The company has transitioned from reporting under FRS105 (micro entity regime) to reporting under FRS102 1A. The year of transition is the year ended 30 Septemebr 2023. This requires the company to also restate the comparative figures for the immediately preceeding accounting period. A reconciliation of the effects of the transition is provided below:
Reconciliation of equity
Capital & reserves (as previously stated) on 01/10/21 was £67,601 (30/09/22 - £169,199).
Deferred tax on qualifying fixed assets now provided for (see note below) as at 01/10/21 was £6,441 (30/09/22 - £24,198).
Capital & reserves (as restated) on 01/10/21 is now £61,160 (30/09/22 - £145,001).
Reconciliation of profit or loss for the year ended 30 September 2022
Profit for the year ended 30 September 2022 as previously reported was £101,596.
Deferred tax now provided on qualifying fixed assets (see note below) £17,757.
Profit for the year ended 30 September 2022 (as restated) £83,839.
Notes to the reconciliations
Deferred tax on qualifying fixed assets is required to be recognised under FRS102 1A whereas there was no such requirement under FRS105. Consequently deferred tax of £6,441 was recognised on 1 October 2021 and an additional provision of £17,757 has been recognised at 30 September 2022. The effect on profit is a reduction in profit of £17,757 for the year ended 30 September 2022.