Financial Statement Sample 1

Excel Skills | Financial Statements Template
Instructions
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This template enables users to compile comprehensive financial statements in accordance with International Financial
Reporting Standards for Small & Medium Enterprises (IFRS for SME's) based on any trial balance regardless of the On
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account structure. The financial statements are compiled by linking each account in the trial balance to a pre-defined This
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financial statement reporting class and all the amounts that are included on the financial statements are automatically on
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calculated based on the linked reporting classes. The template also facilitates including financial information which is not
derived from a trial balance and can easily be rolled forward or back by simply changing the reporting year in a single input
cell.
Disclaimer: The aim of this template is to assist users in compiling a standard set of financial statements and we can
therefore not guarantee that all the financial statement disclosures that are required for the particular business will be
accommodated in the template. The user therefore remains solely responsible for ensuring the accuracy and
completeness of financial statement disclosure.
Note: The standard template has been designed for companies but you can use the same template functionality for other
entity types by saving a separate version of the template and changing the financial statement terminology to suit the
required entity type.
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The template includes the following sheets: UNLOCK!
UNLOCK!
Setup - enter your business name, add a currency symbol and specify the financial year-end month and the reporting
year. The reporting year that is specified determines which annual periods will be included in the current and comparative
periods on the financial statements.
Classes - this sheet contains all the pre-defined financial statement reporting classes that should be used to link the
accounts on the trial balance to the calculations on the financial statements. The class descriptions that are included on
this sheet are displayed on the financial statements and the sheet also includes error checking in the columns with light
blue column headings which highlights errors in the linking of the reporting classes.
TB - a complete trial balance for each annual period should be included on this sheet and each account in the trial
balance should be linked to the appropriate financial statement reporting class by entering or copying the appropriate
class code into column B. The amounts that are included on the financial statements are automatically updated based on
the classes that are specified on this sheet.
FinInfo - this sheet contains financial statement information that is incorporated in the financial statements but not derived
from the trial balance. Users are therefore required to enter the appropriate values for each annual period that is included
in the template. The values that are specified on this sheet are automatically included on the financial statements based
on the pre-defined code that is included in column B.
AFS - this sheet includes a complete set of financial statements which is automatically compiled based on the reporting
year that is selected on the Setup sheet, the account balances that are included on the TB sheet and the financial
information that is included on the FinInfo sheet. The reporting class codes that are used to populate each line item are
included in column A.
TBImport - the calculations on this sheet enables users to review the sequence of trial balance accounts before copying
the account balances to the TB sheet. The sequence of accounts can be amended until no errors are reflected and the
calculations in column E round all trial balance amounts to the nearest integer value thereby ensuring that all the totals on
the financial statements are accurate.
In order to start using the template, you basically need to complete the following steps:
■ Change the default settings in the cells with yellow cell backgrounds on the Setup sheet.
■ If you do not want to use your own account structure and you would rather use our standard template setup, you only
need to include your annual trial balance values on the TB sheet. All the reporting classes will automatically be linked to
the appropriate account balances and populated on the financial statements (AFS sheet).
■ If you want to use your own account structure, replace our default data by copying the account numbers, account
descriptions and balances of all the accounts on your trial balance onto the TB sheet and then link each individual account
to the appropriate reporting class by copying or entering the class code into column B. The full list of all the classes that
are linked to the financial statements are included on the Classes sheet.
■ We recommend using the TBImport sheet when copying trial balance data into the template. This sheet checks whether
the sequence of accounts on the sheet and the sequence of accounts on the TB sheet are the same which makes it easier
to copy your account balances. The sheet also rounds all balances to the nearest integer which ensures that the totals on
the financial statements are always displayed correctly.
■ Once you have added your trial balance data, add the appropriate non-trial balance financial statement data to the
FinInfo sheet.
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Instructions
■ Review your financial statements on the AFS sheet and customize the data that needs to be entered on this sheet (as
indicated in the columns next to the financial statements). The reporting class codes that relate to each line on the On
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financial statements are included in column A which makes it easy to determine which account balances or other financial This
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information is included in each line item. on
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■ You can now hide the lines that you do not want to include in your financial statements and then move the column
headings to the appropriate locations based on your amended page setup.
Note: These are only the main steps that need to be completed and we strongly recommend that you go through the
detailed instructions below in order to obtain a more thorough understanding of the template design.
Setup
The input cells with yellow cell backgrounds on the Setup sheet need to be completed in order to set the template up for
your business. The business name is included as a heading on all the sheets and also as a heading on all the financial
statement pages.
The currency symbol is included below the year headings on the financial statements. The year-end month is used to
determine the appropriate year-end date and previous year-end date which are included in a number of notes to the
financial statements.
The reporting year determines which annual period is used as the current reporting period in the financial statements. The
comparative year is also determined based on the input in this cell and all the values that are included on the TB sheet
and the FinInfo sheet are included in the automated financial statement calculations based on the year that is entered in
this cell.
Note: You can therefore automatically roll the financial statements forward or back by simply changing the reporting year
on the Setup sheet. All the calculations on the financial statements will be updated automatically after editing the value in
this cell.
The reporting date and the first day, last day and last day text next to it are all determined based on the year-end month
and reporting year which have been specified. These dates are used in the headings of the financial statements and in
multiple notes.
The total number of pages is only used to determine the total number of pages that needs to be included in the table of
contents on the financial statements. The default value is 18 but may need to be changed after customizing the financial
statements and determining the total number of pages which will be printed.
The input in the date of approval cell is used as the financial statement approval date below the table of contents in the
financial statements. If the cell is left blank, the month-end date of the month which is two months after the year-end date
is used.
Reporting Classes
The default reporting classes that are used to link the trial balance values to the financial statement line items are included
on the Classes sheet. These reporting classes need to be linked to each account in the trial balance and are included in
column A on the AFS sheet next to the line items that are calculated based on the respective reporting classes.
Note: We strongly recommend using our default reporting classes and only adding new classes if they are required.
Changing the structure of the reporting class codes may lead to inaccuracies in the financial statements.
The first letter of all reporting class codes should start with the type of account which it will be used for. All income
statement accounts should start with an "I" and all balance sheet accounts should start with a "B". This is followed by a
hyphen, a two-digit account group number, a two-digit account number (if needed) and all reporting class codes should
end with a "G".
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Instructions
Note: There are exceptions to this general reporting class code structure which will be covered later on in these
instructions. The code convention that is used in this template is also consistent with the code convention that we use in On
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some of our other accounting templates. This
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Most of the line items on the financial statements are automatically populated based on the reporting classes that are
included in column A on the AFS sheet. We have used different colours to indicate the type of reporting class that is used
for each line item - there are basically 5 types of reporting class codes:
GREEN - these reporting class codes are based on the trial balance values on the TB sheet and use a universal formula
which can be copied to any line on the financial statements.
ORANGE - these reporting class codes are based on the financial information on the FinInfo sheet but also use a
universal formula which can be copied to any line on the financial statements. The sheet from which the calculation is
sourced is different but the formula is exactly the same as the green class formula. The formulas for orange and green
items are therefore inter-changeable.
BLUE - these reporting class codes are based on the trial balance values on the TB sheet but use a formula which is
specific for the note on the financial statement that the reporting class forms part of. These formulas should only be copied
within the same note if you need to add additional items and cannot be copied to any other location in the financial
statements otherwise it will result in inaccuracies.
RED - these reporting class codes are based on the financial information on the FinInfo sheet and use a formula which is
specific for the note on the financial statement that the reporting class forms part of. These formulas should only be copied
within the same note if you need to add additional items and cannot be copied to any other location in the financial
statements otherwise it will result in inaccuracies.
PURPLE - these calculations are balancing calculations which means that they have been included in order to ensure that
the financial statements balance. The calculations should therefore always result in nil values. These items are typically
used where the appropriate balance sheet item is included in one account on the trial balance but require multiple lines on
the financial statements. The multiple lines are then included individually and the balancing entry is added to ensure that
the multiple lines add up to the account balance on the trial balance. If a balancing line item therefore contains values, it
means that there is something wrong!
The reporting classes that are included on the Classes sheet should only be used to link the trial balance values on the TB
sheet to the financial statements. The reporting classes that should be used for the financial information on the FinInfo
sheet are covered later on in the instructions.
The default reporting class that is used for each income statement and balance sheet item that is included on the trial
balance are based on the same reporting classes that we use in our other accounting templates. Each account group has
its own two-digit account number as indicated on the Classes sheet.
Linking account groups to financial statement items is the main premise of the template design but we have also
accommodated variations of the account group links in order to facilitate flexible reporting functionality. The flexibility of
these variations is best explained by way of a few examples:
Example 1 - Account Group Links
Account groups can be identified by the two-digit number which follows the hyphen in the reporting class code. The
reporting class for the sales account group is IS-01 and the reporting class of the cost of sales account group is IS-02. If
you want to include all the accounts that form part of an account group in a single line on the financial statements, you can
use the account group followed by a "G" (because all reporting classes need to end with a "G") as the reporting class and
link multiple accounts in the trial balance to the same reporting class code.
For example, there are three cost of sales accounts on our default trial balance and all three accounts are linked to the
same reporting class which means that they will report in one line on the income statement in the financial statements
(AFS sheet). Refer to the cost of sales line on the income statement (AFS sheet) and you will see the IS-02G code in
column A.
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Instructions
Example 2 - Account Number Links

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A good example of these links are the operating expense accounts that we have included in the detailed income statement This
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which we have added to the AFS sheet. If we used the account group code for operating expenses (IS-03G), linked each on
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IS-03 account on the trial balance to this reporting class and included this reporting class on the income statement on the
AFS sheet, all operating expenses would have been included in one line.
We wanted to include a detailed income statement and we therefore had to separate the IS-03 account group into multiple
reporting class codes so that we could include multiple lines for the same account group on the income statement. We did
this by simply adding another two-digit number after the account group number and before the "G" and included the new
reporting classes in column A next to the income statement on the AFS sheet.
Note: The four-digit reporting class number does not need to be the same as the account numbers on the trial balance - it
can be any number as long as it is unique. You can also link multiple trial balance accounts to these account level
reporting classes by using the same reporting class codes for the appropriate individual accounts on the trial balance.
Example 3 - Additional Disclosure
In some instances, you may want to be able to include an account in the financial statements as part of an account group
but also to include the account individually as an additional disclosure. In cases like these, you need to link the account to
a reporting class which has the same characters as the account group reporting class and to then include additional
unique characters at the end of the reporting class code.
For example, a loss on the disposal of property, plant & equipment needs to be included in the other expenses account
group total but also as an additional disclosure under the profit before tax note. The first part of the reporting class
therefore needs to be the same as the other expenses account group reporting class (I-08G) and we then add additional
characters to this class which results in a unique reporting class for this account.
We therefore use a reporting class of I-08G02G for this account. Note that the first 5 characters are the same as the
account group reporting class which means that this account will be included in the other expenses total on the income
statement but the "02" makes it unique and enables us to include just the amount for this item under the profit before tax
note. We end with another "G" because all reporting classes need to end with a "G".
New reporting classes
If you want to create a new reporting class for an item which we have not provided for in our standard template setup, you
can add the new reporting class in the appropriate location on the Classes sheet by inserting a new row (anywhere above
the "End of list" row), entering a new unique reporting class code in column A (remember to end with a "G") and entering a
description for the reporting class. You also need to copy the formulas in the other columns on the Classes sheet to
ensure that error checking is applied to your new reporting class.
Once you have added your new reporting class to the Classes sheet, you can use it to link accounts in your trial balance
(on the TB sheet) to the reporting class by simply copying the new reporting class into column B next to the appropriate
account numbers on the TB sheet.
You also need to add the new reporting class to the AFS sheet to ensure that the appropriate amounts are included in your
financial statements. If the new reporting class needs to be included on the face of the income statement or balance
sheet, you can insert a new row in the appropriate location, copy the formulas from any row with a green reporting class
and replace the copied class in column A with your new reporting class code.
If you want to include the new reporting class in the notes to the financial statements, you need to insert the appropriate
number of rows that will be required for your new note, copy one of the other notes with a similar structure, change the
reporting class code in column A to your new reporting class code and then link your note to the appropriate row on the
income statement or balance sheet.
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Instructions
Class Descriptions
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The line item formulas in column B on the AFS sheet include the descriptions in column B on the Classes sheet as the line on
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item descriptions for all lines that are linked to a green reporting class. If you therefore want to edit the line item
descriptions on the financial statements, you need to edit the class descriptions in column B on the Classes sheet.
Error Checking
The Classes sheet also contains four columns with light blue column headings which include formulas that are used for
error checking. These formulas should be copied for all new reporting classes that are added to the sheet.
The Code Status column contains formulas which check that all reporting classes start with either an "I" for income
statement accounts or a "B" for balance sheet accounts and that all codes end with a "G". If this is not the case, the
appropriate row will contain an error status.
The TB Status column indicates whether the reporting class code has been linked to an account on the trial balance (TB
sheet). If the reporting class is used on the TB sheet, the status will display "ok". The AFS Status column indicates
whether the reporting class code has been added to the financial statements on the AFS sheet. If the reporting class has
been added to the AFS sheet, the status will display "ok".
The Error Status column checks whether all reporting class codes which have been linked to accounts on the TB sheet
are included on the AFS sheet. If a class has been linked to an account on the TB sheet and not included on the AFS
sheet, an "add!" status will be displayed.
Note: If classes are linked to accounts on the TB sheet and not included on the AFS sheet, your financial statements will
not balance. We have therefore included conditional formatting on the Classes sheet which highlights the Error Status
column heading in red if there are any errors in this column. If the Error Status column heading is highlighted in red, find
the class which displays an "add!" status in this column and add it in the appropriate location on the financial statements
(AFS sheet).
Trial Balance
A complete trial balance should be included on the TB sheet for each annual reporting period that needs to be included in
the financial statements. All the account numbers and account descriptions that form part of the trial balance need to be
included in column C and D on the TB sheet and the appropriate account balances need to be entered into the columns
from column E onwards.
Each account in the trial balance needs to be linked to one of the pre-defined reporting classes on the Classes sheet by
entering or copying the appropriate class code into column B. These class codes determine where in the financial
statements the appropriate account balances will be included.
Note: The Status column (A) contains a formula which needs to be copied for all new lines that are added to the TB sheet.
This column will contain a "class!" status if the reporting class that has been included in column B is not included on the
Classes sheet and an "add!" status of the reporting class has not been included in the financial statements (column A of
the AFS sheet). If the reporting class is included on the Classes and AFS sheets, the status will reflect "ok".
There are two ways of including your trial balance data into the template. You can use our existing account numbers and
descriptions and just include your annual trial balance values in the other columns on the TB sheet which means that all
the accounts will already be linked to the financial statements or you can replace our default data with your own trial
balance data.
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Instructions
If you follow the second approach, each account in your trial balance needs to be linked to one of the pre-defined financial
statement reporting classes that are listed on the Classes sheet. The template will contain default data on the TB sheet On
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when you use it for the first time but you can replace all the account numbers and descriptions with your own and clear all This
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the class codes in column B before you commence with the exercise of linking your accounts to the appropriate pre- on
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defined financial statement reporting classes.
After clearing all the class codes from column B, you need to refer to the Classes sheet in order to determine which
accounts need to be linked to which financial statement reporting classes. Note that you do not need to use all the default
classes if they are not required but it is imperative that each account is linked to a class. After completing the linking
exercise, there should therefore be no blank values in column B.
Note: All the accounts that are included in your trial balance should be entered in a continuous cell range on the TB sheet
- there should not be any blank rows or columns in between account numbers or financial periods otherwise all the
accounts or periods may not be included in the financial statement calculations and your balance sheet may therefore not
balance!
We have also included totals above the column headings which will indicate if the sum of the account balances for any
annual period does not equal nil. If the total of all the account balances in a trial balance does not equal nil, it means that
the financial statements will not be accurate and that the balance sheet will not balance. You should therefore always
ensure that the trial balance for each annual period adds up to a nil value.
New businesses
When compiling financial statements for a new business, you only need to include the account balances of the current
financial reporting period on the TB sheet. All the amounts for the comparative financial year on the financial statements
will be nil.
The TB sheet contains a number of default years - you can therefore change the column heading in column E to the
appropriate current financial year and change all the subsequent columns to the appropriate subsequent years. Also
remember to enter the correct reporting year on the Setup sheet.
Note: The financial statements on the AFS sheet contain a current and comparative period. If you use the financial
statements for a new business and only include values for one year, the comparative year will contain zero values in all
rows. You cannot delete these values but you can format them as white text so that they are not visible when you print the
Existing businesses
When compiling financial statements for an existing business, you need to include the trial balances of at least the last two
financial years on the TB sheet but you will also need to include the balance sheet balances of a third year so that the
cash flow calculations in the financial statements are accurate.
We therefore recommend that users include the complete trial balances of at least three financial years on the TB sheet
when using the template to compile financial statements for existing businesses. If you only include the balance sheet of
the third financial year (the year prior to the comparative financial period), it is absolutely essential that the trial balance
still balances and that the retained earnings balance is calculated accurately, otherwise your financial statements for the
comparative year may not be accurate.
The TB sheet contains four financial periods by default and in most instances, these financial periods will represent the
financial periods that are required for existing businesses. If you are compiling financial statements for previous periods,
you may however need to change the column headings accordingly (start with the year before the comparative period in
column E). Also remember to enter the correct reporting year on the Setup sheet so that the financial statements are
compiled for the correct period!
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Instructions
Adding new financial periods

