Financial Statements & Reporting · United KingdomEvery UK company files accounts each year, profitable or not. We prepare them, and the monthly figures in between.
We prepare statutory accounts under the right standard for your company’s size, file them with Companies House, supply the iXBRL version for your Company Tax Return, and produce management accounts through the year if you want them.
Accounting
At a glance
- Authorities
- Companies House · HM Revenue & Customs (HMRC) · Financial Reporting Council (FRC)
- Forms & references
- FRS 105FRS 102 Section 1ACT600iXBRL accounts and computations
- Filed with
- Companies House, and HMRC with the CT600 in iXBRL
- Usual deadline
- 9 months after the year end for private companies
- Standards
- FRS 105 (micro), FRS 102 Section 1A (small), full FRS 102
- Small company limits
- Two of: turnover up to £15m, balance sheet up to £7.5m, 50 employees
Overview
What it is, and why it matters.
Every UK limited company must prepare annual accounts and file them with Companies House, usually within nine months of the year end for a private company. HMRC receives them too, tagged in iXBRL, alongside the Company Tax Return (CT600) and tax computations.
The standard depends on size. Micro-entities can use FRS 105, small companies usually use FRS 102 Section 1A, and larger companies full FRS 102. For financial years beginning on or after 6 April 2025, a small company can have turnover up to £15 million and a balance sheet up to £7.5 million, and a micro-entity turnover up to £1 million and a balance sheet up to £500,000, meeting two of three tests that include employee numbers. Most small companies are exempt from audit.
Two changes are worth planning for. Amendments to FRS 102 apply to periods beginning on or after 1 January 2026, bringing most leases onto the balance sheet and introducing a new revenue model. From 1 April 2028, Companies House plans to accept accounts only through software, require small and micro companies to file a profit and loss account (with an option not to publish it) and end abridged accounts.
Between year ends, management accounts give directors a monthly or quarterly view of profit, cash and the balance sheet, which is often what a bank or investor actually asks for.
Who needs it
Who typically needs it.
- 01
Owner-managed limited companies
Small companies needing annual accounts, the CT600, and a clear view of distributable reserves before dividends are paid.
- 02
New companies and micro-entities
Companies preparing first accounts, which are due 21 months after incorporation, and small businesses that can use the simpler FRS 105 regime.
- 03
Dormant companies
Companies that haven’t traded but still have to file dormant accounts every year.
- 04
Growing companies near the thresholds
Businesses approaching the small company limits, where audit exemption and the reporting regime may change.
- 05
UK subsidiaries of overseas groups
UK companies owned by a US or Pakistani parent that need UK statutory accounts plus reporting in the group’s format. Subsidiaries often need an audit unless a specific exemption applies.
When you need it
The moments that usually trigger it.
- Your company’s first year end is approaching and you’ve never filed accounts.
- A Companies House reminder has arrived and the filing deadline is close.
- You want to pay a dividend and need to know whether the company has distributable reserves.
- A bank, landlord or investor has asked for management accounts.
- Your turnover is approaching £15 million and you need to know whether an audit will be required.
- Your company has property leases or long customer contracts and you want to understand the 2026 FRS 102 changes.
Scope
Exactly what we handle.
Our engagement letter lists these specifically, so you know what is included before any work begins.
- 01
Year-end adjustments: accruals, prepayments, depreciation, stock, deferred income and the corporation tax provision.
- 02
Statutory accounts under FRS 105, FRS 102 Section 1A or full FRS 102, with the required notes and directors’ statements.
- 03
Filing with Companies House once a director has approved the accounts.
- 04
iXBRL-tagged accounts and computations for the CT600, which we can submit through our Tax Filing service.
- 05
Dormant company accounts.
- 06
Monthly or quarterly management accounts with commentary on profit, cash and the director’s loan account.
- 07
A distributable reserves check before dividends are declared.
- 08
Liaison with your auditors if an audit is required, including the schedules they request.
The process
How it runs, step by step.
Timings depend on the authority and on how quickly documents come together. We tell you what’s typical for your case at the start.
Start with a conversationConfirm size and standard
We check your company against the current size thresholds, the reporting standard to use and whether audit exemption applies.
Close the books
We reconcile the bank, debtors, creditors, VAT and the director’s loan account, and ask for stock figures, accruals and anything the records don’t show.
