Abbreviated accounts definition

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Accounts and reports—glossary of terms

Accounts and reports—glossary of terms STOP PRESS: A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook came into force to implement the changes and the previous Listing Rules sourcebook was revoked. For further information, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note reflects the listing regime as it was prior to 29 July 2024. 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 (see the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980)), it may file abbreviated accounts at Companies House,...

Company accounts for restructuring & insolvency lawyers

Company accounts for restructuring & insolvency lawyers This Practice Note is intended to provide an overview of company accounts for lawyers specialising in restructuring and insolvency. The scope of this note is confined to limited liability companies with some additional references to the requirements for listed companies. The requirements for limited liability partnerships are broadly similar to those of private limited companies. This Practice Note covers the following: • Financial reporting obligations and standards in the UK—general requirements • The audit report • Consequences of filing company accounts late in order to complete a restructuring • Additional financial information that a company may provide to creditors during a restructuring • Obligation to file accounts ceases upon company entering insolvency process • Assets and liabilities of particular interest to insolvency professionals The terms ‘accounts’ and ‘financial statements’ are used interchangeably. This practice note adopts the term ‘Accounts’. Financial reporting obligations and standards in the UK—general requirements Basic requirements under the Companies Act 2006 All incorporated entities in the UK...

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Preliminary notice of claim—against an accountant for breach of contract and, or alternatively, negligence in preparing accounts

Preliminary notice of claim—against an accountant for breach of contract and, or alternatively, negligence in preparing accounts [ON THE HEADED NOTEPAPER OF CLAIMANT’S SOLICITORS] FAO [MANAGING PARTNER] [NAME OF DEFENDANT ACCOUNTANT] [ADDRESS LINE 1] [ADDRESS LINE 2] [POSTCODE] [DATE] Dear [insert organisation name] [PROSPECTIVE CLAIMANT’S NAME] AND [PROSPECTIVE DEFENDANT’S NAME] Preliminary notice of claim We write on behalf of our client [insert client’s name]. This letter is our client’s preliminary notice of claim (‘Preliminary Notice’), as required by the Pre-Action Protocol for Professional Negligence (the ‘Protocol’), paragraph 5.1, a copy of which is enclosed for your ease of reference. Parties to the dispute The parties to this dispute are our client [insert name of client] and you [insert name of professional]. Our client’s complaint Pursuant to a retainer letter dated [insert date] you were instructed to act as our client’s accountant. In particular, you were instructed to prepare, on behalf of our

Letter of claim—against an accountant for breach of contract and, or alternatively, negligence in preparing accounts

Letter of claim—against an accountant for breach of contract and, or alternatively, negligence in preparing accounts [ON THE HEADED NOTEPAPER OF CLAIMANT’S SOLICITORS] Our ref: [insert your file reference for this matter] FAO: [INSERT RELEVANT NAME] [NAME OF DEFENDANT ACCOUNTANT] [ADDRESS LINE 1] [ADDRESS LINE 2] [POSTCODE] [DATE] Dear [insert name] [PROSPECTIVE CLAIMANT’S NAME] AND [PROSPECTIVE DEFENDANT’S NAME] LETTER OF CLAIM [We write further to our letter dated [insert date of your preliminary notice of claim, if sent]. That letter was a preliminary notice of claim sent pursuant to the Pre-Action Protocol for Professional Negligence, and required an acknowledgment by [insert date].] [We are in receipt of your letter dated [insert date] acknowledging receipt of the preliminary notice. [However, we await confirmation that your professional insurers have been advised of the circumstances of our client’s claim against you. We also request that you pass a copy of this letter to them, and confirm to us that you have done so.] ] 1 Overview and basis of claim...

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Are shareholders entitled to full accounts even if only abridged and unaudited accounts are filed at Companies House?

Are shareholders entitled to full accounts even if only abridged and unaudited accounts are filed at Companies House? The rules relating to accounts and audit are many and complex. While the directors of every company must prepare accounts for each financial year, the requirements vary significantly depending on whether the company is quoted or unquoted, and if unquoted, whether it is medium-sized, small or a micro-entity (or dormant). For further information and links to detailed materials on the accounting regimes for the different sizes of company, see Practice Note: Accounts and reports—an outline of the statutory framework. The position as regards audit is also dependent on a number of circumstances and exemptions. Under section 475 of the Companies Act 2006 (CA 2006), a company is required to have its annual accounts for a financial year audited in accordance with CA 2006, Pt 16, unless the company can take advantage of one of the exemptions available. A company’s annual accounts for a financial year must be audited...

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Lexis®PSL Corporate weekly highlights—13 April 2017

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 13 April 2017, which provide news updates, a comprehensive list of dates for your diary as well as information about new content and Market Tracker. This week’s edition features news of: the coming into force of new rules on gender pay gap reporting, the publication of the PIRC UK Shareowner Voting Guidelines 2017; a recent poll on stakeholder engagement; updated ICAEW and ICAS guidance on realised and distributable profits; Companies House’s updated guidance on filing accounts; a proposed public beneficial ownership register for overseas entities holding UK property; the impact of the Insolvency (England and Wales) Rules 2016; and ESMA’s updated Q&As on AIFMD and UCITS. There is also analysis of the Supreme Court case, Wood v Capital Insurance Services, concerning contractual interpretation. This week we have published a new Precedent, a new Checklist, eight new Q&As, as well as significantly updated ten Practice Notes.

Lexis®PSL Corporate weekly highlights—5 May 2016

Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 5 May 2016, which provides news updates and a comprehensive list of dates for your diary. This week’s edition includes updates on guidance from Companies House on regulations removing the ability for small and medium-sized companies to file abbreviated accounts; a new issue of Inside AIM from the London Stock Exchange to support nominated advisers as they work with their clients to prepare them for the introduction of the Market Abuse Regulation; the Financial Conduct Authority’s policy statement on two consultations relating to MAR and the delay of disclosure of inside information, as well as updates relating to the Markets in Financial Instruments Directive. It also includes new Q&As and highlights our new template register of people with significant control.