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All companies irrespective of their status must keep proper accounting records
as stipulated by the companies act.
Statutory accounts are generally taken to include balance sheets, profit and
loss accounts, directors and audit reports and supporting notes to the financial
statements. All companies, even those which are dormant must submit their
accounts to Companies House by the due date.
The accounts submitted generally are for a period of one year. If the company
is submitting its first accounts, these accounts must be made up for a period
running from the date of company formation to the date as laid down by Companies
House. The company can apply within this period to change its accounting reference
date.
Accounts are required to be submitted to the Registrar within ten months are
the financial year end for private limited companies and within seven months for
public limited companies.
In circumstances where some of the businesses are abroad and therefore the
gathering of the required accounting information id more difficult, Companies
House may grant an extension period to the company. This extra time is not given
automatically and must be applied for and justified on a year by year basis.
Further News and Articles
2. Statutory Requirements For New Companies
3. Non Profit Organisations
4. Company Directors and Secretaries
5. Annual Returns
6. Accounts and Accounting Reference Dates
7. Company Auditors
8. Share Capital and Prospectuses
9. Late Filing Penalties
10. The Costs and Benefits of Company Registration
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