Complete Guide to Limited Company Accounts in the UK
Everything you need to know about annual accounts, filing deadlines, and staying compliant as a limited company director.
✅ Understand what accounts you need
✅ Know your filing deadlines
✅ Avoid costly penalties
✅ Learn how to use your accounts to grow your business
What Are Limited Company Accounts?
Limited company accounts are financial reports that show how your business has performed over the course of a year.
They set out things like:
What money came into the business
What money went out
What the company owns
What it owes
Whether it made a profit or a loss
They need to be prepared every year and submitted to Companies House, regardless of whether the business had a fantastic year, a difficult year, or hardly traded at all.
What Accounts Does a Limited Company Need?
While the exact requirements depend on the size of your company, most sets of limited company accounts will include a few key documents.
Profit & Loss
This report is the one that most business owners are interested in, as it answers the question 'did the business actually make money?'.
This report shows the income earned during the period, business expenses, gross profit, net profit, and Corporation Tax charge for the year.
Balance Sheet
A balance sheet takes a snapshot of the company's finances at a specific date. It's often one of the best indicators of the overall financial health of a business.
It shows what the business owns, like assets, cash in the bank, and money owed by customers. It also shows what the company owes, like loans, money owed to suppliers, tax liabilities, and director's loan accounts.
Notes to accounts
These provide additional explanations behind the figures, and contain information that doesn't fit neatly elsewhere.
Corporation Tax
Although technically separate from the accounts, a corporation tax calculation is prepared alongside the accounts to work out how much tax the company owes.
Important Filing Deadlines
One thing that catches out many directors is that there isn't just one deadline, there are several.
Companies House Accounts
First accounts are usually due 21 months after incorporation.
Future accounts are due 9 months after the company's year end.
Corporation Tax Return
The Company Tax Return (CT600) is normally due 12 months after the end of the accounting period.
Corporation Tax Payment
The corporation tax itself is usually due 9 months and 1 day after the accounting period ends.
Example:
Company Year End: 31st March 2026
Accounts due to Companies House: 31st December 2026
Corporation Tax due to be paid: 1st January 2027
CT600 due to HMRC: 31st March 2027
Yes, the tax often needs to be paid before the tax return is filed. No, you're not the first person to think that's a bit odd!
❌ COMMON MYTH: "My company didn't trade, so I don't need to file."
✅ REALITY: All limited companies still have filing obligations, even if they're dormant!
What Happens If You File Late?
Leaving accounts until the last minute can be a costly mistake.
Late filing penalties are issued automatically by Companies House and increase depending on how late the accounts are submitted.
Length of period (measured from the date the accounts are due) | Late filing penalty for a private company or LLP | Late filing penalty for a public company |
Not more than 1 month | £150 | £750 |
More than 1 month but not more than 3 months | £375 | £1,500 |
More than 3 months but not more than 6 months | £750 | £3,000 |
More than 6 months | £1,500 | £7,500 |
The late filing penalty will be doubled if accounts are filed late 2 years in a row.
Other consequences can include:
Damage to your company's credit rating
Problems obtaining finance
Increased attention from regulators
Additional stress that nobody needs!
What Records Should You Keep?
Keeping decent records throughout the year makes preparing accounts much easier.
Trying to piece together a year's finances from random emails, old receipts and a vague memory of what happened generally isn't a recipe for success.
Why Your Accounts Matter
It's easy to think of annual accounts as just another piece of paperwork, but they can actually tell you a lot about your business.
They show where you're making money, where costs might be creeping up, and whether your cash flow is as healthy as you think it is. Instead of simply helping you stay compliant, good accounts give you the information you need to make better decisions and plan confidently for the future.
How Revis & Co Can Help
At Revis & Co, we take the stress out of the process by ensuring your accounts are prepared accurately, filed on time, and structured in the most tax-efficient way possible.
We work with businesses across Portsmouth and beyond, providing not just compliance support, but practical advice to help you understand your numbers and make informed decisions.
That means less time worrying about paperwork and deadlines, and more time focusing on growing your business.
Comments