You need to prepare annual accounts for Companies House at the end of your company financial year. Check how preparation of statutory or abridged accounts must meet accounting standards in United Kingdom.
The information in this section also clarifies how to make corrections and amendments. Find out how to make an appeal against penalties for filing after the deadline.
Preparing 'statutory accounts' for a private limited company is the annual practice used to report business activities in the preceding year.
Information used to prepare annual accounts at the end of the company's financial year comes from the company and accounting records. You must send out copies of the company statutory accounts to:
Note: There are different deadlines for filing at Companies House and with HM Revenue and Customs. But, in some case you will be able send them both at the same time.
When you prepare annual accounting report for a private limited company, the statutory accounts must include:
Depending on the size of the company you may need to include an auditor's report. Check if the audit exemption for private limited companies would exclude your business. A balance sheet must contain the name of a director printed on it and one of the directors must sign it.
The Financial Reporting Council (FRC) governs the regulation of financial reporting in the United Kingdom. To meet their standards, all statutory accounts must comply with (either):
Note: An accountant or a tax adviser can provide further information on accounting standards in United Kingdom. You can also get help and advice on tax if you do not understand something.
Amended or corrected accounts must relate to the same period as the original accounts. You would need to send any amended accounts on paper to your nearest Companies House office.
Make it clear that they are the new version of amended or corrected annual accounts and:
Write the word 'amended' on the front to let Companies House know the accounts are not duplicates. Even so, they will still keep the original accounts on file.
Note: You can amend only one part of the accounts. If so, send a note stating which part you changed. A director must sign the note and file it with a copy of the original accounts.
Some businesses can avoid being audited and send simpler annual accounts to Companies House. Check out how micro-entities, small and dormant companies may qualify.
There are financial penalties for failing to file accounts with Companies House by the deadline. Find out how much you would need to pay and how to appeal against annual accounts late filing penalty.
Note: Businesses will get an extra three (3) months to file accounts with Companies House in an effort to help companies avoid penalties as they deal with the impact of the coronavirus disease (COVID-19).
How to Prepare Annual Accounts for a Private Limited Company in United Kingdom