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taxadvisor.uk, Chartered Certified Accountant
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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need assistance building a very simple balance sheet

Resolved Question:

need assistance building a very simple balance sheet company with no trading and a small amount of seed money from me as the owner
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
and welcome to the site.

Thank you I assist you with your question.

Please provid eme with basic information and I will try to help you.

Balance sheet presentation in Ireland is similar to the UK.

Many thanks
Customer: replied 2 years ago.

last year through this website on the 7/1/2014 I think you helped me build accounts previous period they were as below:


































































































































Balance Sheetthis yearlast year
Current assets
Stock00
Debtors00
Cash at bank and in hand165100
Total current assets165100
Creditors: amounts falling due within 12 months-5000
Net current assets-335100
Total assets less current liabilities-335100
Creditors: amounts falling due after more than one year00
Total net assets-335100
Capital and reservesthis yearlast year
Called up share capital100100
Profit and loss account-4350
Shareholders funds-335100
difference00
Customer: replied 2 years ago.

this year I have amended the accounts to: ***** ***** need to check this is correct.

Abridged Balance Sheet

as at 31st May 2014















































































Balance Sheet



2014



2013



Current assets



Stock



0



0



Debtors



0



0



Cash at bank and in hand



1262



165



Total current assets



1262



165



Creditors: amounts falling due within 12 months



-4319



-500



Net current assets



-3057



-335



Total assets less current liabilities



-3057



-335



Creditors: amounts falling due after more than one year



-3392



0



Total net assets



-3057



-335



Capital and reserves



this year



last year



Called up share capital



100



100



Profit and loss account



-3157



-435



Shareholders funds



-3057



-335


Customer: replied 2 years ago.

with an update to the additional financial information of:

Details of reclassification/changes are:




  1. Moved 100 from debtors to cash, this represents the value of shares issued last year, I have regarded this as cash received in return issued.




  2. I have further lodged € 4319 to a creditor (further seed monies introduced into the business as of 10 personal loans in the period from director)




  3. Shown a further loss of €3157 to cover continued expenditure on start-up items of expenses.




We as Directors of Celtic Turtle Limited, state that:




  1. The company is availing itself of the exemption from an audit provided Part III of the Companies (Amendment) (No. 2) Act, 1999:




  2. The company satisfies the conditions specified in section 32 of the 1999 Act (as amended by Section 53 Companies (Auditing and Accounting) Act 2003 and by Section 9 Investment Funds, Companies and Miscellaneous Act 2006)




  3. no notice under section 33(1) of the 1999 Act has in accordance with section 33(2) of the 1999 Act been served on the company:




  4. we acknowledge the company’s obligations under Companies Acts 1963 to 2009, to keep proper books of accounts and to prepare accounts which give a true and fair view of the state of affairs of the company at the end of its financial year and of its profit or loss a year and to otherwise comply with the provisions of those Acts relating to accounts so far as they are applicable to the company.




  5. we hereby certify that we have relied on the specified exemptions contained in sections 10 and 12 of the Companies (Amendment) Act, 1986 on the grounds that the company is entitled to the benefits of those exemptions as a small company.

    On behalf of the board of directors



Expert:  taxadvisor.uk replied 2 years ago.
Sean, thank you prompt reply.

I have go out while and I will revert to you later this evening.

Many thanks
Customer: replied 2 years ago.

not sure if the transaction sums behind my sums are necessary:



































































































































































































































































































































































































10/06/2013CRO€15.00BOI Bank
12/06/2013Loan from Director €369.51BOI Bank
12/06/2013Design Work€187.28BOI Bank
25/06/2013Telecoms€71.02BOI Bank
28/06/2013Hotel Drink€15.00BOI Bank
01/07/2013Hotel Wifi €10.00BOI Bank
24/07/2013Telecoms€56.98BOI Bank
22/08/2013Office Supplies€45.00BOI Bank
28/08/2013Loan from Director €500.00BOI Bank
28/08/2013Telecoms€114.16BOI Bank
30/08/2013Office IT Supplies€79.91BOI Bank
30/08/2013Office IT Supplies€277.22BOI Bank
03/09/2013Office IT Supplies€14.99BOI Bank
10/09/2013Loan from Director €250.00BOI Bank
10/09/2013Design Work€150.00BOI Bank
17/09/2013Office Supplies€109.00BOI Bank
20/09/2013Loan from Director €100.00BOI Bank
20/09/2013Loan from Director €100.00BOI Bank
24/09/2013Printing€92.25BOI Bank
25/09/2013Telecoms€97.51BOI Bank
27/09/2013Loan from Director €500.00BOI Bank
01/10/2013Office Supplies€7.45BOI Bank
01/10/2013Office Supplies€14.97BOI Bank
09/10/2013Office Supplies€91.80BOI Bank
10/10/2013Telecoms€25.00BOI Bank
24/10/2013Telecoms€16.12BOI Bank
30/10/2013Office Supplies€15.00BOI Bank
05/11/2013Office Supplies€18.22BOI Bank
12/11/2013Transport€15.00BOI Bank
12/11/2013Transport€15.00BOI Bank
12/11/2013parking€24.95BOI Bank
22/11/2013Office Supplies€18.85BOI Bank
17/12/2013Web Design€244.77BOI Bank
24/12/2013Transport€10.00BOI Bank
30/12/2013Loan from Director €250.00BOI Bank
31/12/2013Transport€20.00BOI Bank
27/01/2015Government Fee€5.00BOI Bank
14/02/2014Post€12.40BOI Bank
20/03/2014Transport€10.00BOI Bank
21/03/2014Bank Fee€3.80BOI Bank
24/03/2014Telecoms€10.00BOI Bank
24/03/2014Virtual Office€61.89BOI Bank
28/03/2014Transport€10.00BOI Bank
03/04/2014Virtual Office€49.00BOI Bank
04/04/2014parking€38.95BOI Bank
15/04/2014Transport€20.00BOI Bank
16/04/2014Loan from Director €100.00BOI Bank
17/04/2014Office Supplies€330.00BOI Bank
29/04/2014Telecoms€12.58BOI Bank
06/05/2014Cash withdraw€70.00BOI Bank
06/05/2014Virtual Office€49.00BOI Bank
06/05/2014Loan from Director €400.00Ulster Bank
07/05/2014POSOffice Supplies€56.00Ulster Bank
07/05/2014POSOffice Supplies€12.13Ulster Bank
09/05/2014POSPost €6.00Ulster Bank
12/05/2014POSCourier €60.00Ulster Bank
22/05/2014POSTransport€20.00Ulster Bank
28/05/2014BACLoan from Director €1,750.00Ulster Bank
28/05/2014Government Licence€502.25Ulster Bank
28/05/2014POSBusiness Advert€151.29Ulster Bank
30/05/2014DPCVirtual Office€79.75Ulster Bank
€3,442.49total cost out of business
€4,319.51total money into business
Expert:  taxadvisor.uk replied 2 years ago.
Thank you information. I will revert to you later this evening.

