What are abbreviated accounts?

In accordance with UK Company Law (CA 2006), all companies (including dormant companies) and Limited Liability Partnerships (LLPs) are required to submit statutory accounts to Companies House. However, they do not necessarily need to be audited.

The statutory accounts must be in accordance with UK company law and appropriate GAAP (UK GAAP or IFRS – International Financial Reporting Standards).

Some small companies and LLPs don’t need to have their statutory accounts audited and are not required to appoint an auditor.

Do Abbreviated accounts & reduced disclosure apply to me?

Small companies and LLPs can benefit from relaxation of the general requirement to supply full statutory accounts to Companies House, allowing filing of abbreviated accounts and adoption of the Financial Reporting Standard for Smaller Entities (FRSSE).

Ø  Advantages of filing abbreviated accounts:

Ø  Reduced notes to the financial statements

Ø  Some information is kept secret from competitors

Ø  Protect commercial interests by not disclosing certain information such as margins

Ø  Directors details remains private

Ø  No Directors Report or Profit and Loss Account required.

So, if you are considering this approach or want advice or assistance give Omni Chartered Accountants a call now on 01902 837 408, request a call back at the top of the page, or contact us.