Year-End Accounts

By law every limited company is required to file an annual financial report which gives an account of its activity over a specific accounting period, usually 12 months.

The company’s accounts are prepared by a firm of accountants - based on information supplied by the directors of the company - before they are submitted to Companies House.

121 Company Formation is an experienced accounting firm that specializes in offering a range of services to start-ups, small and medium-sized companies including offering sound business advice, assisting in running their operations in the most tax-efficient way, and preparing their year-end accounts.

PURCHASE OUR YEAR-END ACCOUNTING SERVICE

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When are year-end accounts due to be filed at Companies House?

When a company is first incorporated, its first year-end accounts will usually cover a slightly longer period than exactly 12 months, unlike each subsequent year. This is because, whatever day of the month your company is incorporated on, Companies House will always assign the last day of that month to be the accounting reference date for the company. For example, if your company was incorporated on 6th June 2020, then your accounting reference date will be 30th June so your first set of year-end accounts would run from 6th June 2020 to 30th June 2021 but each subsequent year would run from 30th June to 30th June.

Normally, companies are required to file their year-end accounts within 9 months of the accounting reference date. So, in the above example, the year-end accounts must be filed at Companies House by 30th March 2021, i.e. 9 months after 30th June 2020. However, at the present moment, in light of the impact of COVID-19 on business operations, this period has been extended to 12 months after the accounting reference date.

These filing requirements also apply to dormant companies.

WHAT INFORMATION WILL I NEED TO FILE MY COMPANY’S YEAR-END ACCOUNTS?

In order for your year-end accounts to be prepared promptly and with as little disruption to your company as possible, the following information will be required as it stands on the accounting reference date:

  • A record of income and expenses, verifiable by invoices and receipts
  • Details of all unsold stock, work in progress, and uncompleted work
  • Profit and loss accounts
  • Balance sheet
  • Details of the company’s liabilities
  • Employee information – staff costs
  • Notes to the accounts – dividends, directors’ remuneration, pension schemes, directors’ transactions with the company, etc.
  • A report from the directors (generic or specific)

WHAT IF I AM LATE FILING MY ACCOUNTS WITH COMPANIES HOUSE?

Companies that fail to file company accounts on time will be liable to pay a penalty to Companies House. The penalty varies depending on how late the accounts are of filed:

1 month late £150
1 to 3 months late £375
4 to 5 months late £750
Over 6 months late £1500

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