Comments on: Balance sheet understanding http://www.in-business.org.uk/balance-sheet-understanding/ Blog for business owners and people about to go into business Tue, 29 Nov 2011 07:17:24 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: admin http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2863 admin Sun, 30 Oct 2011 22:19:00 +0000 http://www.in-business.org.uk/?p=1350#comment-2863 You need to include all monies owed to the company at the balance sheet date - so if the whole £35,000 is still outstanding then the total should be included on the balance sheet. Also, if there is no intention to pay any of this within 12 months of the balance sheet date then include it as creditors due after more than one year. You need to include all monies owed to the company at the balance sheet date – so if the whole £35,000 is still outstanding then the total should be included on the balance sheet. Also, if there is no intention to pay any of this within 12 months of the balance sheet date then include it as creditors due after more than one year.

]]> By: Alex http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2859 Alex Thu, 20 Oct 2011 17:42:46 +0000 http://www.in-business.org.uk/?p=1350#comment-2859 Hi there Thanks for this, its really helped. One question that I'd really appreciate some help with is this: When completing a CT600 for corporation tax, does one include ALL monies that are still owed buy the company since it started or just what monies have been lent to the company during the accounting period under "amounts falling due after more than one year" e.g. if the company borrowed £10,000 in 2008/2009 and borrowed an additional £25,000 in 2009/2010, none of which has been paid back, nor will be within 12 months, then should "amounts falling due after more than one year" be £35,000 for 2009/2010 or do we report £10,000 in 2008/2009 £25,000 in 2009/2010 I hope this makes sense and thank you for your tine Kind regards Alex Hi there

Thanks for this, its really helped. One question that I’d really appreciate some help with is this: When completing a CT600 for corporation tax, does one include ALL monies that are still owed buy the company since it started or just what monies have been lent to the company during the accounting period under “amounts falling due after more than one year”

e.g. if the company borrowed £10,000 in 2008/2009 and borrowed an additional £25,000 in 2009/2010, none of which has been paid back, nor will be within 12 months, then should “amounts falling due after more than one year” be £35,000 for 2009/2010 or do we report

£10,000 in 2008/2009
£25,000 in 2009/2010

I hope this makes sense and thank you for your tine

Kind regards

Alex

]]> By: admin http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2825 admin Thu, 15 Sep 2011 19:50:35 +0000 http://www.in-business.org.uk/?p=1350#comment-2825 The most distributable for of reserves is the profit and loss account - once it becomes share capital and or share premium is is no longer distributable The most distributable for of reserves is the profit and loss account – once it becomes share capital and or share premium is is no longer distributable

]]> By: vignesh http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2806 vignesh Thu, 08 Sep 2011 10:58:45 +0000 http://www.in-business.org.uk/?p=1350#comment-2806 hi, what does it mean when the company wishes to keep the reserves in their most distributable form ? if i have: share premium 150k general reserve 70k profit and loss account 80k which do i use if i have to issue a bonus shares worth 240k ? vignesh hi,

what does it mean when the company wishes to keep the reserves in their most distributable form ?
if i have:
share premium 150k
general reserve 70k
profit and loss account 80k
which do i use if i have to issue a bonus shares worth 240k ?

vignesh

]]> By: admin http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2726 admin Sat, 28 May 2011 13:16:26 +0000 http://www.in-business.org.uk/?p=1350#comment-2726 Hi Fonda - I am not totally sure why they made the change, but one reason is likely clarity - the term 'Amounts falling due within one year' is clear that these liabilities fall due within the next 12 months, whereas 'Current liabilities' is a bit ambiguous. Hi Fonda – I am not totally sure why they made the change, but one reason is likely clarity – the term ‘Amounts falling due within one year’ is clear that these liabilities fall due within the next 12 months, whereas ‘Current liabilities’ is a bit ambiguous.

]]> By: admin http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2724 admin Sat, 28 May 2011 00:31:42 +0000 http://www.in-business.org.uk/?p=1350#comment-2724 oops! yes you are right Paula, thank you for pointing this out! oops! yes you are right Paula, thank you for pointing this out!

]]> By: Okas http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2701 Okas Mon, 16 May 2011 14:42:52 +0000 http://www.in-business.org.uk/?p=1350#comment-2701 wow, thanks a lot! Shared this on Twitter. wow, thanks a lot! Shared this on Twitter.

]]> By: Paula http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2648 Paula Tue, 08 Feb 2011 19:23:47 +0000 http://www.in-business.org.uk/?p=1350#comment-2648 Very helpful, however shouldn't the 25,000 Creditors figure be 'Amounts due in MORE than one year' ? Very helpful, however shouldn’t the 25,000 Creditors figure be ‘Amounts due in MORE than one year’ ?

]]> By: fonda http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2581 fonda Sun, 31 Oct 2010 11:08:36 +0000 http://www.in-business.org.uk/?p=1350#comment-2581 can i ask you .. in my book , it is written that " current liabilities are now referred to as creditor falling due within one year ". why they called it so ?? can i ask you ..
in my book , it is written that ” current liabilities are now referred to as creditor falling due within one year “.
why they called it so ??

]]> By: Kelly http://www.in-business.org.uk/balance-sheet-understanding/comment-page-1/#comment-2478 Kelly Fri, 30 Jul 2010 10:41:57 +0000 http://www.in-business.org.uk/?p=1350#comment-2478 Useful but why is my Debtors figure in brackets? Useful but why is my Debtors figure in brackets?

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