help with opening balances!

[ChloeLWF]

Hi all
I've got to file my accounts for my Ltd co in 2 parts. Part one is mid-Feb 16 (when the company started up) to mid-Feb 17. Part two is mid-Feb to end-Feb 17 (so that ongoing my year end will be end Feb). Part one is absolutely fine - I've read enough accounts books and the numbers are so small that it was pretty easy. But I can't find any info on how to do Part two! Basically in that short time, I had no sales and no costs to report. So all I've got on the TB is a little cash in the bank on the debits side, and a slightly larger number on the credit/liability side in the director's loan acct. So of course my trial balance doesn't balance! So what am I missing? The difference between the loan and the bank balance should sit on the debit side, but as what?!
Many thanks for your help with this total novice question!

 

[Scalloway]

If you have a trial balance that balances at mid February then you should carry forward the profit/loss into the new period.

 

[Anna Chandley]

Are you confusing the accounts and corporation tax dates.

Normally one would produce one set of accounts for mid Feb 16 to end Feb 17 and two corporation tax returns the first Mid Feb 16 to mid Feb 17 and the second for Mid Feb 17 to end Feb 17.

 

[MyAccountantOnline]

Hi all
I've got to file my accounts for my Ltd co in 2 parts. Part one is mid-Feb 16 (when the company started up) to mid-Feb 17. Part two is mid-Feb to end-Feb 17 (so that ongoing my year end will be end Feb). .....

Can I ask why you want to prepare 2 sets of accounts for the period?

You'll probably need 2 tax returns but not two sets of accounts.

 

[makeyourbusinessbetter]

Firstly, if your accounts date is Feb 17, then you have nine months to file your accounts at Companies House so you have plenty time to get things right.

Check your company information at Companies House, look for Next Accounts Due, from what you say, it will likely be mid-November 17.

1. Prepare one set of accounts from date of incorporation to end-17. Don't forget to include the issued share capital
2. Prepare tax computation to proportion the accounts between the two periods
3. Prepare tax returns for the two periods
4. File abbreviated accounts at Companies House
5. File full accounts with the tax returns at Hmrc

Hope this helps.

 

[ChloeLWF]

Thank you everyone - how kind you are it is very much appreciated!

 

[makeyourbusinessbetter]

In my reply yesterday,

1. should have read ...to end-Feb 17 and not end-17

Apologies for the typo