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Appendix A to Section 1A
Guidance on adapting the balance sheet formats
Extract from FRS102: Section 1AA.1
This appendix is an integral part of the Standard.
1AA.1 As set out in paragraph 1A.12 a small entity shall present a statement of financial position in accordance with the requirements for a balance sheet set out in either Part 1 General Rules and Formats of Schedule 1 to the Small Companies Regulations or Part 1 General Rules and Formats of Schedule 1 to the Small LLP Regulations. This results in three alternatives:
- apply the required balance sheet formats as set out in legislation (subject to any permitted flexibility);
- draw up an abridged balance sheet (see paragraph 1AA.2); or
- adapt one of the balance sheet formats (see paragraphs 3 to 1AA.6).
OmniPro comment
See example of format 1 below showing the application of (a) above. A note is required for each item in the balance sheet showing the items required in Format 1.
See below the format and requirements for format 1 as detailed in S.I. 980/2015. Under this method all of the below are included on the face of the balance sheet or alternatively further detail is included in the notes. In the example that follows the below analysis we have shown the letters and roman numerals on the face of the balance sheet and shown the split in the notes where required. You will note there are no notes included for certain items as they are not required under the small companies regime. Example of disclosure notes have been included in Appendix C and D below.
A. Called up share capital not paid (This can be included in ‘other debtors’ also)
B. Fixed assets
i) Intangible assets
1) Goodwill
2) Other intangible assets
ii) Tangible assets
1) Land and buildings
2) Plant and machinery
iii) Investments
1) Shares in group undertakings and participating interests
2) Loans to group undertakings and undertakings in which the company has a participating interest
3) Other investments other than loans
4) Other investments
C. Current Assets
i) Stocks
1) Stocks
2) Payments on account
ii) Debtors
1) Trade debtors (show split of amount falling due within one year and after one year)
2) Amounts owed by group undertakings and undertakings in which the company has a participating interest (show split of amount falling due within one year and after one year)
3) Other debtors (show split of amount falling due within one year and after one year)
iii) Investments
1) Shares in group undertakings
2) Other investments
D. Prepayments and accrued income (note can be included in other debtors above also)
E. Creditors: amounts falling due within one year
1) Bank loans and overdrafts
2) Trade creditors
3) Amounts owed to group undertakings and undertakings in which the company has a participating interest
4) Other creditors (can also include accruals and deferred income in (J) below)
5)Creditors in respect of taxation and social
6)Carry amount of any convertible debt
F. Net current assets (liabilities)
G. Total assets less current liabilities
H. Creditors: amounts falling more than one year
1) Bank loans and overdafts
2) Trade Creditors
3) Amounts owed to group undertakings and undertakings in which the company has a participating interest
4) Other creditors (can also include accruals and deferred income in (5) below)
5) Creditors in respect of taxation and social security
6) Carry amount of any convertible debt
I. Provisions for liabilities
J. Accurals and deferred income (can be shown in other creditors in E.4 above)
K. Capital and reserves
i) Called up share capital
ii) Share premium account
iii) Revaluation reserve
iv) Other reserves
v) Profit and loss account
(NOTE: 4 BELOW WOULD REQUIRE THE DEBTORS TO BE SPLIT BETWEEN TRADE DEBTORS, AMOUNTS OWED BY GROUP UNDERTAKINGS AND UNDERTAKINGS IN WHICH THE COMPANY HAS A PARTICIPATING INTEREST, AND OTHER DEBTORS).
