Annual Account
The annual report of a company is called ‘Statutory Accounts‘, and it is prepared at the end of the company’s financial year from the company’s financial statements.
The report shall include:
– A balance sheet showing what the company owns and holds on the last day of the financial year.
– An income statement showing the company’s sales, operating expenses and profit for the financial year.
– Notes on the accounts
– Director’s report
(Audit report may be required, depending on company size)
Dormant Companies
The company is referred to as Companies House ‘Dormant Company‘ if there were no significant transactions in the company’s financial year. Dormant companies that qualify as ‘Small’ need to submit Abbreviated Accounts and do not need to be audited.
Small Companies
A company is a small business if it includes any of the following:
– has a turnover of £ 10.2 million or less
– A balance sheet total of £ 5.1 million or less
– Less than 50 employees
If your business is small, you need to send abbreviated bills to Companies House
Micro Entirties
Micro companies are small companies. An enterprise will be a micro enterprise if it has any of the following:
– Turns over £ 632,000 or less
– a balance sheet total of up to £ 316,000
– has a maximum of 10 employees
After the end of the fiscal year, companies must prepare their Annual Accounts and Corporation Tax Returns (CT 600)
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and contact us even if you are just starting your career in the England!
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