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Abridged and full accounts?

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Hi people,

 

Just after some advice. I prepared abridged accounts for companies house and submitted them succesfully. They just contain a balance sheet and some supporting notes. However, i also produced a full set of accounts. These accounts are due to be submitted to HMRC along with the CT600 etc...Would this be okay for HMRC requirements? The full accounts dont contain a statement to abridgment.

 

Thanks!!

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RLI
By lionofludesch
01st Mar 2018 18:44

Did you prepare Abridged Accounts ? Abridged Accounts would include an Income Statement.

Or were they Full Accounts, Filleted for CoHo ? Which is something different.

Short answer is that HMRC are only entitled to the same accounts as shareholders get. They are, however, equally entitled to ask for further information to satisfy themselves that the profits shown in the return are correct.

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By raj1234
01st Mar 2018 18:51

I prepared Abridged accounts, but this gave the option of P&L or Balance sheet, or both. I filed just the balance sheet as requested by the members.

However, we also have produced a full set for HMRC. Do you think this will be acceptable to HMRC along with the tax comps etc? We are providing more information with the full set and it is also tagging the detailed P&L.

Thank you for the reply!

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Replying to raj1234:
RLI
By lionofludesch
01st Mar 2018 18:58

If you've prepared Abridged Accounts, that's what HMRC should get too.

There should only be one set of accounts, though a few pages can be omitted at CoHo.

Why did you choose Abridged ?

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Replying to lionofludesch:
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By raj1234
01st Mar 2018 19:02

I dont think i have fully understood the new rules on producing accounts. We chose abridged accounts because they looked simple in format for companies house. On companies house, it only gave the option to file the abridged balance sheet, not p&l. I thought that the abridged version would be like the abbreviated version, and then a separate full set would be needed for HMRC, like we have done in the past years...

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RLI
By lionofludesch
01st Mar 2018 19:45

I think you're probably right.

Did all the shareholders agree to have Abridged Accounts ?

What I don't understand is that most of the bits that are left out would only be given to shareholders anyway, so why would they restrict the information they get ? It's a waste of time.

You can fillet full accounts as well as abridged. Assuming your company is small enough.

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By Mr_awol
01st Mar 2018 19:04

Did you send them to CoHo online or by post? Have they been accepted?

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Replying to Mr_awol:
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By raj1234
01st Mar 2018 19:08

The accounts were sent to CH online. So when we came to file it, they only had the balance sheet tabs, nothing for P&L. So at that point, we realised that for the tax comp, these accounts will not be accepted and HMRC will ask for more information. So we decided to also produce a full set to tag with the tax comps. Figures all the same of course. In hindsight, i think the filleted option would have been better along with the full set.

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By lionofludesch
01st Mar 2018 19:46

No - you've misunderstood this completely.

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By Mr_awol
02nd Mar 2018 09:13

I agree with Lion. OP you've made a right mess of this.

That said, if you've submitted to CoHo using software or a template then they might not even be abridged accounts at all. Perhaps bone up on the rules before submitting anything else.

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By Tim Vane
01st Mar 2018 19:59

Are you an accountant?

To prepare abridged accounts you must have the approval of all the shareholders. Mostly it's a waste of time since the difference between abridged and full accounts amounts to a couple of lines here or there.

The law states that you must file to CH a copy of your actual accounts. You cannot prepare one set for CH and another set for HMRC and the shareholders, that is not allowed. You can omit certain information from the full accounts when filing to the registrar (this is known as filletting the accounts) but this merely means removing some information from the accounts, not preparing a separate set of accounts.

Most accountants prepare full accounts under FRS 105 or FRS 102 and fillet accordingly.

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By Wanderer
02nd Mar 2018 08:10

Prepared hundreds of sets of accounts now under FRS102 / FRS105.

Number of sets of abridged accounts prepared = nil.

raj1234, as others have inferred, make sure that you fully understand the differences between full / abridged / filleted.

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By lionofludesch
02nd Mar 2018 10:00

Wanderer wrote:

Number of sets of abridged accounts prepared = nil.

I have exactly the same ratio.

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By Matrix
02nd Mar 2018 13:10

As others have commented, I suspect that you have filed filleted accounts since it is not possible to file abridged accounts without a P&L, assuming your software is correct. However I have never had the need to prepare these so do not pretend to be an expert.

You would also have had to include a statement agreeing to file abridged accounts.

What software are you using and can you check whether they were filleted or abridged?

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