Abbreviated Accounts: keep your business finances confidential.
Instead of filing full statutory accounts on the public record and revealing your sales and gross margin to your competitors and suppliers, you may be eligible to choose instead to file abbreviated accounts if certain conditions are met. Abbreviated accounts are shorter accounts and as such do not include your statutory profit and loss account.
You may be eligible to file abbreviated accounts if any two of the following conditions are met for at least 2 years running:
- Your turnover is less than £6.5m
- Your total assets (fixed assets + current assets) on the year-end balance sheet are less than £3.26m
- You have less than 50 employees.