If you run a limited company you will be required to submit various reports to Companies House and HMRC.
Main Reports Required
The following is a brief overview of the main reports required and what they should contain.
If you are a small limited company you may be entitled to file abbreviated accounts to Companies House. The current criteria (from 6th April 2008) for a small company is that you must meet at least two of the following conditions:
- Annual turnover must be no more than £6.5 million
- Balance sheet total must be no more than £3.26 million
- Average number of employees must be no more than 50
The advantage of this is that abbreviated accounts require much less information than full accounts, therefore competitors and the general public will not see detailed information regarding your accounts. Also, most small companies do not require a full audit.
Abbreviated accounts contain a basic balance sheet, which show the assets and liabilities of the company. Assets include things such as bank balances, e