Extract from the Balance Sheet – Format 1 At 31 December 2015
|
|
Notes |
2015 |
|
2014 |
|
CU |
CU |
|||
|
Fixed assets |
|
|
|
|
|
Tangible assets |
1 |
XXXX |
|
XXXX |
|
Intangible assets |
2 |
XXXX |
|
XXXX |
|
Investments |
3 |
XXXX |
|
XXXX |
|
|
|
XXXX |
|
XXXXX |
|
Current assets |
|
|
|
|
|
Stocks |
|
XXXXX |
|
XXXXX |
|
Debtors |
4 |
XXXXX |
|
XXXXX |
|
Prepayments and accrued income (can be shown within debtors also) Investments |
5 |
XXXXX
XXXXX |
|
XXXXX
XXXXX |
|
Cash at bank and in hand |
|
XXXXX |
|
XXXXX |
|
|
|
XXXXX |
|
XXXXX |
|
Creditors – amounts falling due within one year |
6 |
(XXXXX) |
|
(XXXXX) |
|
Net current assets |
|
XXXXX |
|
XXXXX |
|
Total assets less current liabilities |
|
XXXXX |
|
XXXXX |
|
Creditors – amounts falling due after more than one year |
7 |
(XXXX) |
|
(XXXX) |
|
Provisions for liabilities |
|
|
|
|
|
Capital grants |
|
(XXXX) |
|
(XXXX) |
|
Deferred taxation |
|
(XXXX) |
|
(XXXX) |
|
Net assets excluding pension liability |
|
XXXXX |
|
XXXXX |
|
Defined benefit pension liability |
|
(XXXXX) |
|
(XXXXX) |
|
Net assets including pension liability |
XXXXXX |
|
XXXXXX |
|
|
Capital and reserves |
|
|
|
|
|
Called up share capital |
8 |
XXXXX |
|
XXXXX |
|
Share premium account |
|
XXXXX |
|
XXXXX |
|
Capital redemption reserve |
|
XXXXX |
|
XXXXX |
|
Revaluation reserve |
9 |
XXXXX |
|
XXXXX |
|
Cash flow hedge reserve |
10 |
XXXXX |
|
XXXXX |
|
Other reserve |
|
XXXXX |
|
XXXXX |
|
Profit and loss account |
|
XXXXX |
|
XXXXX |
|
Shareholders’ funds |
|
XXXXX |
|
XXXXX |
The below disclosure should be included at the bottom of the balance sheet:
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with Financial Reporting Statement 102 ‘The Financial Statement Reporting Standard applicable in the UK and Republic of Ireland’. The financial statements were approved by the Board of Directors on (Insert date) and authorised for issue on (insert date). They were signed on its behalf by[1]
Mr A Director
Director
DATE:
The notes to be included in the financial statements to support the balance sheet as stated in Appendix 1A below are:
- Accounting policies (the same as full FRS 102) including the basis of
- Registered office address, number, status i.e. limited public or private company limited by shares or guarantee, and disclosure if it is being wound up where appropriate
- Details of true and fair overrides invoked
- Details of prior period adjustments as a result of prior period errors or changes in accounting policies or classifications from the prior year (disclosed on the face of the profit and loss where considered material). For ROI entities a prior year adjustment due to a change of accounting policies must be shown in the accounting policy section.
- Tangible fixed assets detailing movements, depreciation, impairments, transfers etc. including details of revaluations where applicable specifying the basis of the revaluation, the year it was performed, and the qualification of the persons that valued it (note name and qualification of valuer is not required for ROI entities). Provide historical cost profit note.
- Intangibles and goodwill detailing movements, amortisation, impairments, and details of useful economic life (stating if a default rate was used)
- Investment in subsidiaries, associates and joint ventures in individual financial statements detailing additions, impairments, provisions. Where revaluations (where fair value through OCI used) performed state the basis of the valuation, the year it was performed, and the qualification of the persons that valued it and the assumptions
- Any restrictions placed on assets
- Investment property detailing movements, fair value movement, transfers etc. including details specifying the basis of the valuation, the year it was performed, and the qualification of the persons that valued Disclosure of valuation method.
- Investment in other financial assets carried at cost (i.e. investments of less than 20% which cannot be valued reliably)
- Heritage assets detailing movements, amortisation, impairments etc
- Disclosure of NBV of fixed assets revalued detailing the historical cost and NBV for both periods (for intangibles and tangible fixed assets)
- Amounts of borrowing costs capitalised in an asset where a policy of capitalisaton is applied
- Fair value movements posted to the profit and loss
- Show impairment separately from cost (applicable for ROI entities).
