Annual accounts meaning

This checklist sets out the requirements for the content of schemes’ annual reports and accounts under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734. For fuller guidance on the duty on occupational pension schemes to produce annual reports and accounts, see Practice Note: Pension scheme annual reports and accounts. Requirement to prepare and disclose a pension scheme annual report Trustees of an occupational pension scheme meeting the conditions in the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734, Sch 1, Para 1 must produce an annual report no later than seven months following the close of each scheme year. For further details, see: Disclosure requirements for occupational and personal pension schemes—the 2013 disclosure regulations—Scope of the 2013 Disclosure Regulations. The annual report must be provided to any relevant person (that is, a member, prospective member, their spouse or civil partner, a beneficiary or a recognised trade union) who: requests the document within five years...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, featuring the abolition of the premium and standard segments and the introduction of a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led and sits beside other categories, including shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms and the former Listing Rules sourcebook was withdrawn. For more information, see Practice Note: Reform of the UK listing regime—fundamentals. This fundamentals note describes the listing framework as it existed before 29 July 2024. The UK corporate reporting landscape has been influenced by Brexit. For further details see Brexit—accounts and reports. There have been certain amendments to the requirements of the Companies Act, the DTR and the Listing Rules for accounting periods starting on or after the close of the transitional period, although the impact is largely confined to definitions (eg the meaning of a regulated...

ARCHIVED : This archived Checklist outlines the principal reporting obligations for quoted companies with accounting periods commencing before 1 January 2019, under the Companies Act 2006, the Listing Rules, the Disclosure Guidance and Transparency Rules, and the 2016 edition of the UK Corporate Governance Code... It references rules, provisions and definitions that may have been repealed or altered, including legislation and regulation that applied before the UK left the European Union... For a maintained Checklist summarising the reporting requirements for quoted companies with accounting periods beginning on or after 1 January 2019, see Checklist: Annual report and accounts (quoted companies)—checklist—accounting periods on or after 1 January 2019... For periods beginning before 1 January 2019, this Checklist draws on the following sources: Companies Act 2006 (CA 2006) and the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, SI 2008/410 (Large and Medium-sized Companies Regulations) Listing Rules (LRs) Disclosure Guidance and Transparency Rules (DTRs) UK Corporate Governance Code (UKCG...

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In this issue: Companies House Corporate governance Equity capital markets Accounts and reports Economic Crime and Corporate Transparency Act Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies House Companies House announces fee changes from February 2026 Companies House has confirmed a revised fees schedule from 1 February 2026, following its annual assessment to align charges with the cost of providing services. Notably, the digital incorporation filing fee will rise to £100, and the digital confirmation statement fee will increase to £50. These adjustments are set out in the Registrar of Companies (Fees) (Amendment) Regulations 2025 (SI 2025/1137), which were laid before Parliament on 30 October 2025 and take effect on 1 February 2026. The accompanying explanatory memorandum states that the updated fees are intended to recover increased costs linked to implementing the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) and the Economic...

Digital markets CMA publishes plan to monitor UK’s digital markets regime The CMA has released a paper outlining the UK government’s approach to tracking and assessing the new pro-competition framework for digital markets (the Plan). It explains the monitoring and evaluation (M&E) work that both the CMA and government will carry out. Their M&E approach rests on three pillars: Process monitoring and evaluation the CMA will publish information on key output indicators for the regime in its Annual Report and Accounts the government and CMA will run continuous internal analysis to observe and review how the regime operates and to help address the overarching evaluation questions Impact monitoring and evaluation the CMA will take a case-by-case method when judging how well its competition requirements perform findings will appear in the CMA’s Annual Report and feed into a Post-Implementation Review (PIR), examining whether the regime has met its...

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Judicial review Constitutional and administrative law Equality and human rights Information law Subsidy control and state aid Public procurement Management and strategic planning Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights The Cabinet Office has released an explanatory memorandum concerning the UK/EU TCA Partnership Council decision (COM(2024)297). The proposal sets out the EU’s stance in the Partnership Council on amending Annex 3 to the Trade and Cooperation Agreement between the EU and UK, which covers product-specific rules of origin. See: LNB News 15/11/2024 16. The House of Commons Library has issued a briefing on assimilated law reform, outlining the Labour government’s approach following the 2024 general election. The second statutory report, published in July 2024, notes that of the 6,735 items of retained EU law (REUL)...

