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All Limited Companies must prepare Year End Accounts for their shareholders and a copy must be filed with Companies House. 

The accounts are also used as the basis for the calculation of Corporation Tax with a copy filed online with HMRC.

We prepare FRS Compliant Year End Accounts for small and growing businesses and file these online with the relevant regulatory bodies on behalf of our clients.

Companies House

All incorporated businesses must file annual financial statements with the Registrar of Companies. Private companies have 9 months (6 months for public companies) from the accounting reference date to deliver their accounts to the Registrar of Companies, unless it is the first set of accounts. Late filing of accounts with Companies House carries an automatic penalty which increases with the length of time they are overdue.  Penalties are doubled if accounts are filed late in consecutive years.

If you are filing your company’s first accounts and those accounts cover a period of more than 12 months, you must deliver them to Companies House:-

within 21 months of the date of incorporation for private companies, or
within 18 months of the date of incorporation for public companies, or
3 months from the accounting reference date, whichever is longer.

Does my Company need to be audited?

Audit thresholds for small companies have been aligned with accounting thresholds for small companies. Small companies will therefore be entitled to an exemption from mandatory audit if they meet two out of the three mandatory criteria:-

50 or fewer employees on average;
assets worth no more than £5.1 million;
an annual turnover of no more than £10.2 million

If your company is classified as small, you can:

use the exemption so your company’s accounts do not need to be audited
choose whether or not to send a copy of the director’s report and profit and loss account to Companies House
send abridged accounts to Companies House

Filing abridged accounts

You can only file abridged accounts if all your company members agree to it.

Abridged accounts contain a simpler balance sheet, along with any notes. The directors can also choose to include a simpler profit and loss account and a copy of the director’s report. The balance sheet must have the name of a director printed on it and must be signed by a director.

Filing abridged accounts means less information about your company will be publicly available from Companies House.

Business owners can still elect to have an audit of their Year End Accounts if they wish, although this can result in higher accountancy fees due to the increased checking and verification work required to produce an audited set of financial statements.  Small companies must include an audit exemption statement on the balance sheet if they are using the audit exemption.

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