Debtors, creditors and fixed asset disclosures

If you are filing Small Company accounts (rather than Micro-Entity accounts), the FRS 102 Section 1A standard requires you to provide a detailed breakdown of your assets and liabilities.

Debtors Breakdown

You cannot simply declare a single 'Debtors' figure. WeFile will prompt you to break this down into 'Trade Debtors' (unpaid customer invoices), 'Amounts owed by group undertakings', and 'Other Debtors' (such as prepaid expenses or rent deposits).

Creditors Breakdown

Similarly, your liabilities must be segmented. You must specify 'Trade Creditors' (unpaid supplier bills), 'Taxation and Social Security' (unpaid VAT, PAYE, and your estimated Corporation Tax), and separate them strictly into amounts due within one year versus amounts due after more than 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. Ensure the totals of your breakdowns perfectly match the aggregate figures entered on the main balance sheet.