Abbreviated Accounts

There are different types of accounts your company can file to Companies House. The type of accounts your company are eligible to file is dependent on whether your company meet the criteria set out by the Companies Act. Remember that failed to file accounts by the due date your company will receive automatic late filing penalty. From 1 February 2009, late filing penalty for a private limited company starts from £150 up to a maximum of £1,500 and public limited company begin at £750 and up to a maximum of £7,500.

A company that is dormant since its incorporation or has not been traded may file dormant accounts to Companies House. You can file the accounts soon after the year end or together with your company annual return so that you can eliminate one thing from your to do list.

Quoted companies must publish their accounts on the internet for public access for accounts with accounting periods commencing on 6 April 2003 in addition to filing full accounts to Companies House. The disclosure requirements for a public limited company are comprehensive and can be highly complex.

Abbreviated Accounts

Small and medium-sized companies may file abbreviated accounts at Companies House. Abbreviated accounts put less information for public record.

The abbreviated accounts for small company are less detailed. The accounts must contain abbreviated balance sheet and notes to the abbreviated accounts.

Medium-sized companies must send more information to Companies House but they need not disclose turnover, other operating income or cost of sales. However, for accounts periods commencing on or after 6 April 2008 they must disclose turnover.

Both small and medium-sized companies must send full accounts to their shareholders.

Small and Medium Sized Company Criteria

In order to be eligible to file abbreviated accounts to Companies House, your company must meet the following criteria:

Your company must not a banker or insurance company or a public listed company or regulated under the Financial Services Authority or a member of an ineligible group.

All other companies are classified as large and not entitled to exemptions.

If you require help in preparing your company accounts, you are welcome to speak to one of our accountants, they will provide you with the best priced accounting package.

Concise Accountancy – Complete accounting solutions for limited companies