Many thanks
Customer: replied 2 years ago.
Would be good to reolve Before midnight GMT?
Expert:  taxadvisor.uk replied 2 years ago.
Sean, thank you patience.

I have gone through your figures and propose changes as follows:

My rationale is you started with €165 bank balance.
You introduced a further €4,319.51 during the course of the year and spent €3,442.49 on operating costs in the financial year.
I make your bank balance at year end as (165.00+4,319.51-3,442.49) =€1,042.02

I make creditors
opening balance 500
Additional injection 4,319
Closing balance 4,819

Profit and loss account should read -3877

Here is my version
Balance Sheet as at 2014 2013
Current assets
Stocks 0 0
Debtors 0 0
Cash at bank and in hand 1,042 165
Total current assets 1,042 165
Creditors: amounts falling due within one year -4,819 -500
Net current assets -3,777 -335
Total assets less current liabilities -3,777 -335
Creditors: amounts falling due after more than one year 0 0
Total net assets (liabilities) -3,777 -335
Capital and reserves
Called up share capital 100 100
Profit and loss account -3,877 -435
Shareholders funds -3,777 -335

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.
How do I adjust the accompanying statement. .
Balance sheet is now fine - your review of in rationale is correct
Thanks
Sean
"Statement"
Moved 100 from debtors to cash, this represents the value of shares issued last year, I have regarded this as cash received in return issued.
I have further lodged € 4319 to a creditor (further seed monies introduced into the business as of 10 personal loans in the period from director)
Shown a further loss of €3157 to cover continued expenditure on start-up items of expenses.
We as Directors of Celtic Turtle Limited, state that
Expert:  taxadvisor.uk replied 2 years ago.
Sean, thank you reply.

"Statement"
[s]
Moved 100 from debtors to cash, this represents the value of shares issued last year, I have regarded this as cash received in return issued.

[a]
This is not correct as we never showed them as debtors in last year's accounts. Don't need this statement

[s]
I have further lodged € 4319 to a creditor (further seed monies introduced into the business as of 10 personal loans in the period from director)

[a]
I injected a further €4,319 into the working capital during the year to fund the operation and this is reflected in creditors.

[s]
Shown a further loss of €3,157 to cover continued expenditure on start-up items of expenses.

[a]
the business suffered a further loss of €3,442 attributable to continued expenditure on start-up items of expenses.

I hope this is helpful
Customer: replied 2 years ago.
May I Double check statement please
"Moved 100 from debtors to cash, this represents the value of shares issued last year, I have regarded this as cash received in return issued.
I injected a further €4,319 into the working capital during the year to fund the operation and this is reflected in creditors.
Shown a further loss of €3,157 to cover continued expenditure on start-up items of expenses.
The business suffered a further loss of €3,442 attributable to continued expenditure on start-up items of expenses."
If at start up I alloted 100 shares and I also alloted 100 shares last year am I now at 200 or 300 alloted ahares?
Expert:  taxadvisor.uk replied 2 years ago.
Sean, thank you reply.

If you have issued more shares in the year then ther balance sheet you sent me did not reflect it as years called up share capital is 100.

The loss in the year is 3,442 and not 3,157 ..thats why I suggested a substitute statement.

If you allocate more shares then you should reflect it in balance sheet and that is not the case.

If you wish share capital to be 200 then you either increase cash by 100 or reduce creditors by 100 to make the accounts agree.

I hope this clarifies the issue.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you my answer.

Best wishes.

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