micro entity CH balance sheet wexplanation for a noob?

[Alex Kell]

hello guys sorry to be a noob but I'm in a pickle, time has come for me to prepare annual accounts of my 1 person Ltd for companies house for year 2107/18 but although my expected income was Ok i ended up working very little due to poor health and I could never afford an accountant as they wanted 10% of my takings. it's just a few boxes to fill with correct numbers, could you help? I dont quite understand this terminology, what's "fixed assets", whats "accruals and deferred income", what's "provision for liabilities" etc could someone help me put right letters in right boxes?

total income from jobs lets say amount A
did quite a few thousands business miles therefore amount B claimed
paid out C to myself as salary , below threshold for any NI
And amount D as directors dividend
put E in Vantage pension fund
spent amount F on tools and office equipment so it would fall under investment allowance
spent G for business mobile phone, insurance, bank charges etc expenses
and still have amount H in the business account

and oh, whem incorporating £1 was declared as shares capital
It's just about Companies house micro-entity balance sheet as I still have a few months for HMRC and self assessment. I would be forever in your debt. And please don't send me to an accountant, I have barely enough money left for corporation tax

 

[Scalloway]

I have a graphic on my website that might help but I'm on my phone so I can't easily post a link. I'll try to get back to you later if nobody else can help.

 

[MyAccountantOnline]

hello guys sorry to be a noob but I'm in a pickle, time has come for me to prepare annual accounts of my 1 person Ltd for companies house for year 2107/18 but although my expected income was Ok i ended up working very little due to poor health and I could never afford an accountant as they wanted 10% of my takings. it's just a few boxes to fill with correct numbers, could you help? I dont quite understand this terminology, what's "fixed assets", whats "accruals and deferred income", what's "provision for liabilities" etc could someone help me put right letters in right boxes?

total income from jobs lets say amount A
did quite a few thousands business miles therefore amount B claimed
paid out C to myself as salary , below threshold for any NI
And amount D as directors dividend
put E in Vantage pension fund
spent amount F on tools and office equipment so it would fall under investment allowance
spent G for business mobile phone, insurance, bank charges etc expenses
and still have amount H in the business account

and oh, whem incorporating £1 was declared as shares capital
It's just about Companies house micro-entity balance sheet as I still have a few months for HMRC and self assessment. I would be forever in your debt. And please don't send me to an accountant, I have barely enough money left for corporation tax

It's going to be really difficult to offer much help but my advice is to start off by preparing a trial balance (that's the basic report from which accounts are prepared). If the bookkeeping system you are using doesn't create one you could use VT cashbook - that's free and will enable you to prepare a trial balance as well as a profit and loss account and a balance sheet which should help. Once you've got that you could post again with any questions.

With regards to tools and equipment unless the amounts spent are huge in relation to your company turnover it'll save you trying to sort out capital allowances and the investment allowance if you charge them to the profit and loss account as 'equipment expensed'

You'll need to complete the Corporation tax return and calculate the Corporation tax to prepare the accounts for Companies House as the accounts need to show any tax owing. It really is best to prepare them all together.

 

[MyAccountantOnline]

...
and oh, whem incorporating £1 was declared as shares capital
...

If you've not paid for that it's included by showing the £1 as a debtor ie monies owing to the company.

 

[Alex Kell]

I have a graphic on my website that might help but I'm on my phone so I can't easily post a link. I'll try to get back to you later if nobody else can help.

Hey, did you find it?

 

[Scalloway]

Yes I did. It is here.

https://www.ze1associates.co.uk/gallery/

Click on it to get it bigger. Right click to save to your PC.