I am preparing Micro Entity accounts, under what I belive is FRSS 2015. It's the very simple form that pops up on Companies House when you click to file Mirco Entity accounts. I am using the HMRC version at the moment.
I am however quite stuck. All the figures balance but I have not worked out what to do with the Share Capital. Could anyone tell me exactly which boxes Share Capital should affect on both forms? Currently I have not accounted for it on the P&L. On the Balance Sheet I have put it as a Current Asset, as the shares are held in cash. Is that right? The Share Capital is carried over from last year, which was the first year, and the first year we didn't trade or purchase anything.
I have: Total Net Assets or Liabilities = Capital and Reserves = Profit & Loss + Share Capital, but only by putting Share Capital as an asset.