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After using the template to compile your first set of financial statements, you can add subsequent financial periods by This
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simply copying the last column on the TB sheet to the next available column, changing the column heading to the next on
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financial period and clearing all the account balances in the new column (we recommend replacing the existing values with
nil values before entering or copying the appropriate account balances into the new column).
Note: The same procedure can be followed to also add the new financial period to the FinInfo sheet but before you
replace all the values in the new column with nil values, note that some of these values will need to remain unchanged for
the next financial period.
Note: All the trial balance data on the TB sheet should form part of a continuous cell range and you should therefore not
include any blank rows or columns between rows or columns that contain data otherwise the financial statement
calculations will not be accurate.
Trial balance check & import
If you use a trail balance export file in order to compile financial statements, the trial balance export will have to be
converted so that the account numbers are in the exact same sequence as the accounts on the TB sheet before you will
be able to copy the balances onto the TB sheet. This is an absolute necessity in order to ensure that the correct account
balances are included next to the correct account number.
New accounts may also have been added during the current financial period which may not be included in the previous
trial balance on the TB sheet. These accounts therefore need to be identified and inserted in the correct row position
before the account balances can be copied. This could be quite a time-consuming exercise and we have therefore created
the TBImport sheet to assist users in simplifying this exercise.
The following steps need to be completed in order to ensure that the trial balance for the new financial period is correctly
included on the TB sheet:
■ Sort the data on the TB sheet in an ascending order based on the account number in column C.
■ Sort the data on the trial balance export file in an ascending order based on the account number column.
■ Copy the account number, account description and account balance from the export file and paste the data into column
A to C on the TBImport sheet (replace the existing data on this sheet).
■ Copy cells D5 and E5 and paste these cells into all the rows in column D and E that contain account numbers. Note that
these two cells contain formulas and formatting that will assist you in identifying new accounts or changes that need to be
made to the sequence of the accounts in the export file.
■ Review the contents in column D - a row that contains a green "ok" cell is in the correct sequence but if an "error" is
displayed in orange, it means that the sequence of accounts on the TBImport sheet is not the same as the accounts on
the TB sheet.
■ Compare the contents of all the rows that contain errors by comparing the account sequence on the TBImport sheet with
the account sequence on the TB sheet.
■ Where an account is included on the TBImport sheet but not on the TB sheet, insert a new row on the TB sheet, copy
the account number and description into column C and D and enter a nil value into all the columns that relate to previous
financial periods. After completing these steps, the error in the particular row will automatically be removed from the
TBImport sheet.
■ Where an account is included on the TB sheet but not on the TBImport sheet, insert a new row on the TBImport sheet,
copy the account number & description from the TB sheet and copy the formulas in column D and E from one of the
existing rows. Column D should now contain a green "ok" message.
■ Repeat the previous two steps until the TBImport sheet contains no errors.
■ Ensure that the total of the amounts in column E on the TBImport sheet is nil - the total calculation is included in the row
above the column headings. If the total is not nil, the difference will be reflected in orange in the cell above the column
headings with an "error" message next to it. Note that the difference may be attributable to rounding which is covered in
the next section of these instructions.
■ If the column E total is not nil and the difference cannot be attributable to rounding, review your trial balance export and
make sure that the total of the export file is in fact nil. Also review the TBImport sheet and ensure that all the accounts on
the trial balance export have been added to this sheet.
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■ Rounding errors can be corrected by amending the trial balance amounts of selected accounts in column C. When the
orange cell background is removed from the total calculation and the "error" text is replaced by an "ok" message, it means On
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■ The amounts in column E can now be copied and pasted as values in the appropriate column (for the new period) on the on
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TB sheet. After completing this step, the trial balance has successfully been imported into the template.
Rounding in financial statements
Rounding can have a significant impact on financial statements because the amounts that are displayed on the financial
statements may not always add up to the totals that are displayed. Even the most insignificant of errors could result in
financial statements appearing to be inaccurate and as a consequence also result in the value of the financial information
that is included in the financial statements being questioned.
Checking all the calculations in financial statements and making the appropriate adjustments could be quite a time
consuming and cumbersome approach and we therefore recommend making the required adjustments on a trial balance
level instead. This approach will ensure that the calculations that are included in the financial statements are always
accurate and negate the need to go through the entire cumbersome (manual) calculation exercise.
The problem with rounding in financial statement terms is that a trial balance typically includes two decimal values while
financial statements are typically compiled to the nearest integer value. When two amounts that contain decimal values
are rounded and added, the result is not necessarily the same as the rounded value of the total but if the decimal values
are rounded to the nearest integer value and then added, the total that is calculated is guaranteed to be accurate.
This approach is followed in the calculations in column E on the TBImport sheet in that the trial balance amounts in
column C are rounded to the nearest integer value in column E. If you therefore use the TBImport sheet to round all the
amounts on the trial balance to the nearest integer values before correcting any rounding differences that may exist and
copying & pasting the values onto the TB sheet, your financial statements are guaranteed to be accurate. We therefore
recommend always using the TBImport sheet before including the appropriate trial balance amounts for a new financial
period on the TB sheet.
Financial Information
The FinInfo sheet contains the financial information that needs to be included in our standard financial statements but can
typically not be derived from the amounts on a trail balance. These values therefore need to be entered for each financial
period that is included in the financial statements and for which a trial balance is therefore included on the TB sheet.
In terms of new and existing businesses and the addition of new columns, the same procedure that needs to be followed
in order to add new columns to the TB sheet needs to be completed for the FinInfo sheet. Refer to the Trial Balance
section of the instructions for guidance on how to amend the default columns and how to add new columns to this sheet.
Note: Some of the financial information that is listed on the FinInfo sheet may not be applicable to all businesses but we
recommend that you retain all the data on this sheet and that you simply enter nil values for the items that are not
applicable. Do not therefore delete any of these items as you may need some of them in future.
Note: All the data on the FinInfo sheet should form part of a continuous cell range and you should therefore not include
any blank rows or columns between rows or columns that contain data otherwise the financial statement calculations may
not be accurate.
The values on the FinInfo sheet will have no bearing on whether the financial statements balance or not - this aspect of
the financial statements is entirely determined by the account balances that are included on the TB sheet. The values on
the FinInfo sheet are mainly used to provide additional disclosures that may be required and in some instances to include
amounts that are required to be disclosed but typically do not get allocated to separate accounts in a general ledger (and
therefore trial balance).
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Instructions
Note: We are not going to cover each individual item on the FinInfo sheet in these instructions but you can trace the codes
in column B to column A on the AFS sheet in order to see where the information is included in the financial statements. On
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Note that all the codes for the financial information that originates from the FinInfo sheet are displayed in orange or red on This
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Note: The reporting class codes of the items on the FinInfo sheet that require negative values to be entered have been
formatted with orange text. Most of the items in black text require positive values to be entered. Some items like deferred
tax can be positive or negative.
All the values on the FinInfo sheet are included on the financial statements based on the reporting class code that is
included in column B. There are four types of line items that are included on the FinInfo sheet which we will now cover
individually.
Items with descriptions that are based on specific TB reporting classes
The items that are listed in this section all relate to specific trial balance reporting classes which have been included on the
Classes sheet. The line item descriptions in column C can therefore be determined based on the original trial balance
reporting classes which are included on the Classes sheet. These items basically all relate to three balance sheet items
namely property, plant & equipment, intangible assets and provisions.
The property, plant & equipment and intangible assets items basically have the same reporting classes as the
corresponding classes that are listed on the Classes sheet but each of these codes on the FinInfo sheet starts with an "F"
and ends in a different character (the items on the Classes sheet end with a "G").
The "F" at the start is the default reporting class character for the items on the FinInfo sheet but the character at the end
has a special meaning and purpose:
R - if the code ends in a "R", the value is included in the accounting policies section of the notes to the financial
statements and refers to the depreciation or amortisation rate of the appropriate item.
D - if the code ends in a "D", the value is included in the disposals column of the appropriate item in the property, plant &
equipment or intangible asset note. All values must be entered as negative values and there are separate codes for the
cost and accumulated depreciation or amortisation sections which are based on the appropriate account group numbers.
I - if the code ends in an "I", the value is included in the impairment column of the appropriate item in the property, plant &
equipment or intangible asset note. All values must be entered as negative values and there are separate codes for the
cost and accumulated depreciation or amortisation sections which are based on the appropriate account group numbers.
Net impairment totals are also included in a paragraph below the appropriate note.
Note: If the description in column C contains the text "PPE Class" or "Intangibles Class" at the end of the description, it
means that the code on the FinInfo sheet could not be matched to the code on the Classes sheet. You therefore need to
check the code which has been included in this section to determine why it has not been matched to the Classes sheet.
The relevant code on the classes sheet will have a "B" at the start of the code and a "G" at the end of the code but all the
other characters will be the same.
The section on the FinInfo sheet also contains classes for the Provisions balance sheet item. These classes again contain
the same characters as the code for Provisions on the Classes sheet with only the first and last characters being different.
The code again starts with an "F" and ends in either a "C" or a "R". The values that are entered for codes ending in a "C"
and a "R" are included in the Charges & Reversals column of the Provisions note. Both need to be entered as positive
values.
The provisions line items have been included on the FinInfo sheet because provisions are typically recorded in one
account on the trial balance and then need to be separated into individual items for financial statement purposes. We have
included three default items in the template and the description of each is included in the next section of the FinInfo sheet.
These descriptions can be amended and you can add additional items if required.
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Instructions
Items with descriptions and balances that are used on the financial statements
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The items that are included in this section of the FinInfo sheet are typically included in one account on the trial balance but This
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are required to be separated into multiple line items for financial statement purposes. There are only two balance sheet on
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items in this section - deferred tax and provisions.
The deferred tax and provisions notes contain a total line which is based on the trial balance values and individual lines
that are based on the values that are entered on the FinInfo sheet. We have therefore also included a balancing line to
ensure that imbalances between the FinInfo sheet values and the trial balance values do not cause balance sheet
imbalances.
The values that are entered in this section of the FinInfo sheet represent the closing balances for each of the line items.
For deferred tax, positive values represent deferred tax liabilities and negative values represent deferred tax assets. For
provisions, values should be entered as negative values which represent liabilities.
Each section contains three default line items and the descriptions of the items on the financial statement are based on
the description of the items that are included in this section on the FinInfo sheet. You can therefore change the
descriptions in this section if you want to change the item description on the financial statements.
If you need more than three line items for deferred tax or provisions, you can insert a new row below the last item, copy
one of the existing rows, change the reporting class & description of the new item and replace the copied item's balances
with nil values. You then also need to add the new item to the note in the financial statements by inserting a new row
below the last default item, copying one of the existing items and entering the new class code in column A on the AFS
sheet.
Note: If a new line item is created for provisions, the new line item also needs to be added to the previous section on the
FinInfo sheet by creating reporting codes which end in a "C" and a "R" for the new item.
Items with balances that are linked to specific reporting classes (as per Classes sheet)
This section of the FinInfo sheet provides for items which are included with other items in trial balance accounts but need
to be disclosed separately on the financial statements. If you therefore want to remove an item from the trial balance
calculation and disclose it separately on the financial statements, you can include it in this section.
What is important to note is that the formulas on the AFS sheet will automatically remove the item as long as you enter the
correct reporting class on the FinInfo sheet which corresponds to the reporting class which has been included on the
Classes sheet and linked to the appropriate accounts on the trial balance.
The reporting class that you need to use should be the same as the reporting class on the Classes sheet but for income
statement accounts, the "I" at the start of the code needs to be replaced with an "E" and for balance sheet items, the "B"
needs to be replaced with an "F".
Examples of these types of entries have been set up in our default template design and include related party transactions
that are typically included in trade debtors and trade creditors, short term loans which need to be included separately on
financial statements, interest paid on leases which may be included with other interest paid amounts in a single trial
balance account and interest received which may be included with interest paid amounts in a single trial balance account.
You can however use the same principle that is applied in this section for any income statement or balance sheet item but
it is important to remember to include the new class which is created on the FinInfo sheet on the AFS sheet otherwise your
financial statements will not balance.
Note: Values should be entered consistently with the type of balance that is included in the trial balance. If the item has a
debit balance, a positive value should be entered and if the item has a credit balance on the trial balance, a negative value
should be entered.
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Instructions
Items that are used in other disclosures

