Property Company Accounts - what do they look like? Micro Company Accounts - What are they?
ฝัง
- เผยแพร่เมื่อ 16 ก.ย. 2024
- When you set up a Property Company that creates certain requirements, one of which is the preparation of Statutory Company Accounts. But what do they look like? What choices do I have? Are there any considerations I need to make?
Todays video is going to take you through the types of Company accounts and show you what a Micro company accounts look like.
Video contains:
How do you classify a company as Micro or Small?
What are the differences between Micro and Small Accounts?
Example of Micro Accounts - FRS105 Company Accounts
Thanks for tuning in to the video.
If you know anyone who may find the property information helpful and useful then please share it with them too.
Subscribe to the channel and press the notifications button to ensure you keep up to date with the latest property tax and accounting videos.
If you need help from an accountant then check out
www.shapcotts-...
Check out my links at linktr.ee/Kimb...
DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
#property #propertytax #propertyinvestment #accountants #taxadvisor #shapcottsaccountants #believepropertyltd #Limitedcompany #propertycompany #SPV #FRS105 #Microcompanyaccounts #smallcompanyaccounts
Final editing by Shapcotts Online Productions.
Thumbnail by Unknown Creatives (Midlands) Ltd.
Music Credits:
Happy Upbeat Corporate | WORK by Alex-Productions | / @alexproductionsnocopy...
Music promoted by www.free-stock... Creative Commons Attribution 3.0 Unported License creativecommon...
Upbeat Corporate by JP Bianchini | / jpmbianchini
Music promoted by www.free-stock... Creative Commons Attribution 3.0 Unported License creativecommon...
Photo credits:
Background photo created by kues (Freepik.com) and Photo by Tom Barrett (Unsplash.com)
Video Credits:
Video by Mikhail Nilov from Pexels
Thankyou Kimberly, this was very useful for me .
You are so welcome!
Thanks for showing this clear example. 👍
You are welcome!
Great work. Thanks for the video
Glad you liked it!
Thank You. Very informative.
You are welcome!
Just for clarification...what is to stop the property owning company getting a revaluation to get a bigger mortgage, but keeping the value in the micro-accounts at historic cost? Or perhaps keeping them at HC in the accounts, with a note to the accounts of the new values?
In these type of accounts you are not allowed to revalue therefore they will always be shown on the balance sheet as the historic values. It doesn't stop you adding additional disclosure to show the true value. It will depend partly on what the lender is happy with.
Would this have any real impact on your potential borrowing? Or is any remortgaging just down to what the surveyor values it to be worth? Also can you disclose as a micro company one year and a small company another year? Thanks!
I dont know where you get your Micro companies limits from. Definately not the Companies house :)
Your company will be a micro-entity if it has any 2 of the following:
a turnover of £632,000 or less.
£316,000 or less on its balance sheet.
10 employees or less.
How to get in touch for your service?
Contact us at www.shapcotts-accountants.co.uk