Micro Entity Balance Sheet

[andy H reynolds]

Hi All,

I run a tiny little ltd company that hasn't made much money, and probably isn't worth continuing with, and I cannot afford to pay someone for help, as is evidenced by the poor income.

I have gone onto companies house to submit micro entity balance sheet. My total current assets, which consists of what money is in the bank is £1746 (money left for tax bill after taking dividends), and then under creditors within one year I have put £1746 because that is how much will need to be paid to HMRC for corp tax. I would then expect the net current assests (liabilities) to be zero, but it is instead £3492, is that right?

Sorry, I know I should really pay an accountant, but I can't afford it, and won't be continuing with the business after this is sorted.

Thank you Andy

 

[STDFR33]

Enter the liabilities as a minus figure.

 

[MyAccountantOnline]

...I would then expect the net current assests (liabilities) to be zero, but it is instead £3492, is that right?

....

No it's not, as above if you enter the tax due as a credit ie minus that will reduce net assets to zero.

 

[Numerix Accountancy]

Hi All,

I run a tiny little ltd company that hasn't made much money, and probably isn't worth continuing with, and I cannot afford to pay someone for help, as is evidenced by the poor income.

I have gone onto companies house to submit micro entity balance sheet. My total current assets, which consists of what money is in the bank is £1746 (money left for tax bill after taking dividends), and then under creditors within one year I have put £1746 because that is how much will need to be paid to HMRC for corp tax. I would then expect the net current assests (liabilities) to be zero, but it is instead £3492, is that right?

Sorry, I know I should really pay an accountant, but I can't afford it, and won't be continuing with the business after this is sorted.

Thank you Andy

Hi Andy,

You will probably have to factor in Share Capital under Equities as well.
Goes in as a negative.

Looks like these are dormant accounts - thus Accountancy fees will be significantly reduced if you want an accountant to do it for you.

Feel free to get in touch directly.

Regards

 

[STDFR33]

Hi Andy,

You will probably have to factor in Share Capital under Equities as well.
Goes in as a negative.

Looks like these are dormant accounts - thus Accountancy fees will be significantly reduced if you want an accountant to do it for you.

Feel free to get in touch directly.

Regards

Dormant accounts?!

 

[NicoJ]

Hi Andy,

You will probably have to factor in Share Capital under Equities as well.
Goes in as a negative.

Looks like these are dormant accounts - thus Accountancy fees will be significantly reduced if you want an accountant to do it for you.

Feel free to get in touch directly.

Regards

I second STDFR33 that these are clearly not dormant. I do agree that there may be some share capital, although it's not clear what the opposite entry would be. Share capital not paid or cash or DLA?

 

[MyAccountantOnline]

Hi Andy,

You will probably have to factor in Share Capital under Equities as well.
Goes in as a negative.

Looks like these are dormant accounts - thus Accountancy fees will be significantly reduced if you want an accountant to do it for you.

Feel free to get in touch directly.

Regards

@Numerix Accountancy with respect I think you missed a major part of the OP's post ie

''I have put £1746 because that is how much will need to be paid to HMRC for corp tax''

 

[Numerix Accountancy]

@Numerix Accountancy with respect I think you missed a major part of the OP's post ie

''I have put £1746 because that is how much will need to be paid to HMRC for corp tax''

Hi All,

On closer inspection, there appears to be a number of indicators pointing towards active trading status.

Apologies - I placed too much emphasis on the opening paragraph

"hasn't made much money", "probably isn't worth continuing with", "cannot afford to pay someone for help, as is evidenced by the poor income." - (after a quick glance - worth clarifying for sure whether any income was earned at all)

But yes - agree with dividend extraction and money left aside for corp tax suggesting in-year profit, definitely not dormant on that basis.

Regards All