small limited co with < 100k turnover....
FRSSE filing abbreviated accounts , with companies house,
** do you need to file a profit + loss account
when do these Part V11 1985 co act - get replaced by the new Act and what implications are the implications / new requirements
is there a limitation on notes also, compared to large entity reporting ?
many thanks and happy new year to all
kiwi
Replies (5)
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No P&L
The FRSSE does not apply to abbreviated accounts.
You are not required to file a P&L with abbreviated accounts.
You are also exempted from including most of the notes to the full accounts. Abbreviated accounts only have to include the notes on accounting policies, share capital and loans to directors, but very little else.
Notes
You are quite right, Driscoll - the fixed assets note does have to be included in total in the abbreviated accounts.
Although I have looked in on AWeb a few times, I have taken the whole of Christmas off as holiday and do not have access to my usual reference material in the office. I cannot therefore give you chapter and verse on disclosing loans to directors, but I am almost certain that it is one of the disclosures in full accounts which is not excluded by the provisions for abbreviated accounts.
Really
Is that right Euan - just to confirm - the balance of the directors loan (related party transactions) need to go in the abbreviated accounts ?
Oops
fixed assets
And surely the fixed assets note goes in there doesnt it Euan ? (without separating the class of asset)
Chapter and verse
What fun to be back at work!
The disclosure requirements for loans to directors are set out in CA 1985, Sch.6, Part II, and are not included in the exemptions for small companies set out in s.246(6), which mentions Part I, but not Part II, of Sch.6.