Limited Company Accounts
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Limited companies must prepare an annual return to be filed and submitted every year, together with abridged accounts to the Registrar of Companies. Failure to do so will result in substantial penalty fees and possible strike-off proceedings, as well as loss of the audit exemption for 2 years, if applicable. The first Annual Return (no accounts required) is due 6 months after incorporation.
Year-end accounts are needed:
- To enable the business owners to assess the profitability or otherwise of the business
- To comply with the statutory obligations of the business
- To enable credit institutions to assess your suitability for loans, equipment finance & overdrafts etc.