Accounts for limited companies

Audits may be a thing of the past, but certain annual reports
still apply.

All companies are legally obliged to file statutory accounts on an annual basis with HMRC as part of their company tax return.

These are prepared from your financial records before being reported at your financial year-end.

Your statutory accounts should include:

A balance sheet showing the assets owned by the company, any outstanding debts and anything your business is owed on the last day of your financial year.

A profit and loss account outlines the company’s sales, running costs and the profits or losses made over the course of the financial year.

A director’s report will explain the financial state of the company and its compliance with a set of financial, accounting and corporate standards (the very smallest companies, known as micro entities, don’t need to produce a director’s report).

You must send copies of your accounts to:

• shareholders

• anyone who can go to your company’s general meetings

• HMRC

• Companies House.

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