First Year Accounts for Limited Company in Cobham, Prepared and Filed With Professional Support

They are the first set of statutory annual accounts your company prepares for its initial accounting period, which usually runs from the incorporation date to the company's first accounting reference date. They typically include a balance sheet and, where the applicable framework requires it, a profit and loss account and notes, along with the statements that framework expects. Unlike bookkeeping summaries or management reports, first-year statutory accounts are a legal requirement under company law and are normally delivered to Companies House where required. Their purpose is to give a formal, structured picture of the company's position at the end of that first period.

It depends on your company's incorporation date and accounting reference date. Companies House sets the first accounting reference date when the company is formed, generally to the last day of the month in which the first anniversary of incorporation falls, and the filing deadline for the first accounts is calculated from that date. The first deadline is usually longer than the deadlines that apply in later years, but the exact date varies between companies, so it is worth checking the company record rather than working from an assumption. If you are unsure which period your first accounts should cover, that can be confirmed before any preparation work begins.

It depends on what the company has actually done, but typical records include bank statements and transaction listings, sales invoices and other income records, purchase invoices and expense receipts, details of any assets purchased, director's loan account movements, share capital information, and any loans or finance agreements. Where the company has employees or is VAT registered, payroll and VAT records may also be relevant. Nothing has to be perfectly presented in advance — part of the process is often tidying up and checking the records so the figures in the accounts can be relied upon.

A limited company generally has statutory accounts obligations from incorporation, whether or not trading has begun, although what those accounts look like depends on the company's circumstances. Having no income does not automatically mean the company is dormant, and the dormant company position depends on the applicable rules and whether any significant accounting transactions have taken place. Directors should not assume that a quiet first period removes the filing requirement. Where activity has been limited, it is better to confirm the reporting position early than to discover it after a deadline has passed.

No. Statutory accounts are prepared for the company's members and delivered to Companies House where required, while a Corporation Tax Return such as a CT600 is submitted to HMRC where applicable. The two are connected, because the figures in the accounts often inform the tax return, but they serve different purposes, go to different authorities and follow separate deadlines. Filing the accounts does not submit a CT600, and submitting a CT600 does not complete the Companies House filing. It is also possible for the company's first Corporation Tax accounting period and its statutory accounts period not to be identical, which is worth checking.

No. A confirmation statement is a separate filing that confirms the company's details on the Companies House register, such as its registered office, directors and shareholders, and it is not replaced by filing statutory accounts. A newly incorporated company may need to deal with both, along with any other obligations that apply to it. Keeping register information accurate and current is a director responsibility in its own right, regardless of the accounts position.

Some newly incorporated companies can, but not all of them. Eligibility for the micro-entity framework depends on meeting the applicable conditions and thresholds for the relevant accounting period, and those conditions should be checked rather than assumed. FRS 105 is the financial reporting standard that applies to qualifying entities using the micro-entity framework — it does not apply automatically simply because a company is new or relatively small. The right framework for your company should be determined from its actual circumstances and the period being reported on.

Filing required accounts after the applicable deadline can lead to consequences from Companies House, and the outcome is not the same in every case. Paying any penalty does not remove the obligation to file the outstanding accounts, so the priority is normally to get the filing completed. In limited circumstances it may be possible to appeal a penalty, but whether an appeal is available depends on the reasons for the delay and the applicable rules. Where accounts are already overdue, it is best to take advice quickly rather than wait further.