Viewing competitor's accounts

[Bob]

Audit fees, agreed, but accountancy fees are not disclosed in full accounts :|

As has been said, you may be surprised to realise how many firms file a detailed profit and loss account as part of the full accounts

 

[David Griffiths]

Looks like I have a really odd practice then...it seem that nobody else files full accounts!

I just checked Companies House records, out of curiosity, and there are:
1,104,254 companies that last filed small abbreviated accounts,
9,483 companies that last filed medium abbreviated,
467,587 companies that last filed full.

So I am indeed in the minority.

If you can count that quick, you are definitely in a minority!

 

[ThePublisher]

I'd be livid if my accountant filed more than the statutory minimum accounts for my business (and he doesn't!). I have no need to borrow money therefore no interest in showing what my credit status is.

It's annoying enough that my main competitor can get access to any information about my business given that I can't do the same as they are a sole trader.

 

[antlerboy]

Just to say that there are a number of good reasons to file full accounts - we do so (or rather, instruct our accountants to do so) as the majority of our business is with the public sector. The information they need to make assessments (which are often both simplistic and not open for discussion) isn't available from abbreviated accounts or balance sheets and so - even though we actually meet all the criteria - we would be ruled out from the pre-qualifying stage of many larger contracts as a result. It is just another example of the way in which government procurement is heavily biased against small businesses (particularly as the big four accountancy firms have very obscure arrangements - to say the least - but easily pass on these criteria).

My view is that full accounts should be mandatory for all businesses (and more information should be made available for LLPs and sole traders too) - it does send a shiver down your spine the first time you explore a site like duedil - but surely if this openness were the norm it would be in the interests of both the public and business as a whole?

Cheers
Ben

 

[tuberose]

You can't tell me credit's as easy to come by now as it was 2 years ago!