Deferred income

Dottie

I have a new client whose previous accountant prepared his accounts, charged him but for some reason has not filed them with Companies House and has gone AWOL. The client has a fine of £350 and I am trying to prepare them using a copy of the previous year's accounts downloaded from Companies House.

The company sells items on ebay and has a turnover of 14K. In the balance sheet there is nearly £5 in accruals and deferred income and apart from the accountancy accrual (£825), I can't work out what the rest is.

Any ideas would be gratefully received.

Dottie

burg

It's going to be hard doing it 'blind' so to speak.

Even though it says accruals and deferred income it could be more like other creditors.

Obviously it is hard to comment not having seen the accounts. Is there a separate heading for trade creditors?
Could there possibly be a loan in there?

Dottie

There are also trade creditors, corporation tax and other creditors in the balance sheet on top of the "accruals and deferred income".

burg

Have you managed to break down other creditors to rule out other possibilities such as PAYE, VAT if registered, loans and HP?

Does the client have any idea?

I assume you only have abbreviated accounts?


If you want to keep details off forum then you can email me ian.morgan@mbsaccountants.co.uk

Poodle

Dottie

If the CT600 has been filed then HMR&C should have more detailed accounts and computations that may be of some help.

If you have a 64-8 in place then I find that the CT sections can be quite helpful

Dottie

The accounts I downloaded from Companies House were the fullset. The director says that he took a credit card cash "loan" when he started the business, so I think that this is the answer. It just seemed an odd place to show a loan.

Thank you for your help as always.

Dottie