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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

It is the first year.

This answer was rated:

It is the first year.

It is better to attached you the balance and PL account.

It is an website, this is why this is the basic activity

They have only in/out transactions, no fixed assets etc.

I have resend the figures, corrected:

Profit and Loss:

Revenue, Income                      167080
Cost of Sales                             147812
Gross Profit 2 minus 3                19268
administrative expenses               9191
Net Profit(before tax) 4 minus 5  10077
20% tax                                            2015.4
Net Profit                                         8062

Cash at bank and in hand 10077

Debtors 15249
Creditors 12012


Total net assets (liabilities) 
Fixed assets Called up share capital 3000
Intangible assets 0 Share premium account 0
Tangible assets 0 Revaluation reserve 0
Investments 0 Other reserves 2252
Total fixed assets 0 Profit and loss account 8062
Shareholders' funds 13314
Current assets
Stocks 0
Debtors 15249
Investments 0
Cash at bank and in hand 10077
Total current assets 25326

Prepayments and accrued income 0
Creditors: amounts falling due within one year -12012

Net current assets (liabilities) 13314

Total assets less current liabilities 13314

Creditors: amounts falling due after more than one year 0
Provisions for liabilities 0
Accruals and deferred income 0

Total net assets (liabilities) 13314


Shareholders' funds
Called up share capital 3000
Share premium account -
Revaluation reserve  - 
Other reserves  - 
Profit and loss account 8062
Shareholders' funds : is not 13314


The shareholder is an Hong Kong company and they will not take dividends.


The difference will remain in the company bank account, the profit, 


The company was registered with 3000 unpaid shares and the share capital was not paid until now.


How can I solve this?



Hello and welcome to the site.Thank you for requesting I help you with your question.You say it is your first year of trading...please confirm the profit for the year after tax is £8,062I will then send you draft accounts for your perusal.Many thanks.
Customer: replied 2 years ago.

Yes, I confirm Profit is £8,062.

Thank you

Thank you for your reply.

I am unable to open your attachment...

I will send you some figures soon.

Many thanks
Customer: replied 2 years ago.


How can I send you the attachment?

Basically in the attachment is what I have copy paste

Thank you

Thank you for your note....I have prepared a balance sheet assuming called up share capital is paid otherwise you have a bigger difference to worry about.secondly, I have adjusted the creditors to make the accounts balance..assuming the profit for the year is correct and that no provision was made for corporation tax within creditors initially.. please consider my draft accounts and let me know if you have any questions. I hope this ishelpful 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.
Customer: replied 2 years ago.

Thank you

At the end of the period

I have cashed 167080 for resell services and I have paid for them 147812 for them

I still have to cash from the clients 15249

and I have to pay to the partners who provide services, services which are reselled by me 12012

I have paid for administrative expenses 9191

What is missing ?

Thank you.

.....I can pay extra, just help, I need to finalize, should I start another topic?

Thank you for your reply.

I think you need to review your accounts again in light of your last posting.

If you are holding cash from your clients, then that amount is not debtors butwould be regarded as creditors/payments in advance.

Secondly, I would like you to tell me what is the breakdown of creditors?

I am sending you an offer for additional services to help you prepare proper accounts and finalises them and other Tax Specialists are ready to help you

I thank you for accepting my offer..

Please reply to my comments in my last posting.

What is your company year end?

Customer: replied 2 years ago.

Creditors less than 1 year, please check your email.

Thank you.

You have stated

"and I have to pay to the partners who provide services, services which are reselled by me 12012"

Please advise if this figure is also included in your cost of sales shown as £147,812

Many thanks

Customer: replied 2 years ago.

No, it is not included

I can;t find your email to send the balances

Thank you for your reply.

We are beginning to build a better picture now...

Confirm -
- there is no called up share capital in the accounting year in question.
- the accounting year end date
- administrative expenses of £9,191 - were they paid for out of company funds or out of your own funds. If any expenses were paid for out of your own funds, then have you been paid back this amount? If not, what was owed to you at year end?

My contact details are in private contact info below

Many thanks
Customer: replied 2 years ago.

Accounting date: 31/08/13 - 31/08/14

They were paid from company funds

There was no called up share capital

Thank you.