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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4786
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I'm struggling to submit my company accounts. I have got

Resolved Question:

Hi I'm struggling to submit my company accounts. I have got pretty much to the end of the ct600 and figures appear correct but on the P&L notes section it says "X ERROR: the retained profit must tally with the value in the balance sheet". It appears to but won't let me submit it
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello and welcome to the site.

Thank you for requesting I help you with your question.

Please advise if it is your first year of reporting or you filed CT600 return last year too.

Can you send me images of the profit and loss account and balance sheet. If not please complete boxes as applicable and I will review your accounts for you

PROFIT AND LOSSBox No.This yearBox No.Last year
profit or (loss) on ordinary activities before taxationAC320AC330
tax on profit or loss on ordinary activitiesAC340AC350
profit or (loss) for the financial yearAC360AC370
dividends for the periodAC380AC390
net balance for the financial period transferred to reservesAC400AC410
BALANCE SHEETBox No.This yearBox No.Last year
intangible assetsAC420AC430
tangible assetsAC440AC450
TOTAL FIXED ASSETSAC480AC490
stocksAC500AC510
debtorsAC520AC530
cash at bank and in handAC540AC550
TOTAL CURRENT ASSETSAC560AC570
creditors due within one yearAC580AC590
NET CURRENT ASSETSAC600AC610
TOTAL ASSETS LESS CURRENT LIABILITIESAC620AC630
creditors due after more than one yearAC640AC650
provision for liabilitiesAC660AC670
TOTAL NET ASSETSAC680AC690
CAPITAL AND RESERVESBox No.This yearBox No.Last year
called up share capitalAC700AC710
revaluation reserveAC760AC770
profit and loss accountAC740AC750
TOTAL SHAREHOLDERS FUNDSAC800AC810
Differencexxxx0xxxx0
STATUTORY ACCOUNTS NOTESBox No.This yearBox No.Last year
profit and loss - opening balanceac1840ac2150
profit for the periodac1850ac2160
equity dividends paidac1860ac2170
retained profitac1870ac2180


Many thanks

Customer: replied 1 year ago.

This is my 4th year of trading






























































































































































































































PROFIT AND LOSSBox No.This yearBox No.Last year
profit or (loss) on ordinary activities before taxationAC32-2954AC337284
tax on profit or loss on ordinary activitiesAC340AC352354
profit or (loss) for the financial yearAC36-2954AC374930
dividends for the periodAC380AC396500
net balance for the financial period transferred to reservesAC40-2954AC41-1570
BALANCE SHEETBox No.This yearBox No.Last year
intangible assetsAC420AC430
tangible assetsAC443709AC455604
TOTAL FIXED ASSETSAC483709AC495604
stocksAC500AC510
debtorsAC5210884AC5310884
cash at bank and in handAC54627AC552163
TOTAL CURRENT ASSETSAC5611511AC5713047
creditors due within one yearAC5811973AC5912450
NET CURRENT ASSETSAC60-462AC61597
TOTAL ASSETS LESS CURRENT LIABILITIESAC623247AC636201
creditors due after more than one yearAC640AC650
provision for liabilitiesAC660AC670
TOTAL NET ASSETSAC683247AC696201
CAPITAL AND RESERVESBox No.This yearBox No.Last year
called up share capitalAC701AC710
revaluation reserveAC760AC770
profit and loss accountAC743246AC756201
TOTAL SHAREHOLDERS FUNDSAC803247AC816201
Differencexxxx0xxxx0
STATUTORY ACCOUNTS NOTESBox No.This yearBox No.Last year
profit and loss - opening balanceac1846201ac2157771
profit for the periodac185-2954ac2164930
equity dividends paidac1860ac2176500
retained profitac1873247ac2186201
Expert:  taxadvisor.uk replied 1 year ago.
Kevin, thank you for the information...

I will revert to you once I have reviewed your figures

Many thanks
Customer: replied 1 year ago.

Thank you. I look forward to your reply.

Expert:  taxadvisor.uk replied 1 year ago.

Kevin, thank you for your patience.

I have identified the difference... as shown below

TOTAL NET ASSETS AC68 3,247 AC69 6,201
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 1 AC71 0
revaluation reserve AC76 0 AC77 0
profit and loss account AC74 3,247 AC75 6,201
TOTAL SHAREHOLDERS FUNDS AC80 3,248 AC81 6,201
Difference xxxx -1 xxxx 0

It appears you have not shown called up share capital for last year (was it 1 or 0)
there could also be a rounding error...

a simple solution to overcome this is

Assuming there should have been 1 in AC71 then

reduce AC58 to 11,972 and AC59 to 12,449 (a reduction of 1 in each case)

AC68/AC80 would read 3,248 and

AC69/AC81 would read 6,202

if there should be 0 in AC71 then just reduce AC58 to 11,972

now

AC68/AC80 would read 3,248 and

AC69/AC81 would read 6,201

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.


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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