Urgently need help filling out Micro-entity balance sheet please!

[JayJay1]

I am filing the first year company accounts and would really appreciate some help with filling out the Micro-entity balance sheet. This is all very new to me so I am struggling to figure out what figures go where.

Any assistance would be much appreciated.

Many thanks!

 

[JayJay1]

Some info on the company' finances...

Fixed Assets - £0
Current Assets - £2004.17
The company owes - £9,387.06 (Loan)

The Micro- entity Balance Sheet requires the following entries:

• Called up share capital not paid £
• Fixed Assets £
• Current Assets £
• Prepayments and accrued income £
• Creditors: amounts falling due with one year £
• Net current assets (liabilities) £
• Total assets less current liabilities £
• Creditors: amounts falling due after more than one year £
• Provisions for liabilities £
• Accruals and deferred income £
• Total net assets (liabilities) £
• Capital and Reserves £

Can anyone help?

Many thanks!

 

[Scalloway]

This is my tried and tested method to prepare accounts.

https://imgur.com/gallery/CPfENkC

 

[JayJay1]

Thanks Scalloway.

Micro-entity Balance Sheet
Current: Called up share capital not paid 0
Fixed assets
Current: Total fixed assets 0
Current assets
Current: Total current assets £2004.17

Current: Prepayments and accrued income 0

Current: Creditors: amounts falling due within one year £9387.06-

Current: Net current assets (liabilities)

Current: Total assets less current liabilities

Current: Creditors: amounts falling due after more than one year

Current: Provisions for liabilities

Current: Accruals and deferred income

Current: Total net assets (liabilities)

Capital and reserves
Current: Capital and reserves

Does this look right so far..........?

 

[STDFR33]

No it doesn't like right because it doesn't balance.

 

[JayJay1]

No it doesn't like right because it doesn't balance.

Balance with what?

I haven't completed the form yet.

Can you elaborate please?

Thanks

 

[Scalloway]

Did you look at the graphic I linked to? That shows how to produce a set of accounts that balance ie the totals of assets and liabilities are the same.

 

[JayJay1]

Did you look at the graphic I linked to? That shows how to produce a set of accounts that balance ie the totals of assets and liabilities are the same.

Hi, yes i had a look.

I am stuck on the Capital and Reserve....... can you explain how you got to this figure?

This is how far i have got......

Fixed Assets - £0

Total Current Asset - £2000

Net current assets (liabilities) - £2000

Creditors amounts falling due after more than one year - £-9387

Total net assets (liabilites) - £-7387

Capital and Reserves? stuck here

 

[Scalloway]

Capital is the share(s) you issued to start the company.

Reserves is the profit or loss to the end of the financial year.

 

[JayJay1]

Capital is the share(s) you issued to start the company.

Reserves is the profit or loss to the end of the financial year.

Thanks for your reply.

The shares issued were £1

Two directors - nominal value of each share - £1

Is this what you are referring to?

Many thanks!

 

[JayJay1]

The company has a cash balance of £4.17 ...... is this reserves?

Sorry to sound stupid....... first year accounts so all new to me.

Slightly stressed as accounts due today

 

[Anna Chandley]

Have you entered the income and expenses using Scalloway's graphic? You need to do that to get your reserves figure.

 

[MyAccountantOnline]

@JayJay1 what are you using to get your figures - are you taking them from some accounting records?

If you aren't using any software some free software like VT cashbook will produce a trial balance and balance sheet for you which will help fill on the boxes.

Don't forget to include any Corporation tax due.

 

[JayJay1]

@JayJay1 what are you using to get your figures - are you taking them from some accounting records?

If you aren't using any software some free software like VT cashbook will produce a trial balance and balance sheet for you which will help fill on the boxes.

Don't forget to include any Corporation tax due.

Hi, my figures are all documented in a business accounts book

 

[JayJay1]

How will i know if corporation tax is due?

 

[MyAccountantOnline]

Hi, my figures are all documented in a business accounts book

The difficulty you have (which you are finding) is that an accounts book doesn't give you a trial balance - that's the report from which accounts are prepared.

I really would look at VT cashbook for the short term and something more suitable for the future.

In addition to Corporation tax make sure you include debtors, creditors, accruals and prepayments as well as year end WIP and stock if applicable, none of which will be shown in a cashbook.

 

[MyAccountantOnline]

How will i know if corporation tax is due?

You'll need to have a P&L account and balance sheet and then prepare a Corporation tax computation calculating the tax due on the profit taking into account Capital allowances.

 

[JayJay1]

Thank you for your help!

Unfortunately, I am unable to open VT cashbooks on my MacBook

I thought i was being organised keeping an accounts book which is clearly useless now :-(

 

[MyAccountantOnline]

Thank you for your help!

Unfortunately, I am unable to open VT cashbooks on my MacBook

I thought i was being organised keeping an accounts book which is clearly useless now :-(

Being organised and keeping an accounts book is good practice, and an accountant could work from that, but it doesn't automatically produce reports which will help you in preparing accounts.

Its not easy looking after company accounts and tax returns unless you are a trained and experienced accountant.

If you had used software for your bookkeeping although you'd be able to produce reports which would help you it wont automatically enable you to prepare accurate accounts and tax returns.

 

[Owesdr]

I find that organisation is key word in accounting and bookkeeping. Everything needs to be in chronological order, otherwise, there is a good chance that you will be completely lost in documentation. Using any of free software for this purpose would be smart thing to do

 

[JCresswellTax]

You really need an accountant, you don't have a clue! It will just cause you more pain than actually paying someone to do it.

 

[Chris Ashdown]

It's rather insulting to expect professionals to help you for free with the services they make there living from, answering a technical problem is normally fine with lots offering assistance but to understand what you are doing with accounts you need to either pay for expertise, or take a course in the subject and learn

 

[JCresswellTax]

Entirely agree!