Compass Travel (Drifter) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03522679 (England and Wales)

Compass Travel (Drifter) Ltd

Unaudited Financial Statements for the Year Ended 31 March 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

A J Molloy

Registered office:

Compass House, Vanguard Road

Gapton Hall Industrial Estate

Great Yarmouth

Norfolk

NR31 0NT

Registered number:

03522679 (England and Wales)

Accountants:

Fairhead Bradford

5 Queen Street

Great Yarmouth

Norfolk

NR30 2QP

Fixed assets

Tangible assets

4

36,982

52,676

Current assets

Debtors

5

28,456

23,531

Cash at bank and in hand

4,945

540

33,401

24,071

Creditors

Amounts falling due within one year

6

63,351

62,766

Net current liabilities

(29,950

)

(38,695

)

Total assets less current liabilities

7,032

13,981

Creditors

Amounts falling due after more than one year

7

(31,669

)

(28,380

)

Provisions for liabilities

-

(452

)

Net liabilities

(24,637

)

(14,851

)

Capital and reserves

Called up share capital

100

100

Retained earnings

(24,737

)

(14,951

)

(24,637

)

(14,851

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the director and authorised for issue on 18 March 2021 and were signed by:

A J Molloy - Director

1.	Statutory information

Compass Travel (Drifter) Ltd 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.	Accounting policies

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

The director considers that in preparing these financial statements he has taken into account all of the information that could reasonably be expected to be available. On this basis he considers that it is appropriate to prepare the financial statements on a going concern basis despite the company incurring a loss for the year of £9,786 and having net liabilities at the Balance Sheet date of £24,637. The director is aware of the situation and has already taken steps to remedy matters and return the company to profitability.

The validity of the going concern basis is dependant on the continued support of the company's bankers and the director of the company the latter of whom as at 31 March 2020 had loaned the company £28,631 and has agreed not to draw on these loans if to do so would prevent the company from meeting its day to day liabilities as they fell due.

If the going concern basis proved to be inappropriate, adjustments would have to be made to the financial statements to re-value fixed assets and current assets to their recoverable amounts, to provide for any additional liabilities and to re-classify fixed assets and long term liabilities as current assets and liabilities.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Factoring of debts

The company has arrangements whereby it factors its debts on a recourse basis. Accordingly, the gross amounts of debts factored is included within trade creditors, and the cash advanced thereon is shown within other creditors. Administration charges arising from factoring are charged to the profit and loss account when incurred.

3.	Employees and directors

The average number of employees during the year was 7 (2019 - 8 ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2019

66,108

61,010

8,506

135,624

Additions

-

11,198

-

11,198

Disposals

-

(27,325

)

-

(27,325

)

At 31 March 2020

66,108

44,883

8,506

119,497

Depreciation

At 1 April 2019

46,008

28,434

8,506

82,948

Charge for year

6,901

5,943

-

12,844

Eliminated on disposal

-

(13,277

)

-

(13,277

)

At 31 March 2020

52,909

21,100

8,506

82,515

Net book value

At 31 March 2020

13,199

23,783

-

36,982

At 31 March 2019

20,100

32,576

-

52,676

5.

Debtors

31/3/20

31/3/19

£

£

Amounts falling due within one year:

Trade debtors

26,635

23,531

Amounts falling due after more than one year:

Other debtors

1,821

-

Aggregate amounts

28,456

23,531

6.

Creditors: amounts falling due within one year

31/3/20

31/3/19

£

£

Bank loans and overdrafts

13,624

33,543

Hire purchase contracts

4,779

6,082

Trade creditors

7,869

7,253

Taxation and social security

15,781

9,110

Other creditors

21,298

6,778

63,351

62,766

7.

Creditors: amounts falling due after more than one year

31/3/20

31/3/19

£

£

Hire purchase contracts

3,038

2,694

Other creditors

28,631

25,686

31,669

28,380

8.	Related party disclosures

Included in other creditors due after one year is a loan from the company director of £28,631 ( 2019 - £25,686 ). The loan is unsecured and interest free.