F1 1.03 Financial reporting requirements of companies

Financial statements

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:

  • Shareholders
  • 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.

A company’s Board has issued its financial statements and has sent copies to Companies House, HMRC, all its shareholders and to holders of more than 50% of its debentures. Has the company complied with its financial reporting requirements?
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No, the company should send copies of its financial statements to all of its debenture holders and not just a majority of them

A private limited company has a financial year-end of 31st January. By what dates should it submit its financial statements for the year ended 31/01/2020 to Companies House?
a) 31/07/2020
b) 30/09/2020
c) 31/10/2020
d) 31/01/2021
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The answer is (c). As it is a private limited company its financial statements should be filed within nine months of the company’s year end; that is, by 31/10/2020

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