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Handling Share Capital on FRSS 2015 Micro Entity?

Which boxes are affected on the Balance Sheet and the P&L?

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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.

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By JoF
22nd Jul 2019 20:06

How are shares 'held in cash'?

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By Alexio
23rd Jul 2019 09:30

I mean the company received cash for shares when it was set up and that money is not in the bank. The share capital is held as cash. Although the question would be the same if the money was in the bank. Does this money - the share capital - count as a current asset, fixed asset, or neither? It seems like it should be a current asset because it could be spent immediately.

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By JoF
23rd Jul 2019 09:42

See the comment by Wanderer about the reason for this site.

The point I picked up on is the least of your worries.

Mind you I wouldnt worry too much - Co House accept all sorts of carp.

Bigger worry for HMRC though and the future.

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By Wanderer
22nd Jul 2019 20:36

Alexio wrote:

I am preparing Micro Entity accounts, under what I belive is FRSS 2015.

Say what???

Anyway did you miss this bit about the purpose of this site:-

Quote:
AccountingWEB.co.uk is the largest independent online community for accounting and finance professionals in the UK
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Replying to Wanderer:
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By JoF
22nd Jul 2019 20:38

Lots of other sentences in that short paragraph from the OP that make no sense as well, although I picked on what I thought might be the easiest one he could attempt to explain.

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