Company registration number: 03330132
Compassion Kadampa Meditation Centre Newcastle Limited Trading as Compassion Mahayana Buddhist Centre Limited Company limited by guarantee
Unaudited financial statements
31 January 2025
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Contents
| Page | |
|---|---|
| Directors and other information | 1 |
| Directors report | 2 |
| Accountants report | 3 |
| Statement of comprehensive income | 4 |
| Statement of financial position | 5 - 6 |
| Statement of changes in equity | 7 |
| Notes to the financial statements | 8 - 10 |
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Directors and other information
Directors
Dr Derek Randles (Appointed 24 May 2024) Mrs Jennifer Andrews (Resigned 15 March 2024) Mr David Charles Humphrey (Resigned 24 May 2024) Mr Spencer Davey (Appointed 24 May 2024) Mrs Lisa Marie Divine Mr Simon Phillip Hunter (Resigned 24 May 2024)
Trustee Phillip Moore Company number 03330132 Registered office 2 Station Road Gosforth Newcastle upon Tyne Tyne and Wear NE3 1QD Business address 2 Station Road Gosforth Newcastle upon Tyne Tyne and Wear NE3 1QD Accountants T R Dixon and Co Limited Chartered Certified Accountants Statutory Auditors 1A Dinsdale Place Jesmond Newcastle upon Tyne Tyne and Wear NE2 1BD Bankers Natwest Bank 16 Northumberland Street Newcastle upon Tyne Tyne and Wear NE1 7EL
Page 1
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Directors report Year ended 31 January 2025
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2025.
Directors
The directors who served the company during the year were as follows:
Dr Derek Randles (Appointed 24 May 2024) Mrs Jennifer Andrews (Resigned 15 March 2024) Mr David Charles Humphrey (Resigned 24 May 2024) Mr Spencer Davey (Appointed 24 May 2024) Mrs Lisa Marie Divine Mr Simon Phillip Hunter (Resigned 24 May 2024)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 October 2025 and signed on behalf of the board by:
Phillip Moore Trustee
Page 2
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Report to the board of directors on the preparation of the unaudited statutory financial statements of Compassion Kadampa Meditation Centre Newcastle Year ended 31 January 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Compassion Kadampa Meditation Centre Newcastle Limited for the year ended 31 January 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements.
This report is made solely to the board of directors of Compassion Kadampa Meditation Centre Newcastle Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Compassion Kadampa Meditation Centre Newcastle Limited and state those matters that we have agreed to state to the board of directors of Compassion Kadampa Meditation Centre Newcastle Limited as a body, in this report in accordance with the ACCA, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Compassion Kadampa Meditation Centre Newcastle Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Compassion Kadampa Meditation Centre Newcastle Limited 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 Compassion Kadampa Meditation Centre Newcastle Limited. You consider that Compassion Kadampa Meditation Centre Newcastle Limited 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 Compassion Kadampa Meditation Centre Newcastle Limited. 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.
T R Dixon and Co Limited Chartered Certified Accountants Statutory Auditors 1A Dinsdale Place Jesmond Newcastle upon Tyne Tyne and Wear NE2 1BD
16 October 2025
Page 3
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Statement of comprehensive income Year ended 31 January 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Turnover | 116,964 | 133,053 | |
| Cost of sales | ) (29,982 |
) (35,712 |
|
| Gross profit | 86,982 | 97,341 | |
| Administrative expenses | ) (69,893 |
) (84,998 |
|
| Operating profit | 17,089 | 12,343 | |
| Profit before taxation | 5 | 17,089 | 12,343 |
| Tax on profit | - | - | |
| Profit for the financial year and total | |||
| comprehensive income | 17,089 | 12,343 |
All the activities of the company are from continuing operations.
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Statement of financial position 31 January 2025
| 2025 Note £ £ Fixed assets Tangible assets 6 1,036,693 1,036,693 Current assets Stocks 2,011 Debtors 7 906 Cash at bank and in hand 35,500 38,417 Creditors: amounts falling due within one year 8 ) (22,629 Net current assets 15,788 Total assets less current liabilities 1,052,481 Creditors: amounts falling due after more than one year 9 ) (518,754 Net assets 533,727 Capital and reserves Revaluation reserve 37,000 Profit and loss account 496,727 Members funds 533,727 |
2024 £ £ 904,615 904,615 4,031 - 42,721 46,752 ) (16,460 30,292 934,907 ) (418,269 516,638 37,000 479,638 516,638 |
|---|---|
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 8 to 10 form part of these financial statements.
