All types of businesses in the UK must prepare financial statements for their owners and HM Revenue & Customs. These same businesses may also provide financial statements to others such as creditors or lenders who demand sight of them before they are willing to provide credit lines or loans.
Companies must also provide financial statements to:
- HM Revenue & Customs
- Debenture holders
- Anyone else entitled to receive notice of the company’s general meetings
- Companies House
- Note that smaller companies are able to submit shortened or abridged financial statements that provide less information.
Deadlines for submitting financial statements
A public company must normally file its annual accounts at Companies House within six months of its year-end. Private companies have a little longer and must normally submit their accounts within nine months of its year-end.
All types of company must normally file their annual accounts with their corporation tax returns within twelve months of its year-end.