thanks my head is wrecked with it all!
Fixed Assets = 0 to all
Current Assets= 600 717
Cash at Bank= 763 218
Total Current Assets= 1363 935
Creditors Due within 12 months = 1407 1554
Net Current Assets= (44) (619)
Total Assets less Current Liabilities= (44) (619)
I also have a creditor of plus 1 year as only 554 of last years has been paid)
(1000 ) 0
Total Net Assets (1044) (619)
Called up share capital 1000 1000
(not really sure what this is but last year an accountant did this for me but cant afford it this year !and he put a thousand so I have done the same)
Profit and Loss account (1207) (1619)
Shareholders Funds (207) (619)
Jane, thank you for your reply and additional information.. There is a difference of £837 as shown below.. total net assets/liabilities do not agree with shareholders' funds..
Total fixed assets
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within 12 months
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
Total net assets
Capital and reserves
Called up share capital
Profit and loss account
Please confirm the figure for P&L account -1,207 is cumulative loss and not p&l for this year. Also confirm the creditor not paid from last year is not duplicated in both creditors due within one year and creditors due after more than one year. If after your review you conclude that Current assets are correctly stated P&L balance is cumulative position then I would change the creditors due falling within 12 months to read -1570 and nothing in creditors due after more than one year..
The new balance sheet will look like
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.
what a great service this is!
so the P&L number is XXXXX? last year was the first year of trading and the accountant just put in the loss as 619 as per sales minus all the costs.
So would the P& L number be (619) from last years loss and (1207) this years loss thus (1826) as a cumulative for this years P & L figure?
this years 1407 is new debt put in to keep the company running and it still owes £1000 from last year so those figures are right. How can we just change the 'Creditors owing within 12 months' to 1570 when the correct number is XXXXX? Many thanks
Jane, thanks for additional information.
I have looked at your numbers again.. there still is a difference of 782 on the balance sheet.
Last year profit & loss account showed a loss of 1619 as per your original statement. There is a further loss of 1207 in this year making profit & loss account balance loss 2826 at end of year two.
Issued share capital has remained at 1,000 for both years. One way to confirm this would be to look at what was reported as issued share capital when you filed the company’s annual return to Companies House
Certain numbers from last year balance sheet can't be changed unless they are wrong. Assuming they are correct, then shareholders funds at end of Year two will be as follows:
Now we come to the top part of balance sheet – net assets.
These should equal the total of shareholders’ funds i.e
This year -1826
Last year -619
Your top part of balance sheet reads
If you are satisfied that debtors and cash position at end of year two are correct, then the only area left for revision is creditors. You say you put in fresh money in to keep the company running. Did you also pay for certain business expenses and did not repay yourself for expenses out of pocket etc.?
Other than re performing the accounts in full, assuming the following items are correctly stated:
Profit and loss for current year -1207
Total current assets 1,363
No fixed assets
The finger points towards creditors and these will have to be adjusted to make the balance sheet agree.
I am reflecting an adjustment to creditors to make the document balance on the assumption that certain business expenses were also paid for out of pocket etc and you did not repay yourself for these expenses . So the final balance sheet will look like
Jane, thank you for your reply.You should not worry about whether HMRC will care or not. Based on information already provided by you, the balance sheet I drafted in my last answer would appear to be a true and fair reflection of state of affairs as at end of year two. You can submit it to Companies House/HMRC.
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.