Software or website to produce FRS 102 accounts myself?

[J Sidoli]

I have a small company with a £20k turnover (let's call it a side project!) and have done all the books and accounts calcs for the first year myself with spreadsheets (it's a really simple company!).

Is there a good piece of software or a website I can just feed the figures and company info into to prepare the accounts doc for filing companies house?

This would be FRS102, 1A small entities...

Ideally as cheap as possible because I am only using it for *one* set of accounts, that's it. e.g. Don't mind paying for one month and then stopping subscription? Also, I'd prefer web/browser based because I use Linux and so windows software will mean I have to fire up my old laptop, but if you have recs for good windows software (cheap... free?!) I'll try it.

 

[ireneNational]

You can hire a freelancer to create you a customized piece of software with the basics

 

[The Byre]

GnuCash - it's free. Is that cheap enough?

 

[STDFR33]

GnuCash - it's free. Is that cheap enough?

It’s cheap enough. But it won’t do the job.

 

[Argentum Tax]

This would be FRS102, 1A small entities...

Surely FRS105 would be more appropriate to a £20k entity?

 

[UK Contractor Accountant]

Just use the HMRC filing facility for one of filing requirements- it's free.

 

[The Byre]

It’s cheap enough. But it won’t do the job.

Why not?

 

[J Sidoli]

Surely FRS105 would be more appropriate to a £20k entity?

Good point but I was under the impression it's fine to use FRS102 , and indeed many micro entities do use FRS102?

 

[MyAccountantOnline]

I have a small company with a £20k turnover (let's call it a side project!) and have done all the books and accounts calcs for the first year myself with spreadsheets (it's a really simple company!).

Is there a good piece of software or a website I can just feed the figures and company info into to prepare the accounts doc for filing companies house?

This would be FRS102, 1A small entities...

Ideally as cheap as possible because I am only using it for *one* set of accounts, that's it. e.g. Don't mind paying for one month and then stopping subscription? Also, I'd prefer web/browser based because I use Linux and so windows software will mean I have to fire up my old laptop, but if you have recs for good windows software (cheap... free?!) I'll try it.

Why FRS102?

This might help https://www.gov.uk/company-filing-software/filing-annual-accounts-returns-and-tax-accounts

 

[STDFR33]

Why not?

Because it’s bookkeeping software. It doesn’t produce statutory accounts.

 

[J Sidoli]

Why FRS102?

This might help https://www.gov.uk/company-filing-software/filing-annual-accounts-returns-and-tax-accounts

I just replied to this query a minute before you posted... but see above. Basically why not FRS102? It's fine to use despite being micro, right? And if we get bigger then it'll still be OK to keep using?

 

[The Byre]

Because it’s bookkeeping software. It doesn’t produce statutory accounts.

That comes from me not reading the question properly! I always assume that everyone uses an accountant for the annual stuff because the tax laws here are the most complex on Planet Earth!

 

[Argentum Tax]

Good point but I was under the impression it's fine to use FRS102 , and indeed many micro entities do use FRS102?

Yes, you can use FRS102, but the information disclosure requirements are much more onerous. It depends how quickly your company grows, of course, but it is like to be some time before you have to ditch FRS105.

 

[J Sidoli]

Just use the HMRC filing facility for one of filing requirements- it's free.

You mean I can just input all my numbers and stuff for the year on HMRC and they generate the pdf of accounts for me? Could you explain what you mean?

I was under the impression I needed to upload my first annual accounts as a document that I had prepared myself (or an accountant had prepared) -- is that not the case?

 

[Argentum Tax]

You mean I can just input all my numbers and stuff for the year on HMRC and they generate the pdf of accounts for me?

I doubt these would be FRS102 compliant accounts. I suspect they will be FRS105.

 

[UK Contractor Accountant]

https://www.gov.uk/file-your-company-accounts-and-tax-return

 

[Scalloway]

I was under the impression I needed to upload my first annual accounts as a document that I had prepared myself (or an accountant had prepared) -- is that not the case?

You or your accountant need to prepare the figures but they need to be put in an acceptable format for Companies House. The link given by UK Contractor Accountant is probably the only free method.

 

[J Sidoli]

You or your accountant need to prepare the figures but they need to be put in an acceptable format for Companies House. The link given by UK Contractor Accountant is probably the only free method.

Yes... so presumably I need some software to get the accounts into a document (accounts for year in FRS102... or indeed FRS105, whatever), as per my original post?

My figures are ready and prepared, I just need to generate the actual document to file in a correct format...

 

[Scalloway]

I just need to generate the actual document to file in a correct format...

The software linked to will create the document in the correct format for free.

 

[Spur Support Services]

Yes... so presumably I need some software to get the accounts into a document (accounts for year in FRS102... or indeed FRS105, whatever), as per my original post?

My figures are ready and prepared, I just need to generate the actual document to file in a correct format...

No you don't need any software, if you know how to produce a trial balance using the excel sheets.

A trial balance is a list of your balance for each income and expenditure category within the profit and loss for the financial period, together with the final year end balances on your debtors and creditors, plus your issued shares and reserves brought forward from prior years. From what you say, it looks like you have got that far.

Use your excel sheets the HMRC free online filing facility which covers you for FRS105 filing for both Companies House and HMRC, together with the corporation tax return. Don't forget to review for disallowable costs (including entertaining and depreciation) and claim AIA on asset purchases (excluding cars).

The HMRC free software will produce the accounts in the correct format

 

[J Sidoli]

No you don't need any software, if you know how to produce a trial balance using the excel sheets.

A trial balance is a list of your balance for each income and expenditure category within the profit and loss for the financial period, together with the final year end balances on your debtors and creditors, plus your issued shares and reserves brought forward from prior years. From what you say, it looks like you have got that far.

Use your excel sheets the HMRC free online filing facility which covers you for FRS105 filing for both Companies House and HMRC, together with the corporation tax return. Don't forget to review for disallowable costs (including entertaining and depreciation) and claim AIA on asset purchases (excluding cars).

The HMRC free software will produce the accounts in the correct format

Thanks for this! Yes, I have it all laid out... I have a huge spreadsheet that uses all our bank statements etc as csvs and is all reconciled... I know all of this at midnight close of year, exactly:

- share capital
- cash at bank
- assets (closing stock)
- creditors (a few quid)
- debitors (a few quid)
- sales/turnover
- cost of sales
- admin/expenses of running the company (broken into about ten categories)

I have all the numbers to put into the accounts I just needed to know how to format it.

But you're saying I can just go here, right?

https://www.gov.uk/file-your-company-accounts-and-tax-return

And then put all these numbers in somewhere, and this will be all we need to do?

n.b. I also know the profit for 365 days + 15 days (we started middle of month, so have to pay two corp tax bills as that's done differently)

If that's correct then I don't really need anything else and this would be the best news I've had in 2021, at least until the pubs re-open...

 

[Scalloway]

There is a comprehensive set of sample accounts here. Remember to include Corporation Tax as a creditor.

https://help.accounting.sage.com/en...O_UK_Micro-entity_FRS_105_sample_accounts.pdf