There are different types of company accounts. There are Micro-entity accounts, Abridged accounts, full accounts and dormant accounts.
Which types of company account your company shall submit with Companies House is dependent on whether your limited company meet the criteria set out by the Companies Act 2006 under each type of company account requirement.
Remember that your limited company will receive an automatic late filing penalty if your company accounts are filed late even just by one day.
- Late filing penalty for a private limited company starts from £150 up to a maximum of £1,500 and
- For a public limited company begin at £750 and up to a maximum of £7,500.
Dormant company accounts
If your limited company is dormant since its incorporation or has not been traded, your company may submit a dormant account with Companies House.
You could file your dormant company accounts soon after your company’s accounting year ended.
Your limited company must meet at least two of the following in order to be eligible to submit a micro-entity company accounts with Companies House.
- Turnover is no more than £632,000
- Balance Sheet Total is no more than £316,000
- The average number of employees is no more than 10
If your limited company meet two of the following criteria then your company is eligible to submit an abridged company accounts with Companies House.
- Turnover is no more than £10.2 million
- Balance Sheet Total is no more than £5.1 million
- The average number of employees is no more than 50
Full company accounts
If your limited company do not meet the filing criteria of a dormant company or a micro-entity company. Also, not eligible to submit abridged accounts. Then, you must submit full accounts.
Another important document your company must deliver to Companies House is your confirmation statement at least once every 12 months.