Abbreviated Accounts

Small and medium sized companies (SMEs) and limited liability partnerships (LLPs) can choose to submit abbreviated accounts to Companies House.

A Small Company is a business that meets at least two of the following three conditions:

• annual turnover must be £5.6 million or less
• balance sheet total must be £2.8 million or less
• average number of employees must be no more than 50

A Medium Company or LLP is a business that meets at least two of the following three conditions:

• annual turnover must be £22.8 million or less
• balance sheet total must be £11.4 million or less
• average number of employees must be no more than 250

Accounts

Accounts
It is a regulatory requirement for every limited company in the United Kingdom to file annual accounts with Companies House. Failure to do so may can result in penalties and fines. Financial accounts typically conists of an income statement, balance sheet and cash flow statement as well as notes to support these three documents.

Small limited companies may submit abbreviated accounts which contain less detail. Most significantly only a balance sheet need be filed.