Are statutory accounts the same as annual accounts?

Yes — statutory accounts, annual accounts and year-end accounts all mean the same thing: the formal financial statements a limited company must prepare each financial year under the Companies Act 2006.

Does the public see my profit and loss account?

Currently, micro-entities and small companies do not have to file their profit and loss account at Companies House, so it doesn't appear on the public record — only the balance sheet and notes do. Companies House has announced that under the Economic Crime and Corporate Transparency Act reforms, small and micro companies will in future have to file their profit and loss account; check the current position before relying on it.

Can I prepare statutory accounts myself?

Legally, yes — there's no requirement to use an accountant. In practice the accounts must follow the right accounting standard (FRS 105 or FRS 102), use prescribed formats and statements, and be consistent with your Corporation Tax return. Most directors find a fixed-fee accountant cheaper than the time and risk of doing it themselves.

What records do I need to produce them?

Your company's accounting records: bank statements, sales invoices, purchase invoices and receipts, payroll records if you have staff, and details of assets and loans. Directors are legally required to keep adequate accounting records — in practice you should keep them for at least six years.

What Are Statutory Accounts? | Plain-English Guide

Limited company accounts and Companies House filing, in navy and gold

The parts of a set of statutory accounts

Balance sheet — what the company owns and owes on the last day of the financial year, signed by a director with their name stated
Profit and loss account — income, costs and profit for the year
Notes to the accounts — the detail behind the numbers, such as the accounting policies used and any loans to directors
Directors’ report — not required for micro-entities, and small companies don’t file it publicly
Auditor’s report — only if the company is audited; most small companies are exempt

Who gets a copy

Statutory accounts aren’t one filing — the same accounts serve three audiences. They must go to Companies House (the public record, normally within 9 months of year end), to HMRC as part of the Company Tax Return, and to the company’s shareholders. What each gets can differ: micro-entities and small companies can send Companies House a reduced “filleted” set, while HMRC always receives full accounts.

Companies House vs HMRC — who gets what

Small company and micro-entity versions

The Companies Act scales the requirements by company size. A micro-entity (for financial years beginning on or after 6 April 2025: two of — turnover ≤ £1m, balance sheet ≤ £500,000, ≤ 10 employees) prepares the simplest accounts under FRS 105: an abridged balance sheet and profit and loss with minimal notes, and no directors’ report. A small company (two of: turnover ≤ £15m, balance sheet ≤ £7.5m, ≤ 50 employees) reports under FRS 102 Section 1A with reduced disclosures and is normally exempt from audit.

Micro-entity accounts explained in full

Common mistakes to avoid

Treating the Companies House filing and the HMRC tax return as the same thing — they are separate filings with different deadlines
Missing the balance sheet statements small companies must include (audit exemption statements and the director’s signature)
Forgetting director loan disclosures — overdrawn director loan accounts have tax consequences and must be shown
Leaving it until the deadline month — penalties are automatic, not discretionary

If you’d rather hand the whole thing over, we prepare and file statutory accounts for micro and small companies — call 0114 327 1480.

Our limited company accounts service

What are statutory accounts?