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How to represent losses carried forward on a P&L?
Posted by joannefreeman on Wed, 25/11/2009 - 22:57
I have a very small (below £20K turnover) limited company. The accounts are incredibly simple and have mostly been completed by copying and transposing data from the previous year. However there is a loss to be brought forward and I do not know how to represent this. Also, the content of the Balance sheet does not seem to be applicable to my business. Is it ok to leave it blank?
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This is a wind up isn't it?
May I refer you to the contents of the Companies Acts
Maybe no so simple!
If you are doing double-entry bookkeeping you will have all the components of a balance sheet. You will need to prepare one, of course. In fact the requirement of Companies House is that you file, at least, abbreviated accounts which consists of a balance sheet but not a profit and loss account.
Just a thought. Maybe you don't have a company and you are actually a sole trader?