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Filing Abbreviated Accounts - Some help needed

Filing Abbreviated Accounts - Some help needed


I was hoping someone can help. This is the first time I am filing after filing dormant accounts since my company started.

I have a very few bookkeeping entries with my balance sheet, P&L Account and Trial Balance showing the following:


Current Assets
Cash at Bank 2245.58

Total Assets 2245.58
Net Assets 2245.58
Owner Investment 22570
Profit & Loss/Opening Balances -20324.42
Total Equity 2245.58

Name Debits Credits
Cash at Bank 2245.58
Owner Investment 22570.00
Professional fees 20324.47
Bank charges & interest 0.05
TOTAL 22570.05 22570.05

Gross [Profit/Loss] 0
Bank charges & interest -0.05
Professional fees 20324.47

Net [Profit/Loss] -20324.42

I am filing abbreviated accounts for the accounting period and filling in the PDF form. I have entered the following value in only these fields on the Balance Sheet page of the form:
Current Assets
Cash at bank and in hand: 2245.58

Capital and reserves
Profit and Loss account: -20324.42

Creditors: amounts falling due after
more than one year: -22570

Is this correct? Does the directors loan go in to Creditors: amounts falling due after more than one year? Or The entries on the form look like this:

Please select required currency
Ensure all asterisked boxes contain data.
Only complete boxes relevant to your
Called up share capital not paid
Fixed assets
Total fixed assets
Current assets
Cash at bank and in hand 2245.58
Total current assets 2245.58
Prepayments and accrued income
Creditors: amounts falling
due within one year (Normally negative)
Net current assets (liabilities) 2245.58
Total assets less current liabilities * 2245.58
Creditors: amounts falling due after
more than one year (Normally negative) -22570
Provisions for liabilities
and charges (Normally negative)
Accruals and deferred income
(Normally negative)
Total net assets (liabilities) * -20324.42
Capital and reserves
Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account -20324.42
Shareholders funds * -20324.42


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31st Mar 2012 12:48

Get an accountant

I would suggest you get an accountant to help you with this.

The figures you have given, on the face of it, look rather odd.  The company apparently has no called up share capital, it has made no sales and suffered no costs of sales, but has suffered over £20,000 in professional fees!

How much of those professional fees do you expect to be allowable for tax?

To answer the specific point you raise, unless there is some formal documentation recording that the company cannot normally be required to repay any of the owner's investment within 12 months after the year end then that figure should be shown as a current liability.  This will lead to the company's Balance Sheet showing net current liabilities rather than (as you are showing) net current assets.


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31st Mar 2012 14:28

Thanks for the reply. 

Thanks for the reply. 

That is right, the company has made no sales. The professional fees were paid to a web development company to create a bespoke e-commerce hi-spec website. The website was launched after the accounting period above. Also, I am the sole director and only one share of £1 was issued.

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31st Mar 2012 15:03

Share capital

It seems likely, based on what you have said, that the called up share capital of the company is £1 and the amount repayable to you is £1 less than the figure you are showing.

Also you should get some advice (not from me) on how to show the website costs in the company's accounts and whether these were an allowable expense for tax purposes.

If your company was charged VAT by the web development company you need to discuss that with an accountant too.

Speak to an accountant!


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