URGENT: filing abbreviated accounts

[coniston]

Dear All,

I am abroad trying to file on-line our Company’s Abbreviated Accounts (I am late!!) and I am not very familiar with the UK accounting terminology and system. I would be tremendously glad if anybody could help me filling out the form. Please be patient if my English or my explanations may not be clear enough.

Business information
-This is the first time the company files the accounts.
-The company’s shared capital is £1,000.00 divided into 1,000 shares of £1 each. No money has ever been put into the company’s bank account when it was incorporated or afterwards.
-The company is organising freight forward services and we invoice clients exclusively for services.
-We don’t have any running costs
-All the issued invoices are for services
-All the incoming invoices are for services

This is a summary of our accounting figures
-We still have to settle provider invoices for a total amount of £2,155.10
-We still have to cash a total amount of £486.86 for invoices we have issued
-We still have to pay £379.01 of VAT to HMRC
-We have in bank and in cash £1044.25

Profit and loss (loss of £1,003)
-We have been invoiced for a total amount of £6,354.59
-We have issued invoices for a total amount of £5,351.59

The abbreviated accounts form has got the following fields. The fields in blue are the ones that I need to fill out.

************************************************** *******************
************************************************** *******************
Called up share capital not paid ( ____ £)

Fixed assets
Intangible ( ____ £)
Tangible ( ____ £)
Investments ( ____ £)
Total fixed assets (AUTO)

Current assets
Stocks ( ____ £)
Debtors ( ____ £)
Investments ( ____ £)
Cash at bank and in hand ( ____ £)
Total current assets (AUTO)

Prepayments and accrued income ( ____ £)
Creditors: amounts falling due within one year (Normally negative) ( ____ £)

Net current assets (liabilities) (AUTO)
Total assets less current liabilities * (AUTO)

Creditors: amounts falling due aftermore than one year (Normally negative) ( ____ £)
Provisions for liabilities and charges (Normally negative) ( ____ £)
Accruals and deferred income(Normally negative) ( ____ £)
Total net assets (liabilities) * (AUTO)
Capital and reserves
Called up share capital ( ____ £)
Share premium account ( ____ £)
Revaluation reserve ( ____ £)
Other reserves ( ____ £)
Profit and loss account ( ____ £)
Shareholders funds * (AUTO)
************************************************** *******************
************************************************** *******************

If the information is incomplete please let me know.

Thanks a million

Emmanuel

[Jaydee]

Emmanuel

************************************************** *******************
************************************************** *******************
Called up share capital not paid ( ____ £) 1,000

Fixed assets
Intangible ( ____ £) 0
Tangible ( ____ £) 0
Investments ( ____ £) 0
Total fixed assets (AUTO) Will sum to 0

Current assets
Stocks ( ____ £) 0
Debtors ( ____ £) 487
Investments ( ____ £) 0
Cash at bank and in hand ( ____ £) 1,044
Total current assets (AUTO) Will sum to 1,531

Prepayments and accrued income ( ____ £) 0
Creditors: amounts falling due within one year (Normally negative) ( ____ £) -2,534

Net current assets (liabilities) (AUTO) Will sum to -1,003
Total assets less current liabilities * (AUTO) Will sum to -3

Creditors: amounts falling due aftermore than one year (Normally negative) ( ____ £)
Provisions for liabilities and charges (Normally negative) ( ____ £)
Accruals and deferred income(Normally negative) ( ____ £)
Total net assets (liabilities) * (AUTO) Will sum to -3
Capital and reserves
Called up share capital ( ____ £) 1,000
Share premium account ( ____ £)
Revaluation reserve ( ____ £)
Other reserves ( ____ £)
Profit and loss account ( ____ £) -1,003
Shareholders funds * (AUTO) Will sum to -3
************************************************** *******************
************************************************** *******************

[elainec100@cheapaccounting]

If you are late for your abbreviated accounts does this mean you have also missed filing your CT600?

Have you prepared a CT calc? Done full accounts for HMRC?

Good luck

[Tom McClelland]

I think Elaine is hinting that if you're you don't find the AA (abbreviated accounts) for companies house very easy you have literally no chance of preparing the full accounts that HMRC requires for CT600. You'll need a professional accountant to do the CT600 for you.

So you are gaining nothing by doing AA yourself, even if you manage to do it successfully. AA is a free side-effect of full accounts required for CT600 so get an accountant to do CT600, and you get AA effectively for free.

[elainec100@cheapaccounting]

Oh well you know me Tom :p

In fact I cannot see how anyone can file the abbreviated accounts without doing the CT calc and full accounts.

OK you may find that there is a loss - fine if first year of trading.

If not you may be able to carry back the loss - CT refund and so a debtor int he accounts.

Or there could be CT to pay - so a creditor in the accounts.

There is just so much to this accounting lark you know. :)

[coniston]

Thanks to everybody for your very kind answers. Yes, you've all very professionally guessed that we're a bit late! :D

[David Griffiths]

Emmanuel

************************************************** *******************
************************************************** *******************
Called up share capital not paid ( ____ £) 1,000



But that's only correct if the figure given by the OP was the called up capital, not the authorised capital. The called up capital could well be different - I suspect that the answer will be found in looking at how many shares were subscribed in the memorandum.

Either way, the accounts cannot be done with any certainty while that question is unanswered

[Jai Kumar]

Hi,

I am filing my accounts for Companies House for the first time (for a small private company which is audit exempt - using the online form), and was hoping for clarification for a few things that I could not understand.

1. The "Creditors: amounts falling due within one year" and "after more than one year": what should this include? Is in only formal loans, or does it include loans from the directors personal accounts, and money spent from the directors personal accounts for company assets/mileage/etc than have not yet been repayed? Do I need to account for expense repayments already made to the directors, and if in which section should this be recorded?

2. Company assets (tangible) - how is the value calculated? For example, the value of our computer equipment will be less than when we bought it - is it sufficient to estimate this, or does this need to be calculated in any formal way?

3. What should be entered in the "profit and loss account"?

4. It is not clear where to record money spent on purchases for the company - where does this go?

Thanks.

[Tom McClelland]

Hi,

I am filing my accounts for Companies House for the first time (for a small private company which is audit exempt - using the online form), and was hoping for clarification for a few things that I could not understand.

1. The "Creditors: amounts falling due within one year" and "after more than one year": what should this include? Is in only formal loans, or does it include loans from the directors personal accounts, and money spent from the directors personal accounts for company assets/mileage/etc than have not yet been repayed? Do I need to account for expense repayments already made to the directors, and if in which section should this be recorded?

2. Company assets (tangible) - how is the value calculated? For example, the value of our computer equipment will be less than when we bought it - is it sufficient to estimate this, or does this need to be calculated in any formal way?

3. What should be entered in the "profit and loss account"?

4. It is not clear where to record money spent on purchases for the company - where does this go?

Thanks.

If you've done the full accounts required for CT600 submission to HMRC then the abbreviated accounts that you're looking for just fall out of the full accounts, virtually for free.

But given the nature of the questions that you're asking you have no chance of achieving the full accounts for CT600, so you might as well get someone to prepare them, which will give you the AA as a side effect.

[andygambles]

I just don't get this DIY attitude. Given the time and effort just pay a professional to do it.

At least then you have some come back if it is all wrong. (Provided the figures you give them are correct of course!)