Filing financial accounts

Limited companies are obliged by law to prepare a set of financial accounts each year and to file a copy with Companies House:

• private companies must file accounts within 21 months of the business' formation, and within nine months of the end of each financial year thereafter
• public companies must file accounts within 18 months of the business' formation, and within six months of the end of each financial year thereafter

Read Companies House guidance on preparing and filing accounts.

There are statutory penalties for late or incorrect filing, for which the directors are liable. 

For more information, see Companies House annual returns and accounts.

Small companies

For micro-entity accounts, a company must meet at least two of the following criteria:

• turnover is no more than £1 million
• balance sheet total is no more than £500,000
• average number of employees is no more than ten

If your company is a micro-entity, you can:

• prepare simpler accounts that meet statutory minimum requirements
• send only your balance sheet with less information to Companies House
• benefit from the same exemptions available to small companies

Small companies must meet at least two of the following criteria:

• turnover is no more than £15 million
• balance sheet total is no more than £7.5 million
• average number of employees is no more than 50

If your company is small, you can:

• use the exemption so your company’s accounts do not need to be audited
• choose whether or not to send a copy of the director’s report and profit and loss account to Companies House
• send abridged accounts to Companies House

Medium-sized companies

A medium-sized company must meet at least two of the following criteria:

• annual turnover must not exceed £54 million
• the balance sheet total must not exceed £27 million
• the average number of employees must not exceed 250

Medium-sized accounts must include:

• a profit and loss account
• a balance sheet, showing the printed name and signature of a director
• notes to the accounts
• group accounts (if appropriate)

The accounts should be accompanied by:

• a directors’ report, showing the printed name of the approving secretary or director
• a strategic report
• an auditor’s report that includes the name of the registered auditor (unless the company is exempt from audit)

A medium-sized company must deliver all of the component parts of their accounts to Companies House.