Filleted and Abridged Accounts

[Gyumri]

Is it possible for a set of accounts to be filed called Unaudited "Filleted Abridged" Financial Statements?

Surely it is one or the other - ie either Filleted or Abridged, because it can't be both?

 

[WaveJumper]

Thats interesting on having a Google around on this topic last night, i thought they were two separate types of "fillings" and yet I have come across loads of "Unaudited "Filleted Abridged" Financial statements for a whole range of companies would be interesting to hear from some of our accountant members on this @MyAccountantOnline ?

 

[MyAccountantOnline]

As I understand it abridged accounts are a set of accounts which dont disclose full information and filleted accounts are those where a decision is made to exclude certain reports in the accounts for Companies House. So whilst sounding odd accounts could I believe be abridged and filleted.

 

[Bobbo]

As with that @MyAccountantOnline they are different things.

Abridged accounts are where certain headings on the P&L and Balance Sheet are combined and are *the* company's accounts.

Filleted accounts are where for purposes of Companies House filing, certain reports (e.g. P&L) are removed. There is still a full set of accounts which includes the P&L that would be provided to members of the company.

It is made somewhat confusing by certain accounts production software companies using the code 'ABR' for generating a set of filleted accounts.

 

[UK Contractor Accountant]

Abridged accounts are regarded as the full accounts for Members and were referred to as the 'file what you prepare' model. Needs full members approval if using this method.

Then a hurray mas made about having to file Profit & Loss Account at Companies House for small companies even though it only had to start with "Gross Profit" they allowed Abridged accounts to be filleted to leave out P&L and/or Directors Report.

Soon to be meaningless as now proposing that small companies file their profit & Loss account.

 

[WaveJumper]

Many thanks one and all

 

[Gyumri]

Thanks for all your input - can't say however that it's any clearer, but maybe we'll soon be able to file "munched" accounts which will make it clear to all.

 

[eteb3]

Abridged accounts are regarded as the full accounts for Members and were referred to as the 'file what you prepare' model. Needs full members approval if using this method.

Can you say more on you mean by “full members approval”?

 

[UK Contractor Accountant]

How do the filing rules apply to abridged accounts?​

When a small company chooses to abridge all or part of its accounts, it must also deliver to Companies House a statement that all the members have consented to the abridgement. In practice this requirement can be met by including a note in the filed accounts to state that consent has been received. The accounting regulations do not specify whether the statement should be separate from or part of the abridged accounts. Companies House has confirmed to ICAEW that, while they check the entire accounts for the statement, they strongly recommend that it is included on the balance sheet to minimise the risk of it being missed.

As noted in question 1, a small company that choses to file abridged accounts can elect not to file a copy of the profit and loss account and/or the directors’ report with Companies House ie, they can choose to ‘fillet’ the abridged accounts.