- Original Poster
- #1
Hello Everyone,
My first year micro entity accounts are due soon and I would appreciate it if someone could cast their eye over my workings as I plan to file the accounts myself and there are a few points I’m not sure about.
Company incorporated on 14th September 2018, started trading on 01st October 2018
HMRC Dormant accounts for 14th September 2018 to 30th September 2018
HMRC Micro Entity accounts for 01st October 2018 to 30th September 2019
Companies House accounts will be from 14th September 2018 to 30th September 2019 (numbers should be the same apart from £1 paid up share capital in the later period with no transactions in the earlier period)
I have been using quick books online and the numbers from the profit and loss statement and the balance sheet are as follows:
Profit and Loss:
Total Income: 26674.64
Total Cost of Sales 10871.51
Gross Profit: 15803.13
Total Expenses: 17469.58
Net Income: -1666.45
Balance Sheet:
Total Fixed Assets: 415.82
Total Cash at bank and in hand: 22299.75
Debtors: 536.62
Net Current Assets: 22836.37
Total Creditors due within one year: 24917.64
Net Current Assets -2081.27
Total Assets Less Current Liabilities: -1665.45
Total Net Assets (Liabilities) -1665.45
Ordinary Share Capital: 1
Profit for Year: -1666.45
Total Capital and Reserves: -1665.45
HMRC Micro Entity accounts for 01st October 2018 to 30th September 2019
Profit and Loss:
Turnover: 26674
Other income: 0
Cost of raw materials and consumables: 10871
Staff Costs: 5224
Depreciation: 0
Other Charges: 12245
Tax on Profit: 0
Profit or Loss: -1666
Balance Sheet:
Called up share capital not paid: 0
Total Fixed Assets: 416
Total Current Assets: 22836
Prepayments and accrued income: 0
Creditors amounts falling due within one year: 24917
Nett Current Assets: -2081
Total Assets less current liabilities: -1665
Creditors amounts falling due after more than one year: 0
Provision for liabilities: 0
Accruals and deferred income: 0
Total Net Assets or Liabilities: -1665
Capital and Reserves: -1665
Questions:
1. For the tax on profit in the profit and loss statement is it 0 or do I need to calculate a minus figure including AIA for the fixed asset? If it is a minus figure would i need to enter it in to Quickbooks?
2. If the tax on profit is 0 can the AIA for the fixed asset be rolled over to the next period or is it lost?
3. I loaned the company £2k to get things started and that was paid back in the same period, I then loaned the company £25k and that is outstanding, do these need to be mentioned in the footnotes of the balance sheet?
4. Do the figures look OK? I had to increase the fixed asset on the balance sheet from 415 to 416 to make the totals match Quick Books after rounding to full pounds.
HMRC dormant accounts for 14th September 2018 to 30th September 2018
Balance Sheet:
Called up share capital not paid: 1
Total Fixed Assets: 0
Total Current Assets: 0
Prepayments and accrued income: 0
Creditors amounts falling due within one year: 0
Nett Current Assets: 0
Total Assets less current liabilities: 1
Creditors amounts falling due after more than one year: 0
Provision for liabilities: 0
Accruals and deferred income: 0
Total Net Assets or Liabilities: 1
Capital and Reserves: 1
Any help or advice would be greatly appreciated.
My first year micro entity accounts are due soon and I would appreciate it if someone could cast their eye over my workings as I plan to file the accounts myself and there are a few points I’m not sure about.
Company incorporated on 14th September 2018, started trading on 01st October 2018
HMRC Dormant accounts for 14th September 2018 to 30th September 2018
HMRC Micro Entity accounts for 01st October 2018 to 30th September 2019
Companies House accounts will be from 14th September 2018 to 30th September 2019 (numbers should be the same apart from £1 paid up share capital in the later period with no transactions in the earlier period)
I have been using quick books online and the numbers from the profit and loss statement and the balance sheet are as follows:
Profit and Loss:
Total Income: 26674.64
Total Cost of Sales 10871.51
Gross Profit: 15803.13
Total Expenses: 17469.58
Net Income: -1666.45
Balance Sheet:
Total Fixed Assets: 415.82
Total Cash at bank and in hand: 22299.75
Debtors: 536.62
Net Current Assets: 22836.37
Total Creditors due within one year: 24917.64
Net Current Assets -2081.27
Total Assets Less Current Liabilities: -1665.45
Total Net Assets (Liabilities) -1665.45
Ordinary Share Capital: 1
Profit for Year: -1666.45
Total Capital and Reserves: -1665.45
HMRC Micro Entity accounts for 01st October 2018 to 30th September 2019
Profit and Loss:
Turnover: 26674
Other income: 0
Cost of raw materials and consumables: 10871
Staff Costs: 5224
Depreciation: 0
Other Charges: 12245
Tax on Profit: 0
Profit or Loss: -1666
Balance Sheet:
Called up share capital not paid: 0
Total Fixed Assets: 416
Total Current Assets: 22836
Prepayments and accrued income: 0
Creditors amounts falling due within one year: 24917
Nett Current Assets: -2081
Total Assets less current liabilities: -1665
Creditors amounts falling due after more than one year: 0
Provision for liabilities: 0
Accruals and deferred income: 0
Total Net Assets or Liabilities: -1665
Capital and Reserves: -1665
Questions:
1. For the tax on profit in the profit and loss statement is it 0 or do I need to calculate a minus figure including AIA for the fixed asset? If it is a minus figure would i need to enter it in to Quickbooks?
2. If the tax on profit is 0 can the AIA for the fixed asset be rolled over to the next period or is it lost?
3. I loaned the company £2k to get things started and that was paid back in the same period, I then loaned the company £25k and that is outstanding, do these need to be mentioned in the footnotes of the balance sheet?
4. Do the figures look OK? I had to increase the fixed asset on the balance sheet from 415 to 416 to make the totals match Quick Books after rounding to full pounds.
HMRC dormant accounts for 14th September 2018 to 30th September 2018
Balance Sheet:
Called up share capital not paid: 1
Total Fixed Assets: 0
Total Current Assets: 0
Prepayments and accrued income: 0
Creditors amounts falling due within one year: 0
Nett Current Assets: 0
Total Assets less current liabilities: 1
Creditors amounts falling due after more than one year: 0
Provision for liabilities: 0
Accruals and deferred income: 0
Total Net Assets or Liabilities: 1
Capital and Reserves: 1
Any help or advice would be greatly appreciated.
