Filing Accounts
All companies (whether limited or not) must keep
accounting records, regardless of whether they are trading or not.
All limited and public companies must send accounts to Companies
House, whereas unlimited companies need only do so if they are:
- A subsidiary/parent of a limited undertaking;
- A banking/insurance company (or the parent company of a banking
or insurance company);
- A 'qualifying company' within the meaning of the Partnerships
and Unlimited Companies (Accounts) Regulations 1993; or
- Operating a trading stamp scheme.
The first set of accounts prepared for a company
should cover the period between their date of incorporation and
their accounting reference date (ARD), which defines their accounting
year for the future. All other accounts show details from dates
between the day after the previous accounts ended and the anniversary
of the ARD (give or take 7 days).
As a rough outline, accounts should include the following information:
- A profit and loss account (or income and expenditure account
if the company is not trading for profit);
- A balance sheet signed by a director;
- An auditor's report signed by the auditor (if appropriate);
- A director's report signed by a director/secretary of the company;
- Notes to the accounts; and
- Group accounts (if appropriate).
In the case of private companies, accounts should be delivered
10 months from their previous ARD; with public companies, that date
changes to 7 months from their previous ARD. If companies have overseas
interests, these dates can be extended by three months.
Accounts which are filed late lead to companies
being penalised, depending on the level of lateness, not to mention
whether or not the company is public or private. To guarantee avoiding
such penalties, call Academy Accounting Ltd today on 0141 891 5999
or e-mail us at enquiry@academyaccounting.co.uk. Our staff will
work to get your accounts done on time, and in the most professional
manner possible.
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