Year-End Accounts for Limited Companies – What You Need to Know

As the director of a limited company, preparing and filing your year-end accounts is not just a formality – it’s a legal obligation and a key part of running your business responsibly. Year-end accounts provide a snapshot of your company’s financial health and are submitted to Companies House and HMRC each year.

While the process may seem complex or time-consuming, understanding your responsibilities and seeking professional support can help you avoid penalties, reduce tax liabilities, and stay compliant.

In this guide, we’ll explain what year-end accounts are, what’s included, your filing deadlines, and how HPL Accountancy can support your business throughout the process.

What Are Year-End Accounts?

Year-end accounts – also known as statutory accounts – are a set of financial reports that limited companies must prepare at the end of each financial year. These reports give a clear view of your company’s financial position and are used by stakeholders, shareholders, and government bodies.

They are required by:

• Companies House – for public record
• HMRC – to calculate your Corporation Tax liability
• Directors and shareholders – to assess performance
• Banks or investors – for funding decisions

Who Needs to Submit Year-End Accounts?

All limited companies registered in the UK must prepare and submit annual accounts, even if the company is:

• Dormant (not trading)
• Making a loss
• Not actively invoicing or receiving income

Sole traders and partnerships have different requirements and do not file statutory accounts with Companies House.

What’s Included in Year-End Accounts?

A standard set of year-end accounts for a small or micro-entity typically includes:

• Balance Sheet – a statement of assets, liabilities, and equity on the final day of the financial year
• Profit and Loss Account (P&L) – showing income, costs, and profit or loss for the year
• Notes to the Accounts – further detail and breakdowns
• Director’s Report (in some cases)
• Accountant’s Report or Auditor’s Report – depending on the size of your company

Your accounts must follow UK Generally Accepted Accounting Principles (UK GAAP) or IFRS, depending on the size and structure of your company.

Filing Deadlines

There are two key deadlines to be aware of:

1. Companies House Filing
   1. Deadline: 9 months after your company’s financial year-end
   1. For example, if your financial year ends 31 March 2024, your accounts must be filed by 31 December 2024.
2. HMRC Filing (Corporation Tax Return)
   1. Deadline: 12 months after your financial year-end
   1. Corporation Tax payment is due 9 months and 1 day after your financial year ends.

Missing these deadlines can result in automatic penalties, even if your company has made no profit.

Penalties for Late Filing

Failure to submit your accounts on time results in fixed penalties:

These penalties double if you’re late two years in a row. HMRC may also charge interest and fines for late Corporation Tax filing and payment.

How to Prepare Year-End Accounts

Step 1: Finalise Your Bookkeeping

Ensure all income and expenses have been recorded accurately for the year. Reconcile bank accounts, review outstanding invoices, and close off your ledgers.

Step 2: Adjustments and Provisions

Include adjustments for depreciation, accruals, prepayments, bad debts, and stock valuation.

Step 3: Generate Reports

Use accounting software (such as Xero or QuickBooks) to create your profit and loss and balance sheet. Ensure these are reviewed and backed by supporting documentation.

Step 4: Submit to Companies House and HMRC

You’ll submit abbreviated or full accounts (depending on company size) to Companies House, and a full set along with your CT600 Corporation Tax Return to HMRC.

Micro-Entity and Small Company Exemptions

If your company qualifies as a micro-entity or small company, you may be eligible to:

• File simplified accounts
• Claim audit exemption
• Submit abbreviated versions to Companies House

This helps reduce the compliance burden, but your accounts must still be prepared to legal and accounting standards.

How HPL Accountancy Can Help

Preparing year-end accounts involves more than just hitting deadlines. It’s about ensuring your financial reports are accurate, tax-efficient, and legally compliant. At HPL Accountancy, we provide:

Year-end accounts preparation tailored to your company structure
Corporation Tax calculation and submission to HMRC
Filing with Companies House on your behalf
Bookkeeping checks and year-end adjustments
Tax planning advice to reduce liability
Support with audit exemption and micro-entity filing

We also liaise directly with HMRC and Companies House, so you don’t have to.

Why It Matters

Year-end accounts are more than just a statutory obligation. They provide:

• A clear picture of your company’s financial performance
• The basis for calculating Corporation Tax
• Assurance to stakeholders and potential investors
• Evidence of compliance with legal duties

By working with a trusted accountant, you gain peace of mind and valuable insights that support smarter business decisions.

Conclusion

Filing year-end accounts for a limited company is a legal requirement, but it doesn’t need to be stressful. With the right preparation, clear records, and expert support, it becomes a valuable tool for managing and growing your business.

At HPL Accountancy, we take the pressure off your year-end by managing the entire process – from bookkeeping checks to filing and compliance.

Need help with your company’s year-end accounts?