Compass Business Solutions Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 5649415

Compass Business Solutions Limited

Filleted Unaudited Financial Statements

31 December 2017

Compass Business Solutions Limited

Financial Statements

Year Ended 31st December 2017

Contents	Page

Statement of Financial Position	1

Notes to the Financial Statements	3

Compass Business Solutions Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	4		225,008	–

Current Assets

Debtors	5	–	100
Cash at bank and in hand		80,812	–
		--------	----
		80,812	100

Creditors: amounts falling due within one year	6	301,487		–
		---------		----
Net Current (Liabilities)/Assets			( 220,675)	100
			---------	----
Total Assets Less Current Liabilities			4,333	100
			-------	----
Net Assets			4,333	100
			-------	----

Capital and Reserves

Called up share capital	100	100
Profit and loss account	4,233	–
	-------	----
Shareholders Funds	4,333	100
	-------	----

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 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 statement of comprehensive income has not been delivered.

For the year ending 31st December 2017 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 financial statements for the year in question in accordance with section 476 ;

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

Compass Business Solutions Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 31 August 2018 , and are signed on behalf of the board by:

M. D. Nelson	B. A. Nelson
Director	Director

J. D. Nelson
Director

Company registration number: 5649415

Compass Business Solutions Limited

Notes to the Financial Statements

Year Ended 31st December 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Manx Suite, Great Hollanden Business Park, Mill Lane, Underriver, Sevenoaks, TN15 0SQ, Kent.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of Fixed Assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tangible Assets

	Freehold property
	£
Cost
At 1st January 2017	–
Additions	225,008
	---------
At 31st December 2017	225,008
	---------
Depreciation
At 1st January 2017 and 31st December 2017	–
	---------
Carrying amount
At 31st December 2017	225,008
	---------
At 31st December 2016	–
	---------

5. Debtors

	2017	2016
	£	£
Other debtors	–	100
	----	----

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	993	–
Other creditors	300,494	–
	---------	----
	301,487	–
	---------	----

7. Directors' Advances, Credits and Guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
M. D. Nelson	–	33	( 100,000)	( 99,967)
B. A. Nelson	–	34	( 100,000)	( 99,966)
J. D. Nelson	–	33	( 100,000)	( 99,967)
	----	----	---------	---------
	–	100	( 300,000)	( 299,900)
	----	----	---------	---------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
M. D. Nelson	–	–	–	–
B. A. Nelson	–	–	–	–
J. D. Nelson	–	–	–	–
	----	----	----	----
	–	–	–	–
	----	----	----	----