REGISTERED NUMBER: |
Unaudited Financial Statements for the Period 1 July 2023 to 29 February 2024 |
for |
Commute Automation Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Period 1 July 2023 to 29 February 2024 |
for |
Commute Automation Ltd |
Commute Automation Ltd (Registered number: SC671482) |
Contents of the Financial Statements |
for the period 1 July 2023 to 29 February 2024 |
Page |
Balance Sheet | 1 |
Commute Automation Ltd (Registered number: SC671482) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
£ | £ | £ | £ |
FIXED ASSETS |
CURRENT ASSETS |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
NOTES TO THE FINANCIAL STATEMENTS |
1. | STATUTORY INFORMATION |
Commute Automation Ltd is a |
Registered number: |
Registered office: |
2. | INTANGIBLE ASSETS |
Change in accounting policy - prior year adjustment. |
During the year, the Company changed its accounting policy with respect to the capitalisation of costs relating to the development of products that will be income earning in the future. The Company now capitalises any development costs, patent costs and licenses that are used to develop the products. Previously these costs had been expensed to the profit and loss when occurred. |
The company believes the new policy is preferable as it more closely aligns the income of products in development with the cost of those products. At the time the products are completed the capitalised costs will be amortised over the expected life of the product. The impact of this voluntary change in accounting policy on the financial statements is to increase intangible assets and reduce administration costs. The impact on each line item of the financial statements is shown below: |
Research and Development P&L costs 2021 2022 2023 Total |
Originally reported 114,912 130,725 83,512 329,149 |
Adjustment in 2024 (114,912) (130,725) (83,512) (329,149) |
Currently reported - - - - |
Intangible Assets 114,912 130,725 83,512 329,149 |
The comparative figures in these accounts have been restated to reflect these changes. |
3. | AVERAGE NUMBER OF EMPLOYEES |
The average number of employees during the period was |
Commute Automation Ltd (Registered number: SC671482) |
Balance Sheet - continued |
29 February 2024 |
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 were approved by the Board of Directors and authorised for issue on |