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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3666
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based)
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I am trying to do CH webfiling for my abbreviated accounts

Resolved Question:

I am trying to do CH webfiling for my abbreviated accounts (first year) but really don't understand what is supposed to go where? The words literally don't make any sense, and they are due on Sunday!!

I have only made 1 sale, and paid out for things like flyers and shirts (max 6 transcations), which all came out of my personal account (as the business 1. didn't have a bank account for the first half of the accounting year, and 2. the one credit was made just before the end of the accounting year). I am the only shareholder.

ANy help would be much appreciated!!

KT
Submitted: 11 months ago.
Category: UK Tax
Expert:  taxadvisor.uk replied 11 months ago.

Hello and welcome to the site. Thank you for your question.

Please let me have some basic information and I will help you ...

For Balance Sheet I need information as follows:

- Bank balance at year end
- Had you issued any shares in the year? If so how many and nominal value of each share
- How much had you paid for company expenses out of pocket in total?
- how much did you get from sales - value pls?

many thanks

Customer: replied 11 months ago.

Accountancy period - 3/2/13 - 28/2/13


 


Bank balance at year end (company bank account) - £125


 


No shares issued (shares are the same as when I set up - no change)


 


During this period I paid £339.27 from my personal account (although speaking to a friend of mine, I may need to discount this £64.93 as this was for website renewal which is in my name not the company's as was purchased before the company was incorporated).


 


One single sale - £125 (paid into company account. The costs for this sale were not paid out until the next accounting period)


 


Hope that makes sense?!


 


 

Customer: replied 11 months ago.

Should probably have mentioned (don't know if it makes a difference or not) but the money spend was all on promotional/marketing items (flyers and uniform shirts).

Expert:  taxadvisor.uk replied 11 months ago.
KT, thank you for additional information..

Please advise cost of sales (although not paid for at year end)

many thanks
Customer: replied 11 months ago.

Cost of item - £105


P&P - unfortunately can't remember and can't find any records (it's filed away somewhere safe, if only I knew where that was!)

Expert:  taxadvisor.uk replied 11 months ago.
KT, thanks for the info

I will be back shortly with the figures

Many thanks
Customer: replied 11 months ago.

Thanks - is there anything else you need?

Expert:  taxadvisor.uk replied 11 months ago.
KT .. please input these figures in your abbreviated balance sheet

Balance Sheet 2013
Fixed assets
Tangible 0
Intangible assets 0
Total fixed assets 0
Current assets
Cash at bank and in hand 125
Total current assets 125
Creditors: amounts due within 12 months -444
Net current assets -319
Total assets less current liabilities -319
Total net assets -319
Capital and reserves
Called up share capital 0
Profit and loss account -319
Shareholders funds -319


This is for information

Sales 125
Cost of sales 105
Gross profit 20
Expenses 339
Loss for the year -319

There is no need to discount for website renewal.. although it was in your name but was intended for the company use.

When you come to accounting policies in the notes section tick for
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

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 11 months ago.

Awesome, thank you! So, would that mean I could claim for costs for the company incurred prior to the company formation (as in the purchase of the initial website in nov 11, flyers in Jan 12, and the costs of company incorporation)? Otherwise I am not sure how to 'claim them back' later on without complicating a further period. If not, dO I write them off as a personal expense? (talking an additional £250 roughly).

Expert:  taxadvisor.uk replied 11 months ago.
KT, you can claim for costs incurred prior to company formation within these accounts...
The cost of company incorporation is not allowable and therefore don't claim it.

I hope this is helpful and answers your question.
Customer: replied 11 months ago.

OK, so where would I include £180, and £77?


 


And I'm a bit confused as to why the forecast profit has been taken into account when that falls outside the timeframe?


 


Sorry, my brain is totally fried at the moment.

Expert:  taxadvisor.uk replied 11 months ago.
KT, if expenditure of £257 relates to initial website and flyers then your total expenses become (339+257) = 596 and loss for the period becomes 576

Your balance sheet would read

Balance Sheet 2013
Fixed assets
Tangible 0
Intangible assets 0
Total fixed assets 0
Current assets
Cash at bank and in hand 125
Total current assets 125
Creditors: amounts due within 12 months -701
Net current assets -576
Total assets less current liabilities -576
Total net assets -576
Capital and reserves
Called up share capital 0
Profit and loss account -576
Shareholders funds -576

There is no forecast profit... accounts are prepared on accounting concept of accruals basis.. you match income and expenses to the period they relate and not when money is received or paid.

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 the service I provided to ensure I get paid for it.

Customer: replied 11 months ago.

Last question, do I need to add in the transactions with directors?

Expert:  taxadvisor.uk replied 11 months ago.
Based on information given your transactions with directors were limited to you paying for company expenses out of your pocket...

So the answer is NO.. you do not need to add in the transactions with directors.

I hope this is helpful and answers your question.
Customer: replied 11 months ago.

Ok. It's now come up saying - Current period: Called up share capital is required


 


ANy ideas?

Expert:  taxadvisor.uk replied 11 months ago.
If you have not issued any shares then the answer is zero..
You would have filed an annual report .. what did you state in it?
Customer: replied 11 months ago.

No changes in shares since set up - 100 shares @ £3 each. Should that number be 300?

Expert:  taxadvisor.uk replied 11 months ago.
Yes you will have to put 300...

Now that you are showing issued share capital, your balance sheet will look like

Current assets
Cash at bank and in hand 125
Total current assets 125
Creditors: amounts due within 12 months -401
Net current assets -276
Total assets less current liabilities -276
Total net assets -276
Capital and reserves
Called up share capital 300
Profit and loss account -576
Shareholders funds -276

If you input above figures then the document will balance
Customer: replied 11 months ago.

Shares are all mine - no diff?


 


Sorry for being such a pain - so totally different to SA.

Expert:  taxadvisor.uk replied 11 months ago.
Shares are all yours - makes no difference..

I think I have prepared the whole set of accounts for you know.
If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3666
Experience: FCCA - over 35 years experience as a qualified accountant (UK based)
taxadvisor.uk and other UK Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 11 months ago.
KT, thank you for accepting my answer
Customer: replied 11 months ago.

Thanks for all your help!

Expert:  taxadvisor.uk replied 11 months ago.
You are welcome

Best wishes

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