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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6192
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I'm filling in my micro entity balance sheet and just wanted

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I'm filling in my micro entity balance sheet and just wanted to clarify a few things?

Hello and welcome to JustAnswer. I am here to help you. Please expand on your question and I will respond to you shortly.
Many thanks

Customer: replied 1 month ago.
My total fixed assets total 1524.37 and total current assets 898.84. My Creditors: amounts falling due within one year total 156.74 (a training extension I need to pay in the next month). The company doesn't owe any other money nor is it expecting to receive any extra money to be included within the accounting period. I would have thought that the 156.74 is a liability and should be deducted from the 898.84 to give the net current assets. The microentity balance sheet on companies house will not let me amend this. Am I wrong?

Thank you for your question.

Please clarify

- have you already filed your accounts or do you have to file as yet

- what is the called up share capital

- what is profit & loss account balance at year end

- is this first year of reporting

- your balance sheet should read

-- fixed assets 1,524

-- total current assets 899

-- creditors amounts falling due within one year -157 (enter with a minus sign)

Many thanks

Customer: replied 1 month ago.
Thanks! I am about to file my first accounts. The company issued 100 X £1 stocks when it started to me as director. I have included equipment, company stationery and online presence as well as training costs in my fixed assets and then income for the service I provide and materials for clients to use (which are sold to them) in my current assets. The income from materials sold to clients include the profit (as they are marked up). Have I got the wrong end of the stick?

Thank you for your reply.

With due respect, you are got the wrong end of the stick.

May I suggest you consider a phone call to clarify all points raised and you have mixed revenue with capital expenditure etc.

A phone call will be beneficial to you. I am a qualified accountant and in practise.

Many thanks

Customer: replied 1 month ago.
Thanks for your reply. I'd prefer to stick to messaging if that's okay?

Thanks for your reply.

Your balance sheet should show capital spend under fixed assets.

Training costs and stationery are p&l items of expense and sales are income and not current assets.

Please reconstruct your accounts and I will review them for you.

Many thanks

 

Customer: replied 1 month ago.
Thank you. Here are the numbers:

Totals for accounting period to January 2019

Total training costs incurred in accounting period: £815.39
Total client materials cost incurred during accounting period: £507.38
Total company stationery costs incurred within accounting period: £353.98
Total cost for online presence in accounting period: £285
Training costs to be paid in next month: £156.74
Cost of furniture: £35

Total income over accounting period: £898.84
Total value of shares issued at start of company: £100

Thank you for your reply.

You wish me to prepare your accounts. I am happy to prepare a set of accounts for your filing but it would be additional service.

If my offer is acceptable we will continue otherwise I will be opt out and let another expert help you.

Please let me know if you wish to continue.

Many thanks

Customer: replied 1 month ago.
How long will it take for you to prepare the accounts?

Thank you for your reply.

I will come back later this evening.

Many thanks

IF I need to discuss anything, I have allowed for a phone call

Customer: replied 1 month ago.
Is the cost of the phone call included in the fee to prepare my accounts?

Yes. If offer accepted, please let me know your phone number in personal info

Customer: replied 1 month ago.
Okay - can you resend the offer to prepare my micro-entity accounts please? It has disappeared..
Customer: replied 1 month ago.
Or did you want to do the accounts over the phone?
Customer: replied 1 month ago.
Are you still there?

I am waiting to see if my offer is accepted or not..

Many thanks.

Customer: replied 1 month ago.
Okay. But is important that I get the completed accounts in the next hour. Is this possible?

Thank you for your reply.

You will have the accounts before 10pm BST.

taxadvisor.uk and 2 other Tax Specialists are ready to help you

Thanks for accepting my offer.

Please advise if company has a bank account and if so, what was the balance at accounting year end 31 Jan 2019

Customer: replied 1 month ago.
Yes there is a business account and the balance at accounting year end 31/01/19 was -1097.91

Thank you for your reply.

Your expenses exceed income but not by what you are showing as bank overdrawn. Were your company bank account overdrawn at year end?

Customer: replied 1 month ago.
Yes. My income was 898.84 and my spend was 815.39 + 507.38 + 353.98 +285 + 35 = 1996.75. So 898.84-1996.75 = -1097.91
Customer: replied 1 month ago.
Do you need any further information?

Thanks for your reply.

Please advise if the called up share capital is fully paid. If so, I will reflect £100 as cash in hand..If not fully paid, then we will show as called up capital not paid.

Many thanks

Customer: replied 1 month ago.
Yes - I paid the company £100 for 100 shares.

I will show as cash in hand.

This would be my double entry.

Customer: replied 1 month ago.
Okay - great. Thanks!

Thank you for your patience.

Attached are draft accounts for your perusal and filing.

Cost of furniture is expensed to p&l account (small value)

Current assets - cash paid for the called up share capital.

Creditors - Training costs creditor and bank overdraft.

Many thanks

Customer: replied 1 month ago.
Thank you so much for this and the explanation. It's very clearly laid out and has cleared up a lot of my confusion!

Thank you for your good words.

Best wishes