We are a micro business that runs art exhibitions from time to time. We have recently been given approximately £100,000's worth of art. We haven't paid a penny. How do we show this in the accounts presented to HMRC and Companies House?
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Your accountant will deal with it when the time comes to prepare the company's accounts, but the first question they will probably ask is by whom and to whom the artworks were "given".
In your heading you use the word "bequeath". Does that mean that they came from the estate of a deceased person. If so what did the will of the deceased person say about where the artwork should go.
Our income is infrequent and not large so I usually prepare the accounts for submission to HMRC and Companies House on the gov.uk forms so do not have an accountant to prepare them for me.
These are the times when you need the support of an accountant.
Personally, I would be wanting to confirm the exact terms and details of the bequest before I made any comment.
did someone really bequeath £100k to a company? not to the individuals that own it? If so then depending on what you intend to do with the art, then Cr Income with the value and Dr Investments or Trading Stock or even Heritage Assets...
PS I agree with John