Definition
Abridged accounts are a shortened form of small company accounts in which some balance sheet lines, and optionally some profit and loss lines, are combined into fewer headings. A company can only prepare them if all its members (shareholders) agree. Companies House lists them as “unaudited abridged” or “audited abridged” accounts. The option is abolished for accounts filed from 1 April 2028.
How abridged accounts work
Abridged accounts were introduced by regulations made in 2015, replacing the older abbreviated accounts. The same abridged set goes to the members and to Companies House. The balance sheet must state that the members have agreed to abridged accounts under section 444(2A) of the Companies Act 2006, and a director signs it with their name printed.
Abridged vs filleted
Abridged accounts condense the figures, while filleted accounts leave the profit and loss account out altogether. Both reduce the detail on the public register. For the choices open to a small company today, see the small company accounts options set against micro-entity accounts.
After 1 April 2028
Small companies will have to file full accounts, with a balance sheet and profit and loss account prepared under the small companies regime. They will be able to opt out of publishing the profit and loss account, and every set of accounts must be filed using software.
Related questions
- What is changing about company accounts filing in April 2028? Software-only filing, a profit and loss account from every micro and small company, and the end of abridged accounts.
- Do abridged accounts need shareholder approval? Yes, every member must agree, and the balance sheet must include a statement confirming it.
Related terms
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Filleted accounts
Filleted accounts is the informal name for a small or micro company's accounts filed at Companies House without the profit and loss account…
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Total exemption full accounts
"Total exemption full" is the label Companies House shows in a company's filing history when a small company has filed full accounts…
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Small company accounts
Small company accounts are annual accounts prepared under the small companies regime, normally using the accounting standard FRS 102 Section 1A.
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Profit and loss account
The profit and loss account (P&L, also called the income statement) shows a company's income, costs and resulting profit or loss for its financial year…
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