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Silverfin offers compliant UK Accounts Production template sets for FRS 102, FRS 102 1A and FRS 105, plus sets for unincorporated clients (sole traders and partnerships). This article shares best practice for completing these templates and focuses on FRS 102 1A, although the set-up is very similar across all the accounts sets. It is relevant for anyone preparing statutory accounts in Silverfin.

Table of contents 

How the Accounts Production templates work

  • Silverfin's Accounts Production templates automatically populate as much information as possible. Where you have used Silverfin working papers, those figures flow through to the relevant note.
  • This makes it quick and easy to complete your statutory accounts - and in future years you can roll forward any information you entered manually.

Step 1: Complete the setup reconciliations

Three key reconciliations power the Accounts Production templates. You can complete them in any order, but we suggest the following:

  • Share Capital Reconciliation - designate the types of share, their class, nominal value and volume of shares.  A reconciliation feature compares your manual input with the value from your bookkeeping system.

  • Directors, Secretaries and Shareholders — capture the client's directors, secretaries and shareholders, with their appointment and resignation dates and any shares held. Silverfin pulls through the information from the Share Capital Reconciliation, so you can check that the volume of shares you have allocated matches the shares captured there.

General Settings

Capture the key information used to populate the statutory accounts.

General information, consisting of:

  • Company name (automatically populated)
  • Entity name change (drop-down)
  • Legal form of entity — if selecting LTD, select Statutory or non-statutory (drop-down)
  • Form of accounts (Statutory or non-statutory, for information purposes)
  • Date of incorporation (manual input)
  • Prior accounts restated (drop-down)
  • Is the company dormant (drop-down, for information purposes)
  • Registered address (automatically populated if Companies House sync is enabled)
  • Country of registration (drop-down)
  • Is the business address different (if yes, enter the principal place of business for the accounts)
  • Industry — if Real estate is selected, an extra line is added to the P&L for "Gain/loss on fair value movement on investments"
  • Company size (with guidance included)
  • Select type of accounts — FRS 102 / FRS 102 1A (select which apply and the relevant disclosures are applied)
  • Rounding options (select how you would like the accounts rounded, and where rounding differences should be allocated)
  • Date display (with information on three different options for accounts presentation)
  • Period vs Year setting (drop-down, for accounts)
  • Presentational format for the P&L statement — the option you select depends on how the P&L is presented:
    • Profit and loss account or Income statement — displays the total profit or loss for the financial year
      • If selected, a further drop-down lets you display the presentational name as either Profit and loss account or Income statement
    • Statement of comprehensive income — displays profit or loss and other comprehensive income
    • Statement of income and retained earnings — displays the profit or loss and retained earnings for the financial year
  • Presentational name for the Balance Sheet — drop-down option for the name:
    • Balance sheet
    • Statement of financial position
  • Date of engagement letter (date selection, for accounts)

Signatures of Financial Statements — select the dates and number of signees (up to 2):

  • Date of approval of FS
  • Date of accounting report
  • Date of auditors report
  • Number of signees (up to 2)
  • Names and position of signees (a drop-down based on the information populated in the Directors, Secretaries and Shareholders template)
  • Accountant — populate your accounting company name, accounting institute and address.
  • Audit Settings — if an audit is required, additional fields open for the senior statutory auditor, the audit firm and their address. If audit is selected, the Auditors report is included.
  • Bankers — the name and address of any bankers.
  • Solicitors — the name and address of any solicitors.

Step 2: Validate the general reconciliations

Start with the overview reconciliation — it gives you an overview of all the other required disclosures. This is also where you choose between Draft and Final statements, and between Full, Filleted and Abridged.

If you have Draft selected, the exported accounts clearly state DRAFT in the PDF.

This template will not reconcile while Draft Accounts are selected.

Below this, you will see a hyperlinked list of all required disclosures. If you select filleted accounts, you will see which notes have been scoped out. Each template is a hyperlink you can click to jump straight to that note, which makes the overview screen a useful navigation tool.

Work through the templates to validate them and add any extra commentary:

  • General overview — pulls through the information from General Settings.
  • Directors report — add extra paragraphs by selecting the tick boxes. These should be self-explanatory; let us know if you have any issues.
  • Statement of Directors Responsibilities — suggested default text is provided, which you can edit to suit your requirements.
  • Accountant / Auditors report — register the audit opinion (for an audited client) and edit the default text if required. All dates entered in General Settings pull through here.

Step 3: Validate the reports

You will see the following reports:

  • P&L — pulled automatically from the working papers / bookkeeping system. You can add an additional note at the bottom of the page.
  • SCI — the Statement of Comprehensive Income also auto-populates, so no manual input should be required.
  • BS — your Balance Sheet auto-populates, intelligently identifying which notes are required and creating hyperlinks to them. The signature line auto-populates with the selected director(s) from General Settings.
  • SOCIE — if required, the Statement of Changes in Equity populates with known information. You can include options such as Share premium, Revaluation reserve and Equity reserve; Silverfin recognises where these accounts hold values and hides columns with no values. Add manual adjustments where needed. A reconciling indicator at the bottom confirms your entries reconcile correctly.

Step 4: Validate the notes

The notes are automatically in scope and visible on the workflow, depending on the mapping. For example, if nothing is mapped to Investment Properties, that note will not be visible on the workflow.