Company No: 10750491 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	76		158
Investment property	4	260,232		258,592
		260,308		258,750
Current assets
Debtors	5	1,730		1,120
Cash at bank and in hand		13,528		9,790
		15,258		10,910
Creditors
Amounts falling due within one year	6	( 13,419)		( 33,105)
Net current assets/(liabilities)		1,839		(22,195)
Total assets less current liabilities		262,147		236,555
Creditors
Amounts falling due after more than one year	7	( 239,264)		( 217,705)
Net assets		22,883		18,850
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		22,783		18,750
Total shareholder's funds		22,883		18,850

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Compass Rental Management Limited (registered number: 10750491) were approved and authorised for issue by the Director on 29 September 2022. They were signed on its behalf by:

Mr P A Haddy Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Compass Rental Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp North Quay House, Sutton Harbour, Plymouth, PL4 0RA, United Kingdom. The principal place of business is 10 Compass House, Mariners Court, Plymouth, PL4 0BT.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 January 2021	329		329
At 31 December 2021	329		329
Accumulated depreciation
At 01 January 2021	171		171
Charge for the financial year	82		82
At 31 December 2021	253		253
Net book value
At 31 December 2021	76		76
At 31 December 2020	158		158

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2021	258,592
Additions	1,640
As at 31 December 2021	260,232

There has been no valuation of investment property by an independent valuer.

5. Debtors

	2021		2020
	£		£
Accrued income	1,630		1,020
Other debtors	100		100
	1,730		1,120

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Amounts owed to director	7,733		28,060
Other creditors	625		625
Accruals	1,273		1,213
Corporation tax	3,788		3,207
	13,419		33,105

7. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Amounts owed to Group undertakings	219,264		217,705
Amounts owed to director	20,000		0
	239,264		217,705

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100