Draft accounts and tax computation
We prepare draft statutory accounts and the corporation tax computation, and go through the key figures and judgements with you.
Director approval
A director reviews and approves the accounts. Their legal responsibility for the accounts doesn’t pass to us.
File
We file the accounts with Companies House and provide the iXBRL accounts and computations for your Company Tax Return, as agreed in your engagement.
What we’ll need
The information to have ready.
A typical checklist. After the first conversation we send a version specific to your situation, so you don’t gather anything you don’t need.
Company records
- Company number and Companies House authentication code, or agent authorisation
- Last year’s accounts and CT600
- Access to your bookkeeping software, or a trial balance
Year-end information
- Bank statements to the year end
- Stock count and valuation, if you hold stock
- Assets bought or sold, loans and lease agreements
- Invoices received after the year end that relate to the year
Directors and shareholders
- Dividends declared, with board minutes
- Director’s loan account movements
- Changes in shareholders or share capital
Please don’t email passports or bank statements. Once we’ve spoken, you’ll get access to a secure upload.
Common mistakes
Where this usually goes wrong.
The problems we are most often asked to fix, and what they tend to cost.
- Mistake 01
Missing the Companies House deadline
Late filing penalties are automatic, rise with the length of the delay and double if accounts are late two years running. They are separate from anything HMRC charges for a late CT600.
- Mistake 02
Using the wrong size category
Size is tested on two of three criteria, usually over two consecutive years. Getting it wrong can mean using a standard you aren’t entitled to, or missing a required audit.
- Mistake 03
Paying dividends without distributable reserves
Dividends can only be paid out of accumulated realised profits. An unlawful dividend may have to be repaid, and can end up treated as a loan to the director.
- Mistake 04
Sending HMRC accounts in the wrong format
Accounts and computations submitted with the Company Tax Return must be in iXBRL. Software that produces only a PDF leaves the return incomplete.
Worth knowing
The limits, stated upfront.
Directors remain legally responsible for the accounts and for filing them on time, even when we prepare and file them.
We do not carry out statutory audits. If your company needs one, a registered auditor must perform it, and we can prepare the accounts and schedules they need.
Size thresholds, filing rules and the timing of the Companies House accounts reforms are set by government and can change; we confirm the current position when we scope your work.
Group accounts, charities and regulated businesses have extra rules and may need specialist input.
Questions
Financial Statements & Reporting: frequently asked.
If yours isn’t here, ask us directly. We’ll answer in plain terms.
Ask a questionWhen are my company’s accounts due?
For a private limited company, usually nine months after the end of its financial year, or 21 months after incorporation for the first accounts. The Company Tax Return is due 12 months after the end of the accounting period, and for most companies corporation tax is payable nine months and one day after it.
Does my company need an audit?
Probably not, if it qualifies as small. For financial years beginning on or after 6 April 2025, that generally means meeting two of: turnover up to £15 million, balance sheet total up to £7.5 million and no more than 50 employees. Public companies, some group members and regulated businesses can’t use the exemption, and shareholders holding 10% or more can require an audit.
What is the difference between FRS 105 and FRS 102 Section 1A?
FRS 105 is the simplified standard for micro-entities, with minimal notes and no fair value accounting. FRS 102 Section 1A is for small companies and requires more disclosure. A micro-entity can choose Section 1A if fuller accounts suit its lenders or investors.
What are management accounts?
Internal monthly or quarterly reports of profit, cash and financial position. They aren’t filed anywhere, but directors use them to make decisions, and banks and investors often ask for them.
What is changing at Companies House in 2028?
From 1 April 2028, Companies House plans to accept accounts only through commercial software, require small and micro companies to file a profit and loss account (with an option not to publish it), and remove abridged accounts. We will adjust how your accounts are prepared and filed as the details are finalised.
Do the 2026 FRS 102 changes affect my company?
They may, if you lease property or equipment or have customer contracts that span more than one period. For periods beginning on or after 1 January 2026, most leases come onto the balance sheet and revenue follows a new five-step model. Micro-entities reporting under FRS 105 are affected far less.
Related
Often needed alongside this.
The equivalent in our other countries
Speak with a consultant
Talk to us about financial Statements & Reporting.
Pick the closest match and we’ll take it from there. You’ll get a written scope and fee before any work begins.
Or use our three-step guide, or email hello@fiscorra.com