- Treatment for taxation purposes of amounts posted to the revaluation reserve
- Intangible assets detailing movements, amortisation, impairments
- Financial instruments and other assets measured at fair value detailing the terms and conditions that may affect timing, the extent and nature of the instrument and timing of cashflows etc. – e.g. investments which have less than a significant influence, forward contracts, interest rate swaps Detail significant assumptions underlying valuation models and techniques.
- Cash flow hedge/fair value hedge reserve detailing amounts at the beginning and end of the period and the taxation effect of the postings (movement into and out of the reserve in the period)
- Financial commitments, guarantees and contingencies
- Advance, credits and guarantees to directors including the amount, conditions, amounts written off, waived and repaid, % of loan to net assets
- Related party transactions (other than those with 100% companies in the group)
- Disclosure of holding of own shares or shares in holding company (applicable to ROI entities only)
- Disclosure over signature of directors stating they show a true and fair view
- Disclosure on acquisition of own shares (applicable to ROI entities only)
- Details of indebtness from disclosing the amounts which are repayable after 5 years of period end and amount in total included in creditors where security is held detailing the type and nature of security.
- Directors remuneration disclosure
- Transactions with directors and connected persons
- Name and registered office of the undertaking drawing up the lowest level of consolidated financial statements in which the entity is included if applicable including the place of business
- Disclosure of exceptional items in line with Section 5 (See section 5 for further details).
- Identity of ultimate controlling party inc. registered office and where consolidated financial statements can be obtained if applicable.
- Off balance sheet arrangements
- Post balance sheet events (Section 32 disclosures)
- Accrual for pension liabilities (ROI only)
- Impairment of all types of fixed assets or any reversals
- Average number of employees employed during the year
- Disclosure of a change in estimate – reason for same and the impact (applicable to ROI only)
- Auditors remuneration for audit of company only (UK only)
These are minimum requirements but entities are encouraged to include:
- Detail the fact that it is a public benefit entity if applicable
- A statement of compliance with FRS 102 for small entities
- Going concern disclosures (required for ROI entities in any event)
- Details of dividends paid/payable
- Inclusion of other comprehensive income if items are posted to OCI
Details of adjustment posted on transition to FRS 102
Abridged balance sheet
Extract from FRS102: Section 1AA.2
1AA.2 A small entity choosing to apply paragraph 1A(1) of Schedule 1 to the Small Companies Regulations and draw up an abridged balance sheet must still meet the requirement for the financial statements to give a true and fair view. A small entity shall therefore also consider the requirements of paragraph 1A.16, and provide any additional disclosure that is necessary in the notes to the financial statements, for example in relation to disaggregating the information in the balance sheet.
OmniPro comment
The difference between this format and the format above is that notes are required for a limited number of items included in the balance sheet. In effect there is no need for notes to be included for the numbers above on page 12 and 13. Note the only difference here in the abridgement on the balance sheet. The disclosures stated in Appendix C and D of section 1A detailed in the following pages are still required no matter what option is taken. In order for an entity to adopt this approach, all the members of the company must have consented to the drawing up of the abridged balance sheet and profit and loss. These are minimum requirements but entities are encouraged to include:
- A statement of compliance with FRS 102 for small entities
- Going concern disclosures
- Statement that is a public benefit entity if that is the case
- Presenting an ‘other comprehensive income’ if items are recognised in this
- Details of dividends paid/payable
- Details of adjustment posted on transition to FRS 102.
Where format 1 or 2 of the companies Act is utilised, there is a requirement to show the split of debtors between less than one year and greater than one year.
Where format 2 is adopted there is also a requirement to show the split of creditors between within 1 year and after 1 year.
