All incorporated (Ltd.) companies must provide annual accounts to comply with the Companies Act 2006 which are required by HMRC and Companies House. These have to be laid out in a statutory accounts format.
Each industry has its own set of laws and regulations and your statutory accounts should be completed at the end of your company’s financial year.
In the UK there are 5 types of annual accounts for UK companies;
- Micro-entity accounts (FRS 105)
- Small company accounts (FRS 102)
- Medium-sized company accounts (FRS 102)
- Large company accounts
- Dormant company accounts
Dormant companies need only to prepare dormant accounts for Companies House -they are not required to submit accounts for HMRC or prepare a Company Tax Return when they are not trading for the whole of their financial year.
In addition to completing the accounts, you should bear in mind that copies of the accounts also need to be given to the following stakeholders:-
- All shareholders
- People who can go to the company’s general meetings
- Companies House
- HMRC as part of your company tax return
Also, your statutory accounts must meet either;
- The EU Adopted International Financial Reporting Standards (IFRS)
- The newly adopted UK Financial reporting Standards (FRS 102 & FRS 105 primarily)
If you’d like help collating this information of advice on what is needed, enquire today.