Help Needed with Micro-Entity Balance Sheet Submission to Companies House
I’m assisting a friend with their company’s first filing, and we’re running into some issues with the web form for the Micro-entity Balance Sheet. Despite completing the necessary fields, the information isn’t being validated for submission.
Here are the details we’re working with:
Director Loan: £500
| Turnover (Income) | £0 |
|——————————-|———-|
| Other Income | £0 |
| Total Income | £0 |
| Administrative Expenses | £102.38 |
| Operating Loss | £102.38 |
| Interest Payable | £0 |
| Loss Before Taxation | £102.38 |
| Taxation | £0 |
| Loss for the Financial Year | £102.38 |
Fixed Assets: £0
Current Assets (Cash at Bank): £397
Creditors (Due within one year – Director Loan): £500
Net Current Liabilities: £103
Total Net Liabilities: £103
Capital and Reserves: £103
Unfortunately, none of these figures are being accepted when we try to input them into the Companies House web form for the Micro-Entity Balance Sheet. Can anyone provide insights or advice on how to resolve this issue?
Here are the screenshots of the web form for reference:
One Comment
It looks like you’re trying to help your friend navigate the Companies House micro-entity balance sheet filing, but there are a few areas to clarify to make sure the numbers align correctly and validate.
Since total assets (£397) do not equal total liabilities (£500), there’s a discrepancy. This needs to be corrected.
Current Liabilities: You’ve indicated current liabilities (the director’s loan) equal £500. This means the company is in a negative equity situation, which might require additional notes in your balance sheet or possibly a consideration of how the director loan is structured.
Negative Equity: With a loss of £102.38 and liabilities exceeding assets, you’ll want to consider how your friend reports this on the balance sheet. Micro-entity accounting sometimes allows for simplifications, but aggressive discrepancies may lead to a rejection of the filing.
Balance Sheet Values: With the assets and liabilities misaligned, you may need to adjust:
If the company has not taken on other assets or income (as reflected in its turnover), reassess the director loan value or reconcile the accounts.
Companies House Validation Issues: Often validation issues can arise if there are misalignments, incorrect categorization of income or expenses, or reporting inaccuracies. Fix the balance issue first, and then go through the entries to ensure they comply with the micro-entity guidelines.
To resolve this, look at:
– Adjusting the balance sheet figures to ensure that total assets equal total liabilities + equity or consider revisiting the treatment of director loans.
– Ensuring no line items are missed when filling out the online form, particularly ensuring correct classifications of income and liabilities.
If necessary, seeking help from an accountant familiar with micro-entity submissions in the UK can also provide tailored guidance and ensure compliance with regulatory standards.