Learn more about the business reporting services an accountant can provide.
Abbreviated Accounts
Small companies can provide only abbreviated accounts to Companies House as part of their reporting requirements. The ‘small’ company must have any two of the following:
£6.5 million or less in turnover
Balance sheet with less than £3.26 million
Less than 50 employees
In addition, public limited companies, a financial services or insurance company a group company where the above apply cannot be classed as ‘small’.
The abbreviated accounts are just the balance sheet portion of the statutory accounts merged with relevant notes. Essentially allowing the profit and loss statement to be omitted.
The company will still need to produce the full statutory accounts for tax purposes.
Statutory Accounts
These reports include a balance sheet, profit and loss account, relevant notes and a director’s report. They must be produced whether a company is large or small.
Copies of statutory accounts are submitted to shareholders, companies house (unless abbreviated) and HMRC for tax purposes.
Accounts can be produced under the IFRS or UK GAAP standards.
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