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Abbreviated Accounts

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Can you file abbreviated accounts?

In most cases, small and medium-sized companies and limited liability partnerships (LLPs) are entitled to submitabbreviated accounts to Companies House - which means they have to provide less information.

For financial years starting on or after 6 April 2008, a small company (1 October 2008 for a small LLP) must meet at least two of the following conditions:

  • annual turnover must be no more than £6.5 million
  • balance sheet total must be no more than £3.26 million
  • average number of employees must be no more than 50

For financial years starting on or after 6 April 2008, a medium-sized company (1 October 2008 for a medium-sized LLP), must meet at least two of the following conditions:

  • annual turnover must be no more than £25.9 million
  • balance sheet total must be no more than £12.9 million
  • average number of employees must be no more than 250

Even if a company or LLP stops being small or medium-sized through expansion, it will still be regarded as such for one financial year afterwards. If it then reverts to being a small or medium-sized company the following year, the exemption will continue uninterrupted.

If you think your company or LLP might qualify, you may consider consulting a professional accountant before preparing abbreviated accounts.

There are special rules for groups of small and medium-sized companies and LLPs whose total overall size falls within the small and medium categories. Recent expansions to the scheme now also allow some small financial services providers and some small businesses - such as home-finance providers - that comply with Sharia Law to take part in the scheme.

The right to prepare abbreviated accounts for Companies House does not affect the company's obligations to prepare full accounts for its members.

Some small and medium-sized companies, LLPs and groups are exempted from the right to submit abbreviated accounts.

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