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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5633
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I am trying to fill in my micro entity accounts on companies

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I am trying to fill in my micro entity accounts on companies house website and I can't understand everything
Assistant: Have you talked to a tax professional about this?
Customer: no, I have Zero accounting program BS and P&L but the words to do not correspond with the ones in Companies HOuse BS
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: It's only about 7 transaction in entire year and tiny profit but I want to make sure I entere the right numbers in the right cells

Hello and welcome to JustAnswer. I am here to help you.

Let me have a copy of your BS and P&L and I will respond to you shortly.
Many thanks

Customer: replied 2 months ago.
Customer: replied 2 months ago.
It's easy enough if you could just tell me which figure to put in which cell as they are different for some reason on Companies House website to Xero reports
Customer: replied 2 months ago.
any news?

I am looking at the figures...

what is your called up share capital

Customer: replied 2 months ago.
the company is actually not regulated by shares but guarantee. It has £1 guarantee from 2 directors so I would say 2

Please clarify

Accounts show a profit of £169, yet the balance sheet is showing net liabilities

Current assets 431

Creditors -600 .. what is this figure made of?

Net current assets -169

Can you explain the difference

Customer: replied 2 months ago.
600 was a director loan repaid within a year
Customer: replied 2 months ago.
it should really be 431 + 600 = 131 net current assets I think

Your balance sheet does not balance

Consider these figures for your micro-entity accounts

Current assets 431

Creditors: amounts falling due within one year -262

Net current assets 169

Capital and reserves 169

last year figures are zero

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.

Customer: replied 2 months ago.
thank you! that's why I needed help because my BS did not balance. How about called up share holder capital? the form requires that I put a figure in there, it does not accept 'zeros'

I suggest you reduce creditors to -260

This makes Net current assets 171

Capital and reserves

Called up share capital 2

Profit & loss 169

Shareholder's funds 171

This will make it balance

I hope this is helpful and answers your question.

Customer: replied 2 months ago.
but it requires called up shares entered in last year's where it's all 'zero' and would not accept it

change last year to read

current assets 2

capital and reserves

called up share capital 2

profit and loss 0

Shareholders' funds 2

Customer: replied 2 months ago.
what if I use 'revaluation reserve' and show -2, then it gives us 'ZERO' total shareholders funds for last year
Customer: replied 2 months ago.
OK thank you!

No you don't use revaluation reserve

I hope this is helpful and answers your question.

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Best wishes.