What are annual accounts?

In a nutshell

Your company’s annual accounts – also called statutory accounts – are prepared from your company’s financial records at the end of your company’s financial year.

You must send copies of your statutory accounts to:

• All shareholders
• Companies House
• HMRC as part of your Company Tax Return

Types of accounts

There are 4 types of accounts

1. Micro-entity accounts

Most minimal accounts that can be submitted if at least two of the following criteria are met:

• Turnover is <= £632,000
• Balance Sheet Total is <= £316,000
• Average number of employees is <= 10

Certain exceptions must also not apply to your company.

2. Abridged accounts

Smaller accounts can be submitted if at least two of the following criteria are met:

Most minimal accounts that can be submitted if at least two of the following criteria are met:

• Turnover is <= £10.2 million
• Balance Sheet Total is <= £5.1 million
• Average number of employees is <= 50

3. Full accounts

TODO

4. Dormant company accounts

TODO

How to file annual accounts

• Use HMRC’s online service.
• Use specialized accountancy software.

Deadlines for annual accounts

First accounts

You file your first accounts with Companies House 21 months after your company’s date of incorporation. For example, if your company was incorporated on 15/02/2020, you’d file your first accounts on 31/11/2021 (21 months later and by the last day of the month).

Annual accounts

After your first accounts, you must file annual accounts 9 months after your company’s financial year ends. For example, if your company’s financial year ends on 28th February every year, then your deadline will be 31/02/<subsequent-years>

Sources

• Prepare annual accounts for a private limited company
• Accounts and tax returns for private limited companies – gov.uk
• Date calculator