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GLOSSARY

Abridged accounts definition

Published by a LexisNexis Corporate expert

What does Abridged accounts mean?

The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980) which came into force on 6 April 2015 and apply to financial years beginning on or after 1 January 2016 (or earlier if the company so decides) permit small companies to prepare an abridged balance sheet and abridged loss-account'>profit and loss account if approved by all of the company's shareholders.

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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 A new UK Listing Rules sourcebook came into force to implement the changes and the previous Listing Rules sourcebook was revoked.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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How do I get information about a company?

How do I get information about a company? Searching for information about a company Public digital data beta service Users can search all public digital data filed at Companies House using its new beta service which can be accessed here. This recent extension of free search services reflects the government’s commitment to the provision of free data. The service provides users with free access to over 170 million company records and currently includes the following features: • company overviews and officers • document images • disqualified directors • follow companies • change registered office addresses, and • company name availability checker Companies House currently welcomes feedback on the beta service and continues to release new search features over the forthcoming months, including abridged accounts and other document filings. Company overviews and officers To search for a company overview and officers, a user should complete the following steps: • search for a company • select the company • click on the ‘Overview’ tab for a summary of...

How does the micro-entities regime compare with the small companies regime in relation to accounting and audit?

How does the micro-entities regime compare with the small companies regime in relation to accounting and audit? A company that qualifies for the small companies regime will be subject to less onerous accounting, reporting and audit obligations than a larger company or a quoted company. For information on qualifying as a small company see Practice Note: The small companies regime. The micro-entity regime is effectively a sub-set of the small companies regime. To qualify, the entity must satisfy lower size thresholds For information on how to qualify as a micro-entity see Practice Note: The micro-entities regime. See also Q&A: What are the maximum size thresholds for micro, small and medium-sized companies in relation to the accounts and reports regulations?. Accounting requirements compared Small companies In summary, the advantages of qualifying as a small company in terms of a reduced accounting and reporting burden include the following: • the company may prepare an abridged balance sheet and/or an abridged profit and loss account instead of full accounts,...

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OSCR reminds Scottish charitable companies of requirements for annual return

The Office of the Scottish Charity Regulator (OSCR) has published information reminding charitable companies in Scotland of the types of accounts that should be submitted to the OSCR for the annual return. This follows recent practice of charitable companies submitting the wrong format of accounts to the OSCR. The OSCR also include information on what should not be submitted.

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.

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