Purchasepoint Compass (Scotland) Limited Company Accounts

PURCHASEPOINT COMPASS (SCOTLAND) LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-05-01 Sage Accounts Production Advanced 2017 - FRS 1,375 795 145 940 435 580 xbrli:pure xbrli:shares iso4217:GBP SC206007 2016-05-01 2017-04-30 SC206007 2017-04-30 SC206007 2016-04-30 SC206007 2015-05-01 2016-04-30 SC206007 2016-04-30 SC206007 core:FurnitureFittings 2016-05-01 2017-04-30 SC206007 bus:RegisteredOffice 2016-05-01 2017-04-30 SC206007 bus:OrdinaryShareClass1 2016-05-01 2017-04-30 SC206007 bus:LeadAgentIfApplicable 2016-05-01 2017-04-30 SC206007 bus:Director1 2016-05-01 2017-04-30 SC206007 bus:CompanySecretary1 2016-05-01 2017-04-30 SC206007 core:FurnitureFittings 2016-04-30 SC206007 core:FurnitureFittings 2017-04-30 SC206007 core:WithinOneYear 2017-04-30 SC206007 core:WithinOneYear 2016-04-30 SC206007 core:ShareCapital 2017-04-30 SC206007 core:ShareCapital 2016-04-30 SC206007 core:RetainedEarningsAccumulatedLosses 2017-04-30 SC206007 core:RetainedEarningsAccumulatedLosses 2016-04-30 SC206007 core:FurnitureFittings 2016-04-30 SC206007 bus:FRS102 2016-05-01 2017-04-30 SC206007 bus:AuditExempt-NoAccountantsReport 2016-05-01 2017-04-30 SC206007 bus:FullAccounts 2016-05-01 2017-04-30 SC206007 bus:SmallCompaniesRegimeForAccounts 2016-05-01 2017-04-30 SC206007 bus:PrivateLimitedCompanyLtd 2016-05-01 2017-04-30 SC206007 bus:OrdinaryShareClass1 2017-04-30 SC206007 bus:OrdinaryShareClass1 2016-04-30

COMPANY REGISTRATION NUMBER: SC206007

Purchasepoint Compass (Scotland) Limited

Unaudited Financial Statements

For the year ended

30 April 2017

STRANVILLE JOHN

Chartered Certified Accountants

First Floor

80 High Street

Johnstone

Renfrewshire

PA5 8SP

Purchasepoint Compass (Scotland) Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Purchasepoint Compass (Scotland) Limited

Officers and Professional Advisers

Director	Miss A J Thistle

Company secretary	Ms L M Dolan

Registered office	71 Lochhead Avenue
	Lochwinnoch
	Renfrewshire
	PA12 4AW

Accountants	STRANVILLE JOHN
	Chartered Certified Accountants
	First Floor
	80 High Street
	Johnstone
	Renfrewshire
	PA5 8SP

Bankers	Santander
	21 Prescott Street
	London
	E1 8AD

Purchasepoint Compass (Scotland) Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		435	580

Current assets

Debtors	7	1,339	8,805
Cash at bank and in hand		605	4,115
		-------	--------
		1,944	12,920

Creditors: amounts falling due within one year	8	15,725		20,695
		--------		--------
Net current liabilities			13,781	7,775
			--------	-------
Total assets less current liabilities			( 13,346)	( 7,195)
			--------	-------
Net liabilities			( 13,346)	( 7,195)
			--------	-------

Capital and reserves

Called up share capital	9	2	2
Profit and loss account		( 13,348)	( 7,197)
		--------	-------
Member deficit		( 13,346)	( 7,195)
		--------	-------

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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 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 year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Purchasepoint Compass (Scotland) Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 13 July 2017 , and are signed on behalf of the board by:

Miss A J Thistle
Director

Company registration number: SC206007

Purchasepoint Compass (Scotland) Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 71 Lochhead Avenue, Lochwinnoch, Renfrewshire, PA12 4AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on a going concern basis, under the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements have been prepared on a going concern basis, under the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the director, the company has adequate resources to continue in operational existence for the foreseeable future with her support and that of short term creditors.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax, which is recognised on taxable profit for the current and past periods, is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the estimated useful economic life of that asset as follows:

	Fixtures & equipment	-	25% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2016: 1).

5. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2017	2016
	£	£

Depreciation of tangible assets	145	193
	----	----

6. Tangible assets

	Fixtures & equipment
	£

Cost
At 1 May 2016 and 30 Apr 2017	1,375
	-------
Depreciation
At 1 May 2016	795
Charge for the year	145
	-------
At 30 April 2017	940
	-------
Carrying amount
At 30 April 2017	435
	-------
At 30 April 2016	580
	-------

7. Debtors

	2017	2016
	£	£

Trade debtors	1,339	8,805
	-------	-------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£

Trade creditors	186	5,679
Social security and other taxes	1,048	1,625
Other creditors	14,491	13,391
	--------	--------
	15,725	20,695
	--------	--------

9. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

10. Director's advances, credits and guarantees

As at 30 April 2017, the director had advanced the total sum of £13,791 (2016 - £12,591) to the company. No interest is charged on this unsecured loan which is repayable on demand.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.