Abridged set of accounts
In accordance with the Companies Act 2014, Section 353, a small or micro company may choose to file abridged accounts with Companies Registration Office (CRO).
When preparing a set of abridged accounts for filing purposes, the Companies (Accounting) Act 2017 amended the Companies Act 2014 to allow the directors’ report and the profit and loss account to be excluded.
Sage Final Accounts supports the preparation of:
- Micro company (FRS 105) abridged accounts
- Small company (FRS 102 Section 1A) abridged accounts
To prepare abridged accounts, select the relevant compliance pack option as shown below:
This option can be amended at any time by selecting Set of Accounts Options > Period Options > Compliance Pack.
On setting ‘Prepare abridged accounts?’ to ‘Yes’ the following changes will be applied to the CRO set of accounts only:
- The cover page will reference Unaudited Abridged Financial Statements
- The profit and loss account will be excluded
- References to Financial Statements will be changed to Abridged Financial Statements, and
- A statement will be added to the foot of the balance sheet regarding the adoption of the abridgement exemption.
Small companies only:
- The directors’ report will be excluded
- Any encouraged (as per Appendix E of FRS 102 Section 1A) primary statements and notes will be excluded
The Directors Report is not required for micro company accounts and as such we exclude this from the set of accounts prepared for CRO regardless of whether accounts are abridged or not.
The sets of accounts prepared for Members and for Revenue will remain unchanged.