FRS 102 Lease Data Fields: Full Reference
This reference explains every field in the lease form, including its FRS 102 basis and how it affects calculations.
Lease Identification
Fields that identify the lease:
| Field | Description | Required |
|---|---|---|
| Contract Reference | Your internal lease identifier | Yes |
| Lessor Name | Landlord or leasing company | Yes |
| Asset Description | Brief description of the asset | Yes |
| Asset Class | Category for reporting | Yes |
Lease Term
Dates and duration:
| Field | Description | FRS 102 Ref |
|---|---|---|
| Commencement Date | When lessee can use the asset | 20.45 |
| End Date | Expected end of lease term. On a rolling hire this is the end of the notice period | 20.37-20.44 |
| Lease Term (months) | Duration in months | 20.38 |
| Term basis | Fixed end date, or rolling until one party gives notice | 20.38 |
| Notice period | How much notice ends a rolling hire, in days, weeks or months. The period the hire is enforceable for | 20.39 |
| Who may give notice | You, the lessor, or either party. Where only the lessor may, the notice period does not fix the term | 20.38 |
| Termination charge | Whether ending the hire early carries a charge that is more than insignificant | 20.39 |
Payment Details
How much and when payments are made:
| Field | Description |
|---|---|
| Payment Amount | Recurring (ongoing) payment to lessor |
| Initial Rental | Larger first advance rental, if any (e.g. a 3+47 vehicle contract-hire profile) |
| Number of Recurring Rentals | How many rentals follow the initial one, as stated on the agreement |
| Payment Frequency | Weekly, monthly, quarterly, semi-annual or annual |
| Payment Timing | Advance or Arrears |
Initial rental (UK contract hire)
UK vehicle contract hire often quotes a larger first payment, an "initial rental", alongside the recurring rent (commonly written as a "3 + 47" profile: an initial rental of three months' rent paid up front, then 47 monthly rentals). When AI Import detects this, the Initial Rental field on the review screen holds that larger first amount and Payment Amount keeps the recurring figure. On approval, Lease102 builds a payment schedule with the initial rental as the first (advance) payment and the recurring rent thereafter, so the lease liability and right-of-use asset reflect the full Day-1 outlay. Leave Initial Rental blank when every payment is the same.
Number of Recurring Rentals (payment-free months)
The second number of an "X + Y" profile is how many rentals follow the initial one, and it is captured in the Number of Recurring Rentals field. It matters because lessors use two conventions and only the stated count tells them apart. On a 48-month agreement with three months up front "followed by 47 monthly rentals", every month of the term carries a payment (1 + 47 = 48). On a 36-month agreement with three months up front and 33 subsequent rentals, all 36 rentals are collected over 34 payment dates, so the final two months carry no rental at all. Fleet customers usually call that "a 3 + 33 with the last two months free". Lease102 stops the recurring rent after the stated number of rentals and adds a zero-payment period for the rest of the term, which keeps the liability on the payments actually due. Read the count off the agreement rather than working it out, and leave the field blank when no count is stated.
Asset identifiers & document details
Captured for audit and to identify the asset; these do not change the calculation:
| Field | Description |
|---|---|
| Registration | Vehicle number plate (vehicles only) |
| Serial Number / VIN | The identifier marked on the asset. Shown for vehicles, plant, equipment and IT. On a vehicle this is the 17-character VIN; on plant or equipment it is the manufacturer's serial or plant number, which has no fixed length |
| Date Signed | Date the agreement was signed/executed - recorded for audit; the schedule is driven by the commencement (delivery) date, not the signing date |
Scanned PDFs and accuracy
When you import a scanned PDF, Lease102 automatically rotates and straightens the pages before the AI reads them, so a sideways or upside-down scan no longer corrupts identifiers like the registration or serial number. Identifiers that still look implausible are flagged on the review screen so you can confirm them against the document before approving: a vehicle VIN that is not 17 characters, a number plate that does not read as one, or an identifier left as a placeholder such as "N/A". A serial number on plant, equipment or IT is never measured against the VIN format, because those carry a manufacturer's serial with no common shape. Always review extracted identifiers on a low-quality scan.