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The last section on the FinInfo sheet basically includes all other non-trial balance related disclosures that need to be This
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included on the financial statements. Refer to the matching reporting classes in column A on the AFS sheet to see where on
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these items are included on the financial statements.
Error Checking
The formula in column A on the FinInfo sheet need to be copied for all new items that are added to the sheet. Different
formulas are used in the different sections of the sheet and you therefore need to copy the formula from one of the existing
lines in the appropriate section.
The formula in the first section checks whether there is a corresponding trial balance class on the Classes sheet. If an
error is displayed for any item, you need to check the Classes sheet for a corresponding item which has the same class
code but starts with a "B" and ends in a "G". You should either fix the class code on the FinInfo sheet or add the
appropriate item to the Classes sheet in order to fix the error.
The formula in the second section also checks the Classes sheet for a corresponding code and the same process should
be followed to resolve the error. An "add!" status will be displayed if the items cannot be matched to the Classes sheet.
The formula in the third section displays a "no G!" status if the reporting class code on the FinInfo sheet does not contain a
"G" at the end. It displays a "class!" status if a corresponding class cannot be found on the Classes sheet and it displays
an "add!" status if the class on the FinInfo sheet has not been added to the AFS sheet. Note that an "add!" status may
result in a financial statement imbalance because the appropriate value will have been removed from the trial balance
amount but not added to the financial statements on the AFS sheet.
The formula in the last section displays a "missing!" status if the appropriate reporting class on the FinInfo sheet cannot be
found on the AFS sheet. If it is a new reporting class, you need to add it to the appropriate location on the AFS sheet but if
it is not a new class, it indicates that you may have deleted the row which included the reporting class code.
Annual Financial Statements
The annual financial statements are included on the AFS sheet. All the amounts that are included in the financial
statements are calculated from the trial balance that is included on the TB sheet and the additional financial information
that is included on the FinInfo sheet based on the reporting class codes that are included in column A on the AFS sheet. It
is therefore imperative that you do not delete these codes (this column does not form part of the printed pages).
The codes that are included in column A on the AFS sheet can be used to trace the appropriate amounts back to the
source sheet. Codes that are displayed in orange or red text can be found on the FinInfo sheet (all these codes begin with
an "E" or "F") and codes that are displayed in green or blue text can be found on the TB sheet (all these codes begin with
either an "I" for income statement or a "B" for balance sheet).
Note: In some instances, multiple accounts on the Trial Balance may be linked to the same financial reporting class code.
We recommend that you filter the TB sheet based on the appropriate code by using the filter feature in the column heading
row in column B on the TB sheet. The totals that are displayed above the column headings are calculated by including
only filtered data and should therefore agree to the appropriate amount on the financial statements. Where a reporting
class consists of account group and account number codes, you will need to select all the codes that form part of the
account group code when filtering data.
Note: All the financial statement reporting class codes are pre-defined - you should therefore not amend any of these
default codes because this will result in an amendment in the appropriate calculation which may lead to inaccuracies in the
financial statement calculations.
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Instructions
Basic Principles
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The print range of the financial statements is from column B to column J. The reporting classes in column A and the data in This
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the columns after column J therefore do not appear on the financial statements but play an important role in the on
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template.
automated calculations and should not be deleted.
Do not delete any of the contents on the AFS sheet because you will not be able to recover the data and some of the data
may also affect other calculations on this sheet. If you therefore do not want to include any of the rows or notes in your
version of the financial statements, we recommend hiding the appropriate rows instead of deleting them. This will ensure
that none of the other calculations are affected.
If you hide an entire note, you also need to remove the note number by deleting the formula next to the note heading in
column A. Note numbers are calculated based on the previous maximum value and if you do not delete the note numbers
of the notes that are not visible, the notes in your financial statements will not be sequential.
The input for rows which contain data in a paragraph layout has been included in column P. The financial statements
consist of multiple columns and it is not possible to merge and wrap text in a single cell in Excel. We have therefore
wrapped the paragraph text in a single column in column P and used a formula to display the text in the financial
statements based on the text wrapping in this column. If you want to edit any of the data that forms part of a paragraph,
you need to edit the data in column P.
All the calculations of amounts on the AFS sheet are automated but some areas (especially the general information page)
requires user input on the AFS sheet. We have indicated where user input is required in the columns next to the financial
statements.
Customizing the standard financial statement data
After linking your trial balance to the reporting class codes on the TB sheet and entering all the required values on the
FinInfo sheet, we recommend that you review the standard financial statements on the AFS sheet. You can then hide all
the content that is not applicable to your business and delete the note numbers next to the note headings if you hide entire
notes. You should hide data and not delete anything from the AFS sheet!
Note: We also recommend unhiding all hidden data before you start with the financial statements for a new year. This will
ensure that you have not hidden rows or notes which contain amounts for the new reporting year.
It is imperative that you read through all the contents that are included on the AFS sheet in order to determine whether all
the standard information is applicable to your business. This is especially necessary for the notes on the accounting
policies that have been applied in compiling the financial statements because these policies may very well differ between
different types of businesses.
It is practically impossible to include financial statement information that will be suitable to all types of businesses in a
financial statement template and the responsibility for ensuring that all the required disclosures are included in the
financial statements remains that of the user. We will also not be able to assist you in adding additional notes to the
standard financial statements - you should be able to do this on your own by following the steps that we covered earlier on
in these instructions.
If you need to add new reporting classes to the template which are based on either the trial balance data or the financial
information on the FinInfo sheet, you need to insert a new row in the appropriate location, copy one of the existing lines
with an orange or green reporting class code in column A and change the reporting class in column A to the new reporting
class. The formulas in the rows with green or range reporting classes are all the same and copying them will result in the
correct calculations being included for the new reporting class.
Page 14 of 53
Instructions
Printing Financial Statements

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The full set of financial statements that are compiled with this template are included on the AFS sheet and you therefore This
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sheet includes
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only need to print this sheet in order to print your full set of financial statements. After hiding some rows or even entire on
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notes or making other changes, the page setup of your version would have changed from the page setup of our standard
version and you will need to make some amendments especially for printing purposes.
It is mostly the notes section of the financial statements which will be affected because all the pages before this section fit
onto a single page and should therefore not be affected by any of your changes. The notes section contains headings
which consist of the company name, the notes section heading and the date for which the financial statements are
compiled in three separate rows.
After hiding content, you need to review where these headings are printed and move the rows to the appropriate row
locations so that the headings are printed at the top of all of the pages. If you need more headings than what we have
included in the standard template, you can simply copy one of the existing headings.
If you've hidden notes, you should also check your note numbers to see that they are all in sequence. If not, you have
probably hidden a note without removing its note number.
The final aspect of printing that we need to mention is the rows that contain paragraphs. All of these rows should be
wrapped automatically but in isolated cases, the row height may not be correct when the pages are printed. You therefore
need to review your printed financial statements to ensure that there are no extra spaces. If you note any of these
occurrences, you can fix the issue by changing the row height of the affected row.
AFS Components
In this section of the instructions, we provide guidance on the information that is included in each section of the financial
statements on the AFS sheet. One of the most important points to note is that the current and comparative periods are
determined based on the year that is specified on the Setup sheet. Users therefore don't need to change the individual
dates on the AFS sheet when compiling financial statements for a new period.
Cover page
The first page which forms part of the financial statements is the cover page which is included at the top of the AFS sheet.
The business name is specified on the Setup sheet and the registration number is included in the general information
section of the financial statements. The cover page also includes a logo placeholder which can be replaced with your
company logo.
Table of contents
Most of the information on this page is fixed. The only items that you may need to change is the number of pages and the
financial statements approval date which can be specified on the Setup sheet.
General Information
All the details on this sheet need to be entered in column E.
Compilation Report
We have included a standard compilation report on this page. If you need to include a different report or if you are setting
up financial statements for a different type of entity which requires a different type of report, you can replace our report
with your own.
Note: Remember that all paragraph type text needs to be edited in column P. You should therefore replace the data in
column P to ensure that it displays correctly on the financial statements.
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Instructions
The accountant details at the bottom of the sheet should also be replaced with your own data.
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Directors' Report This
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We have included a standard directors report on this page. The only user input that is required on this sheet is to enter the
names of the directors. You can also make changes to the default content and hide any items that may not be applicable
to your business.
Statement of comprehensive income and retained earnings
The revenue, other income, finance costs and income tax line items are calculated in the respective notes to the financial
statements. Cost of sales, dividends paid and the default operating expenses are calculated on the statement of
comprehensive income and retained earnings. The reporting class codes for these calculations are included in column A.
Note: Descriptions of all line items that are linked to the trial balance reporting classes (green or blue text in column A) can
be edited on the Classes sheet and the descriptions of all the financial information reporting classes (orange and red text)
can be edited on the FinInfo sheet.
Note: If the number of expense line items are not sufficient, additional expenses line items can be added by inserting a
new row, copying one of the existing rows and entering a new reporting class code in column A.
Note: If the line item description contains a "no class!" error, it means that the appropriate reporting class in column A has
not been added to the Classes sheet. If the description is "Add to FinInfo sheet!", it means that the code in column A starts
with an "E" or a "F" but cannot be matched to a class on the FinInfo sheet.
The retained earnings balances at the start of the year are calculated based on the prior year's trial balances by adding
the balance sheet retained earnings to the total of all income statement accounts for the appropriate year. If this
calculation differs from the current year's trial balance value for retained earnings (which represents the opening balance),
the difference will be displayed in the prior year adjustments line.
Note: If no prior year adjustments have been processed in your trial balance, balances in the prior year adjustment line
indicate that there is an inconsistency between the retained earnings opening balance for the current year (as per the trial
balance) and the retained earnings closing balance for the prior year.
We have also included control totals next to the profit or loss line next to the financial statements. If any of these control
totals contain a balance, it indicates that not all income statement accounts have been included in the income statement.
You should then review your trial balance data on the TB sheet in order to identify the accounts that may not have been
included in the financial statements.
Statement of financial position
Most of the amounts that are included on the balance sheet are calculated in the notes to the financial statements. The
only exceptions are the interest payable, dividends payable and the provision for taxation lines which are all calculated on
the balance sheet based on the reporting codes that are included in column A. The retained earnings amounts are
calculated on the income statement.
Note: The balance sheet includes three years but only the current and comparative years are included in the printed
pages. The third year is only included in order to facilitate accurate cash flow calculations for the comparative financial
year.
Note: If the balance sheet is not in balance, the appropriate total assets and total liabilities & equity totals will be
highlighted in orange. We suggest that users review the guidance in the Troubleshooting section in order to resolve any
imbalances that may have occurred.
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Instructions
Statement of changes in equity

