Balance Sheet example

The balance sheet tells us the financial position of a business as at the date it was drawn up. Below is the balance sheet example that complies with the FRS102 format.

Successful Business Limited

Balance Sheet as at 31 December 2021Note
2021 (£)2020 (£)
Fixed assets
Tangible assets116,89019,050
intangible assets789895
17,67919,945
Current assets
Debtors4,601,1811,564,117
Cash at bank and in hand1,871,7651,836,009
6,472,9463,400,126
Less: Creditors(76,923)(23,888)
Net current assets6,396,0233,376,238
Total assets less current liabilities6,413,7023,396,183
Long term loan(10,000)(10,000)
Net assets6,403,7023,386,183
Capital and reserves
Call up share capital1,0001,000
Retained Profit6,402,7023,385,183
6,403,7023,386,183

Overview Successful Business Balance Sheet position

Successful Business Limited balance sheet example tells us, the company is healthy and strong. Its cash at the bank and in hand can cover its short term creditors in both accounting years.

Compulsory filings with the UK authorities

You must deliver your company accounts, confirmation statement to Companies House when they are due. In addition, you must also deliver your company accounts which include your balance sheet together with your corporation tax return to HM Revenue and Customs.

You will receive a late filing penalty if your company accounts are filed late.

If you require help with your company accounts and confirmation statement preparation and filing, feel free to contact our accountants they would be more than happy to assist you.

Statement of cash flows DIRECT method template

Generally, medium-sized and large companies are required to include a statement of Cash Flows in their company accounts unless entitled to an exemption by law. There are two methods you can use the prepare your statement of cash flows according to the International Accounting Standard (IAS) 7. The direct method and the indirect method. Below is the statement of cash flows direct method template.

Success Duo Company Limited

Statement of Cash Flows for the year ended 31 December 20XX

20XX
Cash flows from operating activities
Cash receipts from customersX
Cash paid to suppliers and employees(X)
Cash generated from operationsX
Interest paid(X)
Income taxes paid(X)
Net cash from operating activitiesXX
Cash flows from investing activities
Acquisition of subsidiary X, net of cash acquired(X)
Purchase of property, plant and equipment(X)
Proceeds from sale of equipmentX
Interest receivedX
Dividends receivedX
Net cash used in investing activities(XX)
Cash flows from financing activities
Proceeds from issue of share capitalX
Proceeds from long-term borrowingsX
Payment of lease liabilities(X)
Dividends paid(X)
Net cash used in financing activities(XX)
Net increase in cash and cash equivalentsXX
Cash and cash equivalents as at 01 January 20XX (Note 1)XX
Cash and cash equivalents as at 31 December 20XX (Note 1)XX

X = incoming cash (X) = outgoing cash

Note 1: The figure shall agree to the cash and cash equivalents (cash in hands and at the bank) reported in your balance for the same accounting period.

If you have any questions about the statement of cash flows direct method template, please write to our accountants.

INDIRECT method cash flows statement template

Click here for the statement of cash flows indirect method template.

Confirmation statement

Besides, submitting your company accounts with a cash flows statement to Companies House, you must also submit your confirmation statement at least once every 12 months.

If you require assistance with preparing and filing your UK company’s accounts and confirmation statement, feel free to contact our accountants. They will be more than happy to assist you.

Reminders from Companies House

No more paper reminders from Companies House. No more paper reminders from Companies House. You will receive a notice about this at your company’s or LLP’s registered office address.

Email reminders from Companies House

However, if you would still like to receive a reminder about when your confirmation statement and your company account are due, you may sign up to Companies House’s email reminder service.

Companies House provides this service for free. You can choose up to 4 people to receive a reminder about your limited company and limited liability partnership. The 4 people limit includes your accountant. Whoever signed up for the email reminder can also file your company account and your confirmation statement immediately from a link within the email.

Who is responsible to file documents with Companies House

The company law read it is the director’s responsibilities to submit company information on time to Companies House. As a director you could get a criminal record, a fine and disqualification if you do not deliver your company accounts and confirmation statement on time.

