Help Submitting Accounts

[cjdl]

Hi All,

Well, it's come to the end of the financial year and I'm in the process of submitting my accounts, which I have drawn up myself.

A few points - Accounts are abbreviated, do not require audit and this is on the bottom of my balance sheet:

For the year ended 31st December 2010 the directors are satisfied that the company was entitled to exemption under section 249A(1) of the Companies Act 1985.

Members have not required the company to obtain an audit in accordance with section 249B(2) of the Companies Act 1985;

The directors acknowledge their responsibility for:

i. ensuring the company keeps accounting records which comply with section 221; and

ii. preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year, and of its profit or loss for the financial year, in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

The accounts have been prepared in accordance with the special provisions in Part VII of the Companies Act 1985 relating to small companies.

Now, I've downloaded and started on HMRC's online CT600, which I understand is fine and applicable for my circumstances.

But, I'm a bit stuck when i've got to the Notes to Statutory Accounts section. I haven't adopted the FRSSE (or have I ??),in-fact I hadn't even heard of it until today ! I was assuming I was submitting accounts under CA 2006.

The CT600 form seems to want 'notes' for the following, I'd appreciate any advice or guidance on what I should enter in these fields:

- Basis of measurement and preparation of accounts
- Turnover policy
- Tangible fixed assets depreciation policy
- Intangible fixed assets amortisation policy
- Valuation information and policy
- Other accounting

Thanks for any assistance !

Cheers,
Chris.

 

[Gouldie0]

Hi Chris,

The notes are completely flexible and you get to choose which topics you'd like to leave notes on. If memory serves me right you get the opportunity to select each box that you'd like to comment on.

For example turnover, this would be something like this: 'All turnover generated was through the businesses main trading activity' and the basis of measurement would more than likely be based on the historical cost convention act.

Nether the less these comments are your opportunity to decide what you'd like to have on record about your company.

Just a sidenote, any comments relating to the accounts should now make reference to the Companies Act 2006.

Kind Regards

Neil

 

[cjdl]

Hello Neil,

Thanks for your quick response, very helpful. I was thinking that the notes had to be in some form of statutory format - I noticed that the sample CA2006 abbreviated accounts from CH and HMRC now refer to the FRSSE, which is what threw me off course a bit as the original samples I downloaded last year did not, which made me think that something had changed that I wasn't aware of.

I'll put something together for the accounting and turnover policies and hopefully won't have any trouble with HMRC. And yes, I'll need to update the balance sheet footnotes to reflect CA2006.

Thanks again,
Chris.

 

[Gouldie0]

Hi Chris,

There are two different parts to the notes section, firstly the section describing how the accounts and balance sheet were prepared. This is where you also detail your exemption form having to audit accounts as your a small business and these must be in a statutory format. Secondly are the notes to support particular parts of the accounts such as turnover. This just you're opportunity to support the figures in the accounts and they don't need to be in a statutory format.

If you want me to look over your accounts to see if there ok, just let me know.

Kind Regards

Neil