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The retained earnings calculations are based on the amounts that are included on the income statement and the share This
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capital and reserves calculations are based on the amounts that are calculated in notes. If you do not need to include on
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reserves, you can move the content in the share capital column into this column to replace the data and also delete the
rows that contain the movements in reserves. The note for reserves can then also be hidden.
Statement of cash flows
The profit / (loss) for the year is calculated in the income statement while the income tax and finance costs are also
calculated in the income statement and are added back because the amounts that have been paid are included separately
on the cash flow statement. Interest and dividends received are included in other income and deducted from profit
because both items are included in the cash flow from investing activities.
Depreciation, amortisation and fair value adjustments / impairment losses are calculated in the property, plant & equipment
and intangible assets notes. The movements in provisions and reserves are calculated on the balance sheet and the prior
year adjustments are calculated on the income statement. All of these amounts do not represent actual cash flow
movements and are therefore added back in the operating cash flow calculation.
Gains / (Losses) on the sale of equipment are added back in the operating cash flow calculation because the proceeds
from the sale of equipment is included under the cash flow from investing activities section. Gains on the sale of
equipment are calculated in the other income note and losses are calculated in the profit before tax note.
Working capital movements are calculated on the balance sheet - note that a balance sheet for 3 financial years is
required in order to calculate these amounts accurately. If you therefore only include a trial balance for 2 financial years in
the template, the entire closing balances of these working capital items will be included in the cash flow statement for the
comparative financial period.
The interest and income tax paid amounts are calculated by deducting the opening balances and income statement
charges from the closing balances of the respective income tax and interest payable amounts. The net result is that only
the interest and income tax amounts that have actually been paid during the financial period are included in the cash flow
statement.
The proceeds from the sale of equipment are calculated by adding or deducting the profit or loss on the sale of equipment
from the book value of the equipment that has been sold. The profit on the sale of equipment is included in other income,
the loss on the sale of equipment is calculated in the profit before tax note and the book value of the equipment that has
been sold is calculated in the property, plant & equipment note.
The purchases of equipment amounts are calculated by deducting the new finance leases amounts from the additions to
property, plant & equipment. The new finance leases amounts do not represent actual cash flow and need to be specified
as part of the financial info on the FinInfo sheet. The purchases of intangible assets and investments are calculated in the
intangible assets and investment notes respectively. The dividends and interest received amounts are calculated in the
other income note.
The proceeds from the issuance of shares amounts are calculated on the balance sheet. The proceeds from new loans
need to be specified on the FinInfo sheet and the repayment of loan amounts are calculated based on the balance sheet
movement of long term and short term loans and the proceeds from new loans.
The repayment of finance leases amounts are calculated based on the balance sheet movement of the long term and
short term finance lease liabilities and the new finance leases amounts that are specified on the FinInfo sheet. New
finance lease amounts are therefore removed from the additions to property, plant & equipment and also removed from
the finance lease liabilities in order to ensure that only the actual cash repayments of finance leases are included in the
cash flow statement.
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Instructions
The dividends paid amounts are calculated by deducting the opening balance and income statement charges for
dividends from the closing balance of dividends payable. The net result is that only dividends that have actually been paid On
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during the financial period are included in the cash flow statement. This
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The cash equivalents at the beginning of the year are calculated based on the balance sheet movements of the cash &
cash equivalents and bank overdraft lines. This is also an important point to note in terms of the closing cash balance - the
closing balance on the cash flow statement should agree to the cash & cash equivalents note and includes the bank
overdraft balance.
Note: We have included control totals next to the closing cash balance on the cash flow statement to indicate whether the
calculated balances agree to the cash & cash equivalents note (and therefore also the balance sheet amounts relating to
cash). If these control totals contain values, it means that the cash flow statement does not balance. Refer to the
Troubleshooting section for guidance on how to resolve imbalances in this template.
Notes to the financial statements
This section deals with all the default notes that have been added to the financial statements. It is imperative that users
review all the default notes in order to ensure that all the information that is included in the default notes are applicable to
their businesses. Users may also need to add additional disclosure to this section of the financial statements and it is
imperative that any changes that are made are incorporated correctly within the existing template structure otherwise the
amended financial statements may contain errors!
Note: Financial statement notes that are not applicable to your business should not be deleted otherwise some of the
other financial statement calculations may become inaccurate or contain errors. Instead, all notes that you do not want to
include should be hidden by hiding the entire rows of the note. Before you hide notes, you need to delete the formula
which calculates the note number of the note that you are hiding otherwise the remaining visible notes will not be in the
correct sequence.
Note: We have included a page heading which consist of the business name and a financial statement notes title in the
appropriate rows based on the notes that have been included in the standard financial statements. If you hide some of the
default notes or add additional notes, you may have to move the rows which contain the page headings to new row
locations so that the page headings are included at the top of each printed page.
Note: If the text that is included in a note is in a paragraph layout, the text needs to be edited in column P. We have
included the text in that column because Excel does not allow for multiple columns to be merged and then wrapped
according to the text or row height.
Note: If you need to add additional lines to any section of the notes, you can do so by inserting the required number of
new rows, copying one of the existing lines with either a green (for a trial balance item) or an orange (for a FinInfo sheet
item) reporting class in column A and changing the reporting class to the appropriate class which relates to the new item.
The line description will be determined automatically based on the class which has been added to the Classes or FinInfo
sheets.
General information and accounting policies
The accounting policy notes need to be reviewed carefully and the user needs to ensure that the descriptive text is correct
and that all the accounting policies are applicable to the business. Additional sections can be included if required.
The country which is included in the currency units statement needs to be specified as part of the general information
page and the depreciation and amortisation rates need to be included on the FinInfo page (reporting classes are included
in column A). If you need to add additional items, copy one of the existing lines and change the reporting code in column
A.
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Instructions
Note: If you need to add additional lines to any section of the notes, you can do so by inserting the required number of
new rows, copying one of the existing lines with either a green (for a trial balance item) or an orange (for a FinInfo sheet On
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item) reporting class in column A and changing the reporting class to the appropriate class which relates to the new item. This
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The line description will be determined automatically based on the class which has been added to the Classes or FinInfo on
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Revenue
This note includes two revenue lines by default but you can add additional lines if required.
Other Income
The default note includes four other income items but also includes two additional lines for interest received. The way in
which interest received is included in the financial statements depends largely on where it is allocated to in the trial
balance. Different businesses use different methods of recording interest received and we have provided for three
alternatives in our default financial statements.
The item with the green reporting class is the simplest because it handles scenarios where interest received has its own
account on the trial balance which can then simply be linked to the note by using the provided reporting class. If interest
received is however combined with interest paid or other income in the trial balance, this method cannot be used because
the interest received balances are not included separately on the trial balance.
You then need to add the interest received amounts to the FinInfo sheet and use a reporting class which removes the
interest received amounts from the account which contains the interest received balance in order to reflect it separately on
the financial statements. This method is best explained by way of two examples.
In the first example, we assume that the interest received has been included with interest paid in the trial balance and that
the interest paid account has been linked to the I-06G reporting class. We therefore add the interest received line to the
FinInfo sheet and link it to a reporting class (E-06G02G) which starts with an "E" instead of an "I" but includes the same
characters up to the first "G". The result is that the formulas in the amounts columns will automatically remove the interest
received from where the trial balance class is included in the financial statements and include the interest received
amounts in other income where the E-06G02G class has been added.
In the second example, we assume that the interest received has been included with other income in the trial balance and
that the other income account has been linked to the I-0900G reporting class. We therefore add the interest received line
to the FinInfo sheet and link it to a reporting class (E-0900G) which starts with an "E" instead of an "I" but includes the
same characters as the trial balance reporting class. The result is that the formulas in the amounts columns will
automatically remove the interest received from where the trial balance class is included in the financial statements and
include the interest received amounts in a separate line. Both lines are included in other income in this example so we
have just included interest received in a separate line.
Note: The class in the second example only has a first character which differs from the trial balance reporting class but the
reporting class in the first example has three additional characters at the end of the code which are not included in the trial
balance reporting class. The reason for this is that we are removing multiple line items from the interest paid class and we
therefore need to include multiple unique classes on the FinInfo sheet. We therefore use the same code as the trial
balance class (aside from the "E") to start off with but add uniqueness after the first "G" by including a two-digit number
followed by another "G" (because all codes must end with a "G").
Note: You can use any of the three interest received lines in the other income note and simply hide the other two lines
which will contain zero values.
Note: The same principle as explained in the examples above can be used to remove any amount from a trial balance
account and include it as a separate line item. For more information on the reporting classes that need to be used, refer to
the Financial Information section of the instructions.
Page 19 of 53
Instructions
Finance Costs
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The finance costs note includes two line items - one that is linked to the trial balance account for interest paid and one that This
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is linked to the interest paid on finance leases which is included on the FinInfo sheet. We have therefore assumed that all on
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this template.
template.
interest paid amounts are allocated to one trial balance account and that we need to use the FinInfo sheet in order to
include the interest paid on leases in a separate line on the financial statement by following the same approach as
explained in the other income section above.
If your trial balance includes separate accounts for each type of interest paid, it is not necessary to add the interest paid
on leases to the FinInfo sheet - you can simply link the trial balance account to a unique class and include this class in the
note. For example, interest on loans could be linked to a class of I-0601G and interest on leases can be linked to a class
of I-0602G and these two classes can then be included in column A on the AFS sheet to include the two separate
accounts in the note.
Profit before tax
All the expense items that require separate disclosure should be included under this note. The cost of sales amount is
calculated in the income statement but all the other items are calculated based on the reporting codes which have been
included in column A.
The profit before tax note is unique in that it does not affect the balancing of the financial statements and is not linked to
the income statement in any way. The items that are included in this note need to be displayed as separate line items but
also be included in another line item on the income statement. In order to display the items separately, each item needs to
have a unique class which is why some of the items contain two "G's" in the class code. This is best explained by an
example.
Foreign exchange losses are linked to other expenses on the income statement together with a number of other individual
trial balance accounts. All of these accounts contain a code which starts with "I-08G" and are updated to other expenses in
the income statement because the reporting code for that line item is "I-08G". We have therefore had to add uniqueness to
the code for foreign exchange losses so that we can display it as an individual item in the profit before tax note but we still
needed to have the same code to include it in other expenses on the income statement. We therefore added a two-digit
number for uniqueness and ended with a second "G" because all class codes need to end with a "G".
Income Tax Expense
The total of the income tax expense note is calculated based on all the accounts that are linked to the reporting class in
the total line. The deferred tax charges for the year are calculated in the Deferred Tax note and these amounts are
deducted from the total in order to calculate the current taxation amounts. The income tax percentages that are included
below these calculations need to be specified on the FinInfo sheet.
The tax rate reconciliation provides an explanation of the difference between the corporate tax rate (the tax rate specified
on the FinInfo sheet) and the effective rate which is calculated based on the income statement tax amount and the profit
before tax. All the lines that you want to include in this rate reconciliation need to be added to the FinInfo sheet where the
rate differences can be entered. We have also included a balancing line to ensure that the reconciliation always balances
to the effective tax rate.
Property, Plant & Equipment
The property, plant & equipment note includes six default categories of assets. Each of these categories is included in a
separate row and linked to a separate class code in column A. The line items also have separate accounts in the trial
balance which are linked to these reporting classes and the description of each line item is included based on the
descriptions that are included on the Classes sheet.
Page 20 of 53
Instructions
The opening and closing balances in both the cost and accumulated depreciation sections are calculated based on the
trial balance values, the disposal & impairment totals are based on the values that are specified on the FinInfo sheet (the On
Onthis
thissheet:
sheet:
disposals class ends in "D" and the impairment class ends in "I") and the additions & depreciation totals are the balancing This
This sheet
sheet includes
includes detailed
instructions
values. on
on setting
setting up
up and
and using
using this
this template.
template.
If you need to add additional property, plant & equipment items you therefore only need to insert the required number of
additional lines in the cost and accumulated depreciation sections, copy the formulas from one of the existing lines and
change the reporting code in column A. You also need to add the appropriate additional lines to the FinInfo sheet if you
want to record disposal or impairment values for the new lines.
We have also included paragraphs detailing the total impairment values and total assets under finance leases below the
carrying value calculation. These values are also included based on the values that are recorded for the appropriate
reporting classes on the FinInfo sheet.
Intangible Assets
The intangible assets note is compiled in exactly the same way as the property, plant & equipment note. The only
difference between the two notes is that the reporting classes differ. Opening and closing balances are calculated based
on trial balance values and the disposals and impairment values need to be included on the FinInfo sheet. Additions and
depreciation are again the balancing figures.
Investments
We have included two lines in the note and also included the income from investments below the annual totals. Note that
we have again included three interest received lines - refer to the other income note instructions for the reason why there
are three lines and how to decide which of these to use and which to hide.
Deferred Tax
The deferred tax note is based on the assumption that all deferred tax amounts are allocated to one account on the trial
balance. The financial statement disclosure for deferred tax requires that each item that contributes to deferred tax needs
to be included separately.
We have therefore included three deferred tax items in the default template and the appropriate deferred tax balances at
the end of each annual period can be included on the FinInfo sheet. Item descriptions are also populated based on the
descriptions that are entered for the appropriate classes on this sheet.
The note also contains a line for a balancing entry which calculates the difference between the trial balance amounts and
the amounts that are entered on the FinInfo sheet for the individual items. If the values balance, there will be zero values
in this row and it can then be hidden.
Note: You can add as many additional line items as required by inserting the required number of additional rows above the
balancing item, copying one of the existing lines and changing the reporting code in column A. You also then need to add
values for the additional items to the FinInfo sheet.
Inventories
This note consists of three items for raw materials, work in progress and finished goods. All three lines are based on trial
balance values.
Trade and other receivables
The default note contains 4 items which are based on trial balance reporting classes and one item for related party
amounts which is included on the FinInfo sheet.
Page 21 of 53
Instructions
Note: The reporting class for the related party item is the same as the trade debtors item (aside from the first character)
which means that the related party amounts on the FinInfo sheet will be deducted from the trade debtors trial balance On
Onthis
thissheet:
sheet:
values and displayed as a separate line item. This
This sheet
sheet includes
includes detailed
instructions
on
on setting
setting up
up and
and using
using this
this template.
template.
Cash and cash equivalents
The cash and cash equivalents balances contain cash on hand and bank account balances. The sum of these two line
items is included in the balance sheet under current assets. The note also contains a line for bank accounts which are in
overdraft and linked to the bank overdraft reporting class. The bank overdraft line is included in current liabilities on the
balance sheet.
Note: The note totals should agree to the cash & cash equivalents balances on the cash flow statement.
Note: The information about the security that is provided for the bank overdraft and the interest rates that are in effect are
provided as an example. You should therefore review these details and amend the text to what is applicable to your bank
overdraft.
Share Capital
The issued share capital which is reflected in the note is calculated from the trial balance values. The note also contains
the number of shares issued, par value of shares and the authorized number of shares. The par value of shares and the
number of authorized shares need to be included on the FinInfo sheet.
Reserves
The reserves note has been provided as an example. If your trial balance does not include reserves, you can hide the
note.
Loans
This note contains both long term and short term loan balances. We have assumed that the same trial balance account is
used for both long term and short term values and the short term values are therefore removed from the trial balance
values by including the same reporting classes (aside from the first characters) on the FinInfo sheet and in the note.
Note: You therefore need to include the short term values on the FinInfo sheet and use the same reporting classes as the
ones used in the trial balance but replace the "B" with a "F". This will result in the short term loans being included
separately for financial statement purposes.
If short term loans are included in separate trial balance accounts, you can simply link the appropriate trial balance
accounts to a unique code and include this code in column A on the AFS sheet. The short term loan balances will then be
taken directly from the trial balance.
The long term portion of the long term loans are included under the non-current liabilities on the balance sheet while the
short term portion of long term loans are included under current liabilities on the balance sheet.
Note: The information about the security that is provided for the long term loans and the interest rates that are in effect are
provided as an example. You should therefore review these details and amend the text to what is applicable to your long
term loans.
Finance Leases
The finance leases note works in much the same way as the loans note in terms of the reporting classes that need to be
used for the non-current and current liability lines. The note includes additional information on the future minimum lease
payments which need to be included on the FinInfo sheet - refer to the class codes in column A of the note to determine
where to include this information on the FinInfo sheet.
Page 22 of 53
Instructions
The non-current portion of the finance leases are included under the non-current liabilities on the balance sheet while the
current portion of finance leases are included under current liabilities on the balance sheet. On
Onthis
thissheet:
sheet:
This
This sheet
sheet includes
includes detailed
instructions
Commitments under operating leases on
on setting
setting up
up and
and using
using this
this template.
template.
The operating lease commitments that have been recognised as an expense during the current and comparative periods
need to be entered on the FinInfo sheet. The average lease period also needs to be specified on this sheet. Future
contracted operating lease payments need to be disclosed in the same ageing categories that have been covered under
the finance lease section and should also be included on the FinInfo sheet.
Note: If the operating lease payments for the current and prior years are included in a single account on the trial balance,
you can also enter this class in column A in order to populate these values and it will therefore not be necessary to enter
these values on the FinInfo sheet.
Trade and other payables
The default note contains 3 items that are based on trial balance reporting classes and one item for related party amounts
which is included on the FinInfo sheet.
Note: The reporting class for the related party item is the same as the trade creditors item (aside from the first character)
which means that the related party amounts on the FinInfo sheet will be deducted from the trade creditors trial balance
values and displayed as a separate line item.
Provisions
The provisions note is based on the assumption that all provision amounts are allocated to one account on the trial
balance. The financial statement disclosure for provisions requires that each item which contributes to the total provisions
balance needs to be included separately.
We have therefore included three provisions items in the default template and the appropriate provisions balances at the
end of each annual period can be included on the FinInfo sheet. Item descriptions are also populated based on the
descriptions that are entered for the appropriate classes on this sheet.
The note also contains a line for a balancing entry which calculates the difference between the trial balance amounts and
the amounts that are entered on the FinInfo sheet for the individual items. If the values balance, there will be zero values
in this row and it can then be hidden.
Note: You can add as many additional line items as required by inserting the required number of additional rows above the
balancing item, copying one of the existing lines and changing the reporting code in column A. You also then need to add
values for the additional items to the FinInfo sheet.
The provisions financial statement disclosure also requires that additions, charges and reversals need to be recorded
separately. We have therefore included a column for charges & reversals which is calculated based on the amounts that
are included on the FinInfo sheet. The additions column is the balancing figure between the opening & closing balances
and the charges & reversals.
The individual item descriptions, opening balances and closing balances in the note are calculated based on the values
that are included in the second section on the FinInfo sheet and the charges and reversals are based on the values that
are included at the bottom of the first section on the FinInfo sheet. The reporting classes for charges end in a "C" and the
reporting classes for reversals end in a "R".
If your provisions are all included in separate trial balance accounts, we still recommend linking all of these accounts to a
single class and using the note as indicated above. It is a lot simpler than changing the reporting classes to accommodate
multiple provision accounts in the trial balance.
Page 23 of 53
Instructions
Contingent Liabilities
On
Onthis
thissheet:
sheet:
This note is provided as an example of the information that needs to be included in a contingent liability note and can be This
This sheet
sheet includes
includes detailed
instructions
hidden if it is not required. The information in the default note needs to be replaced by your own info if the note is to be on
on setting
setting up
up and
and using
using this
this template.
template.
retained in the financial statements.
Events after the end of the reporting period
This note is provided as an example of the information that needs to be included in this type of note and can be hidden if it
is not required. The information in the default note needs to be replaced by your own info if the note is to be retained in the
Related Party Transactions
This note includes related party and remuneration amounts which are based on the reporting classes in column A and the
values that are entered for these classes on the FinInfo sheet.
Troubleshooting
If your balance sheet or cash flow statement does not balance, please complete the following steps in order to resolve the
imbalances.
■ Check that the appropriate totals above the column headings on the TB sheet are nil. If your trial balance does not
balance, your balance sheet will also not balance. Also ensure that there are no blank rows that have been inserted
between rows that contain data. All trial balance data needs to be entered in a continuous cell range otherwise all the rows
on the TB sheet may not be included in the financial statement calculations.
■ Check the Classes sheet and make sure that there are no errors in the columns with light blue column headings. If there
are, it may indicate that you have linked an account on the trial balance to a class which has not been included in the
■ Check whether there are any cells in column A on the TB sheet that contain an "add!" status. If a cell contains this
status, it means that the class that has been entered in column B has not been linked to the financial statements. You then
need to include the affected class in the appropriate location on the AFS sheet.
■ Check whether there are any cells in column A on the FinInfo sheet that contain an "add!" status. If a cell contains this
status, it means that the class that has been entered in column B has not been linked to the financial statements. You then
need to include the affected class in the appropriate location on the AFS sheet.
■ If some of the calculations on the AFS sheet contain a #REF! error, it means that you've deleted cells that form part of
the financial statement calculations. In order to resolve this issue, you will have to undo the delete action or revert back to
the downloaded version of the template. Remember, we recommend hiding the appropriate sections of the financial
statements instead of deleting them.
■ Refer to the income statement and ensure that the control totals next to the income statement are nil. If the control totals
contain values, it indicates that you may not have included all income statement accounts in the financial statements. You
then need to review the TB sheet to determine whether all the reporting codes which have been linked to accounts are
included in the financial statements.
■ Refer to the cash flow statement and ensure that the control totals next to the cash flow statement are nil. If these
control totals contain balances, it means that the appropriate closing balance on the cash flow statement does not agree
to the cash & cash equivalents balance in the notes to the financial statements. If you have added new balance sheet
items to the financial statements, it may mean that you have not added the cash flow movements of these items to the
cash flow statement.
■ If none of these steps resolve the imbalance, we suggest filtering the TB sheet by individual allocation codes and tracing
the totals at the top of the sheet to the appropriate amounts on the financial statements. Start with the income statement
items and make sure that you include all sub codes in your filter selections. This method of reconciling trial balance values
to financial statement values should enable you to find the cause of the imbalance.
Page 24 of 53
Instructions
Help & Customization

