- Original Poster
- #1
Good Afternoon,
Struggling with my first ever Abbbreviated & Unaudited Accounts for an LLP set up at the end of 2004.
To make the Balance Sheet balance, could someone please confirm that the 'Net Loss for the Financial Year before members remuneration and profit share' - as shown at the bottom of the Profit & Loss Account - should be shown under 'Other Reserves' in 'Members other interests' in the Balance Sheet? Clearly in the Balance Sheet this figure would be in brackets and effectively reduce the total capital employed.
The company made a loss - because of some high first-year admin expenses (research) and because of the purchase of assets. Members loaned capital.
In the balance sheet I have fixed assets and cash at bank, but the sum of these is exceeded by sums advanced by members by way of a loan, due to admin expenses.
I know the P&L and a lot of other details are not legal requirements for small companies but for our own benefit I'm keen to understand the nuts and bolts that will make us tick in the years to come. Yes, I'll use an accountant after another year.
Thank you for any advice volunteered.
Struggling with my first ever Abbbreviated & Unaudited Accounts for an LLP set up at the end of 2004.
To make the Balance Sheet balance, could someone please confirm that the 'Net Loss for the Financial Year before members remuneration and profit share' - as shown at the bottom of the Profit & Loss Account - should be shown under 'Other Reserves' in 'Members other interests' in the Balance Sheet? Clearly in the Balance Sheet this figure would be in brackets and effectively reduce the total capital employed.
The company made a loss - because of some high first-year admin expenses (research) and because of the purchase of assets. Members loaned capital.
In the balance sheet I have fixed assets and cash at bank, but the sum of these is exceeded by sums advanced by members by way of a loan, due to admin expenses.
I know the P&L and a lot of other details are not legal requirements for small companies but for our own benefit I'm keen to understand the nuts and bolts that will make us tick in the years to come. Yes, I'll use an accountant after another year.
Thank you for any advice volunteered.
