First Year Accounts for Limited Company in South Woodford – Prepared, Reviewed and Filed With Professional Support

They are the first set of statutory accounts a limited company prepares, covering its initial accounting period. That period runs from incorporation, or from the date the company began trading where that is different, up to the company's first accounting reference date. The accounts are drawn up from the company's accounting records and typically include a balance sheet, a profit and loss account where the applicable framework requires one, any notes and the directors' statement. Once approved by the directors, they are delivered to Companies House where required. You may also hear them described as first statutory accounts or first year company accounts.

The deadline depends on your company's incorporation date and its accounting reference date, so there is no single date that applies to every new company. Companies House sets the first accounting reference date when the company is incorporated, and the filing deadline is calculated from that. Because a first accounting period can be longer or shorter than twelve months, it is worth checking the dates recorded for your own company rather than relying on a general rule. If you are unsure what applies to you, an accountant can confirm the position from your Companies House record.

It depends on what your company has actually done, but directors in South Woodford typically provide bank statements and transaction records, sales and income records, purchase invoices and expense receipts, details of any assets purchased, share capital information, and records of any director's transactions or loans. Where the company runs payroll or is registered for VAT, those records may also be relevant. Not every company will have all of these. If activity has been limited, the records needed will be limited too, and we can tell you what is relevant to your circumstances.

First year statutory accounts are generally delivered to Companies House where required, and the obligation is not removed simply because the company is new, has had limited activity or has not yet started trading. There are different reporting routes depending on the company's position, including where a company has had no significant accounting transactions, but whether a particular route applies depends on the applicable rules and the company's circumstances rather than being assumed. It is not automatically correct to treat a quiet new company as dormant, so it is worth taking advice before deciding.

No. They are separate filings with separate destinations. Statutory accounts are delivered to Companies House where required, while a Corporation Tax Return such as a CT600 is submitted to HMRC where the company has Corporation Tax obligations. The two are prepared from much of the same underlying accounting information, but filing accounts at Companies House does not submit a CT600, and filing a CT600 does not complete the Companies House accounts requirement. The company's first Corporation Tax accounting period may also differ from its statutory accounts period, so both should be reviewed together.

Some newly incorporated companies may qualify to report as micro-entities if they meet the applicable eligibility requirements for the relevant accounting period. Qualification is not automatic, and a company does not qualify simply because it is newly formed, has low turnover or has had little activity. Where a company does qualify, FRS 105 is the financial reporting standard applicable to qualifying entities using the micro-entity framework. The appropriate framework should be determined from the company's own circumstances and the requirements in force for that period before the accounts are prepared.

No. They are two different filings. A confirmation statement confirms the company's registered details, such as its directors, registered office and share information, and it is filed separately from the accounts. Delivering first year accounts to Companies House does not satisfy the confirmation statement requirement, and filing a confirmation statement does not satisfy the accounts requirement. A limited company may still need to submit confirmation statements and keep its Companies House information up to date, so it is worth tracking the two separately.

Failing to deliver required accounts by the applicable deadline can lead to consequences from Companies House, and the outcome can vary depending on the circumstances and how late the filing is. Paying any penalty does not remove the requirement to file the outstanding accounts. Where a company believes there were valid reasons for the delay, the availability of any appeal or remedy depends on the applicable rules and the specific facts. The practical priority is usually to get accurate accounts finalised and delivered, and directors in South Woodford can seek professional support to resolve an overdue filing.