Micro-entity Balance Sheet

[hanssthl]

Filling in our Micro-entity Balance Sheet with companies house and got stuck on Creditors’ Amounts Falling Due Within One Year, in my accounting system it says: 10.000 GBP Long-term loan that we have with the bank. But in the system it does not have a minus sign, but it's a loan, so what should I enter then? Should it be -10.000 or 10.000.

My guess: Creditors' Amounts Falling Due Within One Year" without a minus sign. The context of being under "Creditors" indicates it is an amount owed.

Thanks

 

[DWS]

Not sure what you are using to submit the accounts but yes it should be a minus if owed.
Are you paying back the loan within a year? If not it should be creditors ‘greater’ than a year

 

[Scalloway]

Try adding it without a minus sign. It's a while since I used the Companies House software but it could be that the context shows it is a liability without needing to show a minus.

 

[hanssthl]

Thx for the answer @DWS! The 'loan' will not be paid back for a very long time, so it's ‘greater’ than a year. We are using the accounting software Bokio and I have added the info below.

Balance Sheet in Bokio:

Assets
Fixed Asstes: 0


Current assets
1200 Bank Account: 4,005.56
Total Assets: 4,005.56

Liabilities and Equity
Current liabilities
2202 VAT Liability: -73.31
2301 Directors Loan Accounts (Director 1): 387.3
2510 Expense Creditors: 74
2600 Long term Loans & Mortgages: 9,506.92


Equity
Retained earnings: -5,889.35


Total Liabilities: 4,005.56

And from the above, I have made the following draft with the Companies house:

Called up share capital not paid: 0


Fixed assets
Total fixed assets: 0


Current assets
Total current assets: 4006
Prepayments and accrued income: 0
Creditors: amounts falling due within one year: 338
Net current assets (liabilities): 3668
Total assets less current liabilities: 3668
Creditors: amounts falling due after more than one year: 9507
Provisions for liabilities: 0
Accruals and deferred income: 0
Total net assets (liabilities): -5839

Capital and reserves: -5889


So, If I am understanding you correctly @DWS, the 'Creditors: amounts falling due after more than one year' should then be -9507?

 

[hanssthl]

Try adding it without a minus sign. It's a while since I used the Companies House software but it could be that the context shows it is a liability without needing to show a minus.

My understanding is that the UK, for a limited company's balance sheet, long-term loans like "Creditors: amounts falling due after more than one year" should be entered as a positive figure under liabilities. This indicates the amount we owe that will not be paid off within the next accounting year.