I paid for everything out of my own funds initially, and the company had eventually paid me back completely by the 30th November 2012. That's when it turned a profit of £340.
The administration expenses I mentioned above are a mistake as I didn't actually take a wage from the company.
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.
Thank you very much for your help. Sorry for the mistakes I've been making, but you're right. I had put £231 into the bank account at the end of November, bringing its balance to 571.
Could you please tell me how to reflect that in the accounts, at which point I will be sorted.
Again, thank you for your guidance. It's very much appreciated.
Ok, great. If I may, could I just have your opinion of the following sections that I completed:
For the Statutory Accounts Notes section Accounting Policies, Turnover, Called Up Share Capital and Profit & Loss Account are ticked. Does anything else need to be ticked?
In the following section for AC320 I have put:
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
In AC321 I have put:
Turnover comprises the invoiced value of goods and services supplied by the company
In AC322 I have put:
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant and machinery etc - 33% on reducing balance
In AC323 I have put:
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
and in AC324 I have put:
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
"other accounting policies" at the bottom I have left blank. Does anything need to go there?
In the following section, Called up share capital I left Preference shares blank, and inputted 1 ordinary share at £1.
In the following section, Profit and Loss account, I haven't added any additional notes (it just displays a retained profit of £340).
For "Reserves at 29 Nov 2011" AC184, I put: 0
If all of this sounds correct to you, or if I have left anything out, please put my mind at ease and let me know.
I will certainly be rating you highly and you helped me immensely so far.
Plant and machinery etc - 33% on reducing balance
Thank you. Enjoy your weekend