Overdue company account not filed with Companies House may result in your limited company being struck off.
It is a criminal offence for failing to submit your company accounts within the statutory time allowed with Companies House.
For a private limited company, your company accounts must be submitted with Companies House within nine months after the end of your company’s accounting period. Whereas for a public limited company, your company accounts must be submitted within 6 months after the end of your accounting period.
Write to Companies House
You may write or email Companies House to inform them that you intend to file your company accounts soon. They will consider your request and reply to you.
It is better to email Companies House as it is much faster than sending a letter by post.
Below is Companies House contact details:
Companies House Crown Way Cardiff CF14 3UZ Email: email@example.com Telephone: 0303 1234 500 Calling from abroad: 0044 303 1234 500
File overdue company accounts within 28 days
Companies House may allow you to have further 28 days to file your company accounts from the date they replied to you. They would discontinue the proposal to strike off your company there and then.
Failed to file your overdue company accounts after 28 days
If your company failed to file your overdue company account after the further allowed 28 days, Companies House will issue prosecution warning letter to your company director.
Companies House will pass your case to Prosecuting Solicitor to consider instituting criminal proceedings against your company director.
A medium sized company can prepare accounts according to special provisions applicable to medium sized companies. The benefit of preparing accounts according to medium sized company rules is that the company can choose to disclose reduced information in the accounts for public record.
Medium-sized company criteria
Generally, your limited company must meet at least two of the following conditions in order to be eligible to prepare and submit medium sized company accounts.
Not more than £36 million
Balance sheet total
Not more than £18 million
Average number of employees
Not more than 250
A company cannot prepare and submit medium-sized company accounts
Your company cannot be treated as a medium sized company if it is, or was at any time during the financial year, one of the following:
A public limited company.
A company that has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity or that carries on an insurance market activity.
A member of an ineligible group.
On the same note A group is ineligible if any of its members are:
A public limited company.
A body corporate (other than a company) whose shares are admitted to trading on a regulated market.
A person (other than a small company) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity.
A small company that is an authorised insurance company, a banking company, an e-money issuer, a MiFID (ie Markets in Financial Instruments Directive) investment firm or a UCITS (i.e.Undertakings for Collective Investment in Transferable Securities) management company.
A person who carries on insurance market activity.
Qualifying as a medium-sized company every year
Your company qualify as medium sized company in your first accounting period if you fulfil the conditions in that period. In any subsequent period, your company must fulfil the conditions in that period and the period before.
However, if your company which qualified as medium sized in one period no longer meets the criteria in the next period, you may continue to claim the exemptions available for the following period. Thereafter if your company then reverts back to being medium sized by meeting the criteria the exemption will continue uninterrupted.
Contents of medium-sized company accounts
In summary, your Medium sized company accounts must include:
Profit and loss account.
Balance sheet, showing the printed name and signature of a director.
Disclosure notes to the accounts.
Group accounts (if appropriate).
Directors’ report including a business review (or strategic report) showing the printed name of the approving secretary or director.
Auditor’s report that includes the name of the registered auditor unless the company is exempt from audit.
Your medium-sized company must deliver all of the constituent parts of your company accounts to Companies House.
Medium sized company exemptions
Your medium-sized company may omit certain information from your business review or strategic report in your directors’ report. This includes analysis using key performance indicators so far as they relate to non-financial information.
Medium sized company which is part of an ineligible group can still take advantage of the exemption from disclosing non-financial key performance indicators in your business review or strategic report.
Medium-sized company preparing accounts according to Companies Act may omit disclosure with respect to compliance with accounting standards and also the related party transactions from your company accounts send to their members.
Your company may also choose to deliver a slightly reduced information of the profit and loss account. Please refer to regulation 4 of The Large and Medium sized Companies and Groups Accounts and Reports Regulations 2008 for further information.
Some subsidiary company may be exempt from audit where they meet certain conditions for financial years ending on or after 1 October 2012.
Medium sized groups
There are no special rules for medium sized groups. Your medium sized parent company must prepare group accounts and deliver them to Companies House.
Remember to deliver your company accounts on time to Companies House to avoid the late filing penalty.
Another important document to deliver
Besides this, your company must also submit the confirmation statement with Companies House once every 12 months.