What are statutory accounts? UK limited company guide

At minimum, statutory accounts comprise a balance sheet (statement of financial position) signed by a director, notes to the accounts, and, for most companies, a profit and loss account. Larger companies also include a directors' report and, unless exempt, an auditor's report.

The accounts must give a true and fair view of the company's financial position and be prepared under UK GAAP (typically FRS 102 or FRS 105 for micro-entities) or, less commonly for small private companies, IFRS.

A full or filleted set goes to Companies House, where it becomes public. A set also underpins the Company Tax Return (CT600) submitted to HMRC, together with corporation tax computations, though the versions used for each can differ in the level of detail disclosed.

Shareholders are also entitled to receive copies of the full accounts, even where a shorter version is filed publicly.

The year end, or accounting reference date, is the last day of the company's financial year, normally the last day of the month of incorporation for the first year, and the anniversary of that date each year after unless changed. It determines the accounting period the statutory accounts cover and drives every filing deadline that follows.

You can shorten or, less freely, lengthen the accounting reference date using Companies House form AA01, which shifts every future deadline in turn.

Management accounts are produced for internal decision-making, at whatever frequency suits the business (commonly monthly or quarterly), are not required by law, are never filed at Companies House, and can be as detailed or informal as the directors want.

Statutory accounts are a formal, once-a-year legal requirement, prepared to a prescribed format, filed publicly, and used as the basis for tax and (where relevant) audit. The two serve different purposes and are not interchangeable: good management accounts make preparing accurate statutory accounts faster and cheaper.

The format depends on company size. Micro-entities can use a simplified FRS 105 format with minimal notes and no directors' report requirement. Small companies use FRS 102 Section 1A with more disclosure. Larger companies file full accounts, often audited.

Size is assessed against turnover, balance sheet total and average employee numbers, and most companies qualify by meeting two of the three thresholds for their size band.

Private companies must normally file accounts with Companies House within 9 months of the year end (21 months after incorporation for the first accounts). Missing the deadline triggers an automatic, escalating late filing penalty, currently £150 up to one month late, rising to £375, £750 and £1,500 the longer it runs, and doubling if accounts are late in two successive years.

We prepare and file statutory accounts with Companies House and HMRC (annual-accounts).

Not sure when yours are due? Use our free filing due date checker (tools/filing-due-date-checker) to work out your deadline from your year end.

We are an independent firm of Chartered Accountants, not Companies House or HMRC.

Rates, thresholds and deadlines quoted here reflect the 2026/27 UK tax year. Check current GOV.UK guidance, or ask us, before relying on them for your own company.