Any accountants on DiS?


#1

I’m trying to do my company accounts and haven’t got a clue what I’m doing. :cry: Can anyone help?


#2

Yep - how can I help?


#3

Ah, thank you! I’m doing my first company accounts ever and they’re the micro entity accounts.

I basically earned £525 for the accounting period they’re requesting. The business is my freelance career coaching that I do so I don’t have any assets, creditors etc. Can I just put 0 for fixed assets and current assets?

What is ‘prepayments and accrued income’? liabilities? deferred income?!

Do I have any capital and reserves? And finally do I need to add any notes?

Sorry, I realise this is a pisstake to ask all these questions! I have no clue what I’m doing.


#4

No problem, this is all fairly straightforward. Do you have a company bank account? Details of the share capital will be in the articles of incorporation, if you have them. Have you filed a confirmation statement yet? If so the share capital information will be on there.


#5

No I don’t have a company bank account (I’ve been meaning to open one). I basically just have the purchase orders, my invoices and my train tickets. I have filed the confirmation statement. I am the only shareholder with one share worth £1.


#6

What is prepayments accrued income’? liabilities? deferred income?!

They’re all basically accounting adjustments for anything you have outstanding that’s not recognised in your £525. So have you paid anything early, such as a utility bill, that you plan to utilise in the next period etc. Do any of your costs/ income relate to other years?

Do I have any capital and reserves? And finally do I need to add any notes?

I think your £1 would be the capital and also your reserves so they net off, unless you’ve reserves from previous years.


#7

OK - for the capital you’ll need a £1 fixed asset on the balance sheet and £1 in share capital in the reserves.

As there’s no company bank account the amount you’ve received on the company’s behalf is an asset as well as it’s money you owe the company. You can offset any amounts you’ve spent on the company’s behalf against this though (so the travel and administration costs you mentioned). Happy to go through this in more detail, out for the rest of the day but can stick a quick spreadsheet together tomorrow if you like.


#8

That would be amazing if you don’t mind! Thank you :slight_smile:


#9

Thank you :slight_smile: I really struggle with accounting stuff! (clearly!)


#10

They don’t make it easy do they. I helped a friend last year in the same situation and remembered it seemed a bit much.

Sounds like Steved’s got you covered but if there’s anything I can help with let me know.


#11

Meanwhile, at ShesSoHigh Towers…


#12

It’s @Steved and @bluto’s responses in this thread that reminds me that this website really has got a disproportionate number of GBOLs.


#13

:joy::rofl: haha!


#14

They definitely don’t. Thank you, I really appreciate it.


#15

^so much this


#16

Obvs @Steved is helping now, but Gov.Uk is quietly quite good at helping with stuff like this.
I’ve not looked at this particular topic, but it’s worth having a read
https://www.gov.uk/company-tax-returns


#17

Thank you. That link is for tax returns and I’m doing (trying to do!) company accounts. I did look on gov.uk but I need it explained like I’m a child and instead it’s kind of like that ‘how to draw an owl’ thing!


#18

You say that but neither of them has invoiced her for their time yet…