Compass Vehicle Solutions Ltd - Period Ending 2016-11-30

Registration number: 07848806

Compass Vehicle Solutions Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

Compass Vehicle Solutions Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Compass Vehicle Solutions Ltd (Registration number: 07848806)
Abbreviated Balance Sheet at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					31,477			37,011
Current assets
Stocks					27,179			20,600
Debtors					11,047			7,354
Cash at bank and in hand					1,779			2,072
					40,005			30,026
Creditors: Amounts falling due within one year					(125,948)			(117,942)
Net current liabilities					(85,943)			(87,916)
Net liabilities					(54,466)			(50,905)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(54,467)			(50,906)
Shareholders' deficit					(54,466)			(50,905)

For the year ending 30 November 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 7 August 2017 and signed on its behalf by:

.........................................
Mr R Tagg
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Compass Vehicle Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% per annum on a reducing balance basis
Fixtures, fittings and equipment	25% per annum on a reducing balance basis
Motor vehicles	25% per annum on a reducing balance basis
Property improvements	Straight line over 10 years

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Compass Vehicle Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		67,527			67,527
Additions		984			984
At 30 November 2016		68,511			68,511
Depreciation
At 1 December 2015		30,516			30,516
Charge for the year		6,518			6,518
At 30 November 2016		37,034			37,034
Net book value
At 30 November 2016		31,477			31,477
At 30 November 2015		37,011			37,011

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

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