You need to check what you have been told by the court. Assuming you are in England or Wales, Magistrates (and District Judges sitting in the Magistrates' Court) do not have the power to "refer you back to CPS to get a warning instead of a criminal record". The decision to charge you or issue a caution is not one for the Court, it is one for the CPS and since you had been taken to court you will have been charged. The court has no power to overturn that decision.Once you appear before them and you are convicted they are bound to sentence you in accordance with their guidelines.
If you have been ordered to pay compensation the court will have made an order for you to pay £x per week, fortnight or month, or they may have ordered you pay the entire sum within x days. Once again you need to check what you have been told because if you fail to comply with that order you will end up back in court.