- Original Poster
- #1
Hi,
I have a small Limited company providing software services. It took a little longer to get started than I anticipated and so the only money coming into the company has been from a series of small Director's Loans and from the initial payment for 100 x £1 shares (fully paid up).
I'm fully prepared to pay for an accountant as the company grows, however right now this would wipe out most of the company's funds (obtained since the end of the last accounting period). I have kept good records of the small number of transactions and would like to learn a little more about the process, so have tried to complete the microentity accounts myself.
I have given this a shot, however the terminology when translating from the FreeAgent balance sheet is a little unfamiliar to a complete beginner. I have a couple of questions and would really appreciate a little input from someone more familiar with this process.
Here's what I have...
Balance sheet (from FreeAgent)
Capital Assets
Net Book Value 0
Current Assets 40
Bank Account: <BANK ACCOUNT NAME> 40
less Current Liabilities 346
Director Loan Account: <MY NAME> 346
Net Current Assets -306
Total Assets -306
Owner's Equity:
Capital Account: <MY NAME> 100
Retained Profit -406
Total Owner's Equity -306
From my calculations, I believe this translates to the following in the micro-entity balance sheet
Microentity Balance Sheet (Companies House)
Called up share capital not paid 0
Fixed assets
Current: Total fixed assets 0
Current assets
Current: Total current assets 40
Current: Prepayments and accrued income 0
Current: Creditors: amounts falling due within one year -346
Current: Net current assets (liabilities) -306
Current: Total assets less current liabilities -306
Current: Creditors: amounts falling due after more than one year 0
Current: Provisions for liabilities 0
Current: Accruals and deferred income 0
Current:T otal net assets (liabilities) -306
Capital and reserves
Current:
Capital and reserves
100
My main concerns are surrounding the 'Capital and Reserves' figures, the company, at the end of the accounting period, had no money in the bank, surely £100 isn't correct here?
Finally, I have already submitted my confirmation statement a few months ago, I'm currently submitting the accounts. Presumably its only the company tax return remaining (Do I need to do this in a non-profit making year?)
Any help you could provide would be greatly appreciated! I understand that I will likely need an accountant at some point, but this is my first business and I am keen to learn as much and do as much myself as I can.
Thanks!
Sam
I have a small Limited company providing software services. It took a little longer to get started than I anticipated and so the only money coming into the company has been from a series of small Director's Loans and from the initial payment for 100 x £1 shares (fully paid up).
I'm fully prepared to pay for an accountant as the company grows, however right now this would wipe out most of the company's funds (obtained since the end of the last accounting period). I have kept good records of the small number of transactions and would like to learn a little more about the process, so have tried to complete the microentity accounts myself.
I have given this a shot, however the terminology when translating from the FreeAgent balance sheet is a little unfamiliar to a complete beginner. I have a couple of questions and would really appreciate a little input from someone more familiar with this process.
Here's what I have...
Balance sheet (from FreeAgent)
Capital Assets
Net Book Value 0
Current Assets 40
Bank Account: <BANK ACCOUNT NAME> 40
less Current Liabilities 346
Director Loan Account: <MY NAME> 346
Net Current Assets -306
Total Assets -306
Owner's Equity:
Capital Account: <MY NAME> 100
Retained Profit -406
Total Owner's Equity -306
From my calculations, I believe this translates to the following in the micro-entity balance sheet
Microentity Balance Sheet (Companies House)
Called up share capital not paid 0
Fixed assets
Current: Total fixed assets 0
Current assets
Current: Total current assets 40
Current: Prepayments and accrued income 0
Current: Creditors: amounts falling due within one year -346
Current: Net current assets (liabilities) -306
Current: Total assets less current liabilities -306
Current: Creditors: amounts falling due after more than one year 0
Current: Provisions for liabilities 0
Current: Accruals and deferred income 0
Current:T otal net assets (liabilities) -306
Capital and reserves
Current:
Capital and reserves
100
My main concerns are surrounding the 'Capital and Reserves' figures, the company, at the end of the accounting period, had no money in the bank, surely £100 isn't correct here?
Finally, I have already submitted my confirmation statement a few months ago, I'm currently submitting the accounts. Presumably its only the company tax return remaining (Do I need to do this in a non-profit making year?)
Any help you could provide would be greatly appreciated! I understand that I will likely need an accountant at some point, but this is my first business and I am keen to learn as much and do as much myself as I can.
Thanks!
Sam
