Dormant accounts

Sage Final Accounts supports the preparation of dormant Micro-entity Accounts.

To prepare dormant accounts in accordance with Section 365 of the Companies Act 2014, select the relevant compliance pack option as shown below:

You are given the option of being dormant in the current period only or dormant in both the current and comparative period. This will affect the wording of the statements outlined below.

This option can be amended at any time by selecting Set of Accounts Options > Period Options > Compliance Pack.

By selecting the ‘Prepare dormant accounts?’ 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, 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 the Profit and Loss Account will be removed and instead, a statement added to the foot of the Balance Sheet confirming that the entity made neither a profit or a loss

If relevant, you can also select the dormant audit exemption on the data tab which will output the relevant exemption statement on the foot of the Balance Sheet.