Company accounts and reports: overview

by Practical Law Corporate

A note providing an overview of the requirements for companies to prepare, approve, deliver, file, and revise annual accounts and reports under the Companies Act 2006 (CA 2006). This note outlines the fundamental obligation to maintain adequate accounting records and explains the key distinctions between different types of companies. It details the composition of annual accounts and reports and covers procedural aspects such as accounting reference periods, the approval and signature process, and the overarching requirement for accounts to present a true and fair view. Further, this note examines director liability, filing deadlines with the Registrar of Companies, penalties for late delivery, and the process for revising defective accounts. It also addresses recent and forthcoming changes, including those introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023).