Gibraltar Profit and Loss Account Template
A free, auto-calculating profit and loss account template for Gibraltar businesses, aligned to FRS 102 terminology.
- Accounting standard
- FRS 102 (UK GAAP)
- Financial year
- Company-set accounting reference period (commonly 31 Dec); tax year 1 Jul–30 Jun
- Currency
- GBP (£)
- Filed with
- Companies House Gibraltar
| 2026 | 2025 | |
|---|---|---|
| Turnover | £850,000 | £850,000 |
| Cost of sales | £510,000 | £510,000 |
| Gross profit | £340,000 | £340,000 |
| Administrative expenses | £180,000 | £180,000 |
| Other operating expenses | £45,000 | £45,000 |
| Operating profit | £115,000 | £115,000 |
| Interest payable | £12,000 | £12,000 |
| Profit before taxation | £103,000 | £103,000 |
| Tax on profit | £28,000 | £28,000 |
| Profit for the financial year | £75,000 | £75,000 |
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How to Fill In a Gibraltar Profit and Loss Account Template
A profit and loss account, sometimes called an income statement, shows how much a business earned and spent over a period, ending in a profit or loss for the year. It is the single most-requested statement when applying for finance, reporting to shareholders, or simply understanding whether the business made money.
Gibraltar companies preparing accounts under FRS 102 use UK-style terms such as turnover and administrative expenses rather than generic "revenue" and "operating costs" labels, and this template follows that convention throughout.
What is a profit and loss account?
A profit and loss account records income and expenses over a defined period — typically the company’s financial year — and works down through gross profit and operating profit to a final profit (or loss) for the financial year, which then feeds into the balance sheet as retained earnings.
What to include
- Turnover — total income earned from ordinary trading activities for the period.
- Cost of sales — the direct costs of goods or services sold, deducted from turnover to reach gross profit.
- Gross profit — turnover less cost of sales, showing trading margin before overheads.
- Administrative expenses — general overheads such as staff and premises costs.
- Other operating expenses — additional operating costs not classed as administrative.
- Operating profit — gross profit less administrative and other operating expenses.
- Interest payable — finance costs such as loan interest, deducted to reach profit before taxation.
- Profit before taxation — operating profit less interest payable.
- Tax on profit — the tax charge for the year.
- Profit for the financial year — the final total after tax.
Step-by-step guide
- Enter turnover for the period, recording income from your ordinary trading activities.
- Deduct cost of sales — the direct costs of the goods or services you sold — to arrive at gross profit.
- Deduct administrative expenses, such as staff costs, premises and general overheads.
- Deduct any other operating expenses not already captured, to reach operating profit.
- Deduct interest payable on loans or other finance costs to reach profit before taxation.
- Deduct tax on profit for the year.
- Check the final line — profit for the financial year — matches the movement you expect in retained earnings on the balance sheet.
- Compare this year’s figures against the prior period column to spot significant movements before finalising.
Gibraltar-specific rules
Most Gibraltar companies prepare their profit and loss account under FRS 102, following the same UK GAAP presentation and terminology used across the UK, since Gibraltar company law closely mirrors the UK model. Small companies may apply the simplified Section 1A regime, and micro-entities can use the further-simplified FRS 105 format.
The profit and loss account itself is not filed separately with Companies House Gibraltar for small or micro companies claiming an exemption — it forms part of the accounts a director and, where required, an accountant prepare, with only the balance sheet and notes filed for the smallest companies.