Compass Miniature Railways Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04707327 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Compass Miniature Railways Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

B N Miller

A R Dowding

SECRETARY:

B N Miller

REGISTERED OFFICE:

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

BUSINESS ADDRESS:

Compass House

High Street

Rotherfield

East Sussex

TN6 3LH

REGISTERED NUMBER:

04707327 (England and Wales)

ACCOUNTANTS:

Deeks Evans Audit Services Limited

Chartered Accountants

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

FIXED ASSETS

Tangible assets

4

21

28

CURRENT ASSETS

Stocks

114,253

37,307

Debtors

5

11,278

-

Cash at bank and in hand

10,134

19,519

135,665

56,826

CREDITORS

Amounts falling due within one year

6

64,647

15,440

NET CURRENT ASSETS

71,018

41,386

TOTAL ASSETS LESS CURRENT LIABILITIES

71,039

41,414

CAPITAL & RESERVES

Called up share capital

7

100

100

Retained earnings

70,939

41,314

SHAREHOLDERS' FUNDS

71,039

41,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:

B N Miller - Director

1.	STATUTORY INFORMATION

Compass Miniature Railways 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.

Fixtures & equipment

-

20% on cost

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 Profit and Loss Account, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

& equipment

£

COST

At 1 April 2022

and 31 March 2023

3,373

DEPRECIATION

At 1 April 2022

3,345

Charge for year

7

At 31 March 2023

3,352

NET BOOK VALUE

At 31 March 2023

21

At 31 March 2022

28

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

11,278

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

274

791

Corporation tax

6,951

4,055

Directors' current accounts

56,122

9,104

Accruals & deferred income

1,300

1,490

64,647

15,440

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

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 Miniature Railways Ltd for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Compass Miniature Railways Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Compass Miniature Railways Ltd and state those matters that we have agreed to state to the Board of Directors of Compass Miniature Railways Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Compass Miniature Railways Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Compass Miniature Railways Ltd 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 profit of Compass Miniature Railways Ltd. You consider that Compass Miniature Railways Ltd 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 Miniature Railways Ltd. 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.

Deeks Evans Audit Services Limited

Chartered Accountants

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

6 November 2023