Annual Accounts
Annual accounts are a legal requirement for both trading and dormant companies, and failure to file can result in penalties. Here’s what you need to know.
What are annual accounts?
Annual (statutory) accounts summarise your company’s financial activity for the year. They typically include:
- Profit and loss account
- Balance sheet
- Notes to the accounts
- Director’s report (if required)
- Auditor’s report (if required)
What you must submit publicly depends on your company’s size and status.
Who must file?
- All UK limited companies (both trading and dormant) are required to file accounts with Companies House.
Company size and requirements
Micro-entities (meet 2 of: ≤£632k turnover, ≤£316k balance sheet, ≤10 employees):
- Simplified filing
- No audit or director’s report
- No public profit & loss (required from April 2027)
Small companies (meet 2 of the thresholds):
- Thresholds increased from April 2025 (turnover <£15m, balance sheet <£7.5m, <50 employees)
- Must file full accounts (may qualify for audit exemption)
Dormant companies:
- File simplified accounts (mainly a balance sheet + statements)
- Usually exempt from audit
Filing deadlines
- First accounts:
- Within 21 months of incorporation or
- 3 months from your accounting reference date (whichever is longer)
- Subsequent years:
- Within 9 months of the accounting reference date
To check your Annual Accounts deadline, search your company name here.
Late filing penalties
| Delay | Penalty |
|---|---|
| Up to 1 month | £150 |
| 1–3 months | £375 |
| 3–6 months | £750 |
| Over 6 months | £1,500 |
- Penalties double if they are filed late two years in a row
- Failure to file is a criminal offence
How to file (quick steps)
- Gather financial records
- Income, expenses, bank statements, payroll, VAT, assets, loans, prior records
- Prepare accounts
- Profit & loss: income minus expenses
- Balance sheet: assets, liabilities, equity
- Notes and (if required) directors'/auditors' reports
- Submit online
- Use Companies House online service or compatible accounting software
- Ensure director approval and authentication details are ready
How can Rapid Formations Help?
Quality Company Formations offers a Dormant Accounts Filing Service for non-trading companies, helping ensure your filings remain compliant with Companies House requirements.
👉Click here to learn more.
For active (trading) companies, we recommend seeking advice from a qualified accountant if you are unsure how to prepare and file your accounts.
Key tips
- File early to avoid penalties
- Keep records organised throughout the year
- Check eligibility for exemptions (micro-entity, small, dormant)
- Consider using accounting software or an accountant