Companies House is currently testing a new service which will allow businesses to file abridged accounts under FRS 102 directly to Companies House after company accounts prepared under FRS 102 and filleted accounts under FRS 105 were previously rejected
Work on the new filing service started in autumn 2016 and was expected to launch by the end of 2017.
The ‘File Company Accounts’ service was launched as a private beta on 15 November 2017 with a beta assessment to take place in February 2018 which will allow Companies House to launch the service publically.
So far Companies House has received over 2,000 abridged account filings and initial feedback from those testing the service has been positive. Companies House has said it will now release enhanced features and are panning on delivering additional features to allow even more companies to use the service.
To use the service individuals will need to:
- enter their company name or number in ‘Search the register’
- select ‘File for this company’ on the company overview page
- sign in or register to Companies House
- enter their company authentication code
- select ‘File accounts’
For companies to file abridged accounts under FRS 102 they must meet two of the following criteria:
- turnover is no more than £10.2m
- balance sheet total is no more than £5.1m
- average number of employees is nor more than 50
In October 2016, 2.5% of company accounts prepared under FRS 102 were rejected by Companies House after changes to UK company law meant small companies no longer had the option to submit so-called abbreviated accounts for periods beginning on or after 1 January 2016.
In August 2017, micro entities attempting to file filleted accounts under FRS 105 Micro Entities Regime also found that some of their accounts were being rejected.
Report by Amy Austin