Compass Plumbing & Heating Solutions (Sw - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11707441 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

COMPASS PLUMBING & HEATING SOLUTIONS

(SW) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K M Turvey

REGISTERED OFFICE:

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

REGISTERED NUMBER:

11707441 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

7a Dartmouth Road

Paignton

Devon

TQ4 5AA

BANKERS:

NatWest

Dartmouth

South West TCSC

740 Waterside Drive, Aztec West

Almondsbury, Bristol

Avon

BS99 5BD

FIXED ASSETS

Tangible assets

4

13,346

17,795

CURRENT ASSETS

Stocks

5

4,000

-

Debtors

6

76,700

32,666

Cash at bank

4,268

2,411

84,968

35,077

CREDITORS

Amounts falling due within one year

7

28,622

29,239

NET CURRENT ASSETS

56,346

5,838

TOTAL ASSETS LESS CURRENT LIABILITIES

69,692

23,633

CREDITORS

Amounts falling due after more than one year

8

51,619

13,257

NET ASSETS

18,073

10,376

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

17,973

10,276

SHAREHOLDERS' FUNDS

18,073

10,376

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 May 2021 and were signed by:

Mr K M Turvey - Director

1.	STATUTORY INFORMATION

Compass Plumbing & Heating Solutions (Sw) 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.

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Government grants

During the year, the company received the following Government Grants as a result COVID-19:-

JRS Scheme - £6,169

Government Paid Bounce Back Loan Interest - £833.36

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2020

and 31 December 2020

23,727

DEPRECIATION

At 1 January 2020

5,932

Charge for year

4,449

At 31 December 2020

10,381

NET BOOK VALUE

At 31 December 2020

13,346

At 31 December 2019

17,795

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2020

and 31 December 2020

23,727

DEPRECIATION

At 1 January 2020

5,932

Charge for year

4,449

At 31 December 2020

10,381

NET BOOK VALUE

At 31 December 2020

13,346

At 31 December 2019

17,795

5.

STOCKS

2020

2019

£

£

Stocks

4,000

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

775

11,074

Amounts recoverable on contract

10,000

10,000

Other debtors

310

310

Directors' current accounts

65,615

7,188

VAT

-

4,094

76,700

32,666

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

6,667

-

Hire purchase contracts

4,971

4,971

Trade creditors

5,754

16,585

Tax

3,490

1,051

Social security and other taxes

(167

)

253

VAT

2,433

-

Other creditors

3,361

4,345

Accrued expenses

2,113

2,034

28,622

29,239

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

43,333

-

Hire purchase contracts

8,286

13,257

51,619

13,257

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2020 and the period ended 31 December 2019:

2020

2019

£

£

Mr K M Turvey

Balance outstanding at start of year

7,188

-

Amounts advanced

72,775

44,590

Amounts repaid

(14,348

)

(37,402

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

65,615

7,188

Dividends of £7,200 were paid out in the year.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £7,200 were paid to the director .

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr K M Turvey.

12.	GOVERNMENT BACKED LOAN

A bounce back loan of £50,000 was advanced to the company in the year, the full amount is guarenteed by the government.