The accounts themselves
Section 396 of the Companies Act 2006 says a company's individual accounts comprise a balance sheet as at the last day of the financial year and a profit and loss account for that year. The balance sheet must give a true and fair view of the state of affairs at the year end, and the profit and loss account a true and fair view of the profit or loss for the year.
The form and content, and the notes, come from regulations. For small companies these are the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008, SI 2008/409, whose Schedule 1 sets the balance sheet and profit and loss account formats and the notes.
Section 396 also requires the accounts to state the part of the United Kingdom the company is registered in, its registered number, whether it is public or private and limited by shares or by guarantee, its registered office address and, where it applies, that the company is being wound up.
A full set for a small company
- A balance sheet, signed by a director on behalf of the board with the director's printed name (Companies House guidance).
- A profit and loss account, or an income and expenditure account if the company does not trade for profit.
- Notes to the accounts.
- A directors' report signed by a director or the secretary, unless the company is a micro-entity (GOV.UK: prepare annual accounts). See the directors' report.
- An auditor's report, unless the company is exempt from audit. See audit exemption.
- A small company does not prepare a strategic report.
Statements on the balance sheet
Accounts prepared under the small companies regime carry a statement in a prominent position above the director's signature on the balance sheet (section 414(3)). Companies House's suggested wording for a small company is "The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime." A micro-entity states that the accounts have been prepared in accordance with the micro-entity provisions.
A company claiming audit exemption also puts the statements required by section 475 on the balance sheet, above the signature: which exemption it claims and that it qualifies, that the members have not required an audit, and that the directors acknowledge their responsibilities for the accounting records and the accounts. A dormant company's statement refers to section 480 (Companies House guidance).
Micro-entity accounts
A micro-entity's accounts that contain only the micro-entity minimum accounting items are presumed to give a true and fair view (section 396). Regulation 5A of SI 2008/409 removes the need for notes apart from the information in paragraph 57 of Part 3 of Schedule 1, which covers financial commitments, guarantees and contingencies not on the balance sheet.
Section 472(1A) puts that information, and the details of advances and credits to directors required by section 413, at the foot of the balance sheet. See FRS 105 and FRS 102 Section 1A compared for who can use each standard.
Who receives which parts
| Members | Companies House now | Companies House from 1 April 2028 | |
|---|---|---|---|
| Balance sheet and notes | Yes (section 423) | Yes (section 444) | Yes (campaign site) |
| Profit and loss account | Yes | Optional for a small company | Yes, with an option not to publish it |
| Directors' report | Yes, unless a micro-entity | Optional for a small company | Required by the 2023 Act; the government intends to remove the report |
| Auditor's report | If audited | If audited | If audited |
Sending the accounts to members
Every company sends a copy of its annual accounts and reports to every member, every debenture holder and everyone entitled to notice of general meetings (section 423). A private company does this no later than the end of its period for filing accounts, or the date it delivers them to Companies House if that is earlier (section 424).
Current filing options for small companies are on GOV.UK, and the changes for filings on or after 1 April 2028 are on Companies House's campaign site. See Companies House accounts changes in 2028 and abridged and filleted accounts.
Questions
When are the accounts due at Companies House?
Nine months after the end of the accounting reference period for a private company (section 442), with a longer period for first accounts. See accounts filing deadlines and penalties.
Does HMRC get the same accounts?
HMRC receives the accounts with the Company Tax Return (GOV.UK: prepare annual accounts), in iXBRL. See what iXBRL tagging is.
Are the accounts laid before a general meeting?
Private companies no longer have to lay their accounts before members at a general meeting (Companies House guidance).
In Accountin
In Accountin, each set of accounts shows a members' copy and a Companies House copy side by side, with the directors, notes and approval date filled in once.
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