URGENT HELP with accounts

[nigel2008]

Hi,

Been rather remiss in filing accounts with Companies House. Thought it would be easy to do based upon our business model but now stuck! We are trying to file under the micro category which we fit - accounts for Feb 13/Feb 14 - to 28/2/14 and we only have until this weekend before we will face fines etc. Can anyone help please!

Here are the facts:

1. Limited company officially registered February 2013.
2. 2 Directors. No employees
3. Prior to the company bank account going live the company started trading and one of the directors paid suppliers a total of £21,000 - from his own personal Bank account
4. No assets. No business premises. No bank overdradt. No Bank loan. No company vehicles. Nothing on finance. Both directors work from home.
5. The only financial aspects are that the company sells products which are sourced from third parties and sold on to customers.
6. Adding up income (sales) for the year - total sales income is £30,000
7. Total expenditure: £51,000. Includes the £21,000 paid to suppliers by one of the Directors as in 3. above
8. As at 28/2/14, one supplier is owed £6,000. No other debts.
9. No debtors
10. £2 cash in Bank on 28/2/14

How do we fill in the form on Companies House web filing service?

Can't understand the terminology and can't get the balance sheet to balance.

Can't understand why it has to balance?

Any help much appreciated!

N

 

[Energise Accounting]

Most accountants use accounts production and tax filing software to produce year end accounts. I would advise you go to an accountant and get the job done it will save you a lot of headache in the future

 

[nigel2008]

That's the issue. We can't afford an accountant - and we only have 3 days left to file the information.

 

[john1989]

The balance sheet has to balance because it is a balance sheet.

Leaving it until the deadline wasn't a wise decision.

Go see an accountant. They may be able to extend your ARD which will avoid any penalties.

You say you cannot afford an accountant ... can you afford penalties?

 

[kevin.doran]

How's the £51k expenditure split?

 

[nigel2008]

The expenditure is payments to suppliers and wages, That's it.

 

[SBlundell]

It won't balance because your figures don't stack up - where has the £30k of income gone (you say no debtors)?

Conversely, you have £51k of expenditure, less £21k paid by the director less £6k still oustanding leaves £24k 'paid'.

If opening bank = £nil, plus income of £30k less suppliers paid of £24k = closing cash £6k but you say £2 so you're nearly £6k out somewhere.

Also - no stock?
No tax provisions (presumably no corporation tax liability as expenses > income BUT it completely depends what your expenditure is and therefore whether it's all allowable for tax).
No share capital? (Is this the £2 at bank)?
Presumably not VAT registered?

There are lots of unknowns here! Sorry to sound negative - but sometimes paying a mechanic is simply a cheaper option than toying with the brakes yourself (speaking from experience!).

If you file within a month of the deadline the penalty is probably £150 so whilst not ideal it's not the end of the world. Beware corporation tax filing deadlines too.

 

[Bob]

Did you pay the directors using RTI?

 

[kevin.doran]

As above - no stock? That's exactly what I was getting at with my last post.

 

[john1989]

With respect, even if the OP answers the questions regarding the nature of the expenditure and whether they were paid using RTI, we still won't be able to help the OP. The surface is barely being scratched and speculative questions are not helping anyone.

 

[Energise Accounting]

agree with @One Call Accountants their is absolutely no way we can help the op

 

[UK Contractor Accountant]

Am I missing something here - with a Feb14 year end date hasn't the filing deadline date already passed at Companies House?

 

[john1989]

You are probably right - unless the OP extended his ARD. We have taken the OP at his word regarding deadlines. I now suspect the deadline he has received is probably for the annual return.

 

[UK Contractor Accountant]

he said incorporated feb13 with feb14 as year end date - doesnt seem to me like he extended the ARD?

 

[john1989]

It doesn't appear so. But that is the only way the deadline could be different.

 

[Mitchells Bristol]

The filing deadline for the first year accounts will always be 21 months after the date of incorporation, irrespective of whether he extends the year end date. So I agree either a dormant period set was filed previously, the OP has his dates wrong or the accounts are already late.

The OPs figures broadly add up

Sales 30,000
Costs (57,000) assuming £51k + £6k creditor
Loss (27,000)

Bank 2

Creditors (6,000)
Director loan (21,000)
Net liabilities (27,000)

Share capital ??
P+L (27,000)

Share capital will probably be offset against the director loan balance, and the bank balance of £2 is probably lost in the fact that these numbers are all rounded. All looks feasible, but obviously making various assumptions