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Limited companies are obliged by law to prepare a set of financial accounts each year and to file a copy with Companies House:

• private companies must file accounts within 21 months of the business' formation, and within nine months of the end of each financial year thereafter
• public companies must file accounts within 18 months of the business' formation, and within six months of the end of each financial year thereafter

Read Companies House guidance on .

There are for late or incorrect filing, for which the directors are liable. 

For more information, see Companies House annual returns and accounts.

Small companies

For micro-entity accounts, a company must meet at least two of the following criteria:

• turnover is no more than £1 million
• balance sheet total is no more than £500,000
• average number of employees is no more than ten

A micro-entity must prepare accounts that contain:

• a balance sheet that complies with one of the specified formats given in the relevant regulations, along with any footnotes
• a profit and loss account that complies with the specified format given in the relevant regulations
• an auditors’ report (unless the company is claiming exemption from audit as a small company) 
• any notes to the accounts

Small companies must meet at least two of the following criteria:

• turnover is no more than £15 million
• balance sheet total is no more than £7.5 million
• average number of employees is no more than 50

Small company accounts prepared for members usually include:

• a profit and loss account
• a balance sheet, signed by a director on behalf of the board and the printed name of that director
• notes to the accounts
• group accounts (if a small parent company chooses to prepare them)

Small company accounts should also be accompanied by:

• a directors’ report that shows the signature of a secretary or director and their printed name
• an auditors report that includes the printed name of the registered auditor (unless the company qualifies for exemption from audit)

Medium-sized companies

A medium-sized company must meet at least two of the following criteria:

• annual turnover must not exceed £54 million 
• the balance sheet total must not exceed £27 million 
• the average number of employees must not exceed 250

Medium-sized accounts must include:

• a profit and loss account
• a balance sheet, showing the printed name and signature of a director
• notes to the accounts
• group accounts (if appropriate)

The accounts should be accompanied by:

• a directors’ report, showing the printed name of the approving secretary or director
• a strategic report
• an auditor’s report that includes the name of the registered auditor (unless the company is exempt from audit)

A medium-sized company must deliver all of the component parts of their accounts to Companies House.