Year end accounts and assets

[faxfan]

Hi All,

Just a quick question whereabouts on the year end return should I see assets? I'm not entirely sure my account is showing them correctly.

[Clare@InTouch]

On the balance sheet, at the top under Fixed Assets. Unless they were small value and have been written off to the Profit & Loss account, in which case they may be under Computer Consumables or similar.

Different accountants have their own definition of small value - we'd say anything under £1,000 would go to the Profit & Loss.

What was it you expected to be shown as an asset?

[stek]

Balance Sheet

[northernladuk]

Balance Sheet

[Maslins]

You say "year end return"...what document are you looking at?

[faxfan]

OK, thanks I found them.

I'm a bit confused as an example I invested £5000 in assets in the past year. Obviously I have some assets from previous years which will depreciated but I'm seeing a Net Book Value of £3,500 in total including new assets and depreciated assets...

[Nathan SJD Accountancy]

FWIW, on the balance sheet should also be 'Notes' to the left of the amount. Look at the notes on the following page (s), it will tell you the breakdown between cost, depreciation and net book value.

One of the notes should also state how the assets have been depreciated. e.g. 33% on cost.

[northernladuk]

You accountant should be able to sort it out for you

[LisaContractorUmbrella]

OK, thanks I found them.

I'm a bit confused as an example I invested £5000 in assets in the past year. Obviously I have some assets from previous years which will depreciated but I'm seeing a Net Book Value of £3,500 in total including new assets and depreciated assets...

Was everything you consider to be an asset actually posted as such? Equipment with a short 'shelf life' or low value would not usually be classed as a fixed asset

[Clare@InTouch]

OK, thanks I found them.

I'm a bit confused as an example I invested £5000 in assets in the past year. Obviously I have some assets from previous years which will depreciated but I'm seeing a Net Book Value of £3,500 in total including new assets and depreciated assets...

What's the figure for Additions? It'll be in the Notes to the Accounts, and will show a breakdown of cost brought forward, additions, disposals, depreciation etc.