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Filing accounts for a three day period.

Need to provide accounts for a three day period with no trading.

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Hi there,

I recently set up a LTD company for a business venture which has since failed due to some serious health issues (cancer and diabetes diagnosis). I have to file the accounts for the first period which is a three day period covering the end of October (29th, 30th, 31st). There was no trading in this period at all. No business at all completed. Will this be shown by essentially having 0 in all columns of the financial sheet minus the £1 for my share. Any help would be greatly appreciated.

Replies (21)

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Psycho
By Wilson Philips
02nd Dec 2019 20:33

Why the first 3 days? Why not for the first year and 3 days?

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By Matrix
02nd Dec 2019 20:38

They would have to balance so there would also be unpaid share capital of £1. If you login to Companies House and choose dormant accounts then it is quite straightforward.

I would have expected the accounts to cover a period from 29 Oct to 31 Oct the following year so are you reading it right?

If the business subsequently started trading and then failed and you want to close down the company then you just need to square everything with HMRC.

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By ndb88
02nd Dec 2019 20:54

Ah yes. This is my mistake. So, I would need to submit my accounts to Companies House for the period 29th October 2018-31st October 2019 and then the two separate Corporation Tax returns for the two periods. Both of these should work out with nothing to pay. Company turned over £8,000 in the entire active period (December - September) with no profit and in debt to me. I realise it's not ideal to be doing accounts myself but with no cash and in a dire situation, needs must.

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By ndb88
02nd Dec 2019 20:56

I am also looking to close the company down once I have submitted these accounts as I have no intention on restarting and need to focus on my health.

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By JDBENJAMIN
02nd Dec 2019 22:53

'Any help would be greatly appreciated.'

In that case let me give you some free advice. Get an accountant, as you clearly have not got a clue what you are doing.

Did you greatly appreciate that advice?

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Replying to JDBENJAMIN:
Psycho
By Wilson Philips
03rd Dec 2019 08:31

Given the OPs circumstances, unnecessarily rude.

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Replying to JDBENJAMIN:
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By ndb88
03rd Dec 2019 08:43

As I have been diagnosed with terminal cancer and have limited funds the last thing on my mind at the moment is hiring an accountant. Considering what "could go wrong" is minimal considered to, you know, being told your dying. If that's the only advice you can offer then great. Jog on. Go play with you toys elsewhere. Adults are talking.
I have profit and loss sheets etc. for the year and clear evidence the company made no money.

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Replying to JDBENJAMIN:
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By ndb88
03rd Dec 2019 08:37

Apologies if I seem angry. Id rather not spend the last while of my life closing a LTD company. I'd rather spend it with family. I'd especially not like to spend it with random idiots online who feel it gives them a sense of superiority to tell people they are stupid.

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Replying to JDBENJAMIN:
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By Bob Loblaw
03rd Dec 2019 09:41

Good advice, but there's a way to give it without sounding like an insensitive pig with no regard for OP's extenuating circumstances. You're one of the worst posters on this place. Arrogant and rude for absolutely no reason. 90% of your comments are lambasting people who "don't have a clue" - perhaps you'd be happier if you ignored those people and only offered advice to people who you deem worthy of advice?

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By petersaxton
03rd Dec 2019 01:19

If you have difficulty understanding the period you are required to file accounts for then I would suggest you are unlikely to be able to prepare accounts. You really need an accountant.

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By ireallyshouldknowthisbut
03rd Dec 2019 09:18

Limited company = accountant. End of. You have taken on a big responsibility that will not be discharged through posting on a forum.

Either you need to fix it, or your estate needs to fix it if your cancer is terminal.

I would suggest it was much easier & cheaper for you to do it, than for your relatives to do so after your death or incapacity with all the fines and penalties rolling in.

The best you can do for your family is to get these things sorted out whilst you are able.

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Replying to ireallyshouldknowthisbut:
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By ndb88
03rd Dec 2019 09:39

Have you any idea of a ballpark figure on what it would cost to have these accounts made up to standard? It would be business accounts for the 12 months + 3 days and tax return for the two periods. Turnover less than 10k with all invoices etc. already processed and profit/loss and balance sheet already created.

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Replying to ndb88:
By ireallyshouldknowthisbut
03rd Dec 2019 09:48

It an "it depends", I wouldn't put too much store into your "p&L & balance sheet already created", your accountant will probably redo it anyhow.

But as a one off we would quote something like £750-900+VAT.

it will take longer to take on/set up/shut down than actually do the crunching.

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Replying to ndb88:
Psycho
By Wilson Philips
03rd Dec 2019 09:49

If you've already drawn up a profit and loss account and balance sheet, it should cost you nothing. Just go ahead and file accounts and tax returns using Companies House online filing service. So there may be some doubt as to the accuracy of the figures? Given your circumstances, no-one is going to give a monkey's.

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Replying to Wilson Philips:
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By ndb88
03rd Dec 2019 10:02

Thanks for that. I was going to take my balance sheets and profit/loss accounts to be quickly looked over before being uploaded. I would then be looking to apply to strike off the company. Should I do this immediately after uploading the accounts?

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Replying to ndb88:
Psycho
By Wilson Philips
03rd Dec 2019 10:09

I've PM'd you

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Universe
By SteveOH
03rd Dec 2019 10:20

I've also sent you a private message.

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By ndb88
03rd Dec 2019 10:24

Thank you to all of the replies. This has really helped the situation. Sometimes life doesn't work the way we wanted it but all you can do is work with it.

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By fawltybasil2575
03rd Dec 2019 13:57

@ ndb88 (OP).

Please forgive my being “late to the party”.

The key to responding to your question lies in the fact that neither Companies House nor HMRC will have any interest in (given your personal circumstances and those of your company) protracting the continuation of your company, if you take the correct steps as I have outlined below.

The cost to you should be ONLY the nominal cost of £10 of submitting the “application for striking off” form, to Companies House (and the cost of a postage stamp on a letter to HMRC as explained below).

The sequence of actions is however important, ie:-

(1) Send a letter to HMRC, very BRIEFLY outlining the short trading history of the company, and the reason for the loss incurred (enclosing a copy of the “profit and loss” figures which you have already prepared); with a few words only re your medical condition.

Conclude the letter with a request for their confirmation that they will not oppose the application which you intend to submit, in say two weeks, to HMRC, for the company to be struck off. Then, two weeks later:-

(2) Submit the striking off application form to Companies House.

[I am assuming that, as appears almost certain from your initial question and later posts, the company does not owe any monies to suppliers or other third parties].

There is a common misconception that there are obligations to (i) prepare formal Accounts and (ii) submit formal Corporation Tax Returns, for ALL Companies - whereas such obligations apply to NEARLY all companies, those obligations are dispensed with in exceptional circumstances, and most very definitely your company’s circumstances ARE exceptional.

Please report back, on this site, in the hopefully unlikely event that you encounter any difficulties.

Kind regards.

Basil.

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Replying to fawltybasil2575:
Psycho
By Wilson Philips
03rd Dec 2019 14:58

Basil is quite correct - if you are intending to strike off the company, then there is actually no need to file accounts at all. However, you will need to clear things with HMRC and, since you have already prepared a balance sheet and P&L my suggestion is that submitting the accounts and tax return via CH online service should be just as quick as writing a letter to HMRC. But Basil's solution should work just as well.

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By paulwakefield1
03rd Dec 2019 14:39

Thank heavens that there are still some accountants around who have not had all their humanity drained out of them.

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