determined on the basis of an open market valuation carried out on 11 March 2020 by Colliers International, an independent and professionally qualified firm of Chartered Surveyors.

The directors are not currently aware of any material change in value since this date and therefore the valuation has not been updated.

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

148,131

156,131

7.	ACCRUALS AND DEFERRED INCOME

31.12.24

31.12.23

£

£

Amounts owed to joint ventures

303,695

286,505

8.

RESERVES

Investment

property

revaluation

reserve

£

At 1 January 2024

2,036,462

Transfer of reserves

(42,981

)

At 31 December 2024

1,993,481

Investment property revaluation reserve represents the revaluation of £2,452,449 and a deferred tax liability amounting to £458,969 (2023: £415,987).

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Turrell FCA (Senior Statutory Auditor)

for and on behalf of Maxwells

10.	RELATED PARTY DISCLOSURES

At the year end the balance owing to Delfinvest BV (formerly Vlemeij BV) totalled £2,530,995 (2023: £2,387,731) with interest of £151,860 to be charged (2023: £143,264). The balance owing to Keurvorst BV totalled £2,530,592 (2023: £2,387,351) with interest of £151,836 to be charged (2023: £143,241).

11.	ULTIMATE CONTROLLING PARTY

Following a change in ownership on 30 April 2020 there is no longer any controlling party. The company is now jointly owned by Delfinvest BV (formerly Vlemeij BV) (company number 27234121) and Keurvorst BV (company number 58639209) which are both registered in the Netherlands.

12.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

31.12.24

31.12.23

£

£

Profit/(loss) for the financial year

128,945

(218,557

)

New share capital subscribed

-

4,919,262

Net addition to shareholders' funds

128,945

4,700,705

Opening shareholders' funds

6,162,299

1,461,594

Closing shareholders' funds

6,291,244

6,162,299