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Filing requirements for Companies House

I'm a bit confused

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I am now at the point where I have to start filing accounts with Companies House under the new regime. All my company clients are small companies and I will be preparing them under FRS 102 Section 1A. I must admit to being a bit confused about what I should be preparing and filing. I have done a lot of reading on this so I am not being lazy or anything. I just need some clarification. I am ok with the disclosure side of things; it's just the filing requirements.

  • I need to prepare a full set of accounts with a detailed P&L so that I can present this to both the director/shareholder and to HMRC.
  • I read somewhere that I need to file with Companies House the same set of accounts that I present to the shareholder. Surely this cannot be so, otherwise the detailed P&L would be on the public record.
  • Am I correct in saying that I can file filleted accounts to Companies House in place of the full set that I have prepared for the shareholder?
  • Where do abridged accounts fit into all this?

To my mind, I can prepare a full set including the detailed P&L and give this to the director/shareholder and attach it to the Company Tax Return. I can then file a filleted set to Companies House. Am I right or am I wrong?

Many thanks.

Replies (15)

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RLI
By lionofludesch
11th Sep 2017 22:11

"Filleted" accounts are your standard FRS 102 (1A) accounts with the Directors' Report, P+L and P+L related notes "filleted" out of them. So, basically, a Balance Sheet + the Balance Sheet notes. You can file these at CoHo, but don't head them up "Filleted Accounts for the year ended ...."

Abridged accounts - just can't see there being a use for these. As you have to get the agreement of all the shareholders every year, I would imagine only companies with a small number of shareholders will be even considering this. Most of the stuff that's abridged out of it is P+L related anyway and not on public record. The main Balance Sheet items to disappear are analyses of Debtors and Creditors, which are pretty bland anyway.

Thanks (9)
Replying to lionofludesch:
Caroline
By accountantccole
12th Sep 2017 13:47

Hi Lion
Just covering my back - our software is now generating "Filleted" on the front cover. Haven't submitted many but will back track and check. What's the problem with them stated as filleted?

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Replying to accountantccole:
My photo
By Matrix
12th Sep 2017 13:54

VT have started doing this too.

Why should the cover page not say filleted? Have not submitted any with the cover yet but would be interested to know. Also don't know why this has suddenly changed.

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Replying to accountantccole:
RLI
By lionofludesch
12th Sep 2017 13:57

Mainly the fact that "filleted" is a joke term which nevertheless has gained acceptance.

I'm not sure it'll be accepted as a formal declaration that the directors have taken the option not to submit a P+L account.

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Replying to lionofludesch:
My photo
By Matrix
12th Sep 2017 14:02

There is still a statement that the profit and loss account has not been delivered.

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Replying to Matrix:
Caroline
By accountantccole
12th Sep 2017 14:09

Just double checked that we have the statement there too and that is fine.
Cos House seem to accept any old rubbish, I can't see them rejecting it with Filleted on (they haven't rejected any of ours yet). Could do with out more blooming tailoring before pushing send

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Euan's picture
By Euan MacLennan
12th Sep 2017 10:19

Agreed

... but if you are filing filleted accounts, you must include an additional statement on the Balance Sheet on the lines of "The director has elected not to include a Profit & Loss account in the financial statements".

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Replying to Euan MacLennan:
RLI
By lionofludesch
12th Sep 2017 10:51

Yes indeed.

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Universe
By SteveOH
12th Sep 2017 12:50

Thanks very much, guys :)

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By Jo Nokes
12th Sep 2017 18:05

The OP mentioned 'detailed' P&L account. I hope he means the standard profit and loss account, and not one which has detailed expenses (for example) but which do not form part of the full standard shareholder accounts. But you may send these to HMRC with the tax return, if you wish. Some do, and some don't

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By Agutter Accounts
13th Sep 2017 10:24

Anyone who deals with companies which are director owned companies like I do, I recommend declaring only what the law requires unless there's a good reason to do otherwise. Many such companies incorporate for tax purposes, and for no other reason.

As a management accountant by background, I give clients extra information that the law does not require to be declared. That is between me and my client.

Render unto Caesar that which is Caesar's but don't render too much. That includes information. If it's on the public record, your competitors can see it. Why would you want that?

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Replying to Agutter Accounts:
RLI
By lionofludesch
13th Sep 2017 10:39

Matt 22.21

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By MBK
14th Sep 2017 14:22

You say your clients are all small, but how many micro companies are included within them? And will those clients thank you for not doing FRS105 accounts to limit the disclosure made at CoH?

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Replying to MBK:
Universe
By SteveOH
14th Sep 2017 14:39

Yes, MBK. I'll have to give that some serious thought.

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Replying to SteveOH:
RLI
By lionofludesch
14th Sep 2017 15:07

FRS 105 is brilliant for concealing any useful information.

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