Company Accounts for Year 2 of Small CIC

Accounts for our small CIC for year 2 due. Have figures-need to complete P&L and Balance Sheet.

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Hi Guys, I am definiutely a novice when it comes to accounting. Managed to submit our accounts last year.

Purpose of the CIC is to run craft workshops and make small sales on hand made craft items. 

Year 2 accounts are due for period 1 July 2016-30 June 2017. I have figures, but need some help/guidance on putting them on to our P&L sheet and Balance Sheet.

Brief - background - we are a not for profit CIC. Received a lotto grant in Sept 2015 for a one year project. As at June 2016 (end of year 1 accounts) we had £1,655 left of this grant which was duly spent and grant signed off by Sept 2016. As you can see from numbers we are a very small concern.

As of today we have £1 (one pound) sat in bank account just to keep account active and acticity for the CIC is now minimal - it was created really just to apply and receive the lotto grant.

I have attached what I see as our P&L account and balance sheet - the balance sheet is not complete nor I guess correct and same goes for P&L maybe? Just need some pointers to get it completed please.

The main issue is making these figures work for the P&L and Balance Sheet. I've had some advice that suggests the opening balance of unspent Lotto grant should be transferred to the P&L - so £1,655 is shown but where is it shown?

We had some tangible assets in year 1 (laptops etc) with depreciation so is there there still a profit to show for these assets somewhere?

Sorry for the ramble and as I say I am a novice - I know an accountant would sort this in no time but it's not in our not for profit budget.

Any help as soon as possible would be so greatly appreciated.

Thank you.

Filebeen_busy_c.i.c._accounts_for_companies_house_2016-17_for_comment.docx

 

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boxfile
By spilly
26th Feb 2018 21:15

Please get some proper advice before you mess this up. The questions you have asked indicate that you really don’t have much of a clue, and because of this, I have concerns that the prior year accounts may be incorrect.
If you had involved an accountant from the start, you may even have found that their advice saved you money in the end.

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