Filing abridged company accounts

Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance

Companies that are dormant or qualify as a small company or ‘micro-entity’ can choose to send a simpler set of accounts known as abridged accounts to Companies House and do not need to be audited. These abridged accounts contain a simpler balance sheet and mean that less information about the company will be available in the public domain.

A company is usually classed as dormant by Companies House if it’s had no ‘significant’ transactions in the financial year to be reported.

A small company is defined as a business with two of the following:

  • a turnover of £10.2 million or less;
  • £5.1 million or less on its balance sheet;
  • 50 employees or less.

A micro-entity is defined as a business with two of the following:

  • a turnover under £632,000;
  • £316,000 or less on its balance sheet;
  • 10 employees or fewer.

If your company is a micro-entity, you can:

  • prepare simpler accounts that meet statutory minimum requirements;
  • send only your balance sheet with less information to Companies House; and
  • benefit from the same exemptions available to small companies.

Abridged accounts can only be sent with the agreement of all the company members.

Source: Companies House Tue, 29 Nov 2022 00:00:00 +0100

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