Balance sheet
A balance sheet provides a summary of what a business owns or is owed (assets) and what it owes (liabilities). It is used for reporting purposes, to help interested parties assess how much your business is worth and for you to manage your business.
The balance sheet should be prepared according to the regulations for SMEs issued by the Ministry of Finance.
The balance sheet should show the business’ fixed assets (what it owns), current assets (what it is owed), current liabilities (what it owes and must repay in the short term), long term liabilities and the owner’s capital.
Fixed assets include:
Tangible assets such as land, buildings, machinery and computers.
Intangible assets such as intellectual property rights, trademarks, website domain names and long term investments.
Current assets are short term assets which include:
inventories
work-in-progress
money owed by customers
cash-in-hand or at the bank
short-term investments
pre-payments - eg advance rents
Current liabilities are amounts owing and due within one year, and include:
money owed to suppliers
short-term loans, overdrafts or other finance
taxes due within the year
Long-term liabilities include:
credit and loans which are to be repaid after one year.
Owner’s capital and reserves includes share capital and retained profits.
Click here to download an Excel Worksheet for preparing your Balance Sheet. You can save the file you downloaded as a template by using the "save as" option in Excel and selecting file type as "template". Once you are finished, use the "back" button in your browser to return to the Portal.