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Company Year End Accounts

Your annual accounts are central to how you run your business, so it’s absolutely critical that you get them right.

We will work closely with you, through each stage of the process, to make sure we meet your business needs.

Table of Contents

Annual Accounts

What Are Company Year-End Accounts?

You must prepare year-end accounts at the close of your company’s financial year.

For most organisations, that date is derived from the month during which you incorporated your company.

For example, if you incorporated yours on March 19, the year-end is usually on this date.

What do I have to do?

After your company year-end, you must prepare and send your company’s annual accounts to Companies House.

These are known as statutory accounts.

What is In My Statutory Accounts?

Generally, they include three main sections:

  • Profit and Loss statement – this shows your company’s trading activities for the year and lists its income and expenses over the same period
  • Balance sheet – this lists out company’s assets, liabilities, capital and reserves at the financial year-end
  • Notes to the financial statements – these are additional notes which explain items within your financial statements.

What Must I Submit?

There are two accounting standards in the UK:

  • FRS 105
  • FRS 102

You must prepare your company’s accounts according to one of these standards. As your accountants, we will explain which is most suitable.

You must then submit your company’s Balance Sheet, and Notes to the Financial Statements, to Companies House in a single document.

How Do I Submit My Statutory Accounts?

We will do this electronically for you. 

We’ll need your Companies House Authentication code; this is a six-character combination which your company’s registered office should have received when you set up the company.

If you don’t have this document, you can re-request it.

It usually takes 5-10 working days to arrive.

If for some reason you cannot submit your accounts electronically, you can file on paper by posting signed copies to Companies House.

If, for some reason, this needs to happen, we can take care of it for you.

You must submit your company accounts to Companies House within nine months of your financial year-end.

Failure to do this will mean a penalty notice issued to your company. 

This penalty will increase, depending on how late your documents are.

Current penalties are:

  • One day late: £100
  • Up to three months late: £375
  • Three to six months late: £750
  • Six to 12 months late: £1,500

Can I change my financial year end?

Yes, some companies choose to change their company financial year end for a number of reasons, including to  align their financial year end with the calendar year end (December) or Tax year end (March).

You can lengthen your company’s financial year:

  • to a maximum of 18 months, or longer if your company is in administration
  • once every 5 years

You can only lengthen the financial year more often than every 5 years if:

  • the company is in administration
  • you’re aligning dates with a subsidiary or parent company
  • you have special permission from Companies House

What Are The Deadlines?

You must submit your company accounts to Companies House within nine months of your financial year-end.

Failure to do this will mean a penalty notice issued to your company. 

This penalty will increase, depending on how late your documents are.

Current penalties are:

  • One day late: £100
  • Up to three months late: £375
  • Three to six months late: £750
  • Six to 12 months late: £1,500

If your accounts are late for two successive years, penalties will double, and you could also find your company is struck off.

Can I Change My Financial Year-End?

Yes, you can.

Some companies choose to change their company financial year-end for a number of reasons, such as aligning their financial year end with the calendar year-end (December), or tax year-end (March).

You can lengthen your company’s financial year:

  • To a maximum of 18 months, or longer if your company is in administration
  • Once every five years

You can only lengthen the financial year more often than every five years if:

  • The company is in administration
  • You’re aligning dates with a subsidiary or parent company
  • You have special permission from Companies House

Your Company Accounts, Our Process

Acting on your behalf, we’ll take care of the entire process.

  • First, we meet with you to get a clear understanding of your business’s needs and to gather the essential financial information we’ll need to do your annual accounts.
  • We will perform a comprehensive review of your bookkeeping, which acts as a quality assurance check for you, basing this on your working files.
  • Depending on the most suitable regulatory format, we’ll then put this information together in that format as a certified set of accounts.
  • We’ll meet with you again to go through these accounts, talking through any amendments or findings that we need to act on.
  • Once you’re happy with everything, we will finish your disclosure requirements and ask you to sign off your accounts.

We transfer your accounts onto our software for submission to Companies House.

It’s that straightforward.

Why Choose Venn Accounts for Your Annual Accounts?

Effective accountancy is about experience and good communication.

We’re not out to reinvent the wheel, but we will explain everything to you in a language you relate to; no jargon, and no messing about.

You’re the expert in your field, and we’re specialists in ours.

We’re here to help and support you, bringing our extensive working knowledge to you, working with you.

When you want to file your annual accounts, you want to know they’re in safe, capable hands.

Traditional Accounting with Clear Principles

Based in London, Venn Accounts are a traditional accounting firm, where we make sure our clients are completely clear about what we can do for them, supporting them every step of the way.

You may also be interested in our corporation tax service, which would be highly advantageous for small businesses tech startups. As such, we have created specifically tailored accounting packages, that combine both annual accounts and corporation tax services.

To speak to a member of our team about our annual accounts service, contact Venn Accounts directly on 02080882590 or email enquiries@vennaccounts.com.