Hello,
The default FRS105 P & L template shows a 'Gross profit' line but this is after 'Other income'.
As COVID-19 grant income will be included here are others hiding the 'Gross profit' line?
The model accounts I have seen never have a 'Gross profit' line anyway under FRS 105.
Replies (3)
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There is no Gross Profit line in FRS 105 accounts.
There isn't even a Net Profit before Tax line.
The FRS 105 P+L is utter rubbish really. Neither use nor ornament.
If you want to give your client some useful figures just do your own, using your own rules, as "Additional Information Not Part of the Statutory Accounts".
I wouldn't necessarily put Covid grants above the GP line anyway, purely as a matter of personal choice. It would depend.
I have put them in Other income and changed the description to “Other income - CJRS grants” on the detailed P&L.