Limited Company Accounts

A Limited Company, being a private entity, ensures its finances and operations remain distinct from those of its owners, safeguarding individuals from personal financial repercussions in case the company faces difficulties.

Setting up a Limited Company offers various advantages, such as tax benefits, dividend distributions, investment prospects, and access to business loans.

A Limited Company gains credibility, yet it entails increased legal and personal responsibilities. Our assistance can ensure your company is established and operated in a financially viable and efficient manner, taking care of crucial details.

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More Information on LTD Companies

As a limited company in the UK, you are required by law to prepare and submit annual accounts to various authorities, including Companies House and HM Revenue & Customs (HMRC). These accounts provide a financial snapshot of your company's performance and financial position over a specific accounting period. Here's an overview of the key points related to limited company accounts in the UK:

• Preparation of Annual Accounts: Limited companies must prepare annual accounts in accordance with the applicable accounting standards. The accounts typically include a balance sheet, profit and loss statement (income statement), cash flow statement (for medium and large companies), and related notes.
• Accounting Period: The accounting period is the period for which your company's financial accounts are prepared. It usually covers a period of 12 months, and the first accounting period starts from the incorporation date and ends on the company's accounting reference date (ARD).
• Accounting Standards: The financial accounts must be prepared following the relevant accounting standards. For most small companies, this will be the Financial Reporting Standard for Smaller Entities (FRSSE) or the Financial Reporting Standard for Micro-entities (FRS 105).
• Companies House Filing: All limited companies must submit their annual accounts to Companies House within nine months of the accounting reference date. Companies House makes these accounts available to the public.
• HMRC Filing: In addition to filing with Companies House, you are required to submit your company tax return, which includes the statutory accounts, to HMRC. This must be done within twelve months of the end of the accounting period.
• Abridged Accounts: Small companies can take advantage of certain exemptions and file abridged accounts with Companies House. Abridged accounts contain fewer details compared to full accounts and allow for some information to be omitted from public records.
• Auditing Requirements: Small companies are usually exempt from mandatory statutory audits, provided they meet certain criteria. However, larger companies may still require an audit.
• Director's Report: For most small companies, the director's report is a simplified report that accompanies the annual accounts. It provides essential information about the company's activities, financial position, and other disclosures.
• Confirmation Statement: While not directly related to accounts, companies are also required to submit an annual confirmation statement to Companies House. This statement confirms the company's registered details, such as its directors, shareholders, and registered office address.
• Penalties for Non-Compliance: Failure to submit accounts on time can result in late filing penalties and may lead to the company being struck off the register and dissolved.

It's important to ensure that your company's accounts are accurate, compliant, and filed on time. Many companies seek the assistance of accountants or financial professionals to handle their accounts to ensure adherence to all legal requirements and maximize tax efficiency