See example below of format 1. You will note there are no notes included to certain items as they are not required under the small companies regime where the abridgement option is availed of. Example of disclosure notes have been included in Appendix C&D below (the reason why there is five notes here is due to the fact that Appendix C of Section 1A requires it even though the schedule above/abridgement option does not).
|
Extract from the Abridged Balance Sheet – Format 1 |
|
|||
|
At 31 December 2015 |
||||
|
|
Notes |
2015 |
|
2014 |
|
|
|
CU |
|
CU |
|
Fixed assets |
|
|
|
|
|
Tangible assets |
1 |
XXXX |
|
XXXX |
|
Intangible assets |
2 |
XXXX |
|
XXXX |
|
Investments |
3 |
XXXX |
|
XXXX |
|
|
|
XXXX |
|
XXXXX |
|
Current assets |
|
|
|
|
|
Stocks |
|
XXXXX |
|
XXXXX |
|
Debtors amounts falling due within one year |
|
XXXXX |
|
XXXXX |
|
Debtors amounts falling due after more than one year Prepayments and accrued income (can be shown within debtors also) Investments |
|
XXXXX XXXXX XXXXX |
|
XXXXX XXXXX XXXXX |
|
Cash at bank and in hand |
|
XXXXX |
|
XXXXX |
|
|
|
XXXXX |
|
XXXXX |
|
Creditors – amounts falling due within one year |
|
(XXXXX) |
|
(XXXXX) |
|
Net current assets |
|
XXXXX |
|
XXXXX |
|
Total assets less current liabilities |
|
XXXXX |
|
XXXXX |
|
Creditors – amounts falling due after more than one year |
|
(XXXX) |
|
(XXXX) |
|
Provisions for liabilities |
|
(XXXX) |
|
(XXXX) |
|
Net assets excluding pension liability |
|
XXXXX |
|
XXXXX |
|
Defined benefit pension liability |
|
(XXXXX) |
|
(XXXXX) |
|
Net assets including pension liability |
|
XXXXXX
|
|
XXXXXX
|
|
Capital and reserves |
|
|
||
|
Called up share capital |
|
XXXXX |
|
XXXXX |
|
Share premium account |
|
XXXXX |
|
XXXXX |
|
Capital redemption reserve |
|
XXXXX |
|
XXXXX |
|
Revaluation reserve |
4 |
XXXXX |
|
XXXXX |
|
Cash flow hedge reserve |
5 |
XXXXX |
|
XXXXX |
|
Other reserve |
|
XXXXX |
|
XXXXX |
|
Profit and loss account |
|
XXXXX |
|
XXXXX |
|
Shareholders’ funds |
|
XXXXX |
|
XXXXX |
The notes to be included in the financial statements to support the balance sheet as stated in Appendix 1A below are:
- Accounting policies (the same as full FRS 102) including the basis of
- Registered office address, number, status i.e. limited public or private company limited by shares or guarantee, and disclosure if it is being wound up where appropriate
- Details of true and fair overrides invoked
- Details of prior period adjustments as a result of prior period errors or changes in accounting policies or classifications from the prior year (disclosed on the face of the profit and loss where considered material). For ROI entities a prior year adjustment due to a change of accounting policies must be shown in the accounting policy section.
- Tangible fixed assets detailing movements, depreciation, impairments, transfers etc. including details of revaluations where applicable specifying the basis of the revaluation, the year it was performed, and the qualification of the persons that valued it (note name and qualification of valuer is not required for ROI entities). Provide historical cost profit note.
- Intangibles and goodwill detailing movements, amortisation, impairments, and details of useful economic life (stating if a default rate was used)
- Investment in subsidiaries, associates and joint ventures in individual financial statements detailing additions, impairments, provisions. Where revaluations (where fair value through OCI used) performed state the basis of the valuation, the year it was performed, and the qualification of the persons that valued it and the assumptions
- Any restrictions placed on assets
- Investment property detailing movements, fair value movement, transfers etc. including details specifying the basis of the valuation, the year it was performed, and the qualification of the persons that valued Disclosure of valuation method.
