Am I going mad... I am considering taking on a CIC. I understand the accounts are the same as a normal limited companies, with the addition of a CIC report, and that the CIC is subject to an Asset Lock and Dividend Cap - this is a super small CIC, so I am thinking it should be a nice little job.
I have accounts for 13.01.14 to 31.12.14 prepared by another accountant.
The accounts have a fixed asset note that shows £600 addition and £600 disposal in the 2014 year... I am assuming he knew there was personal usage on the laptops, which fell foul of the "Asset Lock" CIC's have.
But I am thrown by the adjustment... The laptop would have been paid, or brought in at MV, by the directors, so surely a journal to offset the DLA credit would be enough?
Even more confusing, there is a fixed asset loss on the PL of £600.. so ok, he wanted them to have the benefit of the cost... but why not just show it as computer costs.
