Micro Entity and Small Entity Accounts

In the upcoming changes at Companies House, companies filing Micro Entity or Small Entity accounts will be required to file the companies profit and loss account.

The option for abridged accounts will be removed.

The current filings make it potentially harder for small businesses to obtain finance due to lack information.

Having information such as turnover and profit and loss available on the public register will aid consumers and creditors with decision making.

The details relating to the format of the P&L filings will be revealed following the current secondary legislation process.

In addition paper filings will be removed in most cases and filings will need to be made in IXBRL format. The legislation will also limit the number of times a company can shorten its annual accounting period.