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Abbreviated Accounts - Medium Sized Companies

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Abbreviated accounts for medium-sized companies and limited liability partnerships

The abbreviated accounts of a qualifying medium-sized company or limited liability partnership (LLP) don't have to include the full profit and loss account that larger companies and LLPs have to file at Companies House.

But you must include:

  • An abbreviated profit and loss account. Note that medium-sized LLPs are no longer exempt from disclosing turnover in abbreviated accounts. However, the exemption from disclosing detailed particulars of turnover in the notes to the accounts remains.
  • A full balance sheet, signed by a director.
  • A special auditor's report.
  • A directors' report with a business review (no requirement for equivalent members' report for LLPs).
  • Notes to the accounts.

For companies where the accounting reference period started before 6 April 2008 (and for LLPs with accounting reference periods starting before 1 October 2008), you must state in the balance sheet and directors' report that the accounts have been prepared in line with the special provisions in part VII of the Companies Act 1985 which relates to medium-sized companies and LLPs.

For companies, the auditor's report must state that your company is entitled to submit abbreviated accounts in line with the relevant section of the Companies Act 2006.

The auditor's report for LLPs must state that the LLP is entitled to submit abbreviated accounts in line with the relevant section of the Companies Act 2006 as applied to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Your notes to the accounts must also disclose the amount of remuneration paid to the auditor (including any benefits in kind) for auditing the company accounts.

 

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