Introduction to this document

Company accounts key facts

Companies have to keep adequate financial records that are used to prepare their annual accounts. Our summary takes you through the basics.

Records and accounts

A company has to keep adequate financial records of its transactions to give a fair picture of its financial affairs and enable the annual accounts to be prepared. They give a summary of a company’s financial affairs and are publicly available. There are different levels of disclosure requirements, depending on the size of the company.

The preparation of company accounts is a specialist task that is usually undertaken by the company’s accountants. Our summary takes you through the company’s basic obligations.

Deadline extension

The deadlines by which private and public companies must file their accounts have been temporarily extended during the coronavirus pandemic. These extensions are due to expire on 5 April 2021.