Company registration number 10245856 (England and Wales)
COMPTON FAMILY TRUST CORPORATION LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
COMPTON FAMILY TRUST CORPORATION LTD
COMPANY INFORMATION
Directors
The Most Honorable Marquess of Northampton
The Most Honourable Machioness of Northampton
The Honourable Earl Compton
Mr Andrew Hussey
B.R. Newbigging
Company number
10245856
Registered office
8 Finsbury Circus
London
EC2M 7AZ
UK
COMPTON FAMILY TRUST CORPORATION LTD
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 6
COMPTON FAMILY TRUST CORPORATION LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The company continues to act as corporate trustee.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The Most Honorable Marquess of Northampton
The Most Honourable Machioness of Northampton
The Honourable Earl Compton
Andrew Mr Hussey
B.R. Newbigging
Directors' interests
The directors' interests in the shares of the company were as stated below:
Ordinary shares of £1 of £1 each
30 June 2023
30 June 2022
The Most Honorable Marquess of Northampton
122,500
-
The Most Honourable Machioness of Northampton
-
-
The Honourable Earl Compton
122,500
-
Mr Andrew Hussey
5,000
-
B.R. Newbigging
-
-
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
B.R. Newbigging
Director
23 November 2023
COMPTON FAMILY TRUST CORPORATION LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
2023
2022
£
£
Interest receivable and similar income
1,511
79
Profit before taxation
1,511
79
Tax on profit
(287)
(15)
Profit for the financial year
1,224
64
The profit and loss account has been prepared on the basis that all operations are continuing operations.
COMPTON FAMILY TRUST CORPORATION LTD
BALANCE SHEET
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
150,406
150,079
Cash at bank and in hand
93,029
91,845
243,435
241,924
Creditors: amounts falling due within one year
5
(302)
(15)
Net current assets
243,133
241,909
Capital and reserves
Called up share capital
6
250,000
250,000
Profit and loss reserves
(6,867)
(8,091)
Total equity
243,133
241,909
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
B.R. Newbigging
Director
Company Registration No. 10245856
COMPTON FAMILY TRUST CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Compton Family Trust Corporation Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8 Finsbury Circus, London, EC2M 7AZ, UK.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
COMPTON FAMILY TRUST CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
The company acts as a nominee company. Any transactions on behalf of others and in which the company has no beneficial interest are not reflected in the financial statements.
1.7
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
COMPTON FAMILY TRUST CORPORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Unpaid share capital
150,000
150,000
Other debtors
406
Prepayments and accrued income
79
150,406
150,079
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
302
15
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 of £1 each
250,000
250,000
250,000
250,000
The Company has 250,000 ordinary shares of £1 each in issue, of these shares 100,000 were issued fully paid and 150,000 were issued nil paid.