Good book on how to fill in micro entity balance sheet

[spiderplant0]

Hi, can anyone recommend a book or resource that will explain, for the layperson, what figure to put where in the micro-entity balance sheet?

 

[billmccallum1957]

http://www.businessaccountingbasics.co.uk/balance-sheet.html

 

[MyAccountantOnline]

Hi, can anyone recommend a book or resource that will explain, for the layperson, what figure to put where in the micro-entity balance sheet?

This may help https://www.gov.uk/annual-accounts/microentities-small-and-dormant-companies

 

[spiderplant0]

Thanks for the replys. However I was looking for more information. The main term I'm struggling with is the 'Called up share capital not paid' On the companieshouse site says it is "This is the amount that has been called for when shares have been allotted but that amount has not been received as at the date of the balance sheet.". But it still leaves me confused (what does 'the amount that has been called for" mean?).The limited company has one share of £1 issued.

 

[Scalloway]

Have you paid £1 into the company bank account to pay for your share?

 

[billmccallum1957]

see http://www.ukbusinessforums.co.uk/threads/dca-called-up-share-capital-not-paid.51055/

 

[spiderplant0]

Have you paid £1 into the company bank account to pay for your share?

No. I dont actually have a bank account for the company as it is not yet making money (I asked a lawyer about this and he said this was ok).

 

[john1989]

No. I dont actually have a bank account for the company as it is not yet making money (I asked a lawyer about this and he said this was ok).

This is not a good idea and can (and probably will) cause unnecessary complications.

 

[Energise Accounting]

quite correct you don't need a separate bank account. Although do you really want HMRC looking at your personal spending?

As for books on FRS102 or FRS105 these are normally written for accountants.

 

[MyAccountantOnline]

No. I dont actually have a bank account for the company as it is not yet making money (I asked a lawyer about this and he said this was ok).

Did the lawyer explain the tax consequences?

 

[spiderplant0]

Hi, the company has been designated inactive, so I dont have to do a tax return, just a returns, and accounts.

Can anyone tell me what I should put in the box 'Called up share capital not paid'. Is there any other information I can provide to you so you can help me figure out what to put in this box?

 

[Scalloway]

Called up share capital - what is the value of the share capital?

Called up share capital not paid - Did you put money in the company bank account for the shares?

 

[spiderplant0]

I did not put any money in as I dont have a company bank account. The limited company has one share of £1 issued.

 

[Scalloway]

Then called up share capital not paid is £1.

 

[MyAccountantOnline]

Hi, the company has been designated inactive....

Do make sure you tell HMRC when the company is active.

 

[spiderplant0]

Thanks for you help everyone