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In the UK companies can make shorter versions of their financial statements called abbreviated accounts. These give a quick overview of the companys money situation without all the detailed info in full financial statements.
To use abbreviated accounts, a company has to meet certain conditions. Usually, private limited companies that are "small" or "micro-entities" under the Companies Act 2006 can go for abbreviated accounts. Small companies generally have a turnover of £10.2 million or less, a balance sheet of £ 5.1 million or less, and an average of 50 employes or fewer. Micro-entities have even lower limits.
The decision to make abbreviated accounts is up to the companys directors, and the accounts still have to follow the rules. Once ready these shorter accounts can be filed with Companies House along with the companys yearly return, making financial reporting simpler for eligible companies.
To use abbreviated accounts, a company has to meet certain conditions. Usually, private limited companies that are "small" or "micro-entities" under the Companies Act 2006 can go for abbreviated accounts. Small companies generally have a turnover of £10.2 million or less, a balance sheet of £ 5.1 million or less, and an average of 50 employes or fewer. Micro-entities have even lower limits.
The decision to make abbreviated accounts is up to the companys directors, and the accounts still have to follow the rules. Once ready these shorter accounts can be filed with Companies House along with the companys yearly return, making financial reporting simpler for eligible companies.
