If you prepare and file micro-entity accounts, these include simplified versions of your profit and loss accounts and balance sheet.
But this isn’t the same as submitting a full set of abridged accounts.
Abridged accounts include:
- Simplified balance sheet with related notes
- Simplified profit and loss accounts
- Director’s report and signature
They don’t include a breakdown of fixed assets, debtors and creditors.
But for micro-entity accounts, you do not need a director’s report and you can prepare your balance sheet and profit and loss account with even less information than what you’d include in an abridged account.
Remember, to file micro-entity accounts, you must meet at least two out of these three criteria:
- Turnover not more than £632,000
- Balance sheet total not more than £316,000
- No more than 10 employees