Micro-entity balance sheet help

[Echodot]

Good evening.

I'd be very grateful for some advice please. I'm trying to help my partner to file his first year accounts and we're not sure how to complete the balance sheet. The business activity is the purchase and sale of machinery.

The P/L account is showing a loss of -£7226.11.

Called up share capital not paid 1
Fixed Assets --
Current Assets: Stock 6400
Bank 878
7278
Prepayments and accrued income --
Creditors: amounts falling due within one year 0
Net current assets (liabilities) ?
Total assets less current liabilities ?

Creditors: amounts falling due after more than one year:
Director's Loan 8105
Provisions for liabilities 0
Accruals and deferred income 0
Total net assets (liabilities) ?
Capital and reserves ?


I wonder if a kind and patient person would advise me how to enter the figures correctly, please. TIA

 

[Scalloway]

It is hard to tell from what you provide. Have a look at this.

https://imgur.com/gallery/CPfENkC

 

[Ray272]

Just to confirm you are aware.

Balance sheets are freely available to review on companies house and you can enter pretty much any ltd company name and see the recent and historical balance sheets of the company in question.

 

[Mitchells Bristol]

Hello there

I am not certain the figures you have are going to add up.

If you have current assets of £7,278, less current liabilities of £8,105, your net assets are around -£827.

So your loss of £7,226 does fit quite right. Are you certain all of these figures are correct? do you use some form of software to maintain the books?

 

[Echodot]

It is hard to tell from what you provide. Have a look at this.

Thank you very much. I had searched through the archives and seen your example. My problem was that it didn't seem to balance when I input my figures and didn't know how to show the loss from the P/L account. After further reading I now see where I have made a mistake (detailed in my reply to Mitchells Bristol). Thank you once again.

 

[Echodot]

Just to confirm you are aware.

Balance sheets are freely available to review on companies house and you can enter pretty much any ltd company name and see the recent and historical balance sheets of the company in question.

Thank you Ray. I have looked at many examples but just wasn't sure how to do this correctly.

 

[Echodot]

Hello there

I am not certain the figures you have are going to add up.

If you have current assets of £7,278, less current liabilities of £8,105, your net assets are around -£827.

So your loss of £7,226 does fit quite right. Are you certain all of these figures are correct? do you use some form of software to maintain the books?

Thank you for your reply. After further reading I now see that I wrongly added the cost of the stock to the P/L account so the loss is -£827 as you said.

Do I put net current assets, total current assets, total net assets and capital and reserves at -£827?

Thank you for your help.

 

[Scalloway]

I now make it

Called up share capital not paid .......1
Stock ....................................................6400
Bank ........................................................878
Creditor .............................................-8105
TOTAL.....................................................-826

Capital and reserves
Capital......................................................1
P & L.....................................................-827
TOTAL....................................................-826

 

[Echodot]

I now make it

Called up share capital not paid .......1
Stock ....................................................6400
Bank ........................................................878
Creditor .............................................-8105
TOTAL.....................................................-826

Capital and reserves
Capital......................................................1
P & L.....................................................-827
TOTAL....................................................-826

Thank you so much. That's perfect.

Thanks to you all for taking the time to give your valuable advice. It's so very much appreciated.