Abbreviated Accounts Question
Discussion
How do you read a company's abbreviated accounts?
For instance, creditors (falling due in 1 year) £80k --- does that mean that the company will owe 50k in the next year? And on a low turnover company (less than £100k), what on earth could they owe in the coming year?
And if profit and loss has gone from -20k to -30k in one year - does that mean they lost £10k over the year?
For instance, creditors (falling due in 1 year) £80k --- does that mean that the company will owe 50k in the next year? And on a low turnover company (less than £100k), what on earth could they owe in the coming year?
And if profit and loss has gone from -20k to -30k in one year - does that mean they lost £10k over the year?
Creditors falling due within one year are basically creditors which are not longterm, so include trade creditors, VAT, PAYE, loans payable within 1 years ( or 12 months of all loans) etc. Will also include Directors loan account which cold be a good chunk of it!
£10K loss, yes, probably. But will be after dividends and tax.
£10K loss, yes, probably. But will be after dividends and tax.
Edited by Smartie on Tuesday 8th May 12:15
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