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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Filling in Companies House Abbreviated Balance sheet for new

Resolved Question:

Filling in Companies House Abbreviated Balance sheet for new company and getting error message: Current period: Shareholders' funds must be equal to the total net assets (liabilities)

What am I likely to be filling in incorrectly ?

Start up in stock and cash came from directors.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.Please advise what figures have been put against each heading?Many thanks
Customer: replied 3 years ago.

Capital not paid £100


 


Tangible assets 2386


 


Stocks 22259


 


Cash 83


 


Creditors + 1yr -28259 (money/stock out in by me)


 


P&L -960 then tried 27299 being net figure

Expert:  taxadvisor.uk replied 3 years ago.
Nik, thank you for your reply and additional information...

Please clarify for me

- Why have you used this line Capital not paid £100 - is it that you have issued 100 shares but not paid for them or should it go on the line Called up share capital

- assuming the amount sits on the line called up share capital not paid and that you have funded for most of expenditure, then maybe your creditors falling due after more than one year are overstated and should read -25788...

Look at my version of your abbreviated balance sheet..

I have assumed figures provided for tangible assets, stock, cash and loss for the year are correct

Abbreviated Balance Sheet - layout
Called up share capital not paid 100
Fixed assets
Intangible
Tangible 2,386
Investments
Total fixed assets 2,386
Current assets
Stock 22,259
Debtors 0
Investments 0
Cash at bank and in hand 83
Total current assets 22,342
Prepayments and accrued income 0
Creditors: amounts falling due within one year 0
Net current assets (liabilities) 22,342
Total assets less current liabilities 24,828
Creditors: amounts falling due after more than one year -25,788
Provisions for liabilities and charges 0
Accruals and deferred income 0
Total net assets (liabilities) -960
Capital and reserves
Called up share capital 0
Share premium account 0
Revaluation reserve 0
Other reserves 0
Profit and loss account -960
Shareholders funds -960

I hope this is helpful and answers your question.


If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.



Customer: replied 3 years ago.

Thank you this seems to be helping.


 


The only problem now is that it is saying I must have a figure for the called up share capital.

Expert:  taxadvisor.uk replied 3 years ago.
Nik, thank you for your reply.

This is what I would do... file accounts with called up sahre capital of 100.

Here is my proposal ..

Called up share capital not paid 0
Fixed assets
Intangible
Tangible 2,386
Investments
Total fixed assets 2,386
Current assets
Stock 22,259
Debtors 0
Investments 0
Cash at bank and in hand 83
Total current assets 22,342
Prepayments and accrued income 0
Creditors: amounts falling due within one year 0
Net current assets (liabilities) 22,342
Total assets less current liabilities 24,728
Creditors: amounts falling due after more than one year -25,588
Provisions for liabilities and charges 0
Accruals and deferred income 0
Total net assets (liabilities) -860
Capital and reserves
Called up share capital 100
Share premium account 0
Revaluation reserve 0
Other reserves 0
Profit and loss account -960
Shareholders funds -860

I hope this is helpful and answers your question.
Customer: replied 3 years ago.

That's giving me


 


Total net assets (liabilities) -1060


 


and not balancing with the shareholder funds

Customer: replied 3 years ago.

Sorry, just spotted a typo.


 


Thank you so much for your help !

Expert:  taxadvisor.uk replied 3 years ago.
Does it balance and no error messages?

I hope this has been helpful


If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get credited for it.

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Expert:  taxadvisor.uk replied 3 years ago.

I thank you for accepting my answer.
Your reward of a bonus is greatly appreciated.


Best wishes.