I have some questions about the Micro-entity Balance Sheet on the Companies House website. Apparently I have to fill this out for my company's yearly Annual Accounts or else I will be fined. While my company is stated as Active, it has not yet started any type of trading. I have a rough idea of what the below terms are thanks to Google but additional clarification/confirmation would really help.
"Prepayments and accrued income" - Search results for this indicate it represents debt, but I thought debt would be under liabilities?
"Creditors: amounts falling due within one year" - I guess this is liabilities that have to be repaid within a year from the balance sheet date?
"Creditors: amounts falling due after more than one year" - Is this long term liabilties?
"Accruals and deferred income" - Is this akin to money secured through crowdfunding platforms like Kisckstarter?
Lastly, what is the difference between "Net current assets (liabilities)" and "Total assets less current liabilities"? I understand to calculate Net Current Assets you subtract liabilities from your assets, but the wording of these two entires is somewhat confusing. Why couldnt they just say "Liabilities" and "Net Current Assets"??
Thank you for taking the time to read this. Hopefully someone here can help me out!