Abbrev acs - Creditors: amounts falling due within one year

Discussion in 'Accounts & Finance' started by brabinger, Aug 25, 2009.

  1. brabinger

    brabinger UKBF Newcomer Free Member

    Posts: 28 Likes: 2
    I am reading abbreviated accounts can some one explain to me what “Creditors: amounts falling due within one year” means and what it consists of?

    Also I have been reading conflicting reports, do you have to submit a full set of accounts to HMRC or with an abbreviate set be sufficient as a small company?
    Posted: Aug 25, 2009 By: brabinger Member since: Mar 2, 2009
    #1
  2. elainec100@cheapaccounting

    elainec100@cheapaccounting UKBF Newcomer Full Member

    Posts: 13,271 Likes: 2,878
    Creditors - amounts you owe to others which will be paid in one year.

    HMRC require accounts to include a directors report and full P&L. They will reject if not supplied.
    Posted: Aug 25, 2009 By: elainec100@cheapaccounting Member since: Nov 4, 2005
    #2
  3. GRDCredit

    GRDCredit UKBF Ace Full Member - Verified Business

    Posts: 1,971 Likes: 593
    Typically will include trade creditors and bank overdraft.
    Posted: Aug 25, 2009 By: GRDCredit Member since: Mar 26, 2009
    #3
  4. brucegreig

    brucegreig UKBF Newcomer Free Member

    Posts: 12 Likes: 3
    Abbreviated accounts: you can file abbreviated accounts at Companies House (what HMRC needs may be different though), if you meet at least two of the following conditions:

    * annual turnover must not be more than £6.5 million
    * the balance sheet total must be not more than £3.26 million
    * the average number of employees must not be more than 50
    Posted: Aug 26, 2009 By: brucegreig Member since: Jul 17, 2009
    #4