Content of small company abridged financial statements

The content required to be included in a small company’s abridged financial statements is set out below:

  • Extract from directors’ report of directors and secretary’s interests’;
  • Directors’ responsibility statement;
  • Special auditor’s report;
  • Abridged balance sheet;
  • Accounting policies (for all items including those in the Profit and Loss account); and
  • Notes that provide certain information (see below table).

 

 Small company abridged financial statements notes Section(s)
Disclosure of directors’ remuneration 305 and 306
Information about directors’ benefits: loans, quasi-loans, credit transactions and guarantees 307 to 313
Information on related undertakings 314 to 316
Disclosures of particulars of staff 317
Details of authorised share capital, allotted share capital and movements 318
Financial assistance for purchase of own shares 319
Holdings of own shares or shares in holding undertaking 320
Disclosure of accounting policies 321
Disclosures about derivative financial instruments where the company has not accounted for them at fair value Sch 3, para 52
Disclosures about financial assets which could be included at fair value but are included at an amount in excess of their fair value and no provision for diminution has been made Sch 3, para 53
Provision for deferred taxation should be shown separately from any provision for other taxation Sch 3, para 57
Details of indebtedness Sch 3, para 58
Basis of which sums originally denominated in a currency different to the functional currency of the company have been brought into account in the balance sheet or profit and loss account Sch 3, para 68
Total amounts falling due within one year and after one year if not shown separately on the face of the balance sheet 353(3)(d)

 

A number of the above items are new requirements and these have been highlighted for clarity.