Prepare annual accounts for a private limited company

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1. Overview

Your company바카라 사이트檚 annual accounts - called 바카라 사이트榮tatutory accounts바카라 사이트� - are prepared from the company바카라 사이트檚 financial records at the end of your company바카라 사이트檚 financial year.

You must always send copies of the statutory accounts to:

  • all shareholders
  • people who can go to the company바카라 사이트檚 general meetings
  • Companies House
  • HM Revenue and Customs (HMRC) as part of your Company Tax Return

You have different deadlines for sending your accounts to Companies House and your tax return to HMRC, but you may be able send them at the same time.

If your company is small, a micro entity or dormant, you might be able to send simpler (바카라 사이트榓bridged바카라 사이트�) accounts.

How to put together statutory accounts

Statutory accounts must include:

  • a 바카라 사이트榖alance sheet바카라 사이트�, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
  • a 바카라 사이트榩rofit and loss account바카라 사이트�, which shows the company바카라 사이트檚 sales, running costs and the profit or loss it has made over the financial year
  • notes about the accounts
  • a director바카라 사이트檚 report (unless you바카라 사이트檙e a 바카라 사이트�micro-entity바카라 사이트�)

You might have to include an auditor바카라 사이트檚 report - this depends on the size of your company.

The balance sheet must have the name of a director printed on it and must be signed by a director.

Accounting standards

Your statutory accounts must meet either:

  • International Financial Reporting Standards
  • New UK Generally Accepted Accounting Practice

Search online to find out more about the standards, or ask your accountant or tax adviser. You can find an accountant accredited in the UK.

2. Micro-entities, small and dormant companies

You might be able to send simpler (바카라 사이트榓bridged바카라 사이트�) accounts to Companies House and not need to be audited. This depends on whether your company is dormant or qualifies as a small company or 바카라 사이트榤icro-entity바카라 사이트�.

You must still send statutory accounts to your members and to HM Revenue and Customs (HMRC) as part of your Company Tax Return if you바카라 사이트檙e a small company or micro-entity.

Dormant companies

Your company is called 바카라 사이트榙ormant바카라 사이트� by Companies House if it바카라 사이트檚 had no 바카라 사이트榮ignificant바카라 사이트� transactions in the financial year that you바카라 사이트檇 normally report. Significant transactions do not include:

  • filing fees paid to Companies House
  • penalties for late filing of accounts
  • money paid for shares when the company was incorporated

Dormant companies that qualify as 바카라 사이트榮mall바카라 사이트� do not need to be audited.

Check if your company is also dormant for Corporation Tax.

Small companies

Your company will be 바카라 사이트榮mall바카라 사이트� if it has any 2 of the following:

  • a turnover of 拢15 million or less
  • 拢7.5 million or less on its balance sheet
  • 50 employees or less

If your company is small, you can:

  • use the exemption so your company바카라 사이트檚 accounts do not need to be audited
  • choose whether or not to send a copy of the director바카라 사이트檚 report and profit and loss account to Companies House
  • send abridged accounts to Companies House

Sending abridged accounts

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

Abridged accounts must contain a simpler balance sheet, along with any notes. You can also choose to include a simpler profit and loss account and a copy of the director바카라 사이트檚 report.

The balance sheet must have the name of a director printed on it and must be signed by a director.

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

Micro-entities

Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following:

  • a turnover of 拢1 million or less
  • 拢500,000 or less on its balance sheet
  • 10 employees or less

If your company is a micro-entity, you can:

  • prepare simpler accounts that meet statutory minimum requirements
  • send only your balance sheet with less information to Companies House
  • benefit from the same exemptions available to small companies

Find out exactly what to include in your accounts depending on your company type, for example micro-entity, small, medium or dormant.

3. Corrections and amendments

You can send amended accounts to Companies House:

  • on paper
  • through filing software, if you used it to file your annual accounts and your software allows you to submit corrected accounts

Amended or corrected accounts must be for the same period as the original accounts.

If you바카라 사이트檙e sending amended accounts on paper

You must clearly say in your new accounts that they:

  • replace the original accounts
  • are now the statutory accounts
  • are prepared as they were at the date of the original accounts

Write 바카라 사이트渁mended바카라 사이트� on the front so that Companies House know your accounts are not duplicates.

Your original accounts will remain on file at Companies House.

If you only want to amend one part of your accounts, you need to send a note saying what바카라 사이트檚 been changed. The note must be signed by a director and filed with a copy of the original accounts.

4. Penalties for late filing

You바카라 사이트檒l have to pay penalties if you do not file your accounts and tax return with Companies House and HMRC on time.

Time after the deadline Penalty (for private limited companies)
Up to 1 month 拢150
1 to 3 months 拢375
3 to 6 months 拢750
More than 6 months 拢1,500

Penalties for public limited companies are different.

You바카라 사이트檒l automatically receive a penalty notice if your accounts are filed after the deadline.

The penalty is doubled if your accounts are late 2 years in a row.

You can be fined and your company struck off the register if you do not send Companies House your accounts or confirmation statement.

Appeal against a late filing penalty

You can appeal a penalty you get for filing your company accounts late.

If you want to appeal a penalty you must:

  • give a specific reason for not filing your accounts on time
  • include all relevant details, such as dates and times
  • prove the circumstances were out of your control, for example a fire destroyed your records a few days before your accounts were due

If you need help with your appeal because you have a disability or a health condition, you can contact Companies House.

Wait for Companies House to contact you with their decision. Companies House will not collect the penalty while they consider your appeal.

Your appeal may not be successful if:

  • these were your first accounts
  • your company is dormant
  • your company is a charity or a flat management company
  • you cannot afford to pay
  • another director is responsible for filing the accounts
  • it was your accountant바카라 사이트檚 (or anybody else바카라 사이트檚) fault
  • you did not know when or how to file your accounts
  • your accounts were delayed or lost in the post
  • the directors live or were travelling overseas

Challenging an unsuccessful appeal

If your appeal is rejected and you have additional information to support your case, you can write to the senior casework manager in the Late Filing Penalties Department at the Companies House office that deals with your account.

If your appeal to the senior casework manager is unsuccessful, you can write to the independent adjudicators, and ask them to review your case.

If your appeal to the independent adjudicator is unsuccessful, you can submit a final application to the Registrar of Companies at the office that deals with your account.

You must follow this process, otherwise the registrar will not review your appeal.

Find out more about late penalty appeals in different situations.