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Hello, I am completing my company accounts using the HMRC joint

Customer Question

Hello, I am completing my company accounts using the HMRC joint filing service CT600 PDF. This is the second year of the accounts. The period runs from 1 February 2012 to 31 January 2013


I just want to check that my figures are correct as I’m confused. Box 187 will not let me proceed as the figures do not match?

My figures at present as at January 2013

Turnover AC12: £54424
Cost of Sales AC14: 45713
Gross Profit AC16: £8711 2012 Gross Profit: £10364

Admin Expenses AC20: £13829 Admin Expenses : £20364
Operating Profit AC26: -£5118 Operating Profit -£10000
Net balance for fin.reserve AC40: - £5118 Net balance AC40: -£10,000

Tangible Assets AC48: £5000 Tangible Assets AC49: £ 0
Stock AC50: £1000 Stock AC51: £1000
Cash at Bank AC54: £870 Cash in bank 24
Total current assets AC56: £1870 Total current assets 1024

Creditors due falling within one year AC58: £4000
Creditors amounts due more than one year AC64: £5000 Creditors due after >year £7000
Provision for liabilities AC66: £1000
Net current assets/liabilities AC68: -£3130 2012 AC69 -£5976

Called up share capital AC70: If I input £1 then this reduces AC80 by £1 which causes an error as AC80 should equal AC68 at £3130 not £3129.
Profit and Loss Account AC74: -£3130 AC75: -£5976

Previous Year profit and loss
Opening Balance: AC215 £0
Profit for Period AC216 -£10,000 (shouldn’t this read -£5976)
Retained Profit for year AC218: is -£10,000 (this shows as an error as AC218 should tally with AC75

Reserves AC 184: -£10,000
Profit for year AC185: -£5118
Equity dividends paid AC 186 £0
Retained Profit AC187: -£15118 (this should equal AC74 which is -£3130
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Thank you for your question...

 

Please leave this with me and I will revert with some questions for explanation once I have studied your numbers closely.

 

Many thanks

 

Customer: replied 3 years ago.

Thank you

Expert:  taxadvisor.uk replied 3 years ago.

Alec, thank you for your patience...

 

First of all .. to make the document agree these boxes should be equal

 

AC68=AC80 and AC69=AC81

 

AC74=AC187

AC75=AC184=AC218

 

As last year was your first year of trading

AC41=AC75=AC216

 

 

 

You must have filed your company's annual return with the Companies House. What have you stated as your issued share capital.

Normally, this would not change year on year unless you issue more shares etc.

The stated issued capital should be in boxes AC70 and AC71... if the answer is 1 then input 1 in both boxes.

 

Last year was year one of trading and you have reported a loss of £10,000. Did you pay for any items out of own funds ) director's account) and fully reflected them in the accounts. Were you owed any money by the company at year end for year 1 and year 2..

 

Assuming there were creditors and these have not been reflected fully and issued share capital was £1... your balance sheet for year one would look like

 

Balance sheet

Box No.

Last year

Intangible assets

AC43

0

Tangible assets

AC45

0

Total fixed assets

AC49

0

Stocks

AC51

1,000

Debtors

AC53

0

Cash at bank and in hand

AC55

24

Total current assets

AC57

1,024

Creditors: falling due within one year

AC59

4,023

Net current assets (liabilities)

AC61

-2,999

Total assets less current liabilities

AC63

-2,999

Creditors: amounts falling due after more than one year

AC65

7,000

Provision for liabilities

AC67

0

Total net assets (liabilities)

AC69

-9,999

Called up share capital

AC71

1

Revaluation reserve

AC77

Profit and loss account

AC75

-10,000

Total shareholders funds

AC81

-9,999

difference

0

Profit and loss account

Box No.

Last year

Retained profit - start date

AC215

0

Profit or (loss) for period

AC216

-10,000

equity dividends paid

AC217

0

Retained profit - end date

AC218

-10,000

 

 

 

 

I have reflected retained profit at year ONE in the figures for year TWO and I would like you to revisit these please...

You say you made a loss of £5,118 in year TWO and this makes your total profit & loss account balance at end year TWO as (10,000+5,118) £15,118.

 

If all other figures remain the same (including called up share capital in Box AC70 as 1 then there is a difference of 11,987 as shown below.

 

Balance sheet

Box No.

This year

Intangible assets

AC42

0

Tangible assets

AC44

5,000

Total fixed assets

AC48

5,000

Stocks

AC50

1,000

Debtors

AC52

0

Cash at bank and in hand

AC54

870

Total current assets

AC56

1,870

Creditors: falling due within one year

AC58

4,000

Net current assets (liabilities)

AC60

-2,106

Total assets less current liabilities

AC62

2,870

Creditors: amounts falling due after more than one year

AC64

5,000

Provision for liabilities

AC66

1,000

Total net assets (liabilities)

AC68

-3,130

Called up share capital

AC70

1

Revaluation reserve

AC76

Profit and loss account

AC74

-15,118

Total shareholders funds

AC80

-15,117

difference

xxxx

11,987

Profit and loss account

Box No.

This year

Retained profit - start date

AC184

-10,000

Profit or (loss) for period

AC185

-5,118

equity dividends paid

AC186

Retained profit - end date

AC187

-15,118

 

What liability is covered in Box AC66..you have input £1,000

Also, what are creditors in Box AC64 and AC65 ..some medium/long term loan?

 

I look forward to hearing from you.

 

Many thanks.

 

Customer: replied 3 years ago.

Thank you. The liability covered is failure to turn up at a booked event. Creditors are my parents and are long term loans

Expert:  taxadvisor.uk replied 3 years ago.

Alec, thank you for your reply..

 

You have not addressed the issue of difference...

I have asked you to advise what has been reported as issued share capital in your annual return to Companies House.. I have assumed £1 for both years.

 

Did you file first year accounts? If so, how different are they to the figures I have input in Table "last year".

 

If you have made losses in both years and the losses are as stated (10,000 and 5,118), then your creditors are understated .. please revisit them as I am showing a difference of some £11,987.

 

Many thanks

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