On
Onthis
thissheet:
sheet:
This
This sheet
sheet includes
includes detailed
instructions
If you experience any difficulty while using this template and you are not able to find the appropriate guidance in these
on
on setting
setting up
up and
and using
using this
this template.
template.
instructions, please e-mail us at support@excel-skills.com for assistance. This template has been designed with flexibility
in mind to ensure that it can be used in most business environments. If however you need an Excel based template that is
customized specifically for your business requirements, please e-mail our Support function and provide a brief explanation
of your requirements.
© Copyright
This template remains the intellectual property of www.excel-skills.com and is protected by international copyright laws.
Any publication or distribution of this template outside the scope of the permitted use of the template is expressly
prohibited. In terms of the permitted use of this template, only the distribution of the template to persons within the same
organisation as the registered user or persons outside the organisation who can reasonably be expected to require access
to the template as a direct result of the use of the template by the registered user is allowed. Subsequent distribution of
the template by parties outside of the organisation is however expressly prohibited and represents an infringement of
international copyright laws.
Page 25 of 53
Example (Pty) Limited
Set-up
© www.excel-skills.com
Business Name Example (Pty) Limited
Currency Symbol R R
Year End Month February
Reporting Year 2019

First Day Last Day Last Day Text
Year End Reporting Date 28 February 2019 3/1/2018 2/28/2019 28 February 2019
Total Number of Pages 18

