FRS 102 is the Financial Reporting Standard applicable in the UK and Republic of Ireland, and Section 1A permits a small company to reduce the amount of information required to give a true and fair view of its annual financial statements.
The small company template offer a convenient way to create financial statements under FRS 102 Section 1A Small Entities in the iXBRL format required by HMRC. Note that the template is for companies limited by shares, not those limited by guarantee, and it will not be suitable if extensive disclosures are required to give a true and fair view.
A company will qualify as small if it does not exceed at least two of these annual thresholds:
The template runs on Windows and requires a recent version of Microsoft Excel. A modern web browser with a broadband internet connection is also required. Click the Download button to get a copy of the latest version of the template and save the file on your computer.
At any time after data has been entered into the template, a preview of the financial statements can be generated at no cost, so you can ensure they are correct.
To create the financial statements in iXBRL format, first set up a user account using the Register button below, or from within the template itself, and purchase one or more iXBRL conversion credits. You can then generate the iXBRL statements from within the template.
The statements are available within seconds, just save them on your computer and submit them to HMRC with the Company Tax Return using tax software.
The cost of a single small company iXBRL conversion credit is £36, less if you buy multiple credits, and you can purchase conversion credits via PayPal using the Buy button below.