- Investment in other financial assets carried at cost (i.e. investments of less than 20% which cannot be valued reliably)
- Heritage assets detailing movements, amortisation, impairments etc
- Disclosure of NBV of fixed assets revalued detailing the historical cost and NBV for both periods (for intangibles and tangible fixed assets)
- Amounts of borrowing costs capitalised in an asset where a policy of capitalisaton is applied
- Fair value movements posted to the profit and loss
- Show impairment separately from cost (applicable for ROI entities).
- Treatment for taxation purposes of amounts posted to the revaluation reserve
- Intangible assets detailing movements, amortisation, impairments
- Financial instruments and other assets measured at fair value detailing the terms and conditions that may affect timing, the extent and nature of the instrument and timing of cashflows etc. – e.g. investments which have less than a significant influence, forward contracts, interest rate swaps Detail significant assumptions underlying valuation models and techniques.
- Cash flow hedge/fair value hedge reserve detailing amounts at the beginning and end of the period and the taxation effect of the postings (movement into and out of the reserve in the period)
- Financial commitments, guarantees and contingencies
- Advance, credits and guarantees to directors including the amount, conditions, amounts written off, waived and repaid, % of loan to net assets
- Related party transactions (other than those with 100% companies in the group)
- Disclosure of holding of own shares or shares in holding company (applicable to ROI entities only)
- Disclosure over signature of directors stating they show a true and fair view
- Disclosure on acquisition of own shares (applicable to ROI entities only)
- Details of intel from disclosing the amounts which are repayable after 5 years of period end and amount in total included in creditors where security is held detailing the type and nature of security.
- Directors remuneration disclosure
- Transactions with directors and connected persons
- Name and registered office of the undertaking drawing up the lowest level of consolidated financial statements in which the entity is included if applicable including the place of business
- Disclosure of exceptional items in line with Section 5 (See section 5 for further details).
- Identity of ultimate controlling party inc. registered office and where consolidated financial statements can be obtained if applicable.
- Off balance sheet arrangements
- Post balance sheet events (Section 32 disclosures)
- Accrual for pension liabilities (ROI only)
- Impairment of all types of fixed assets or any reversals
- Average number of employees employed during the year
- Disclosure of a change in estimate – reason for same and the impact (applicable to ROI only)
- Auditors remuneration for audit of company only (UK only)
Adapted balance sheet
Extract from FRS102: Section 1AA.3-1AA.6
1AA.3 A small entity choosing to apply paragraph 1B(1) of Schedule 1 to the Small Companies Regulations and adapt one of the balance sheet formats shall, as a minimum, include in its statement of financial position line items that present the following, distinguishing between those items that are current and those that are non- current:
- property, plant and equipment;
- investment property carried at fair value through profit or loss;
- intangible assets;
- financial assets (excluding amounts shown under (e), (f), (j) and (k));
- investments in associates;
- investments in jointly controlled entities;
- biological assets carried at cost less accumulated depreciation and impairment;
- biological assets carried at fair value through profit or loss;
- inventories;
- trade and other receivables;
- cash and cash equivalents;
- trade and other payables;
- provisions;
- financial liabilities (excluding amounts shown under (l) and (m));
- liabilities and assets for current tax;
- deferred tax liabilities and deferred tax assets (classified as non-current);
- non-controlling interest, presented within equity separately from the equity attributable to the owners of the parent; and
- equity attributable to the owners of the
1AA.4 A small entity choosing to apply paragraph 1B(1) of Schedule 1 to the Small Companies Regulations and adapt one of the balance sheet formats shall also disclose, either in the statement of financial position or in the notes, the following sub-classifications of the line items presented:
- property, plant and equipment in classifications appropriate to the small entity;
- goodwill and other intangible assets;
- investments, showing separately shares and loans;
- trade and other receivables, showing separately amounts due from related parties and amounts due from other parties;
- trade and other payables, showing separately amounts payable to trade suppliers and amounts payable to related parties; and
- classes of equity, such as called up share capital, share premium, retained earnings, revaluation reserve, fair value reserve and other
1AA.5 The descriptions used in paragraphs 1AA.3 and 1AA.4, and the ordering of items or aggregation of similar items, may be amended according to the nature of the small entity and its transactions, to provide information that is relevant to an understanding of the small entity’s financial position, providing the information given is at least equivalent to that required by the balance sheet format had it not been adapted.