On
On this
this sheet:
sheet:
Date of Approval ### Enter
Enter your
your business
business name,
name, add
add aa currency
currency symbol
symbol and
and specify
specify the
the
financial
financial year-end
year-end month
month and
and the
the reporting
reporting year.
year. The
The reporting
reporting period
period
that
that is
is specified
specified determines
determines which
which annual
annual periods
periods will
will be
be included
included in
in
January
the
the current
current and
and comparative
comparative periods
periods onon the
the financial
statements.
February
March
April
May
June
July
August
September
October
November
December
Page 26 of 53
Financial Statement Reporting Classes
Class Description Code Status TB Status AFS Status Error Status
Income Statement
I-01G Turnover ok - - ok
I-0101G Sales - fruit juice ok ok ok ok
I-0102G Sales - vegetable juice ok ok ok ok
I-02G Cost of sales ok ok ok ok
I-03G Operating expenses ok - On
On this
this sheet:
sheet: - ok
This
This sheet
sheet contains
contains all all the
the pre-defined
pre-defined financial
financial statement
statement reporting
reporting classes
classes thatthat
I-0301G Accounting fees should ok ok ok ok
should be
be used
used toto link
link the
the accounts
accounts on on the
the trial
trial balance
balance toto the
the calculations
calculations on on the
the
I-0302G Advertising & marketing financial ok
statements. The The class ok
class descriptions
descriptions that ok
that are
are included
included on ok
on this
this sheet
sheet are are
I-0303G Bank charges displayed
displayed on on the
the financial
financial statements
ok statementsok and
and the
the sheet
sheetokalso
also includes
includes error
ok checking
error checking in in
I-0304G Commission the
the columns
columns with
withoklight
light blue
blue column
column okheadings
headings which
whichokhighlights
highlights errorsok in
errors in the
the linking
linking
of
of the
the reporting classes.
I-0305G Computer expenses ok okreporting classes. ok ok
I-0306G Consumables & cleaning ok ok ok ok
I-0307G Entertainment ok ok ok ok
I-0308G Insurance ok ok ok ok
I-0309G Office expenses ok ok ok ok
I-0310G Office rent ok ok ok ok
I-0311G Postage ok ok ok ok
I-0312G Professional & legal fees ok ok ok ok
I-0313G Stationery ok ok ok ok
I-0314G Subscriptions & memberships ok ok ok ok
I-0315G Telephone & internet ok ok ok ok
I-0316G Training ok ok ok ok
I-0317G Travelling & accommodation ok ok ok ok
I-0318G Utilities ok ok ok ok
I-04G Staff costs ok - - ok
I-0401G Salaries & wages ok ok ok ok
I-05G Depreciation & amortization ok - - ok
I-0501G Depreciation on property, plant & equipment ok ok ok ok
I-0502G Amortisation of intangible assets ok ok ok ok
I-06G Interest on loans and overdraft ok ok ok ok
I-07G Taxation paid ok ok ok ok
I-08G Other expenses ok ok ok ok
I-08G01G Foreign exchange (gains) / losses ok ok ok ok
I-08G02G Loss on disposal of property, plant & equipment ok ok ok ok
I-09G Other income ok - - ok
I-0900G Miscellaneous income ok ok ok ok
I-0905G Dividends received ok ok ok ok
I-0910G Gain on disposal of property, plant & equipment ok ok ok ok
I-0915G Interest received ok ok ok ok
I-10G Dividends paid ok ok ok ok
Balance Sheet - Assets
B-00G Property, plant & equipment - cost ok - - ok
B-0001G Land & buildings ok ok ok ok
B-0002G Plant & equipment ok ok ok ok
B-0003G Furniture & fittings ok ok ok ok
B-0004G Office equipment ok ok ok ok
B-0005G Computer equipment ok ok ok ok
B-0006G Motor vehicles ok ok ok ok
B-01G Property, plant & equipment - accum dep ok - - ok
B-0101G Land & buildings ok ok ok ok
B-0102G Plant & equipment ok ok ok ok
B-0103G Furniture & fittings ok ok ok ok
B-0104G Office equipment ok ok ok ok
B-0105G Computer equipment ok ok ok ok
B-0106G Motor vehicles ok ok ok ok
B-02G Intangible assets - cost ok - - ok
B-0201G Goodwill ok ok ok ok
B-0202G Trademarks ok ok ok ok
B-0203G Software ok ok ok ok
B-03G Intangible assets - amortization ok - - ok
B-0301G Goodwill ok ok ok ok
B-0302G Trademarks ok ok ok ok
B-0303G Software ok ok ok ok
B-03G Investments ok - - ok
B-0401G Shares - XYZ Company ok ok ok ok
B-0402G Fixed deposit - ABSA ok ok ok ok
Page 27 of 53
Financial Statement Reporting Classes
Class Description Code Status TB Status AFS Status Error Status
B-05G Loans & advances ok ok ok ok
B-06G Cash at bank ok ok ok ok
B-07G Cash on hand ok ok ok ok
B-08G Trade debtors ok ok ok ok
B-09G Other debtors ok - - ok
B-0901G Prepayments ok ok ok ok
B-0902G Other debtors ok ok ok ok
B-10G Inventory ok - - ok
B-1001G Raw materials ok ok ok ok
B-1002G Work in progress ok ok ok ok
B-1003G Finished goods ok ok ok ok
Balance Sheet - Liabilities
B-11G Bank overdraft ok ok ok ok
B-12G Trade creditors ok ok ok ok
B-13G Accrued expenses ok ok ok ok
B-1310G Interest payable ok ok ok ok
B-14G Dividends payable ok ok ok ok
B-15G Provision for taxation ok ok ok ok
B-16G Other provisions ok ok ok ok
B-17G Sales tax ok ok ok ok
B-18G Long term loans ok - - ok
B-1801G Long term loan - ABSA ok ok ok ok
B-1802G Long term loan - Investec ok ok ok ok
B-22G Deferred tax ok ok ok ok
B-23G Finance leases ok - - ok
B-2301G Non-current liability ok ok ok ok
Balance Sheet - Equity
B-19G Revaluation reserve ok ok ok ok
B-20G Issued share capital ok ok ok ok
B-21G Retained earnings ok ok ok ok
End of list
Page 28 of 53
Trial Balance
© www.excel-skills.com - - - -
Status Class Acc No Account Description 2017 2018 2019 2020
ok B-0001G BS-0005 Land & Buildings - Cost 2,500,000.00 2,500,000.00 2,400,000.00 -
ok B-0002G BS-0010 Plant & Equipment - Cost 1,246,045.00 1,316,045.00 1,546,045.00 -
ok B-0003G BS-0015 Furniture & Fittings - Cost 300,000.00 350,000.00 410,000.00 -
ok B-0004G BS-0020 Office Equipment - Cost 225,000.00 240,000.00 240,000.00 -
ok B-0005G BS-0025 Computer Equipment - Cost 120,750.00 150,500.00 165,500.00 -
ok B-0006G BS-0030 Motor Vehicles - Cost 318,000.00 318,000.00 452,000.00 -
ok B-0101G BS-0105 Land & Buildings - Accum Depreciation - - - -
ok B-0102G BS-0110 Plant & Equipment - Accum Depreciation -498,418.00 -712,418.00 -1,051,018.00 -
On
On this
this sheet:
sheet:
ok B-0103G BS-0115 Furniture & Fittings - Accum Depreciation -100,000.00 -158,300.00 -224,700.00 -
AA complete
complete trial
trial balance
balance for
for each
each annual
annual period should
should be
period-91,500.00 be included
included on
on this
this sheet and
and each
sheet-186,980.00
each
ok B-0104G BS-0120 Office Equipment - Accum Depreciation -139,850.00 -
account
account in in the
the trial
trial balance
balance should
should be be linked
linked to
to the
the appropriate
appropriate financial
financial statement
statement reporting
reporting
ok B-0105G BS-0125 Computer
class by Equipment
entering -
or Accum
copying Depreciation
the appropriate class -80,500.00
code into -130,650.00
class by entering or copying the appropriate class code into column B. The amounts that are
column B. The -145,550.00
amounts that are -
ok B-0106G BS-0130 included on
on the
Motor Vehicles
included financial
- Accum
the statements
statements are
Depreciation
financial are automatically updated
updated based
-159,000.00
automatically on
on the
-238,500.00
based the classes that
that are
-56,500.00
classes are -
ok B-0201G BS-0205 Goodwill - Cost specified
specified onon this
this sheet.
sheet.
500,000.00 500,000.00 500,000.00 -
ok B-0202G BS-0210 Trademarks - Cost 390,500.00 390,500.00 390,500.00 -
ok B-0203G BS-0215 Software - Cost 150,000.00 150,000.00 150,000.00 -
ok B-0301G BS-0305 Goodwill - Accum Amortization -100,000.00 -150,000.00 -200,000.00 -
ok B-0302G BS-0310 Trademarks - Accum Amortization -78,100.00 -117,150.00 -156,200.00 -
ok B-0303G BS-0315 Software - Accum Amortization -30,000.00 -45,000.00 -60,000.00 -
ok B-0401G BS-0400 Share Investment - XYZ - 802,500.00 802,500.00 -
ok B-0402G BS-0405 ABSA Fixed Deposit 300,000.00 880,000.00 1,500,000.00 -
ok B-05G BS-0500 Loans & Advances 30,220.00 48,200.00 60,000.00 -
ok B-07G BS-0700 Cash On Hand - - - -
ok B-07G BS-0799 Cash Transfer Control - - - -
ok B-0902G BS-0900 Other Debtors - - - -
ok B-0901G BS-0905 Prepayments 22,600.00 44,500.00 24,000.00 -
ok B-1001G BS-1001 Raw Materials 53,699.00 64,120.00 85,200.00 -
ok B-1002G BS-1002 Work in progress 25,100.00 15,380.00 22,653.00 -
ok B-1003G BS-1003 Finished goods - - - -
ok B-11G BS-1100 Bank Overdraft - - - -
ok B-13G BS-1300 Accruals -58,600.00 -72,020.00 -90,365.00 -
ok B-13G BS-1305 Payroll Accruals -13,108.00 -14,500.00 -20,572.00 -
ok B-1310G BS-1310 Interest Payable -15,061.00 -17,696.00 -16,185.00 -
ok B-14G BS-1405 Dividends Payable -75,000.00 -100,000.00 -150,000.00 -
ok B-15G BS-1505 Provision For Taxation -118,400.00 -131,926.00 -215,724.00 -
ok B-16G BS-1610 Other provisions -211,637.00 -214,870.00 -214,823.00 -
ok B-17G BS-1700 Sales Tax Control -55,891.00 -59,835.00 -75,891.00 -
ok B-1801G BS-1805 ABSA Loan -1,646,180.00 -1,151,104.00 -604,187.00 -
ok B-1802G BS-1810 Investec Loan - -816,581.00 -661,805.00
ok B-2301G BS-1815 Finance Leases -209,394.00 -146,420.00 -416,240.00 -
ok B-19G BS-1900 Reserves - - - -
ok B-20G BS-2000 Shareholders' Contributions -1,000.00 -1,000.00 -1,000.00 -
ok B-22G BS-2200 Deferred Tax 47,278.00 -17,377.00 33,790.00 -
ok I-0101G IS-0105 Sales - Fruit Juice -3,310,790.00 -3,972,950.00 -4,370,245.00 -
ok I-0102G IS-0110 Sales - Vegetable Juice -1,890,906.00 -2,269,087.00 -2,541,378.00 -
ok I-02G IS-0205 Cost of Sales - Fruit Juice 1,622,287.00 1,827,557.00 1,966,610.00 -
ok I-02G IS-0210 Cost of Sales - Vegetable Juice 850,908.00 975,707.00 914,965.00 -
ok I-02G IS-0299 Cost of Sales - Direct Costs - - - -
ok I-0301G IS-0305 Accounting Fees 15,500.00 18,000.00 24,000.00 -
ok I-0302G IS-0310 Advertising & Marketing 110,520.00 170,000.00 143,644.00 -
ok I-0303G IS-0315 Bank Charges 780.00 935.00 1,180.00 -
ok I-0304G IS-0320 Commission 18,450.00 22,120.00 27,850.00 -
ok I-0305G IS-0325 Computer Expenses 5,625.00 7,210.00 3,477.00 -
ok I-0306G IS-0330 Consumables & Cleaning 2,500.00 2,000.00 2,500.00 -
ok I-0307G IS-0335 Entertainment 11,020.00 10,875.00 12,420.00 -
ok I-0308G IS-0340 Insurance 3,100.00 3,420.00 3,840.00 -
ok I-0309G IS-0345 Office Expenses 350.00 660.00 996.00 -
ok I-0310G IS-0350 Office Rent 114,000.00 120,000.00 144,000.00 -
ok I-0311G IS-0355 Postage 685.00 452.00 524.00 -
ok I-0312G IS-0360 Professional & Legal Fees - 36,250.00 5,652.00 -
ok I-0313G IS-0365 Stationery 1,150.00 1,257.00 2,491.00 -
ok I-0314G IS-0370 Subscriptions & Memberships 4,400.00 4,800.00 5,200.00 -
ok I-0315G IS-0375 Telephone & Internet 7,220.00 7,504.00 8,867.00 -
ok I-0316G IS-0380 Training 875.00 1,521.00 4,043.00 -
ok I-0317G IS-0385 Travelling & Accommodation 10,420.00 4,589.00 13,705.00 -
ok I-0318G IS-0390 Utilities 5,872.00 6,090.00 6,540.00 -
ok I-0401G IS-0405 Salaries & Wages - Staff 385,260.00 435,500.00 548,600.00 -
ok I-0401G IS-0410 Salaries & Wages - Management 401,250.00 434,640.00 685,720.00 -
ok I-0501G IS-0505 Depreciation 500,300.00 550,300.00 513,280.00 -
ok I-0502G IS-0510 Amortisation 104,050.00 104,050.00 104,050.00 -
Page 29 of 53
Trial Balance
© www.excel-skills.com - - - -
Status Class Acc No Account Description 2017 2018 2019 2020
ok I-06G IS-0605 Interest Paid 180,742.00 212,354.00 194,222.00 -
ok I-07G IS-0700 Taxation 236,801.00 263,853.00 442,236.00 -
ok I-08G IS-0800 Other Expenses 12,589.00 20,998.00 125,362.00 -
ok I-08G01G IS-0805 Foreign Exchange Loss 10,250.00 15,240.00 6,260.00 -
ok I-08G02G IS-0810 Loss on Disposal of Assets - 18,000.00 - -
ok I-0900G IS-0900 Other Income -23,564.00 -30,900.00 -41,850.00 -
ok I-0905G IS-0905 Dividends Received - -3,050.00 -4,065.00 -
ok I-0910G IS-0910 Profit on Disposal of Assets - - -48,250.00 -
ok I-0915G IS-0915 Interest Received -562.00 -4,562.00 -5,100.00 -
ok I-10G IS-1000 Dividends 75,000.00 100,000.00 150,000.00 -
ok B-06G BS-BB1 B1 Bank Account 187,624.00 360,300.00 276,526.00 -
ok B-06G BS-BB2 B2 Bank Account - 33,680.00 40,691.00 -
ok B-06G BS-BB3 B3 Bank Account - - 9,457.00 -
ok B-07G BS-BPC PC Petty Cash 1,000.00 990.00 1,000.00 -
ok B-06G BS-BJC GL Journal Control - - - -
ok B-1003G BS-STG Inventory 169,397.00 234,245.00 245,060.00 -
ok B-08G BS-RCG Trade Debtors 456,039.00 495,942.00 568,079.00 -
ok B-12G BS-PAG Trade Creditors -166,325.00 -219,900.00 -186,802.00 -
ok B-21G BS-RTG Retained Earnings -2,801,220.00 -3,335,138.00 -4,239,805.00 -
Page 30 of 53
Financial Statement Information (orange classes require negative values)
Status Class Description 2017 2018 2019 2020
Items with descriptions that are based on specific TB reporting classes (as per Classes sheet or this sheet)
ok F-0001R Depreciation Rate - Land & buildings 0.0% 0.0% 0.0% 0.0%
ok F-0002R Depreciation Rate - Plant & equipment 20.0% 20.0% 20.0% 20.0%
ok F-0003R Depreciation Rate - Furniture & fittings 16.7% 16.7% 16.7% 16.7%
ok F-0004R Depreciation Rate - Office equipment 20.0% 20.0% 20.0% 20.0%
ok F-0005R Depreciation Rate - Computer equipment 33.3% 33.3% 33.3% 33.3%
ok F-0006R Depreciation Rate - Motor vehicles 25.0% 25.0% 25.0% 25.0%
ok F-0001D Disposals - Cost - Land & buildings - - - -
On
On this
this sheet:
sheet:
ok F-0002D Disposals - Cost - Plant & equipment - -110,000.00 - -
This
This sheet
sheet contains
contains financial
financial statement
statement information
information that
that is
is incorporated
incorporated into
into the
the
ok F-0003D Disposals - Cost - Furniture & fittings
financial - - - -
financial statements
statements but but not
not derived
derived from
from the
the trial
trial balance.
balance. Users
Users are
are therefore
therefore
ok F-0004D required
Disposals
required to
to enter
- Cost the
- Office
enter appropriate
appropriate values
equipment
the values for
for each
each annual
annual period
-
period which
which is
is included
-
included in
in - -
ok F-0005D the
the template.
- CostThe
template.
Disposals The values
values
- Computer that
that are
are specified
equipment specified on
on this
this sheet
sheet are
- automatically
are automatically included
included
- on
on - -
ok F-0006D the
the financial
- Coststatements
financial
Disposals statements based
based on
- Motor vehicles on the
the reporting
reporting class
class code
code- that
that is
is included
included-in
in column
column
-318,000.00 -
B.
B.
ok F-0001I Impairment - Cost - Land & buildings - - -100,000.00 -
ok F-0002I Impairment - Cost - Plant & equipment - - - -
ok F-0003I Impairment - Cost - Furniture & fittings - - - -
ok F-0004I Impairment - Cost - Office equipment - - - -
ok F-0005I Impairment - Cost - Computer equipment - - - -
ok F-0006I Impairment - Cost - Motor vehicles - - - -
ok F-0101D Disposals - Accum Depr - Land & buildings - - - -
ok F-0102D Disposals - Accum Depr - Plant & equipment - -50,000.00 - -
ok F-0103D Disposals - Accum Depr - Furniture & fittings - - - -
ok F-0104D Disposals - Accum Depr - Office equipment - - - -
ok F-0105D Disposals - Accum Depr - Computer equipment - - - -
ok F-0106D Disposals - Accum Depr - Motor vehicles - - -278,250.00 -
ok F-0101I Impairment - Accum Depr - Land & buildings - - - -
ok F-0102I Impairment - Accum Depr - Plant & equipment - - - -
ok F-0103I Impairment - Accum Depr - Furniture & fittings - - - -
ok F-0104I Impairment - Accum Depr - Office equipment - - - -
ok F-0105I Impairment - Accum Depr - Computer equipment - - - -
ok F-0106I Impairment - Accum Depr - Motor vehicles - - - -
ok F-0201R Amortization Rate - Goodwill 10.0% 10.0% 10.0% 10.0%
ok F-0202R Amortization Rate - Trademarks 10.0% 10.0% 10.0% 10.0%
ok F-0203R Amortization Rate - Software 10.0% 10.0% 10.0% 10.0%
ok F-0201D Disposals - Cost - Goodwill - - - -
ok F-0202D Disposals - Cost - Trademarks - - - -
ok F-0203D Disposals - Cost - Software - - - -
ok F-0201I Impairment - Cost - Goodwill - - - -
ok F-0202I Impairment - Cost - Trademarks - - - -
ok F-0203I Impairment - Cost - Software - - - -
ok F-0301D Disposals - Amort - Goodwill - - - -
ok F-0302D Disposals - Amort - Trademarks - - - -
ok F-0303D Disposals - Amort - Software - - - -
ok F-0301I Impairment - Amort - Goodwill - - - -
ok F-0302I Impairment - Amort - Trademarks - - - -
ok F-0303I Impairment - Amort - Software - - - -
ok F-1601C Charges - Claims 45,000.00 48,000.00 53,200.00 -
ok F-1602C Charges - Leave 59,500.00 69,500.00 51,500.00 -
ok F-1603C Charges - Bonuses 72,530.00 90,000.00 97,170.00 -
ok F-1601R Reversals - Claims 1,500.00 2,000.00 1,100.00 -
ok F-1602R Reversals - Leave - 2,500.00 10,000.00 -
ok F-1603R Reversals - Bonuses 1,589.00 437.00 1,900.00 -
Items with descriptions and balances that are used on the financial statements
F-22G Deferred tax
ok F-2201G Prepayments -6,328.00 -12,460.00 -6,720.00 -
ok F-2202G Provisions -59,250.00 -60,163.00 -60,150.00 -
ok F-2203G Leases 18,300.00 90,000.00 33,080.00 -
F-16G Other provisions
ok F-1601G Claims -50,000.00 -54,300.00 -61,800.00 -
ok F-1602G Leave -71,200.00 -61,500.00 -82,650.00 -
ok F-1603G Bonuses -90,437.00 -99,070.00 -70,373.00 -
Items with balances that are linked to specific reporting classes (as per Classes sheet)
ok F-08G Amounts due by related parties 3,000.00 5,000.00 8,000.00 -
ok F-12G Amounts due to related parties -5,000.00 -8,000.00 -12,000.00 -
Page 31 of 53
Financial Statement Information (orange classes require negative values)
Status Class Description 2017 2018 2019 2020
ok F-1801G Short term loan - ABSA -545,076.00 -546,917.00 -547,010.00 -
ok F-1802G Short term loan - Investec - -154,776.00 -155,210.00 -
ok F-2301G Current liability -62,974.00 -69,568.00 -77,089.00 -
ok E-06G01G Interest on finance leases 24,074.00 18,105.00 28,483.00 -
ok E-06G02G Interest received - - - -
ok E-0900G Interest received - - - -
Items that are used in other disclosures
ok F-LEASENEW New finance leases - - 300,000.00 -
ok F-LOANNEW Proceeds from new loans - 900,000.00 - -
ok F-TAX% Income tax percentage - 28.00 28.00 -
ok F-TAXR01 Exempt income - -0.30 -0.20 -
ok F-TAXR02 Disallowed charges - 0.90 0.10 -
ok F-TAXR03 Assessed loss carried over from prior year - -7.80 - -
ok F-TAXR04 Prior year (over) / under estimation - - 0.80 -
ok F-00L Carrying amount of leased assets 159,000.00 79,500.00 395,500.00 -
ok F-IMP Impairment of property, plant & equipment - - 100,000.00 -
ok F-CONT01 Contingent liabilities - - 150,000.00 -
ok F-EVENT01 Event after end of reporting period - - 175,000.00 -
ok F-SCPAR Par value of shares 1.00 1.00 1.00 -
ok F-SCAUTH Number of authorized shares 2,500.00 2,500.00 2,500.00 -
ok F-FLEASEP1 Minimum finance lease payments: < 1 year 81,078.00 81,078.00 115,243.00 -
ok F-FLEASEP5 Minimum finance lease payments: 1 - 5 years 162,156.00 81,078.00 403,353.00 -
ok F-FLEASEP9 Minimum finance lease payments: > 5 years - - - -
ok F-OLEASEAP Operating lease average period 3.00 3.00 3.00 -
ok F-OLEASEXP Operating lease expenses for the year 12,500.00 13,400.00 11,850.00 -
ok F-OLEASEP1 Minimum operating lease payments: < 1 year 12,000.00 12,000.00 12,000.00 -
ok F-OLEASEP5 Minimum operating lease payments: 1 - 5 years 28,000.00 30,000.00 24,000.00 -
ok F-OLEASEP9 Minimum operating lease payments: > 5 years - - - -
ok F-REMUN Total remuneration of directors & management 401,250.00 434,640.00 685,720.00 -
Page 32 of 53
(Registration Number: 2015 000000 00)
This
This sheet
sheet contains
contains aa comp
com
Financial statements compiled
compiled based
based onon the
the curren
curren
account
account balances
balances that
that are
are incl
inc
for the year ended 28 February 2019 included
included onon the
the FinInfo
FinInfo sheet.
sheet
line
line item
item are
are included
included in
in colum
colum
Add
Add logo...
logo...
Page 33 of 53
Financial Statements
for the year ended 28 February 2019
Table of contents Page
General Information 3
Compilation Report 4
Directors' Report 5
Statement of comprehensive income and retained earnings 6
Statement of financial position 7
Statement of changes in equity 8
Statement of cash flows 9
Accounting policies and explanatory notes to the financial statements 10 - 18
Approval of financial statements
These financial statements were approved by the directors & authorised for issue on 30 April 2019.
Name of Director
Director
30 April 2019
Page 34 of 53
General information
Country of incorporation South Africa
Reporting currency South African Rand
Registered office Street Address

