Comunis Limited Company Accounts

Comunis Limited Company Accounts

COMUNIS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04823119
Comunis Limited
Filleted Unaudited Financial Statements
31 July 2017
Comunis Limited
Financial Statements
Year ended 31 July 2017
Contents
Page
Statement of financial position
1
Accounting policies
3
Notes to the financial statements
5
Comunis Limited
Statement of Financial Position
31 July 2017
2017
2016
Note
£
£
Fixed assets
Intangible assets
4
373,092
378,748
Tangible assets
5
2,209
1,177
---------
---------
375,301
379,925
Current assets
Debtors
6
195,407
38,273
Cash at bank and in hand
24,882
11,004
---------
--------
220,289
49,277
Creditors: amounts falling due within one year
7
432,739
345,003
---------
---------
Net current liabilities
212,450
295,726
---------
---------
Total assets less current liabilities
162,851
84,199
---------
--------
Net assets
162,851
84,199
---------
--------
Capital and reserves
Called up share capital
156
156
Share premium account
344,310
344,310
Profit and loss account
( 181,615)
( 260,267)
---------
---------
Shareholders funds
162,851
84,199
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2017 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 .
Comunis Limited
Statement of Financial Position (continued)
31 July 2017
These financial statements were approved by the board of directors and authorised for issue on 6 December 2017 , and are signed on behalf of the board by:
Mr N J Beale
Director
Company registration number: 04823119
Comunis Limited
Accounting Policies
Year ended 31 July 2017
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover represents the value, net of Value Added Tax, of services provided to customers. Revenue of a license nature is recognised evenly over the period to which it relates. To the extent that revenue of a license nature relates to a period after the year end, the appropriate amount is shown in creditors as Other Creditors. Revenue derived from special projects, implementation and consultancy services is recognised in the period in which the services are provided.
Intangible assets
Development costs are capitalised to the extent that they fit the requirements of Statement of Standard Accounting Practice Number 13 (SSAP13). Costs are written off over the expected life of each specific module, commencing when the relevant module becomes operational. Expected useful lives vary between 24 and 60 months depending on the nature of the specific module.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
Over life of projects
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
The company is continually striving to enhance its products and to develop new products. Costs relating to these activities are written off in the year in which they are incurred, unless they meet the criteria set out under the heading of intangible assets.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Office Equipment
-
Over 2-3 years
Defined contribution plans
Contributions are made to defined contribution plans of employees in accordance with auto-enrolment regulations. Contributions are charged to the profit and loss account in the period to which they relate.
Comunis Limited
Notes to the Financial Statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, Crystal Gate, 28-30 Worship Street, London, EC2A 2AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2016: 4 ).
4. Intangible assets
Development costs
£
Cost
At 1 August 2016
1,015,263
Additions
197,700
------------
At 31 July 2017
1,212,963
------------
Amortisation
At 1 August 2016
636,515
Charge for the year
203,356
------------
At 31 July 2017
839,871
------------
Carrying amount
At 31 July 2017
373,092
------------
At 31 July 2016
378,748
------------
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 August 2016
18,364
18,364
Additions
1,632
1,632
--------
--------
At 31 July 2017
19,996
19,996
--------
--------
Depreciation
At 1 August 2016
17,187
17,187
Charge for the year
600
600
--------
--------
At 31 July 2017
17,787
17,787
--------
--------
Carrying amount
At 31 July 2017
2,209
2,209
--------
--------
At 31 July 2016
1,177
1,177
--------
--------
6. Debtors
2017
2016
£
£
Trade debtors
139,188
13,680
Other debtors
56,219
24,593
---------
--------
195,407
38,273
---------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
24,432
41,983
Social security and other taxes
41,807
20,354
Other loans
129,842
123,835
Other creditors
236,658
158,831
---------
---------
432,739
345,003
---------
---------
Other loans includes short-term loans of £35,231 (2016 : £35,231) from the company’s shareholders, of which £25,000 bears interest at the rate of 2% per annum over base, plus £72,006 (2016 : £65,497) in respect of crowd funding. Other creditors includes £13,867 (2016 : £16,551) which is due to the directors, of which £4,691 bears interest at the rate of 2% per annum over base.
8. Related party transactions
With the exception of matters referred to in other notes to the financial statements, there were no related party transactions which were not conducted on normal commercial terms.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.