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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
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- Section 1
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- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
- Section 29
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Section 4: Statement of Financial Position
Section 4 details the information to be included in the statement of financial position/Balance Sheet and how it is to be presented. It applies to all entities that are eligible as a micro entity and that choose to apply the micro companies/entities regime.
Scope of this section
Extract from FRS 105 – Section 4.1 -4.2
4.1 This section sets out the information that is to be presented in a statement of financial position and how to present it. The statement of financial position (which is referred to as the balance sheet in the Act) presents a micro-entity’s assets, liabilities and equity as of a specific date – the end of the reporting period.
4.2 A micro-entity is permitted, but not required, to present information additional to that required by this section. Paragraph 1.3 applies to any additional information presented.
OmniPro comment
This details how the statement of financial position should be laid out. This can be called a balance sheet or statement of financial position.
Section 4 provides the minimum that needs to be included on the face of the balance sheet. Additional items can be included in the balance sheet layout however where this is done it must follow the disclosure requirements set out in the small companies regime in Section 1A of FRS 102.
Information to be presented in the statement of financial position
Extract from FRS 105 – Section 4.3 – 4.4
4.3 A micro-entity shall present a statement of financial position in accordance with one of the formats set out in Section C of Part 1 of Schedule 1 to the Small Companies Regulations, as follows:
Creditors: amounts falling due within one year
4.4 A micro-entity shall classify a creditor as due within one year when the micro-entity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least 12 months after the reporting date.
OmniPro comment
The layouts above are self-explanatory. The above refers to the UK Companies Act, the layout detailed above is also replicated in the micro Companies Regime Legislation in the Republic of Ireland more specifically Schedule 3B.
Once the above format has been applied no further notes are required other than those stated in Section 6. Section 6 requires the notes to the financial statements to be shown on the foot of the balance sheet above the signature of the directors. See Section 6 for the specific disclosure required.
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