Suburb
City, Code
Business address Street Address

Suburb
City, Code
Postal address PO Box 9999, Suburb

City, Code
Bankers AAA Bank
Accountants AN Accountants
Company secretary XYZ Secretary Services
Company registration number 2015 000000 00
Page 35 of 53
COMPILATION REPORT
To the directors of Example (Pty) Limited
We have compiled the accompanying financial statements of Example (Pty) Limited based on the information that you
have provided. These financial statements are presented in accordance with International Financial Reporting
Standards. The financial statements comprise the statement of financial position of Example (Pty) Limited as at 28
February 2019 and the statement of comprehensive income and retained earnings, statement of changes in equity and
statement of cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management is responsible for these financial statements including the adoption of the applicable financial reporting
framework and for the accuracy and completeness of the information that was used to compile the financial
statements.
We performed this compilation engagement in accordance with International Standard on Related Services 4410
(Revised), Compilation Engagements. This Standard requires that we comply with quality control standards and relevant
ethical requirements, including ethical principles of integrity, objectivity, professional competence and due care.
A compilation engagement involves applying expertise in accounting and financial reporting to assist management in
preparing and presenting financial information. A compilation engagement does not include gathering evidence for the
purpose of expressing an audit opinion or a review conclusion. Accordingly, we do not express an audit opinion or a
review conclusion on these financial statements.
NAME OF ACCOUNTANT
ADDRESS
DATE
Page 36 of 53
DIRECTORS' REPORT
The Directors of Example (Pty) Limited present their Report together with the financial statements of the company for
the year ended 28 February 2019.
Main business activities
The main business activities of the company are the sale of fruit & vegetable juices. There has been no change in the
main business activities of the company over the reporting period.
Directors Details
The following persons were directors of Example (Pty) Limited during or since the end of the financial year:
■ Name of director 1
Review of operations and financial results
The company's revenue increased by 10.7% to R6,911,623 during the financial year and the net profit increased by 9.4%
to R1,098,654. Net cash flow from operating activities increased by 9.4% and the company's net assets increased by
22.4% to R5,189,459.
Dividends
The company declared dividends amounting to R150,000 during the financial year (2018: R100,000).
Share capital
There have been no changes to the authorised or issued share capital during the year under review.
Significant changes in the state of affairs
There were no significant changes in the state of affairs of the company during the financial year or since the end of the
financial year.
Events arising since the end of the reporting period
The directors are not aware of any material fact or circumstance arising between the end of the financial year and the
date of this report that would require adjustments to or disclosure in the financial statements.
Page 37 of 53
Statement of comprehensive income and retained earnings
Notes 2019 2018

R R
Revenue 2 6,911,623 6,242,037

Cost of sales (2,881,575) (2,803,264)
Gross profit 4,030,048 3,438,773
Other income 3 99,265 38,512
Operating expenses (2,394,201) (1,996,411)
Accounting fees (24,000) (18,000)
Advertising & marketing (143,644) (170,000)
Amortisation of intangible assets (104,050) (104,050)
Bank charges (1,180) (935)
Commission (27,850) (22,120)
Computer expenses (3,477) (7,210)
Consumables & cleaning (2,500) (2,000)
Depreciation on property, plant & equipment (513,280) (550,300)
Entertainment (12,420) (10,875)
Insurance (3,840) (3,420)
Office expenses (996) (660)
Office rent (144,000) (120,000)
Postage (524) (452)
Professional & legal fees (5,652) (36,250)
Salaries & wages (1,234,320) (870,140)
Stationery (2,491) (1,257)
Subscriptions & memberships (5,200) (4,800)
Telephone & internet (8,867) (7,504)
Training (4,043) (1,521)
Travelling & accommodation (13,705) (4,589)
Utilities (6,540) (6,090)
Other expenses (131,622) (54,238)
Profit / (Loss) before interest & tax 1,735,112 1,480,874
Finance costs 4 (194,222) (212,354)
Profit / (Loss) before tax 5 1,540,890 1,268,520
Income tax expense 6 (442,236) (263,853)
Profit / (Loss) for the year 1,098,654 1,004,667
Retained earnings at start of year 4,239,805 3,335,138
Dividends paid (150,000) (100,000)
Prior year adjustments 0 0
Retained earnings at end of year 5,188,459 4,239,805
Page 38 of 53
Statement of financial position
at 28 February 2019
Notes 2019 2018

R R
ASSETS
Non-current assets
Property, plant & equipment 7 3,548,797 3,494,827
Intangible assets 8 624,300 728,350
Investments 9 2,302,500 1,682,500
Deferred tax asset 10 33,790 0
6,509,387 5,905,677
Current assets
Inventories 11 352,913 313,745
Trade and other receivables 12 652,079 588,642
Cash and cash equivalents 13 327,674 394,970
1,332,666 1,297,357
Total assets 7,842,053 7,203,034
EQUITY & LIABILITIES
Equity
Share capital 14 1,000 1,000
Reserves 15 0 0
Retained earnings 5,188,459 4,239,805
5,189,459 4,240,805
Non-current liabilities
Long term loans 16 563,772 1,265,992
Finance leases 17 339,151 76,852
Deferred tax liability 10 0 17,377
902,923 1,360,221
Current liabilities
Short term loans 16 702,220 701,693
Current portion of finance leases 17 77,089 69,568
Bank overdraf 13 0 0
Trade payables 19 373,630 366,255
Provisions 20 214,823 214,870
Interest payable 16,185 17,696
Provision for taxation 215,724 131,926
Dividends payable 150,000 100,000
1,749,671 1,602,008
Total liabilities 2,652,594 2,962,229
Total equity & liabilities 7,842,053 7,203,034
Page 39 of 53
Statement of changes in equity
Share
Capital Reserves Retained Earnings Total
R R R R
At 01 March 2017 1,000 0 3,335,138 3,336,138
Profit / (Loss) for the year 0 0 1,004,667 1,004,667
Movement in reserves 0 0 0 0
Dividends 0 0 (100,000) (100,000)
Shares issued 0 0 0 0
At 28 February 2018 1,000 0 4,239,805 4,240,805
Profit / (Loss) for the year 0 0 1,098,654 1,098,654
Movement in reserves 0 0 0 0
Dividends 0 0 (150,000) (150,000)
Shares issued 0 0 0 0
At 28 February 2019 1,000 0 5,188,459 5,189,459
Page 40 of 53
Statement of cash flows
Notes 2019 2018

R R
Cash flows from operating activities
Profit / (Loss) for the year 1,098,654 1,004,667
- Finance costs 194,222 212,354
- Income taxes 442,236 263,853
- Interest received (5,100) (4,562)
- Dividends received (4,065) (3,050)
Adjustments for non-cash income and expenses:
- Depreciation 563,280 500,300
- Amortisation 104,050 104,050
- (Fair value gains) / Impairment losses 100,000 0
- Increase / (Decrease) in provisions (47) 3,233
- Increase / (Decrease) in reserves 0 0
- Prior year adjustments 0 0
Cash flow included in investing activities:
- (Gains) / Losses on sale of equipment (48,250) (18,000)
Changes in operating assets and liabilities:
- Decrease / (Increase) in trade and other receivables (63,437) (79,783)
- Decrease / (Increase) in inventories (39,168) (65,549)
- Increase / (Decrease) in trade and other payables 7,375 72,331
Cash generated from operations 2,349,750 1,989,844
Interest paid (195,733) (209,719)
Income tax paid (409,605) (185,672)
Net cash from operating activities 1,744,412 1,594,453
Cash flows from investing activities

Proceeds from sale of property, plant & equipment 88,000 78,000
Purchases of property, plant & equipment (457,000) (274,750)
Purchases of intangible assets 0 0
Purchases of investments (620,000) (1,382,500)
Interest received 5,100 4,562
Dividends received 4,065 3,050
Net cash used in investing activities (979,835) (1,571,638)
Cash flows from financing activities

Proceeds from issuance of shares 0 0
Proceeds from loans 0 900,000
Repayment of loans (701,693) (578,495)
Repayment of finance leases (30,180) (62,974)
Dividends paid (100,000) (75,000)
Net cash used in financing activities (831,873) 183,531
Net increase / (decrease) in cash and cash equivalents (67,296) 206,346

Cash and cash equivalents at beginning of year 394,970 188,624
Cash and cash equivalents at end of year 13 327,674 394,970
Page 41 of 53
Accounting policies & explanatory notes to the financial statements
1. Basis of preparation and accounting policies
These financial statements have been prepared on the historical cost basis in accordance with the International
Financial Reporting Standard for Small and Medium-sized Entities and are consistent with the previous period. They are
presented in the currency units of South Africa.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts
receivable for goods and services provided in the normal course of business, net of discounts, returns, rebates and
sales-related taxes.
Income tax
The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is
based on the taxable profit for the year.
Deferred tax is recognised on differences between the carrying amounts of assets & liabilities in the financial
statements and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised
for all temporary differences that are expected to increase taxable profit in the future. Deferred tax assets are
recognised for all temporary differences that are expected to reduce taxable profit in the future, and any unused tax
losses or unused tax credits.
Deferred tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit,
is more likely than not to be recovered. The net carrying amount of deferred tax assets is reviewed at each reporting
date and is adjusted to reflect the current assessment of future taxable profits. Any adjustments are recognised in profit
or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (or tax loss) of the periods in
which it expects the deferred tax asset to be realised or the deferred tax liability to be settled, on the basis of tax rates
that have been enacted or substantively enacted by the end of the reporting period.
Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated
impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual values over their
estimated useful lives, using the straight-line method. Land and buildings are not depreciated. The following rates are
used for the depreciation of other property, plant and equipment:
Land & buildings 0.0%

Plant & equipment 20.0%
Furniture & fittings 16.7%
Office equipment 20.0%
Computer equipment 33.3%
Motor vehicles 25.0%
If there is an indication that there has been a significant change in the depreciation rate, useful life or residual value of
an asset, the depreciation of that asset is revised accordingly to reflect the new expectations.
Page 42 of 53
for the year ended 28 February 2019 (continued)
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. They are
amortised over their estimated useful lives (not exceeding ten years) using the straight-line method. The following rates
are used for the amortisation of intangible assets:
Goodwill 10.0%
Trademarks 10.0%
Sofware 10.0%
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an
intangible asset, the amortisation is revised accordingly to reflect the new expectations.
Impairment of assets
At each reporting date, the company assesses whether there is any indication that any asset (property, plant and
equipment and intangible assets) may be impaired. If there is an indication of possible impairment, the recoverable
amount of the affected asset (or group of related assets) is estimated and compared with its carrying amount. If the
estimated recoverable amount is lower, the carrying amount is reduced to its recoverable amount, and an impairment
loss is recognised immediately in profit or loss.
Similarly, inventories are assessed for impairment by comparing the carrying amount of each item of inventory (or
group of similar items) with its selling price less costs to complete and sell. If an item of inventory (or group of similar
items) is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss
is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased
to the revised estimate of its recoverable amount (selling price less costs to complete and sell, in the case of
inventories), but not in excess of the amount that would have been determined had no impairment loss been
recognised for the asset (or group of related assets) in prior years. A reversal of an impairment loss is recognised
immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership of the leased asset to the company. All other leases are classified as operating leases.
Rights to assets held under finance leases are recognised as assets of the company at the fair value of the leased
property (or, if lower, the present value of the minimum lease payments) at the commencement of the lease. The
corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease
payments are apportioned between finance charges and the reduction of the lease obligation so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or
loss. Assets held under finance leases are included in property, plant and equipment, and depreciated and assessed for
impairment losses in the same way as owned assets.
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the
appropriate lease.
Page 43 of 53
Inventories
Inventories are stated at the lower of cost and selling price less costs to complete and sell. Cost is calculated using the
first-in, first-out (FIFO) method.
Trade and other receivables
Most sales are made on the basis of normal credit terms and the receivables do not bear interest. Where credit is
extended beyond normal credit terms, receivables are measured at amortised cost using the effective interest method.
At the end of each reporting period, the carrying amounts of trade and other receivables are reviewed to determine
whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised
immediately in profit or loss.
Trade payables
Trade payables are obligations on the basis of normal credit terms and do not bear interest.
Provisions and contingencies
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event; it is
probable that the company will be required to transfer economic benefits in settlement; and the amount of the
obligation can be estimated reliably. Provisions are not recognised for future operating losses. Contingent assets and
contingent liabilities are not recognised.
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Bank loans and overdrafts
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other
resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividend distribution
Dividend distribution to the company’s shareholders is recognised as a liability in the period in which the dividends are
approved by the company’s shareholders.
2. Revenue
2019 2018
R R
Sales - fruit juice 4,370,245 3,972,950
Sales - vegetable juice 2,541,378 2,269,087
6,911,623 6,242,037
Page 44 of 53
3. Other income
2019 2018
R R
Interest received 0 0
Gain on disposal of property, plant & equipment 48,250 0
Miscellaneous income 41,850 30,900
99,265 38,512
4. Finance costs
2019 2018
R R
Interest on loans and overdraf (165,739) (194,249)
Interest on finance leases (28,483) (18,105)
(194,222) (212,354)
5. Profit before tax
The following items have been recognised as income / (expenses) in determining profit before tax:
2019 2018
R R
Cost of inventories recognised as expense (2,881,575) (2,803,264)
Amortisation of intangible assets (104,050) (104,050)
Depreciation on property, plant & equipment (513,280) (550,300)
Foreign exchange (gains) / losses (6,260) (15,240)
Loss on disposal of property, plant & equipment 0 (18,000)
Impairment of property, plant & equipment (100,000) 0
6. Income tax expense

2019 2018
R R
Current taxation (493,403) (199,198)
Deferred taxation (refer to note 10) 51,167 (64,655)
(442,236) (263,853)
Income tax is calculated at 28.0 per cent (2018: 28.0 per cent) of the estimated assessable profit for the year.
Tax rate reconciliation

Corporate tax rate 28.0 28.0
Exempt income (0.2) (0.3)
Disallowed charges 0.1 0.9
Assessed loss carried over from prior year 0.0 (7.8)
Prior year (over) / under estimation 0.8 0.0
Other 0.0 0.0
Effective tax rate 28.7 20.8
Page 45 of 53
7. Property, plant & equipment
At At
1 March Impairment & 28 February
Cost 2018 Additions Disposals 2019
R R R R
Land & buildings 2,500,000 0 (100,000) 2,400,000
Plant & equipment 1,316,045 230,000 0 1,546,045
Furniture & fittings 350,000 60,000 0 410,000
Office equipment 240,000 0 0 240,000
Computer equipment 150,500 15,000 0 165,500
Motor vehicles 318,000 452,000 (318,000) 452,000
Total 4,874,545 757,000 (418,000) 5,213,545
At At
Accumulated depreciation 2018 Depreciation Disposals 2019
R R R R
Land & buildings 0 0 0 0
Plant & equipment 712,418 338,600 0 1,051,018
Furniture & fittings 158,300 66,400 0 224,700
Office equipment 139,850 47,130 0 186,980
Computer equipment 130,650 14,900 0 145,550
Motor vehicles 238,500 96,250 (278,250) 56,500
Total 1,379,718 563,280 (278,250) 1,664,748
Carrying amount 3,494,827 3,548,797
The carrying amounts of some assets have been assessed to be below the recoverable amounts of the assets and
impairment losses of R100,000 (2018: R0) have been recognised in profit or loss.
The carrying amount of property, plant & equipment includes an amount of R395,500 (2018: R79,500) in respect of
assets held under finance leases.
8. Intangible assets
At At
Cost 2018 Additions Disposals 2019
R R R R
Goodwill 500,000 0 0 500,000
Trademarks 390,500 0 0 390,500
Sofware 150,000 0 0 150,000
Total 1,040,500 0 0 1,040,500
Page 46 of 53
8. Intangible assets (continued)
At At
Accumulated amortisation 2018 Amortisation Disposals 2019
R R R R
Goodwill 150,000 50,000 0 200,000
Trademarks 117,150 39,050 0 156,200
Sofware 45,000 15,000 0 60,000
Total 312,150 104,050 0 416,200
Carrying amount 728,350 624,300
The carrying amounts of some intangible assets have been assessed to be below the recoverable amounts of the assets
and impairment losses of R0 (2018: R0) have been recognised in profit or loss.
9. Investments
2019 2018
R R
Shares - XYZ Company 802,500 802,500
Fixed deposit - ABSA 1,500,000 880,000
2,302,500 1,682,500

