Companies Accounts

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Limited companies are required by law to submit their accounts to Companies House in line with relevant accounting standards and The Companies Act 2006.

We can help you fulfil these statutory obligations at low costs and a high standard of compliance.

Accounts FAQ

Q: Do I need to file full accounts with Companies House?
A: No, generally for SMEs (Small and medium-sized enterprises) it is only a balance sheet with certain disclosure notes, detailed P&L is not required. Big companies, especially listed on the stock exchange, have very different requirements.

Q: Which reporting framework should I choose?
A: Generally, it is FRS 105 or 102/A for SMEs. There are certain rules applicable to these circumstances, we can run a thorough checklist to determine the best reporting framework for your company.

Q: Can my company’s reporting period to be changed?
A: Yes subject to certain company law requirements and restrictions.

Q: Do I need an accountant for company accounts?
A: Not a legal requirement and if you know what you are doing. Getting this wrong will create problems for the business and for you personally with law and authorities. It's best to leave it to experts and focus on growing your business.

Q: What is the deadline to file accounts with Companies House?
A: Generally it is 9 months after year-end. After 9 months the  Companies House will start implementing late filing penalties.

Q Penalties for late filing?
A: We suggest you read the Director's responsibilities on our main website as not fulfilling your legal obligations would result in heavy penalties. There are penalties for late filing imposed by the Companies House.

Q: Are Management Accounts the same as statutory accounts?
A: No, management accounts do not have to follow the same reporting requirements as statutory accounts and are for internal use only.

Q: How much Dividends can I get from my company?
A: It depends on how much distributable reserves you have in the company. You can use our Dividends calculator to get an idea of how much dividends are available without getting into an overdrawn director loan account.

98 East Avenue
Heald Green
Cheadle
SK8 3BS
Stockport
Manchester

 

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