As per the rules and regulations mentioned in the Companies Act 2006, all the limited companies In the United Kingdom should prepare yearly accounts, also known as financial statements. These are prepared for every fiscal year for HMRC and the Companies House. Talking about the primary purpose of the accounts is to report all the financial activities of a company and how much tax the company has to pay to HMRC. A company should prepare the accounts on the Accounting Reference Date mentioned at the Companies House. A yearly account should include the following information:
• Brief notes about different accounts.
• The Profit and Loss account.
• Chairman's Statement.
• The cash flow statements.
• Company’s balances sheet.
• Directors’ report.
• The auditors’ report (Not compulsory if the company is exempted from doing so).
• Name and authorized signature of the director of the company.
The first yearly account of your company should be submitted to the Companies House within 21 months of the company’s incorporation.
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