What annual accounts contain
- Balance sheet (Statement of Financial Position) - assets, liabilities, equity at year-end.
- Profit and loss account (Statement of Comprehensive Income) - income and expenses for the year.
- Notes to the accounts - explaining accounting policies, related-party transactions, key estimates.
- Directors' report - required for medium and large companies (small companies are exempt).
- Auditor's report - only if audit is required.
For micro-entities (FRS 105), the disclosure is minimal - effectively a balance sheet and a few notes. For FRS 102 1A small companies, slightly more.
What's filed publicly at Companies House
Small companies and micro-entities can file abbreviated accounts at Companies House - less detail than the full accounts. The full accounts go to HMRC with the CT600 but stay private.
This means competitors and customers see only:
- Balance sheet (with some line items aggregated for small companies).
- Selected notes.
- NOT the profit and loss account (small companies exempt).
- NOT directors' specific remuneration (in most cases).
Deadlines and penalties
| Filing | Deadline | Penalty for late filing |
|---|---|---|
| First accounts (new company) | 21 months after incorporation | Same as below |
| Subsequent accounts | 9 months after year-end | £150 / £375 / £750 / £1,500 |
Frequently asked questions
Can I extend my accounts year-end?+
Yes - file form AA01 at Companies House to change your accounting reference date (ARD). Extensions are restricted: you can shorten an accounting period as often as you like, but extend it only once every 5 years (with limited exceptions).
What's the difference between filed accounts and management accounts?+
Filed accounts are the formal annual statutory accounts. Management accounts are internal monthly/quarterly reports - more detailed, more frequent, not filed anywhere. Most growing Ltds run both.
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