I have Shareholders' funds = 13314
Called up share capital = 3000
Profit and loss = 8062
And this result a difference of 2252,
This is revaluation reserve or I must put it PL account.
Hello and welcome to the site. Thank you for your question.What makes you suggest that it is revaluation reserve?How have you arrived at shareholders funds value of 13,314?Do you have top half of balance sheet?
What was your profit and loss account balance at the end of last year and what is retained profit for this year?
I need more information in order to assist you.Many thanks
Thank you for your reply.
I have profit and loss account:
Cash at bank and in hand
Andrei, thank you for your reply and for the information.Please advise if this is your first year of trading/reporting.If not, I will appreciate if you could send me your balance sheet for last year.You have made a profit after tax of £7,300 and your balance sheet shows under profit and loss account a value of £8,062. This would suggest there was a balance on your profit and loss account before current year's trading results are added.Secondly, you have no fixed assets. Normally, a revaluation of these may give rise movement on revaluation reserve.Unless you have issued shares at a premium (at a price higher than the nominal vale of the shares), it is not share premium.Your net assets don't match shareholders funds and the difference is £2,252.There could be other reasons why they do not match ..e.g. understatement of creditors, overstatement of current assets, understatement of profit.Have you reflected CT provision of £1,825 within your creditors?
Have you allowed for all creditors, including payments made by the director out of own funds and not paid back?I will be happy to continue with providing help once I receive more information from you.
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. Please only rate my answer if it is acceptable.