Balance Sheet on Cessation

JodieR

Client set up a Ltd company in April last year, and then in Nov decided to change the name and so set up a new Ltd Co - I only met him a few weeks ago, this wasn't on my advice!

So now I'm doing the first set of accounts from Apr - Oct for the first company. On 31 October the balance sheet didn't have any fixed assets, but I do have a stock figure, a loan which he owed to his mum and some money in the paypal account (there's never been an actual bank account for either company). These balances will all need to be transferred to the new company, but when I prepare a set of accounts to file at Companies House do I show the figures before or after the transfer has taken place?

Once the accounts have been filed the company will be closed. There was a loss so no corp tax to pay.

Thanks
Jodie

groundy

You need to show no assets or liabilities on the Balance sheet as they will have been transferred to the new company. I would say the loan from his mother is a directors loan item rather than a separate loan, as I am sure the mother lent the son money not the company. Therefore, if there is a loss all you would expect to see on the balance sheet is directors loan balance, share capital and profit and loss account.

deanshepherd

You need to show assets and liabilities at the date you are preparing the accounts to (i.e. 31st October).

Those assets either existed at that date or they didn't.

stevo5678

deanshepherd wrote: »

You need to show assets and liabilities at the date you are preparing the accounts to (i.e. 31st October).

Those assets either existed at that date or they didn't.

This is my view.