1AA.6 In order to comply with the requirement to distinguish between those items that are current and those that are non-current a small entity shall present current and non- current assets, and current and non-current liabilities, as separate classifications in its statement of financial position.
OmniPro comment
The above gives an entity the option to lay the balance sheet/statement of financial position in line with IFRS. This can be applied to the abridged balance sheet also
- No need to split debtors within or after one year in the notes
See below an example of the proposed disclosure with the references to the notes where further disclosures are required:
STATEMENT OF FINANCIAL POSITION
|
|
Notes |
2015 |
2014 |
|
CU |
CU |
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
13 |
XXX |
XXX |
|
Investment properties |
14 |
XXX |
XXX |
|
Biological assets at cost |
14A |
XXX |
XXX |
|
Biological assets at fair value |
14B |
XXX |
XXX |
|
Goodwill and intangible assets |
15 |
XXX |
XXX |
|
Financial assets |
16 |
XXX |
XXX |
|
Investments in associates and joint ventures |
16 |
XXX |
XXX |
|
Receivables |
|
XXX |
XXX |
|
Deferred tax assets |
|
XXX
|
XXX
|
|
Total non-current assets |
|
XXX
|
XXX
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventory |
|
XXX |
XXX |
|
Trade and other receivables |
18 |
XXX |
XXX |
|
Derivative financial instruments |
19 |
XXX |
XXX |
|
Cash and cash equivalents |
|
XXX
|
XXX
|
|
Total current assets |
|
XXX
|
XXX
|
|
TOTAL ASSETS |
|
XXX |
XXX |
|
EQUITY |
|
|
|
|
Called up share capital |
20 |
XXX |
XXX |
|
Fair value reserve |
21 |
XXX |
XXX |
|
Share premium |
|
XXX |
XXX |
|
Retained earnings and other reserves |
|
XXX ___________ |
XXX ___________ |
|
Total attributable to the equity holders of the parent |
|
XXX |
XXX |
|
|
|
|
|
|
Non-controlling interest |
|
XXX |
XXX |
|
TOTAL EQUITY |
|
XXX ______ |
XXX _________ |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-current liabilities |
|
|
|
|
Interest-bearing borrowings (optional) |
|
XXXX |
XXXX |
|
Deferred tax liabilities |
|
XXX |
XXX |
|
Contingent acquisition consideration (optional) |
|
– |
– |
|
Other payables (note required if relate to trade or related parties) |
22 |
– |
– |
|
Provisions |
|
XXX |
XXX |
|
Employee benefit obligations (optional) |
|
XXX |
XXX |
|
Derivative financial instruments |
23 |
XXXX ___________ |
XXXX
|
|
Total non-current liabilities |
|
XXX ___________ |
XXX
|
|
Current liabilities |
|
|
|
|
Interest-bearing borrowings (optional) |
|
XXX |
XXX |
|
Trade and other payables |
24 |
XXX |
XXX |
|
Current tax payable |
|
XXX |
XXX |
|
Contingent acquisition consideration (optional) |
|
XXX |
XXX |
|
Employee benefit obligations (optional) |
|
XXX |
XXX |
|
Provisions |
|
XXX |
XXX |
|
Derivative financial instruments |
|
XXX ____________ |
XXX ____________ |
|
Total current liabilities |
|
XXX ________ |
XXX
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
XXX ________ |
XXX
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
XXX |
XXX |
|
|
|
|
|
|
|
|
|
|
[1] P32.9 FRS 102 – A company shall disclose the date when the financial statements were authorised for issue and who gave that authorisation. S.40 of CAA Bill 2016 amends S.324 to require a statement on the balance sheet stating that the accounts have been prepared under the small companies regime.
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