Year End Accounts

maureen cassidy

Hi All - please could someone give me some advice.

My partner is just about to submit his first set of accounts covering a 15 month period. He is the only person who works for the company on a part time basis (at the moment) and does not draw a wage. He works from home and there are no real assets, most of his time is computer time, apart from when he is popping out to see a client.

Therefore I guess all we need to produce is a profit and loss account listing his sales - any expenses. The only problem is - is that he paid the expenses privatley and has not yet claimed them back from the company. His year end was December - is he too late to claim these expenses back? They mainly consisted of vehicle rental, private mileage and the odd client meal.

Hope someone can guide me as to setting out his P&L based on the above.

Many Thanks
Moe

Bluewednesday

I would put the expenses in, debit the individual expense account and credit directors loan.

I presume it's a limited company? If so you will need to do a balance sheet too.

maureen cassidy

Hiya Bluewednesday,

Thank you for your help - it is a limited company but has very few assets and liablities, so the balance sheet would look quite bare. Would this be still ok?

Thanks for your help.

Kind Regards
Maureen

Bluewednesday

You need a balance sheet for the abbreviated accounts regardless of how bare it looks. We may file non trading accounts with share capital and a bank account - they don't get much more bare than that.

Do you know what you are going to file at Companies House?

maureen cassidy

Hi Bluewednesday,

I have a rough idea what we are doing - this is my partners first year, so it is quite new for him too.

Do you mean are we going to file a P&L amd Balance Sheet? I thought he would have been better starting off as a sole trader as his sales/costs are quite small at the moment.

Rinske

maureen cassidy wrote: »

it is a limited company but has very few assets and liablities, so the balance sheet would look quite bare.

maureen cassidy wrote: »

I thought he would have been better starting off as a sole trader as his sales/costs are quite small at the moment.

I think the difference is whether he is a self employed or has a limited company.

For a sole trader:
http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1073789606&type=RESOURCES

But for a limited company:
http://www.businesslink.gov.uk/bdotg/action/layer?r.i=1073789619&r.l1=1073858805&r.l2=1085161962&r.l3=1073865436&r.s=sc&r.t=RESOURCES&topicId=1073865436

Explanation of the basics by businesslink:
http://www.businesslink.gov.uk/bdotg/action/layer?r.i=1073789606&r.l1=1073858805&r.l2=1085161962&r.l3=1073865730&r.s=m&r.t=RESOURCES&topicId=1073865730