It will mean that every limited company will need to publish a breakdown of their income and expenditure during the year, so how much they received and then how much they spent on salaries, travel expenses, professional fees etc giving a total profit before tax figure for the financial year.
An abridged balance sheet only provides a snapshot of the company's position at the year end date so if we look at the accounts for Mrs Hinch Limited for the year ended 31st March 2023 we can see that the company's reserves have increased by £1.35 million from the previous year. This could mean that the company made profits of £1.67 million during the year and has a corporation tax liability of £317k (19%) and Sophie has taken nothing out if the company except a salary but it could also mean that the company made profits of £2 million during the year, paid corporation tax of £380k and Soph took £270k in dividends. There just isn't enough information to tell.
Her accountants are not deliberately hiding anything by not filing a P&L, no accountant would file any more information on public record than is absolutely necessary (hence why her correspondence address is given as her accountant's office and not her personal residence for example) but at some point the legislation will change and then all companies, regardless of size, will be required to disclose their profits.
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