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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5145
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Balance sheet entities, what should be included

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balance sheet for micro entities, what should be included
Hello and welcome to the site.

Thank you for requesting I help you with your question.

Please advise whether you have a detailed balance sheet drawn up.
Account headings can be grouped and shown as one total.

Are you wishing to file accounts at Companies House or HMRC CT600 return.

Many thanks.
Customer: replied 2 years ago.

Hi thanks it's my first time here. I do not have a balance sheet drawn up, that is something I want to do to. I never made one before and was looking for what I should include in it.

It is for the statutory requirement from Companies House for micro entities.

Thank you for your prompt reply.

Your balance sheet would include
Fixed assets
- any tangible or intangible assets the company owns

Current assets
- amounts owing to the company (debtors from sales etc)
- cash at bank and in hand
- prepayments (monies expensed in one year but relating to following year e.g. rates, insurance)

Creditors falling due within one year
- trade creditors
- director's account
- accruals (expenses accrued as bills not received)
- provision for corporation tax
- bank overdraft

Creditors falling due after one year
- long term loans etc.

Capital and reserves
- called up share capital (shares issued and paid for)
- profit and loss account (as this is first year it is the profit for the year after tax and dividends)

Please provide me with these figures and I will help you prepare a balance sheet.

I hope this is helpful.
Customer: replied 2 years ago.

what are tangible and intangible assets?there is no current amounts owing to the company. no bank overdraft. no outstanding creditors. current balance in bank approx £30 at the moment. no long term loans, although the Funding Circle did send him a pre-approved letter but since the accounts have not been properly formulated, unlikely to acquire funding. the bank account is in the directors name and is just a basic bank account. not sure what corp tax will be due, the company is at present one man band and has had total tax exemption. all shares are listed to the one director as a private limited company. a profit and loss statement is not required I think. I'm trying to help him with starting to do all the filing correctly, as he is hoping to get things sorted to get funding for working capital and expansion, ie. hiring a few employees, getting an official office, setting up wages etc.

Customer: replied 2 years ago.
Company status

Company type
Private limited Company
Incorporated on
8 November 2011

Accounts overdue

Next accounts made up to 30 November 2014
due by 31 August 2015

Last accounts made up to 30 November 2013

Annual return

Next annual return made up to 8 November 2015
due by 6 December 2015

Last annual return made up to 8 November 2014

Nature of business (SIC)

  • 58142 - Publishing of consumer and business journals and periodicals

This from the companies house web check... I have saved some filed documents from their beta info bank but would not want to by mistake share everything with the whole web.

Thank you for your reply.

Please let me see the balance sheet that was filed for accounts ended 30 Nov 2013. I am aware profit and loss statement is not required but the profit has to be reported as part of capital and reserves in the balance sheet.

You say the balance at bank is £30. Please advise the source of this money.

Tangible assets are fixed assets e.g. office equipment, motor vehicles, plant and machinery etc.
Intangible assets would include goodwill, copy rights etc.

I am happy to help you further with completing the accounts for filing as additional service. Please let me know.

I hope this is helpful
Customer: replied 2 years ago.

I can not attach a document here for some reason..

I have taken a look at the balance sheet mentioned and it just basically has 0 on everything, see below what I copy pasted..

h: 0px; "> Micro-entity Balance Sheet as at 30 November 2013
Notes 2013 2012
£ £
Called up share capital not paid
Fixed Assets
Current Assets
Prepayments and accrued income
Creditors: amounts falling due within one year
Net current assets (liabilities)
Total assets less current liabilities
0 0 0 0 0
Total net assets (liabilities) 0 0
Capital and reserves 0 0
• For the year ending 30 November 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
• The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
• The directors acknowledge their responsibilities for complying with the requirements of the
Companies Act 2006 with respect to accounting records and the preparation of accounts.
• The accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The source of the balance is from a Canadian company that booked an editorial and advert in publication. Can you let me know what the further help would entail and how much it would cost. Obviously the person does not have available funds to pay much at present but I could still let him know how much the help would cost and what it would entail, and your contact details, in case the cash flow situation improves in the near future.

Customer: replied 2 years ago.

Do you think the best option at present would be to apply for an extension from companies house for the account filing to get some time to look properly through the records and maybe calculate a more accurate assets profit and loss breakdown?

Thank you for your reply.

Was the advert placed in the year or not? If yes, what was the cost and how was it paid for?

I am sending you an offer to help you file accounts at Companies House and help you with CT600 return.
If you can get an extension thats fine otherwise send estimated accounts.

I hope this is helpful and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

I think in any case the extension would likely be a good idea, so he does not get a late submission fine slapped on. And I am of the impression that some time would be required to generate "proper" filing. Please do send me the offer, I will pass it on.

The advert was placed this year, the cost was £1,950 and they paid as a direct swift bank transfer to the directors bank account.

Thank you for your reply...

As the advert was placed this year, any payment in advance would be a creditor at last year end.

I hope this is helpful and answers your question.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it by Just Answer.

Customer: replied 2 years ago.

Hi, I do have many more questions, but you have answered the original one. If you would like, send me your info and I will keep you in mind for the future. Thank you for your time Laughing