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Hi my name is Lyanne and I’m the managing director of Wilds. The coronavirus outbreak is having a huge impact on everyone at the moment and we are trying to provide as much support as we can during this time. Have a look at our coronavirus updates on the website and contact us if we can help with anything else.

 

FRS102 is the legislation that most accounts are now prepared under.

For many people they have chosen to have their accountant prepare abridged accounts. This means that the balance sheet and fewer notes are filed at Companies house.

This suits a lot of people as anyone can access Companies house information so the less information they disclose the more comfortable they feel.

However in some cases people have had issues with their bank and suppliers over the word abridged being on the accounts.

Unfortunately the word abridged cannot just be taken off the accounts in these circumstances as has been put forward as a solution.

A solution that can be offered is to give the bank the extra information that they require in addition to the abridged accounts. Each bank usually wants something slightly different but the accountant can provide this.

The other option is not to prepare abridged accounts but then the accounts filed at Companies house will have more information in them

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