Debtors, creditors and fixed asset disclosures
Overview
If you are filing Small Company accounts (rather than Micro-Entity accounts), the FRS 102 Section 1A standard allows you to optionally provide a detailed breakdown of your assets and liabilities.
Debtors Breakdown
You can break this down into 'Trade Debtors' (unpaid customer invoices), 'Amounts owed by group undertakings', 'Prepayments and accrued income' (such as prepaid expenses), and 'Other Debtors' (such as rent deposits).
Creditors Breakdown
Similarly, your liabilities can be segmented. You can specify 'Trade Creditors' (unpaid supplier bills), 'Amounts owed to group undertakings', 'Corporation Tax' (your estimated Corporation Tax), 'Other taxes and social security' (unpaid VAT, PAYE), 'Accruals and deferred income', and 'Other Creditors' for amounts due within one year.
Fixed Asset Movement Notes
For physical and intangible assets, you must provide a 'Movement' note. This requires you to show the opening cost at the start of the year, any new additions or disposals, the accumulated depreciation, the depreciation charge for the current year, and the final Net Book Value.
Data Entry in WeFile
When WeFile detects you are filing Small accounts, the wizard dynamically expands the Balance Sheet step to include these detailed disclosure grids. The breakdown is entirely optional, but if you choose to provide it, ensure the totals of your breakdowns perfectly match the aggregate figures entered on the main balance sheet.