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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5029
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hi, I am trying to file my company accounts in form CT600..

Resolved Question:

Hi, I am trying to file my company accounts in form CT600.. Following the previous years & I am getting the following error in field AC187: retained profit X ERROR:The retained profit at 2014-03-31 must tally with the value in the balance sheet. Please check and amend your entries. ----- However, the figure in balance sheet it the same?? Can you help? Thanks

Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Please complete boxes as applicable and I will review your accounts and hopefully clear your error message..

PROFIT AND LOSS Box No. This year Box No. Last year
profit or (loss) for the financial year AC36 0 AC37 0
dividends for the period AC38 0 AC39 0
net balance for the financial period transferred to reserves AC40 0 AC41 0
BALANCE SHEET Box No. This year Box No. Last year
intangible assets AC42 0 AC43 0
tangible assets AC44 0 AC45 0
TOTAL FIXED ASSETS AC48 0 AC49 0
stocks AC50 0 AC51 0
debtors AC52 0 AC53 0
cash at bank and in hand AC54 0 AC55 0
TOTAL CURRENT ASSETS AC56 0 AC57 0
creditors due within one year AC58 0 AC59 0
NET CURRENT ASSETS AC60 0 AC61 0
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 0 AC63 0
creditors due after more than one year AC64 0 AC65 0
provision for liabilities AC66 0 AC67 0
TOTAL NET ASSETS AC68 0 AC69 0
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 0 AC71 0
revaluation reserve AC76 0 AC77 0
profit and loss account AC74 0 AC75 0
TOTAL SHAREHOLDERS FUNDS AC80 0 AC81 0
Difference xxxx 0 xxxx 0
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
profit and loss - opening balance AC184 0 AC215 0
profit for the period AC185 0 AC216 0
equity dividends paid AC186 0 AC217 0
retained profit AC187 0 AC218 0

many thanks
Customer: replied 2 years ago.

Hi,

I have these:

Attachment: 2014-12-29_194043_profit_and_lossbox_no.docx

PROFIT AND LOSS Box No. This year Box No. Last year

profit or (loss) for the financial year AC36 1772 AC37 4221

dividends for the period AC38 0 AC39 0

net balance for the financial period transferred to reserves AC40 1772 AC41 4221

BALANCE SHEET Box No. This year Box No. Last year

intangible assets AC42 0 AC43 0

tangible assets AC44 0 AC45 0

TOTAL FIXED ASSETS AC48 0 AC49 0

stocks AC50 37824 AC51 41740

debtors AC52 1547 AC53 2447

cash at bank and in hand AC54 439 AC55 158

TOTAL CURRENT ASSETS AC56 39810 AC57 44345

creditors due within one year AC58 38038 AC59 41304

NET CURRENT ASSETS AC60 1772 AC61 3041

TOTAL ASSETS LESS CURRENT LIABILITIES AC62 1772 AC63 3041

creditors due after more than one year AC64 0 AC65 0

provision for liabilities AC66 0 AC67 0

TOTAL NET ASSETS AC68 1772 AC69 3041

CAPITAL AND RESERVES Box No. This year Box No. Last year

called up share capital AC70 2 AC71 2

revaluation reserve AC76 0 AC77 0

profit and loss account AC74 1770 AC75 3039

TOTAL SHAREHOLDERS FUNDS AC80 1772 AC81 3041

Difference xxxx 0 xxxx 0

STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year

profit and loss - opening balance AC184 3039 AC215 -1182

profit for the period AC185 1772 AC216 4221

equity dividends paid AC186 0 AC217 0

retained profit AC187 4811 AC218 3039

Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply and for additional information.

Your difference is equivalent to total net assets and shareholders' funds at the end of last year.

I would like you to revisit your creditors in Box AC58. At present your total net assets at end of this year are £1,772 (AC68) same as the profit for the year, where as the shareholder's funds read 4,813 (AC80) . You may have either overstated AC58 and/or understated AC50.

You have generated a profit in the year and this should make your net worth healthier than last year. AC74 should equal AC187. AC40 would equal AC74 in the first year only. There after it would equal AC187.

Your quick fix would be to reduce your creditors by 3,041 to a new figure of 34,997.
Otherwise, we have to re-examine balances making Box AC56 assuming your profit for the year is correct. Here is a version of balance sheet for your consideration...

BALANCE SHEET Box No. This year Box No. Last year
intangible assets AC42 0 AC43 0
tangible assets AC44 0 AC45 0
TOTAL FIXED ASSETS AC48 0 AC49 0
stocks AC50 37,824 AC51 41,740
debtors AC52 1,547 AC53 2,447
cash at bank and in hand AC54 439 AC55 158
TOTAL CURRENT ASSETS AC56 39,810 AC57 44,345
creditors due within one year AC58 34,997 AC59 41,304
NET CURRENT ASSETS AC60 4,813 AC61 3,041
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 4,813 AC63 3,041
creditors due after more than one year AC64 0 AC65 0
provision for liabilities AC66 0 AC67 0
TOTAL NET ASSETS AC68 4,813 AC69 3,041
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 2 AC71 2
revaluation reserve AC76 0 AC77 0
profit and loss account AC74 4,811 AC75 3,039
TOTAL SHAREHOLDERS FUNDS AC80 4,813 AC81 3,041
Difference xxxx 0 xxxx 0
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
profit and loss - opening balance AC184 3,039 AC215 -1,182
profit for the period AC185 1,772 AC216 4,221
equity dividends paid AC186 0 AC217 0
retained profit AC187 4,811 AC218 3,039

Please let me know how you wish to progress..

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 2 years ago.

Hi,

I wasnt sure if i was to include the last years figure into this year, so i think i would have overstated box ac58 as it would need deducting?? .. i will try this.. thanks

Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply.

I await positive news..

Many thanks
Customer: replied 2 years ago.

Hi,

Yes!.. looks like it has done the job!.. many thanks for your help in this matter.Cool

Customer: replied 2 years ago.

Hi, how do i get back the rating page??

Expert:  taxadvisor.uk replied 2 years ago.

Thank you for your reply.

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