Annual Accounts & Returns
Annual Accounts:
From registration (ie 1st January) 1st set of annual accounts is due between the 6 months and 18 months from registration (i.e between the 1st July of that year and 1st July next year). Once submitted that becomes annual date for submission.
All companies, whether trading or not, must keep accounting records; and all limited companies must submit accounts for each accounting period to the Registrar of Companies.
Generally, accounts prepared by the directors must include:
- A directors’ report
- An auditors’ report (unless the company is a small, dormant or not-for-profit public-sector company exempt from audit)
- A profit and loss account
- A balance sheet signed by a director
- Notes to the accounts
Companies have 9 months to submit accounts from the date to which the accounts are made up to.
All annual account reports that are submitted to the Registrar need to be signed by a Director of the company or the current secretary of the company.
Directors are personally responsible for preparing accounts and submitting to Registrar of Companies. Failure to do so may result in a criminal conviction and record for the director(s) and will result in financial penalties for the company.
Annual Returns:
Every company must deliver an annual return to the Registrar of Companies at least once every 12 months. It has 28 days from the date to which the return is made up, to do this.
Do not confuse the annual return with the annual accounts as they are different documents both of which you must file with the Registrar of Companies.
If you file the annual return late or not at all, the company and its director(s) and secretary can be prosecuted.
There is also a late penalty which is currently the same as for late accounts.
The annual return contains the following information:
- Registered Office
- Principal business activities
- Type of company (ie Private Company limited by shares)
- Details of the Company Secretary
- Details of the Company Directors
- Details of the issued share capital
- List of past and present shareholders
If you file the annual return late or not at all, the company and its director(s) and secretary can be prosecuted.
If you have any queries please contact