Accounts and reports—glossary of terms
Accounts and reports—glossary of terms

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Accounts and reports—glossary of terms
  • Brexit impact
  • A
  • B
  • C
  • D
  • F
  • G
  • H
  • I
  • more

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

A

Abbreviated accounts If the accounts of a small company (that is not a micro-entity) relate to financial years beginning before 1 January 2016 (or financial years beginning before 1 January 2015, if the directors of the company decide that the provisions of the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980) should take early effect), it may file abbreviated accounts at Companies House, rather than its full accounts.
If the accounts of that same company relate to financial years beginning on or after 1 January 2016 (or financial years beginning on or after 1 January 2015, if the directors so decide) it may file abridged accounts at Companies House if it chooses to do so and all the members of the company have consented to the abridgement.
The required level of disclosure in abbreviated accounts is lower than the level required in full accounts. One of the key advantages of filing abbreviated accounts is that a small company may preserve some degree of confidentiality about its activities. For further information see Practice Note: Filing