Financial and management accounts: the basics
Filing financial accounts
Limited companies are obliged by law to prepare a set of financial accounts each year and publish them by filing a copy with Companies House.
For accounting periods starting on or after 6 April 2008:
- private companies must file accounts within 21 months of the business' formation, and within nine months of the end of each financial year thereafter
- public companies must file accounts within 18 months of the business' formation, and within six months of the end of each financial year thereafter
For accounting periods starting before 6 April 2008:
- private companies must file accounts within 22 months of the business' formation, and within nine months of the end of each financial year thereafter
- public companies must file accounts within 19 months of the business' formation, and within six months of the end of each financial year thereafter
There are statutory penalties for late or incorrect filing, for which the directors are liable. Find information about late filing penalties on the Companies House website - Opens in a new window.
Small and medium-sized companies are allowed to file accounts with certain information omitted. For more information, see our guide on accounting and auditing exemptions for small companies.
Small companies
A small company is one which meets at least two of the following criteria:
- annual turnover must be £6.5 million or less (£5.6 million or less for accounting reference periods before 6 April 2008)
- the balance sheet total - fixed and current assets - must be £3.26 million or less (£2.8 million on or before 6 April 2008)
- the average number of employees must not exceed 50
Small companies must deliver the following to Companies House:
- abbreviated balance sheet and notes
- special auditors' report - unless the company has a small company audit exemption
Medium-sized companies
A medium-sized company must meet at least two of the following criteria:
- annual turnover must not exceed £25.9 million (£22.8 million or less for accounting reference periods before 6 April 2008)
- the balance sheet total must not exceed £12.9 million (£11.4 million on or before 6 April 2008)
- the average number of employees must not exceed 250
Medium-sized companies must deliver the following to Companies House:
- full balance sheet
- abbreviated profit and loss account
- special auditors' report
- directors' report
- notes to the accounts
Subjects covered in this guide
- Introduction
- Financial accounts
- Filing financial accounts
- Management accounts
- Uses of management accounting
- The importance of maintaining accurate accounts
- Analytical accounting tools
Companies House Contact Centre
0303 1234 500
Actions
- Preparing and filing accounts guidance on the Companies House website - Opens in a new window
- Late filing penalties information on the Companies House website - Opens in a new window
- Use WebFiling with Companies House
- Manage your personal list of starting-up tasks with our Business start-up organiser
Also on this site
- Set up a simple profit and loss account for your business
- Balance sheets: the basics
- Cashflow management: the basics
- Accounting and audit exemptions for small companies
- File accounts at Companies House
- Choose and work with an accountant
- Company administration: the basics
- File returns online
