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Trading P+L and Balance Sheet

  • 05-03-2010 12:15pm
    #1
    sarahmccarthy
    Closed Accounts Posts: 15 ✭


    Hi

    Im doing a college project and i'm on one of the last phases of it and its the financial side of it (which isnt my strong point):). The project is we are leasing a Opticians in the Shopping Centre in Limerick the retail unit is 3,500 square feet. I have to do a trading profit and loss account for year 1 and i also have to do a Balance Sheet. This has to be done for the first 3 years.

    One of the figures(amoung others e.g. purchases and havent a notion where to start with the balance sheet:() i'm finding it hard to get is the Professional Fee's e.g. accounting fee's and legal fee for the business for a year. Also would they differ that much every year or would they be the same figure.

    Then there is insurance I have rang up a few insurance companies but when i say i'm doing a project they are not that helpful. I have to get insurance for
    Stock, Public Liability and Employer insurance any idea on what these figures would be for a year??

    Thanks if anyone can answer any of these!!


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    Assuming your operating as a limited company €3000 for accountancy, company secretarial, tax. €700 for the solictor to handle the lease.

    They are figures from a similar business but they can vary wildly.


  • #3
    sarahmccarthy
    Closed Accounts Posts: 15 ✭sarahmccarthy


    Thanks a mill that is very helpful was really stuck on what to put in for those figures!


  • #4
    Southsider1
    Closed Accounts Posts: 674 ✭✭✭Southsider1


    You will be safe enough at around two grand for the insurance... isn't 3500sq ft huge for an opticians?


  • #5
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Southsider1 wrote: »
    You will be safe enough at around two grand for the insurance... isn't 3500sq ft huge for an opticians?

    Huge actually.


  • #6
    21inchguns
    Registered Users, Registered Users 2 Posts: 38 ✭21inchguns


    I would have thought it was huge aswell but a few years ago I was thinking of renting the old workout world on the north quays, it was about 3000sq ft and was taken by an opticians, they put up lots of partitioned rooms?


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  • #7
    sarahmccarthy
    Closed Accounts Posts: 15 ✭sarahmccarthy


    3,500 square feet and that the opticians would be located in the Crescent was the requirements we where given, we had no choice in the matter. I didnt even realise that the figure they had given us was big:)


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