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Back to FAQPreparing and Filing Accounts

Who Keeps The Accounts And What Do They Comprise Of?

All limited and unlimited companies, whether or not they are trading, must keep accounting records.
Generally, a set of accounts must include:

  • 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 auditors' report signed by the auditor (if appropriate);
  • a directors' report signed by a director or the secretary of the company;
  • notes to the accounts; and
  • group accounts (if appropriate).

The Companies Act can provide further information on what these documents contain. Certain information may be omitted from the accounts of medium-sized and small (including very small and dormant) companies prepared under the Companies Act 2006. Some small companies and dormant companies may also be exempt from audit.

All limited and public limited companies must send their accounts to the Registrar. If they are eligible and wish to, medium-sized, small, very small and dormant companies may prepare and file 'abbreviated accounts'.

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