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
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>