10. Deferred tax
The following are the deferred tax liabilities (assets) recognised by the company:
At At
1 March Charge (credit) for 28 February
2018 the year 2019
R R R
Prepayments (12,460) 5,740 (6,720)
Provisions (60,163) 13 (60,150)
Leases 90,000 (56,920) 33,080
Other 0 0 0
17,377 (51,167) (33,790)
The company has not recognised a valuation allowance against the deferred tax assets because, on the basis of past
years and future expectations, management considers it probable that taxable profits will be available against which the
future income tax deductions can be utilised.
The deferred tax assets and the deferred tax liabilities relate to income tax in the same jurisdiction, and the law allows
net settlement.
Page 47 of 53
11. Inventories
2019 2018
R R
Raw materials 85,200 64,120
Work in progress 22,653 15,380
Finished goods 245,060 234,245
352,913 313,745
12. Trade and other receivables

2019 2018
R R
Trade debtors 560,079 490,942
Loans & advances 60,000 48,200
Prepayments 24,000 44,500
Other debtors 0 0
Amounts due by related parties 8,000 5,000
652,079 588,642
13. Cash and cash equivalents

2019 2018
R R
Cash on hand 1,000 990
Cash at bank 326,674 393,980
327,674 394,970
Bank overdraf 0 0
327,674 394,970
The bank overdraf is secured by a floating lien over land & buildings owned by the company with a carrying amount of
R2,400,000 at 28 February 2019 (R2,500,000 at 28 February 2018). Interest is payable at the prime interest rate.
14. Share capital

2019 2018
R R
Issued share capital 1,000 1,000
The share capital balances comprise 1,000 ordinary shares (2018: 1,000) with a par value of R1.00 fully paid, issued and
outstanding. An additional 1,500 shares (2018: 1,500) are legally authorised but unissued.
15. Reserves
2019 2018
R R
Revaluation reserve 0 0
The revaluation reserve comprises fair value gains arising from the revaluation of land and buildings. The reserve is
accounted for in accordance with the accounting policy for property, plant and equipment.
Page 48 of 53
16. Loans
2019 2018
R R
Non-current
Long term loan - ABSA 57,177 604,187
Long term loan - Investec 506,595 661,805
563,772 1,265,992
Current
Short term loan - ABSA 547,010 546,917
Short term loan - Investec 155,210 154,776
702,220 701,693
Long term loans are secured by a floating lien over land & buildings owned by the company with a carrying amount of
R2,400,000 at 28 February 2019 (R2,500,000 at 28 February 2018). Interest is payable on the 5-year bank loan at a fixed
rate of 10 per cent of the principal amount.
17. Finance leases
The future minimum lease payments are as follows:

2019 2018
R R
Within one year 115,243 81,078
Later than one year but within five years 403,353 81,078
Later than five years 0 0
518,596 162,156
The obligation is classified as:
2019 2018
R R
Current liability 77,089 69,568
Non-current liability 339,151 76,852
416,240 146,420
18. Commitments under operating leases
The company rents equipment under operating leases. The leases are for an average period of 3 years, with fixed
rentals over the same period.
2019 2018
R R
Operating lease payments recognised as an expense during the year 11,850 13,400
At year-end, the company has outstanding commitments under non-cancellable operating leases that fall due as
follows:
2019 2018
R R
Within one year 12,000 12,000
Later than one year but within five years 24,000 30,000
Later than five years 0 0
Page 49 of 53
36,000 42,000
Page 50 of 53
19. Trade and other payables

2019 2018
R R
Trade creditors 174,802 211,900
Accrued expenses 110,937 86,520
Sales tax 75,891 59,835
Amounts due to related parties 12,000 8,000
373,630 366,255
20. Provisions
At At
1 March Charges & 28 February
2018 Additions Reversals 2019
R R R R
Claims 54,300 61,800 (54,300) 61,800
Leave 61,500 82,650 (61,500) 82,650
Bonuses 99,070 70,373 (99,070) 70,373
Other 0 0 0 0
214,870 214,823 (214,870) 214,823
A total of R13,000 (2018: R4,937) of the previous year's provisions were unused and reversed during the current
reporting period.
21. Contingent liabilities
During the current financial year, a customer initiated legal proceedings against the company for alleged faulty
products. The customer asserts that its total losses are R150,000 and has initiated litigation claiming this amount. The
company’s legal counsel do not consider that the claim has any merit and no provision has therefore been recognised in
these financial statements.
22. Events after the end of the reporting period
During April 2019, a fire at the company's premises caused significant damage to equipment. The equipment was
insured in full and claims put forward to the insurers are being processed but the company was not insured for the loss
of business due to the delay in replacing the equipment. The loss of business is estimated to result in financial losses of
R175,000.
23. Related party transactions

2019 2018
R R
Amounts owed by related parties and included in trade receivables 8,000 5,000
Amounts owed to related parties and included in trade payables 12,000 8,000
The total remuneration of directors and members of key management in 2019 (including salaries and benefits) was
R685,720 (2018: R434,640).
Page 51 of 53
Trial Balance Sequence & Rounding
© www.excel-skills.com - ok
Acc No Account Description Amount Check Amount
BS-0005 Land & Buildings - Cost 2,400,000.00 ok 2,400,000.00
BS-0010 Plant & Equipment - Cost 1,546,045.00 ok 1,546,045.00
BS-0015 Furniture & Fittings - Cost 410,000.00 ok 410,000.00
BS-0020 Office Equipment - Cost 240,000.00 ok 240,000.00
BS-0025 Computer Equipment - Cost 165,500.00 ok 165,500.00
BS-0030 Motor Vehicles - Cost 452,000.00 ok 452,000.00
BS-0105 Land & Buildings - Accum Depreciation - ok -
BS-0110 Plant & Equipment - Accum Depreciation -1,051,018.00 ok -1,051,018.00
BS-0115 Furniture & Fittings - Accum Depreciation On
On this
this sheet:
sheet:
-224,700.00 ok -224,700.00
The
The calculations
calculations on
on this
this sheet
sheet enable
enable users
users to to review
review the
the sequence
sequenceokof of trial
trial balance accounts
balance-186,980.00
accounts
BS-0120 Office Equipment - Accum Depreciation -186,980.00
before
before copying
copying the the account
account balances
balances to to the
the TB
TB sheet.
sheet. The
The sequence
sequence of of accounts
accounts can can be
be
BS-0125 Computer Equipment
amended
amended until
until nono-errors
Accum are
errors Depreciation
are reflected
reflected and
and the -145,550.00in column
the calculations
calculations in column ok E round all trial
E round all trial-145,550.00
balance
balance
BS-0130 amounts
Motor Vehicles to
amounts the
the nearest
-toAccum integer
integer value
Depreciation
nearest value thereby
thereby ensuring that
-56,500.00
ensuring that all
all theoktotals
the totals onon the
the financial
-56,500.00
financial
BS-0205 Goodwill - Cost statements
statements are accurate.
are500,000.00
accurate. ok 500,000.00
BS-0210 Trademarks - Cost 390,500.00 ok 390,500.00
BS-0215 Software - Cost 150,000.00 ok 150,000.00
BS-0305 Goodwill - Accum Amortization -200,000.00 ok -200,000.00
BS-0310 Trademarks - Accum Amortization -156,200.00 ok -156,200.00
BS-0315 Software - Accum Amortization -60,000.00 ok -60,000.00
BS-0400 Share Investment - XYZ 802,500.00 ok 802,500.00
BS-0405 ABSA Fixed Deposit 1,500,000.00 ok 1,500,000.00
BS-0500 Loans & Advances 60,000.00 ok 60,000.00
BS-0700 Cash On Hand - ok -
BS-0799 Cash Transfer Control - ok -
BS-0900 Other Debtors - ok -
BS-0905 Prepayments 24,000.00 ok 24,000.00
BS-1001 Raw Materials 85,200.00 ok 85,200.00
BS-1002 Work in progress 22,653.00 ok 22,653.00
BS-1003 Finished goods - ok -
BS-1100 Bank Overdraft - ok -
BS-1300 Accruals -90,365.00 ok -90,365.00
BS-1305 Payroll Accruals -20,572.00 ok -20,572.00
BS-1310 Interest Payable -16,185.00 ok -16,185.00
BS-1405 Dividends Payable -150,000.00 ok -150,000.00
BS-1505 Provision For Taxation -215,724.00 ok -215,724.00
BS-1610 Other provisions -214,823.00 ok -214,823.00
BS-1700 Sales Tax Control -75,891.00 ok -75,891.00
BS-1805 ABSA Loan -604,187.00 ok -604,187.00
BS-1810 Investec Loan -661,805.00 ok -661,805.00
BS-1815 Finance Leases -416,240.00 ok -416,240.00
BS-1900 Reserves - ok -
BS-2000 Shareholders' Contributions -1,500.00 ok -1,500.00
BS-2200 Deferred Tax 33,790.00 ok 33,790.00
IS-0105 Sales - Fruit Juice -4,370,245.00 ok -4,370,245.00
IS-0110 Sales - Vegetable Juice -2,541,378.00 ok -2,541,378.00
IS-0205 Cost of Sales - Fruit Juice 1,966,610.00 ok 1,966,610.00
IS-0210 Cost of Sales - Vegetable Juice 914,965.00 ok 914,965.00
IS-0299 Cost of Sales - Direct Costs - ok -
IS-0305 Accounting Fees 24,000.00 ok 24,000.00
IS-0310 Advertising & Marketing 143,644.00 ok 143,644.00
IS-0315 Bank Charges 1,180.00 ok 1,180.00
IS-0320 Commission 27,850.00 ok 27,850.00
IS-0325 Computer Expenses 3,477.00 ok 3,477.00
IS-0330 Consumables & Cleaning 2,500.00 ok 2,500.00
IS-0335 Entertainment 12,420.00 ok 12,420.00
IS-0340 Insurance 3,840.00 ok 3,840.00
IS-0345 Office Expenses 996.00 ok 996.00
IS-0350 Office Rent 144,000.00 ok 144,000.00
IS-0355 Postage 524.00 ok 524.00
Trial Balance Sequence & Rounding
© www.excel-skills.com - ok
Acc No Account Description Amount Check Amount
IS-0360 Professional & Legal Fees 5,652.00 ok 5,652.00
IS-0365 Stationery 2,491.00 ok 2,491.00
IS-0370 Subscriptions & Memberships 5,200.00 ok 5,200.00
IS-0375 Telephone & Internet 8,867.00 ok 8,867.00
IS-0380 Training 4,043.00 ok 4,043.00
IS-0385 Travelling & Accommodation 13,705.00 ok 13,705.00
IS-0390 Utilities 6,540.00 ok 6,540.00
IS-0405 Salaries & Wages - Staff 548,600.00 ok 548,600.00
IS-0410 Salaries & Wages - Management 685,720.00 ok 685,720.00
IS-0505 Depreciation 513,280.00 ok 513,280.00
IS-0510 Amortization 104,050.00 ok 104,050.00
IS-0605 Interest Paid 194,222.00 ok 194,222.00
IS-0700 Taxation 442,236.00 ok 442,236.00
IS-0800 Other Expenses 125,362.00 ok 125,362.00
IS-0805 Foreign Exchange Loss 6,260.00 ok 6,260.00
IS-0810 Loss on Disposal of Assets - ok -
IS-0900 Other Income -41,850.00 ok -41,850.00
IS-0905 Dividends Received -4,065.00 ok -4,065.00
IS-0910 Profit on Disposal of Assets -48,250.00 ok -48,250.00
IS-0915 Interest Received -5,100.00 ok -5,100.00
IS-1000 Dividends 150,000.00 ok 150,000.00
BS-BB1 B1 Bank Account 277,026.00 ok 277,026.00
BS-BPC PC Petty Cash 1,000.00 ok 1,000.00
BS-BJC GL Journal Control - ok -
BS-STG Inventory 245,060.00 ok 245,060.00
BS-RCG Trade Debtors 568,079.00 ok 568,079.00
BS-PAG Trade Creditors -186,802.00 ok -186,802.00
BS-RTG Retained Earnings -4,239,805.00 ok -4,239,805.00

Financial Statement Sample 1

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Financial Statement Sample 1

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Excel Skills | Financial Statements Template

Example 1 - Account Group Links

Example 2 - Account Number Links

Example 3 - Additional Disclosure

New reporting classes

Adding new financial periods

Trial balance check & import

Rounding in financial statements

Items with descriptions that are based on specific TB reporting classes

Items that are used in other disclosures

Annual Financial Statements

Customizing the standard financial statement data

Printing Financial Statements

All the details on this sheet need to be entered in column E.

Statement of comprehensive income and retained earnings

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

General information and accounting policies

Profit before tax

Income Tax Expense

Property, Plant & Equipment

Trade and other receivables

Trade and other payables

Events after the end of the reporting period

Related Party Transactions

Help & Customization

Year End Month February

Reporting Year 2019

Total Number of Pages 18

Table of contents Page

Statement of comprehensive income and retained earnings 6

Statement of financial position 7

Statement of changes in equity 8

Statement of cash flows 9

Accounting policies and explanatory notes to the financial statements 10 - 18

Approval of financial statements

Country of incorporation South Africa

Reporting currency South African Rand

Registered office Street Address

Business address Street Address

Postal address PO Box 9999, Suburb

Bankers AAA Bank

Company secretary XYZ Secretary Services

Company registration number 2015 000000 00

To the directors of Example (Pty) Limited

Main business activities

Review of operations and financial results

Significant changes in the state of affairs

Events arising since the end of the reporting period

Notes 2019 2018

Revenue 2 6,911,623 6,242,037

Notes 2019 2018

EQUITY & LIABILITIES

At 01 March 2017 1,000 0 3,335,138 3,336,138

Profit / (Loss) for the year 0 0 1,004,667 1,004,667

Dividends 0 0 (100,000) (100,000)

At 28 February 2018 1,000 0 4,239,805 4,240,805

Profit / (Loss) for the year 0 0 1,098,654 1,098,654

Dividends 0 0 (150,000) (150,000)

At 28 February 2019 1,000 0 5,188,459 5,189,459

Notes 2019 2018