Abridged versus full accounts

Abridged versus full accounts

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I know we've got to ask the client which one of these they want.  Comparing abridged accounts for this year against full accounts for last year for my very small clients (under £100,000 net profit) there is slightly less balance sheet information. The members still get a detailed profit and loss sheet.
Client has said fine to do abridged accounts, but what about getting a mortgage or selling the company in future. I would have thought the abridged accounts plus the detailed P & L would be good enough, but what do you think?

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By Portia Nina Levin
26th Jun 2017 15:19

Surely you must mean filleted accounts?

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By Moonbeam
26th Jun 2017 15:25

Filleted accounts are the Cos House ones. Lenders have always asked for the full accounts under the old regime. I mean abridged accounts.

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By jon_griffey
26th Jun 2017 17:43

What is the point in a small company producing abridged accounts? You have all the hassle of getting shareholder approval, and odd looking accounts that will give problems to lenders. I can't see any upside.

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