Small CIC balance sheet

[steph.l.foster]

Can anyone help? I'm trying to complete a balance sheet ready to file with Companies House but am really struggling. We are a very small CIC that provides counselling services for people on low incomes. We have no assets apart from the cash in the bank, no property owned or stock. I've done the profit & loss statement but my problem with the balance sheet is we don't have any liabilities. The counsellors are students who are completing their hours required for certification so they don't get paid, there are no debts, no loans and no capital was put in for start up. Some consultations were phone/online and for the year concerned the in person sessions were in a community building that were letting us use the rooms for free. So how do I balance the balance sheet?

 

[NicoJ]

Retained earnings? What is your profit / loss for the year?

 

[eteb3]

no capital was put in for start up

Do you mean you’re limited by guarantee? Or do you have some nominal share capital?

 

[steph.l.foster]

Retained earnings? What is your profit / loss for the year?

Profit was £173.00

 

[steph.l.foster]

Do you mean you’re limited by guarantee? Or do you have some nominal share capital?

No, not limited by guarantee. All expenses are month to month & have been covered by the payments from clients. It’s just insurance, a workspaces account & a mobile phone. So they have all been covered by income. No capital was put in

 

[NicoJ]

Profit was £173.00

Ok, have you prepared a trial balance? Once you have balanced that, you should be able to see what you've missed.

 

[steph.l.foster]

Thanks for the help, I've got that balance sheet to add up finally. I do have another question though. What notes need to be added? I know we need to put about the audit exemption but there seems to be different wordings so if anyone can point me in the right direction I'd be grateful, also anything else you can think of that I need to add?

 

[eteb3]

not limited by guarantee.

No capital was put in

These are mutually contradictory statements

If it’s not limited by guarantee then there must be some share capital, probably £1 per person who applied to form the company

Alternatively it is a company limited by guarantee, which can’t have a share capital even if it wanted one

 

[Paul Kelly ICHYB]

It's a CIC!

This post shows the importance of using an accountant - some may offer their services for free/discounted for charities/CICs.

 

[eteb3]

It's a CIC!

Which can be limited by shares or by guarantee.

 

[Paul Kelly ICHYB]

Apologies, you are correct!