Registration number:
Compass Point Enterprises Limited
(Applying the Companies Act 2006, Section 444 exemption)
for the Year Ended 31 March 2018
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Compass Point Enterprises Limited
for the Year Ended 31 March 2018
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 2018 as set out on pages 2 to 6 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. Our work has been undertaken solely to prepare for your approval the accounts 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 accounts 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 accounts 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 accounts.
......................................
Rosewood
Raemoir Road
Banchory
Aberdeenshire
AB31 4ET
Page 1 |
Compass Point Enterprises Limited
(Registration number: SC536422)
Abridged Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 2 |
Compass Point Enterprises Limited
(Registration number: SC536422)
Abridged Balance Sheet as at 31 March 2018
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge 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 FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
All of the members have consented to the preparation of the Abridged Profit and Loss Account and the Abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
In accordance with Section 444 of the Companies Act 2006 the Abridged Profit and Loss Account has not been delivered.
These financial statements were approved by the
.........................................
Director
Page 3 |
Compass Point Enterprises Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
United Kingdom
The principal place of business is:
56 St. Ronan's Drive
Peterculter
Aberdeen
AB14 0RD
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.'
Basis of preparation
These abridged financial statements have been prepared using the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Whilst the company has net liabilities of £33,295 included within creditors is the sum of £54,185 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 4 |
Compass Point Enterprises Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
33.3% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Financial commitments, guarantees and contingencies |
At 31 March 2018 the company had total commitments under non-cancellable operating leases, over the remaining life of that lease, of £4,017 (2017 - £20,083).
Page 5 |
Compass Point Enterprises Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 April 2017 |
Repayments by director |
At 31 March 2018 |
Mrs Shirley Finnie |
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Directors current account |
(7,999) |
( |
( |
Mr David George Anderson |
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Directors loan |
(20,834) |
( |
( |
2017 |
Advances to directors |
Repayments by director |
At 31 March 2017 |
Mrs Shirley Finnie |
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Directors current account |
- |
( |
( |
Mr David George Anderson |
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Directors loan |
- |
( |
( |
Page 6 |