Company Registration No. SC536422 (Scotland)
Compass Point Enterprises Limited
Unaudited financial statements
for the year ended 31 March 2019
Pages for filing with registrar
Compass Point Enterprises Limited
Chartered Accountants' Report to the board of directors on the preparation of the
unaudited statutory financial statements of Compass Point Enterprises Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Compass Point Enterprises Limited for the year ended 31 March 2019 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of Compass Point Enterprises Limited, as a body, in accordance with the terms of our engagement letter dated 19 December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Compass Point Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Compass Point Enterprises Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Compass Point Enterprises Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Compass Point Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Compass Point Enterprises Limited. You consider that Compass Point Enterprises Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Compass Point Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
28 January 2020
Compass Point Enterprises Limited
Statement of financial position
at 31 March 2019
2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
819
1,834
Current assets
Stocks
13,814
14,112
Debtors
1,603
1,605
Cash at bank and in hand
2,021
4,359
17,438
20,076
Creditors: amounts falling due within one year
(73,132)
(55,205)
Net current liabilities
(55,694)
(35,129)
Total assets less current liabilities
(54,875)
(33,295)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(54,975)
(33,395)
Total equity
(54,875)
(33,295)
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2019 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.
T
he 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Compass Point Enterprises Limited
Statement of financial position (continued)
at 31 March 2019
3
The financial statements were approved by the board of directors and authorised for issue on 27 January 2020 and are signed on its behalf by:
Shirley Finnie
Director
Company Registration No. SC536422
Compass Point Enterprises Limited
Notes to the financial statements
for the year ended 31 March 2019
4
1
Accounting policies
Company information
Compass Point Enterprises Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Rosewood, Raemoir Road, Banchory, Kincardineshire, United Kingdom, AB31 4ET.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Whilst the company has net liabilities of £54,975, included within creditors is the sum of £72,021 owed to the directors. The directors have confirmed that they will not call in the amount due in order to ensure the ongoing viability of Compass Point Enterprises Limited. The directors therefore consider it to be appropriate for the accounts to be prepared on a going concern basis.
true
1.3
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Compass Point Enterprises Limited
Notes to the financial statements (continued)
for the year ended 31 March 2019
5
2
Tangible fixed assets
Total
£
Cost
At 1 April 2018 and 31 March 2019
3,043
Depreciation and impairment
At 1 April 2018
1,209
Depreciation charged in the year
1,015
At 31 March 2019
2,224
Carrying amount
At 31 March 2019
819
At 31 March 2018
1,834
3
Directors' transactions
During the period the directors entered into the following loans and advances with the company:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
David Anderson
32,186
9,934
(66)
42,054
Shirley Finnie
21,999
8,034
(66)
29,967
54,185
17,968
(132)
72,021