Dormant sets of accounts
Sage Final Accounts supports the preparation of:
- Micro company (FRS 105) dormant accounts
- Small company (FRS 102 Section 1A) dormant accounts
On setting ‘Prepare dormant accounts?’ to either ‘Yes’ option, the following changes will be made to all sets of accounts:
- A statement will be added to the directors’ report confirming that the entity was dormant;
- An Accounting policy regarding the profit and loss account will be added;
- Depending on whether there are any transactions in the current or comparative period, the profit and loss account will either; output with a footnote confirming there were no significant accounting transactions as defined by Section 365 of the Companies Act 2014, or, if empty, the profit and loss account will be removed, and a statement will be added to the foot of the Balance Sheet confirming that the entity made neither a profit or a loss.
If appropriate, you can also select the dormant audit exemption on the data tab, which will output a compliant exemption statement at the foot of the Balance Sheet.