Abridged accounts are a shortened version of a small company's accounts in which some balance sheet and profit and loss lines are combined. They need the agreement of all the members, and the option to file them ends on 1 April 2028.
What they are
Abridged accounts let a small company combine some of the line items on its balance sheet and profit and loss account, so fewer figures appear in the accounts. For example, turnover, cost of sales and other income can be shown as a single gross profit figure. All the members must agree to abridged accounts each year, and a statement saying they have consented must be delivered with them.
Abridged is not the same as filleted
Abridging changes the format of the accounts. Filleting changes what is filed: a filleted filing leaves out the profit and loss account and directors’ report altogether. A company can do either or both.
Ending in 2028
From 1 April 2028, under the Economic Crime and Corporate Transparency Act, companies will no longer be able to file abridged accounts. Until then, unaudited abridged accounts can be filed with software or Companies House’s online service.
Read more: Preparing for April 2028.