Annual accounts, also called statutory accounts, are financial statements summarizing your company’s performance over the year.

They include a balance sheet, profit and loss account, and compliance notes required by Companies House and HMRC. 

Every limited company in the UK must file statutory accounts with Companies House and HMRC, even if your business is dormant or not trading during the year.

The deadline is usually nine months after your company’s financial year-end. Filing late can result in penalties, making the timely submission of statutory accounts crucial for compliance.

Late filing of annual accounts results in automatic penalties from Companies House that increase over time. Persistent delays can even lead to legal action or the dissolution of the company.

Yes, small companies may submit abridged statutory accounts, showing less detail than full accounts. However, the option depends on your company size and eligibility under UK accounting standards.

Annual accounts (statutory accounts) are prepared for compliance and submitted to Companies House and HMRC. Management accounts, however, are internal reports that are created monthly or quarterly to track business performance and inform decision-making.

While you can prepare them yourself, hiring an accountant ensures accuracy, compliance, and tax efficiency. Expert preparation reduces stress and minimizes the risk of penalties or HMRC queries.

Absolutely. We specialize in bringing overdue statutory accounts up to date, ensuring full compliance, and preventing further penalties. We’ll manage the process and get your filings back on track quickly.