UTOPIA EV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Utopia EV Limited (company number: 12264653), having its registered office at 1a St John's Wood Park, Suite 1, London, NW8 6QS, is a private limited company incorporated in England and Wales.
The functional and presentational currency is considered to be Pound Sterling (£).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and Companies Act 2006.
The following principal accounting policies have been applied:
For the year ended 31 March 2024 the Company made a loss of £57,252 (2023: £33,133) and as at 31 March 2024 had net liabilities at that date of £112,421 (2023: £55,517) with cash reserves of £44,736 (2023: £16,624).
The financial statements have been prepared on a going concern basis which is based on the directors' understanding that the company's immediate parent company will continue to provide financial support to the company, by derferment of the amounts due to them or by other means.
The directors have assessed the company's ability to continue as a going concern and are satisfied that there are no material uncertainties that would cast significant doubt on the company's ability to continue in operation for the foreseeable future for at least 12 months from the date of the financial statements are approved.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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