For this reason, we strongly recommend you sign up for Companies House email reminder service as soon as possible. You have nothing to lose. Furthermore, it is free.

If you have an accountant, you do not usually have to worry about Companies House filings because they will take care of it for you.

Companies House online filing services

You would require your company’s authentication code to file online. The authentication code is the electronic equivalent of your company’s director(s) signatures. Hence, you must keep it safe.

If you require help with your company’s confirmation statement and company accounts, contact Our accountants. They will be more than happy to assist you.

Companies House has created an interim paperless filing service to accept documents which would normally require a live signature during COVID-19 pandemic. You can easily upload your documents to the Companies House website.

If you no longer want to keep your company or LLP then you must formally apply to Companies House to have it removed from the register. If you require help to close down your company, our accountant can help you.

5G and Huawei equipment

The UK government issued a press release on 14 July 2020, Huawei is to be removed from the UK 5G network and Huawei equipment is banned after 31 December 2020. Additionally, existing Huawei equipment must be removed from the UK 5G network by 2027.

This decision was made following a technical review by the National Cyber Security Centre in response to US sanctions.

5G provides the faster mobile internet and more reliable than 4G and 3G.

Huawei equipment include the following:

  • smartphones
  • tablets
  • laptops
  • full-fibre broadband equipment

No link between 5G and coronavirus

On the same note. back on May 2020, 5G was linked to the spread of Coronavirus. There were also 5G protest around the same time of the Black Lives Matters protest. The Government issued guidance explaining how 5G works and that there is no link between 5G and coronavirus.

Read the guidance here.

UK Businesses currently use 5G and Huawei equipment

The National Cyber Security Centre has issued guidance on the use of equipment from High-Risk Vendors (HRV) and Huawei is considered HRV.

See the guidance here.

Update your fixed assets register accordingly when you replace your Huawei equipment used for business, for example, the smartphone.

Companies House filings during COVID-19 pandemic

Companies House also gear up to support UK businesses during COVID-19 pandemic. They will automatically extend your company’s filing deadline. This will help you to avoid a late filing penalty if you are unable to deliver your company accounts on time during this pandemic. You do not need to do anything. You just need to go to Companies House website to check your new filing deadline.

On the same note, your confirmation statement filing deadline will also be extended. You would have 6 weeks to file your confirmation statement. Likewise, for the events driven filings, you will have 42 days (6 weeks) to notify Companies House instead of the usual 14 days filing deadline.

In addition, Companies House also created an interim paperless filing service to accept documents which would normally require a live signature.

During this pandemic, you are encouraged to submit your documents online to Companies House. You can use the webfiling service to file the following documents to Companies House.

To file online, you would require your company’s authentication code. The authentication code is the electronic equivalent of your company’s director(s) signatures. Keep safe your authentication code.

If you require help with your company’s filings, contact Our accountants. They will be more than happy to assist you.

Automatic extension of Companies House documents filing deadline

Companies House announced an automatic extension of Companies House documents filing deadline on 1 July 2020. This is a temporary change to support companies during the COVID-19 outbreak and give businesses more time to comply.

You do not have to do anything. Companies House will automatically extend your filing deadline. You can check your new filing deadline on the Companies House website. This is a brilliant news.

Prior to this, you must apply to extend your company accounts filing deadline online. This is no longer the case.

The automatic extension of Companies House documents filing deadline includes the following filings:

Company accounts filing deadline extension

Companies House will extend your company account’s filing deadline for an additional 3 months automatically. You do not have to do anything. For further information, click here.

Automatic extension of Confirmation statement filing deadline By Companies House

Companies House will allow Companies and partnerships more time to submit their Confirmation statement . You have 6 weeks to submit your confirmation statement instead of the current 14 days deadline.

Event-driven filings deadlines with Companies House

Event-driven filings deadlines are increased to 42 days as well. For example, change of registered office address. Usually, you would have to notify Companies House within 14 days, now you have 42 days to notify Companies House during this Coronavirus (COVID-19) outbreak.

Mortgage charges registration with Companies House

You have a further 10 days to submit your mortgage charges forms and relevant documents with Companies House. In short, you have 31 days to do it.

Full guidance available here.

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