Page 5
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Statement of financial position (continued) 31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 16 October 2025, and are signed on behalf of the board by:
Phillip Moore Trustee
Company registration number: 03330132
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Statement of changes in equity Year ended 31 January 2025
| Revaluation | Profit and | Total | |
|---|---|---|---|
| reserve | loss | ||
| account | |||
| £ | £ | £ | |
| At 1 February 2023 | 37,000 | 467,295 | 504,295 |
| Profit for the year | 12,343 | 12,343 | |
| Total comprehensive income for the year | - | 12,343 | 12,343 |
| At 31 January 2024 and 1 February 2024 | 37,000 | 479,638 | 516,638 |
| Profit for the year | 17,089 | 17,089 | |
| Total comprehensive income for the year | - | 17,089 | 17,089 |
| At 31 January 2025 | 37,000 | 496,727 | 533,727 |
Page 7
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Notes to the financial statements Year ended 31 January 2025
1. General information
The company is a private company limited by guarantee, registered in UK. The address of the registered office is Compassion Mahayana Buddhist Centre, 2 Station Road, Gosforth, Newcastle upon Tyne, Tyne and Wear, NE3 1QD.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax 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.
Tangible assets
Tangible assets are initially recorded at cost, and are 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 capital and reserves, except to the extent 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Page 8
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 January 2025
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Limited by guarantee
Compassion Mahayana Buddhist Centre is limited by Guarantee and is registered with the Charity Commission in the UK.
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
6.
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Depreciation of tangible assets | 275 | - | ||||||
| Tangible assets | ||||||||
| Freehold | Long | Fixtures, | Total | |||||
| property | leasehold | fittings and | ||||||
| property | equipment | |||||||
| £ | £ | £ | £ | |||||
| Cost | ||||||||
| At 1 February 2024 | 278,434 | 626,181 | 310 | 904,925 | ||||
| Additions | 130,156 | - | 2,197 | 132,353 | ||||
| At 31 January 2025 | 408,590 | 626,181 | 2,507 | 1,037,278 | ||||
| Depreciation | ||||||||
| At 1 February 2024 | - | - | 310 | 310 | ||||
| Charge for the year | - | - | 275 | 275 | ||||
| At 31 January 2025 | - | - | 585 | 585 | ||||
| Carrying amount | ||||||||
| At 31 January 2025 | 408,590 | 626,181 | 1,922 | 1,036,693 | ||||
| At 31 January 2024 | 278,434 | 626,181 | - | 904,615 |
Page 9
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 January 2025
7. Debtors
| Other debtors 8. Creditors: amounts falling due within one year Mortgage Station Road Mortgage HollyWood Ave Loan D & E Smyth Trade creditors Accruals 9. Creditors: amounts falling due after more than one year Loans from members Loan D & E Smyth Long term mortgage Station Road Long term mortgage 33 Hollywood Ave |
2025 £ 906 2025 £ 2,834 6,074 6,000 6,341 7,380 22,629 2025 £ 2,000 111,500 164,260 240,994 518,754 |
2024 £ - |
|---|---|---|
| 2024 £ 3,056 5,847 - 6,237 1,320 |
||
| 16,460 | ||
| 2024 £ 4,000 - 166,974 247,295 |
||
| 418,269 |
Page 10
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
The following pages do not form part of the statutory accounts.
Compassion Kadampa Meditation Centre Newcastle Limited Company limited by guarantee
Detailed income statement Year ended 31 January 2025
| Turnover Classes Donations Shop income Residents Cost of sales Opening stock Shop Purchases Class Expenses Closing stock Gross profit Gross profit percentage Overheads Administrative expenses Rent and Rates Insurance Light and heat Repairs and maintenance Advertising Telephone Motor expenses Center Expenses Accountancy fees Bank charges Mortgage Interest Depreciation of tangible assets Operating profit Operating profit percentage Profit before taxation |
2025 £ 52,459 11,606 14,977 37,922 116,964 ) (4,031 ) (10,635 ) (17,327 ) (31,993 2,011 ) (29,982 86,982 % 74.4 ) (7,252 ) (2,683 ) (11,466 ) (9,704 ) (4,441 ) (1,549 ) (830 ) (2,466 ) (1,566 ) (750 ) (26,911 ) (275 ) (69,893 17,089 % 14.6 17,089 |
2024 £ 54,241 11,696 20,995 46,121 133,053 ) (3,791 ) (16,782 ) (19,170 ) (39,743 4,031 ) (35,712 97,341 % 73.2 ) (7,108 ) (1,415 ) (11,217 ) (25,067 ) (4,701 ) (1,573 ) (611 ) (4,458 ) (1,530 ) (692 ) (26,626 - ) (84,998 12,343 % 9.3 12,343 |
|---|---|---|