Your Annual Accounts are based on all your financial records and dealings from the last year. Based on that information you produce reports that must be submitted to HMRC, Companies House and your shareholders.
They include:
- Balance Sheet
- Profit and Loss Account
- Notes on the Accounts
- Director’s Report
If you are a small company (which means you meet at least two of the following requirements: less than a £10.2million turnover, less than £5.1million on the balance sheet, and fewer than 50 employees), you can use an exemption so that your accounts don’t need to be audited.
Small companies can also decide whether to submit a copy of the Director’s Report and their Profit and Loss Account.
If you are a micro company (which means you meet at least two of the following requirements: less than a £632,000 turnover, less than £316,000 on the balance sheet, and fewer than 10 employees), you can also use an exemption from auditing, and only need to send your Balance Sheet to Companies House.
You can file online here gov.uk/prepare-file-annual-accounts-for-limited-company
