Company accounts for UK public companies after Brexit

There are new accounting rules after Brexit when comes to prepare company accounts for UK public companies both with listing in the UK and in the EU. These rules apply from 01 January 2021 onward.

Generally, your company must adopt the UK adopted IAS for the accounting period beginning on or after 1 January 2021. You would say goodbye to the EU adopted IAS. IAS stands for International Accounting Standards. Both sets of accounting standards are the same at the moment. However, there may be differences later when UK updated the UK adopted IAS.

UK public companies with a UK listing

All UK public companies and groups with shares listed in the London Stock Exchange must prepare accounts using the UK adopted IAS. This rule applies to your company accounts with the accounting period starting on or after 01 January 2021.

However, you have the option to prepare your company accounts using the EU adopted IAS if you wish. This option only available to you for accounts beginning on or before 01 January 2021.

If you are going to use the EU adopted IAS for your accounts then change over to the UK adopted IAS, in this case, you do not have to restate your accounts after 01 January 2021.

UK companies with an EEA listing

If your public limited company has a subsidiary incorporated in the EU with an EEA listing, you must ensure you do both of the following:

First, you must comply with the rules of the country where your subsidiary is located.

Second, you must produce company accounts that comply with the UK Companies Act 2006.

If you have any questions about company accounts for UK public companies after Brexit, contact Companies House. Alternatively, speak with our London accountants.

Another important document, your public limited company must deliver to Companies House is your confirmation statement.

What is EEA companies?

What is EEA companies ? EEA companies are companies incorporated in the European Economic Area (the EEA) and have an establishment in the UK.

The UK has left the EU on 31 January 2020. Because of this, Companies House in the United Kingdom has implemented changes to the disclosure and filing requirements for the EEA companies. In other words, there are new rules for overseas companies after Brexit.

If your company is incorporated in one of the countries listed below then your company is considered an overseas company after Brexit. To put it simply, if your company has a registered office address in one of the EEA countries then your company is an EEA company under UK company law.

Below is the list of the countries in the EEA.

EEA countries

The EEA countries include the following countries and the European Union (EU) countries.

  • Iceland
  • Liechtenstein
  • Norway

EU countries

The EU includes the following countries:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden

It is also important to take note that some Companies House forms have been discontinued on the exit day. Do not send the discontinued forms to Companies House.

Contact Companies House if you have any questions about your company registered in the EEA and has a legal establishment in the UK.

Companies House discontinued forms after Brexit

Take note of the Companies House discontinued forms after Brexit for Societas Europaea (SE), European economic interest grouping (EEIG) and cross border mergers. With effect from 1 January, 2021 the following Companies House forms would discontinue and no longer valid.

Societas Europaea (SE) Companies House discontinued forms from 1 January 2021

Form RefForm name
SE FM01Form a Societas Europaea registered in the United Kingdom (UK) by the merger.
SE DT01File the draft terms of formation of holding Societas Europaea.
SE SC01Give notice of the formation of holding Societas Europaea.
SE FM02Form a holding Societas Europaea.
SE FM03Form a subsidiary Societas Europaea under Article 2(3)
SE FM04Transform a public limited company to a Societas Europaea.
SE FM05Form a subsidiary Societas Europaea under Article 3(2)
SE TR02Transfer a Societas Europaea to the UK.
SE TR01Propose transfer of Societas Europaea from the UK.
SE SS01Make statement of solvency by members of Societas Europaea.
SE TR03Transfer a Societas Europaea from the UK.
SE DT02File draft terms of conversion of a public limited company to a Societas Europaea.
CB01Give notice of a cross border merger involving a UK registered company
LLCB01Give notice of a cross border merger involving a UK LLP
UN CB01Give notice of a cross border merger involving an unregistered company

European economic interest grouping (EEIG) discontinued forms from 1 January 2021

Form refForm name
EE FM01 Register an EEIG whose official address is in the UK.

Cross border mergers discontinued forms from 1 January 2021

Form refForm name
CB01Give notice of a cross border merger involving a UK registered company.
LLCB01Give notice of a cross border merger involving a UK LLP
UN CB01Give notice of a cross border merger involving an unregistered company

Overseas Companies discontinued forms from 1 January 2021

Form refForm name
OSIN01Register a UK establishment of an overseas company.
OSAP02Appoint a corporate director of an overseas company.
OSAP04Appoint a corporate secretary of an overseas company.
OSCH04Change details of a corporate director of an overseas company.
OSCH06Change details of a corporate secretary of an overseas company.
OSNM01Give notice of change of name of overseas company as registered in the UK.
OS CH02Change the details of an overseas company.

Other Companies House forms updates

There will be minor changes to section C1 and C3 of the Confirmation Statement form CS01 after Brexit. Make sure you download the correct form from the Companies House website if you are submitting your statement by post.

Feel free to contact Companies House or our accountants If you have any questions about Companies House discontinued forms after Brexit.

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