Companies House - Simple Guide to Terms on a Balance Sheet

[@TheNewsHoundLtd]

THIS FILM - should be watched in conjunction with my other film explaining how to submit your accounts at Companies House - this is the link - kzbin.info/www/bejne/hH-umJ-Mp66UpNksi=t8JNGZ_h1JZDJn-F

[@fraserhenderson9937]

Hi Darren, Thanks so much for putting these videos up. I stumbled upon this after getting sick of being utterly robbed by various accountants,. Your videos are excellent and I can't thank you enough. If you ever do tutorials on personal returns or filing corporation tax I would love to see them.

[@TheNewsHoundLtd]

Many thanks Fraser. Over the next few months I'm going to upload lots more videos to help companies in relation to dealing with Companies House and other useful stuff. However, I won't be able to upload anything relating to tax as I'm not an accountant, and I feel it is very important that people get professional advice from a Chartered Accountant if they are unsure about anything to do with calculating and paying tax.

[@AbH-c6s]

Really Thankful for you i really appreciate it 🙏🏻🌹 i hope you everlasting health and happiness ❤ it shows you care about your subscribers

[@TheNewsHoundLtd]

Thanks so much. I really appreciate your comment.

[@TheNewsHoundLtd]

IMPORTANT - please note that I am not a Chartered Accountant, I am a business owner, entrepreneur, and lecturer. I am able to answer general questions relating to this video, but if you have a question about tax (or dealing with HMRC) then I always advise people to consult a qualified accountant.

[@darrenbugg8419]

Good advice!

[@un.expectedclips]

When choosing company size when filling accounts, if I have a property business, would the balance sheet total be properties minus mortgages? For example £400k of houses, £300k of mortgages, am I them a micro entity?

[@TheNewsHoundLtd]

Thanks for your comment. Although I'm usually able to answer most questions posted on here, in your particular case I think it would be better if you consult a Chartered Accountant directly. There are a lot of extra complexities which make a property business different from other types of company (for example in relation to tax). A property business can also be more complicated because the amount of your 'fixed assets' could change dramatically every year (eg. if you are intending to buy more houses every year). I'd like to be able to help, but on this occasion I feel it would be better if you consult an accountant, to ensure you get the correct advice for your particular company.

[@georgechristou7982]

can you show an example specifically for a buy to let company

[@TheNewsHoundLtd]

Hi - thanks for your comment. With property investing, there are several extra complications and differences from other types of company (for example in relation to the way that residential and commercial property investments are taxed). For this reason, I think it would be better if you seek advice directly from a Chartered Accountant who will have more specialist knowledge than me on this particular subject. I'm very happy to advise on more general businesses, but with property it makes sense to get professional help directly from someone who specialises in this area.

[@malrett]

Thank you! This is extremely useful. Quick question, if I don't pay myself a salary yet but do pay myself in dividends from time to time do I count myself as an employee as well?

[@TheNewsHoundLtd]

Hi, thanks for your comment. The simple answer is - No - if you are only paying yourself dividends, then you are technically just a "shareholder" but not an employee.

[@MrEagle2050]

Hello , Thank you for the comperhensive video , Since I don’t have a business bank account and use Payoneer with two currencies and a small balance, should I calculate both amounts and include them in the current assets section? Thank you

[@TheNewsHoundLtd]

Yes, anything like this should be included in the current assets section.

[@MrEagle2050]

@TheNewsHoundLtd thank you. If I may ask if I choose a different currency than GBP, should I convert the amount to the different currency and for my share as well? I've 1 GBP share. Should I convert that share to the different currency? I'm sorry it's my first time to file it, and I incurred a loss

[@MuhammadAnwar-sl6nb]

Dear Darren, Excellent video with detailed information. For a limited company registered in June 2023, I am paying GBP 479 annually for services (registered address, company secretary and mail services). There is 500 cash in bank and company has not made any income yet. Please advise if in my case for Creditors: Amounts falling due with in a year will be 479. Because I'll paying for annual service charges of 479 in July 2024. Also in section Creditors: Amounts falling due after more than one year, do I need to put 479 as this amount will be due after 1 year. Thank you.

[@TheNewsHoundLtd]

Thanks for your comment. I'm pleased you found the video useful. When you said you have to pay the money in July 2024, was this a mistake? (Did you mean 2025?)

[@MuhammadAnwar-sl6nb]

@@TheNewsHoundLtd Thank you Darren, Yes I mean 2025.

[@thundercatxyz]

Hey Darren, Thank you for the great content. QQ: Lets say I have started a business and purchased £2000 worth stock for resale. Do I have to declare this under capital and reserves? Thanks in advance.

[@TheNewsHoundLtd]

Hi, many thanks for your comment. Any stock that you have purchased for resale would normally go in the section for 'Current Assets' on the Balance Sheet.