Best Interiors Limited

Best Interiors Limited – Accurate UK GAAP Bookkeeping

A full-year bookkeeping project for a UK-based interior design company, ensuring accurate UK GAAP-compliant financial statements, payroll compliance, VAT reporting, reconciliations, and balanced financial reporting.

Project Scope & Financial Management

This project involved complete bookkeeping and financial maintenance for Best Interiors Limited, ensuring compliance with UK accounting standards.

Key Responsibilities:

Recorded full financial position as of 31 December 2021 under UK GAAP
Reconciled two bank accounts: Lloyds & Tide, confirming £93,000 cash
Maintained all payroll obligations:
- PAYE
- NIC
- Student Loan
- Pension
- Net Wages
Managed VAT Control account accurately, reporting £9,278 to HMRC
Applied bad debt allowance of £5,000 on gross debtors £12,600
Prepared fully balanced Balance Sheet
Ensured Net Assets and Retained Earnings matched: £86,005.53

Reports & System

Accounting Insights & Compliance

This project provided the client with a transparent view of their financial health, cash position, and tax obligations.

Key Achievements:

Accurate payroll liability management
VAT compliance for HMRC reporting
Clean bank reconciliations ensuring precise cash figures
Conservative net debtor presentation
Balanced financial statements for tax and audit readiness
Compliance with UK GAAP standards

The bookkeeping process ensures that small businesses like Best Interiors can make informed strategic decisions with confidence.

Project Summary

This engagement proves that proper UK GAAP-compliant bookkeeping enables a small business to:

Maintain transparent cash and bank positions
Meet payroll and tax obligations without errors
Track net assets and retained earnings accurately
Present a fully balanced, audit-ready financial statement

With structured bookkeeping, Best Interiors now has a clear financial snapshot for decision-making and compliance purposes.

Performance Highlights

Cash Confirmed

£93,000

Gross Debtors Tracked

£12,600

Bad Debt Allowance Applied

£5,000

VAT Compliance

£9,278

Net Assets & Retained Earnings

£86,005.53

"The service was impeccable. I will definitely use it again. Thank you"

Lrpstrategy

Fiver

Financial Position

As at 31 December 2021. The company carries no long-term debt — all liabilities are short-term payroll and tax obligations, and equity equals retained earnings entirely.

Assets

Cash at Bank and in Hand

1010 · Lloyds GBP Chequing 1526£50,000.00

1020 · Tide GBP Chequing 7698£43,000.00

Total Cash£93,000.00

Debtors & Provisions

1210 · Debtors£12,600.00

1250 · Allowance for Bad Debts−£5,000.00

Net Debtors£7,600.00

Total Current Assets£100,600.00

Net Assets£86,005.53

Liabilities & Capital

Creditors (Due Within 1 Year)

2110 · Trade Creditors£720.00

2210 · PAYE & NIC Payable£1,893.55

2220 · Student Loan Payable£330.00

2230 · Pension Payable£325.03

2240 · Net Salaries & Wages£2,047.89

2310 · VAT Control£9,278.00

Total Creditors£14,594.47

Net Current Assets£86,005.53

Capital and Reserves

3000 · Retained Earnings£86,005.53

Total Capital & Reserves£86,005.53

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