LIMITED COMPANY ACCOUNTS
We can prepare your statutory accounts for submission at Companies House and ensure this is done in a timely manner to avoid the penalties late submission.
At the end of its financial year, your limited company must prepare full (‘statutory’) annual accounts.
You then use this information to file your accounts with Companies House and work out your Corporation Tax payable.
The statutory accounts are prepared from the company’s prime records at the end of your company’s financial year.
You must send copies of the statutory accounts to shareholders, HMRC, Companies House and people who can go to the general meetings.
Statutory accounts must include:
1. ‘balance sheet’, which shows the value of everything the company owns and is owed on the last day of the financial year
2. a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
3. notes about the accounts
4. a director’s report
A director must sign the balance sheet and their name must be printed on it. The accounts must meet relevant accounting standards, either International Financial Reporting Standards (IFRS) or UK Generally Accepted Accounting Practice (UK GAAP).
At Emerald Accountancy Services, we will ensure that all of your obligations are met and in a timely manner.
Your company is called ‘dormant’ by Companies House if it’s had no ‘significant’ transactions in the financial year that you’d normally report. Significant transactions don’t 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 ‘small’ only need to send Companies House abbreviated accounts and don’t need to be audited.