Thank you for your question..
I am happy to help you clear error messages.
please send me images of pages
- balance sheet and
- accounts notes - profit and loss
Thanks, ***** *****
Thank you for your reply and for the images..
I will revert to you shortly.
Thanks, ***** ***** helpful then here are some of my workings:
AC 12 = 12322 (all sales excluding VAT)
AC 14 = 8856 (all expenses and hired labour)
AC 20 = 13 (admin fees)
AC 42 = 537 (intangible assets depreciated by 50%)
AC 44 = 4169 (328 written off, 4169 worth of new equipment)
AC 54 = 4664 (cash in bank)
AC 58 = 3828 (5268 (previous year figure) plus 1440 (old debts paid off through expenses to ManagingDirector))
AC 74 = - 427 (-3880 (previous year figure) plus 3454 (figure in box AC 36))
I have not entered the VAT amount paid to HMRC (1260), because there doesn't seem to be box requesting that figure, I presume because sales are calculated excl VAT so it balances itself?
Thank you for your patience.
There are gaps that need to be filled.
You are showing a movement on your net assets of (5,542+3,780) = £9,322 from 2014 to 2015 yet you say the retained profit for 2015 is £3,454 .. where did the rest of the money come from.
You have managed to spend £4,169 on tangible assets and also had a bank balance of £4,664 at end 2015.
I would like to revisit your balance sheet if your profit of the year is £3,454 as stated by you.
Thanks for your reply. I'm not sure I understand your figures.
You mention £5,542 plus £3,780 equalling £9,322 but the figure £3780 in my box AC 218 (I presume that's where you've taken that figure from) is actually a negative figure so the 5542 should be minus 3780 to equal £1762.
I had a lot of start up costs to the company a few years ago that I have only just started to pay myself back now that the company has started being paid by clients.
I calculated my cost of sales box AC 14 as follows:
£713 (labour costs)
£8144 (expenses - this includes the £4169 equipment which also appears in tangible assets box AC 125D, plus the £1440 which also appears in repaying creditors in box AC 58, plus other various costs)
So £713 + £8144 = £8865 (total)
Please let me know if there's any other info you need from me.
Thank you for your reply.
At the end of 2014 you showed net assets as negative 3,780 and at end 2015 the position of positive 5,542 making a movement of 9,322.
It is established that the expenditure on equipment has been double counted. By removing it from expenses, profit for the year will increase by this sum. The same can be said for repayment of creditors £1,440. This makes total adjustment required equal (4,169+1,440) £5,609.
In my view, more work has to be done and I am happy to help you finalise the accounts by offering premium service. Please let me know if this is acceptable.
Thank you. Yes, I will need a little more help on this to finish off. Please let me know what information you need in order to proceed.
I will need a set of full accounts for both years 2014 and 2015 and we will work together to finalise 2015 accounts.
I am sending you my offer for premium service.
Hello, Sorry for the delay. Yes that would be helpful. What details do you need from me. Can I send you the CT600 outputs for the previous financial year. My accounts have been very simple until recently so I've used the tax return to input and formalise the figures which until that has been documented in note form.
There are very few transactions for the recent financial year, so should I just send you the notes for the new return so you can see where I've inputted the data and amend as required.
Thank you for your reply and for accepting my offer.
Please send me the CT Outputs for previous financial year and your the notes for this year return and we will work together.
please advise your contact details