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