STOP PRESS: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) secured Royal Assent on 26 October 2023. Its objective is to strengthen corporate transparency in the UK, primarily via Companies House reform and amendments to provisions of the Companies Act 2006. The Act also looks to modernise the regime for limited partnerships and confer stronger powers to address economic crime. ECCTA 2023 will be commenced in stages. Several provisions commenced on 4 March 2024 and may affect this content. For further details, see Practice Notes: Implementation of the Economic Crime and Corporate Transparency Act 2023 and The Economic Crime and Corporate Transparency Act 2023—tracker, especially the legislation and consultation tracker. Rules and guidance The statutory requirements for the annual accounts of limited liability partnerships (LLPs) that meet the micro-entity threshold (a subset of small LLPs) are contained in: Part 15 of the Companies Act 2006 (CA 2006) The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008,...

The Companies Act 2006 (CA 2006) provides comprehensive rules governing how a company prepares its annual accounts. Through the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (the 2008 Regulations), selected elements are extended to limited liability partnerships (LLPs), with suitable adaptations. The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (the 2016 Regulations) introduced a range of amendments to the accounting framework for LLPs and qualifying partnerships. Further alterations affecting LLPs and other bodies were made by the Statutory Auditors Regulations 2017, SI 2017/1164. In most cases, the changes take effect for LLPs with financial years commencing on or after 17 June 2016; however, the stricter conditions on the small LLPs’ exemption from preparing group accounts apply to periods starting on or after 1 January 2017. This Practice Note, read alongside Practice Note: LLP Accounts—an outline of the statutory framework, distils the key obligations contained within these statutory provisions...

Term Meaning Accounting reference date On incorporation, a company is typically assigned an accounting reference date, being the final day of the month that contains the anniversary of its incorporation. Directors can alter this by submitting the relevant form to the Registrar of Companies. It denotes the end of the annual accounting period and is also called the balance sheet date. Accounts payable Sums a business or individual owes to others for goods or services already received. Accounts receivable Sums due to a business or individual from others for goods or services supplied. Accrual In company accounts, recognition of income earned or costs incurred during a reporting period, even though the cash has not yet been received or paid. Adjusted earnings Where reported earnings are affected, positively or negatively, by exceptional one-off events in the year, directors may present adjusted earnings to clarify performance. These are earnings with exceptional items excluded, which they believe better indicate the underlying results...

Memorandum prepared by [ Name of Firm ] for the directors of [ insert company name ] (the Company) providing guidance on annual environmental reporting obligations and disclosures 1 Scope This memorandum sets out the principal environmental disclosures the Company must present in its annual report and accounts. It reviews and explains the Companies Act 2006 (CA 2006) obligation to provide climate-related disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the need to state greenhouse gas (GHG) emissions, energy consumption and actions to improve energy efficiency under the Streamlined Energy and Carbon Reporting (SECR) regime, and other environmental legislation [ , as well as relevant principles and provisions within the QCA Corporate Governance Code (QCA Code) and the Wates Corporate Governance Principles for Large Private Companies (Wates Principles) ]. It also offers practical guidance for companies when assembling their environmental disclosures for reporting purposes. [ As an AIM company, the Company is subject to continuing disclosure obligations under the AIM...

Ordinary resolution That the directors’ remuneration report, excluding the section comprising the directors’ remuneration policy as set out and shown on pages [ insert page no ] to [ insert page no ], as included within the Company’s annual accounts and reports for the financial year ended [ insert date ], hereby be received and approved...

Precedents This curated collection brings together worked examples for the following precedents listed: Annual budget—law firms Monthly budget—law firms Budget variance analysis—law firms Cashflow forecast—law firms Cashflow variance analysis—law firms Balance sheet forecast—law firms Collectively, these are commonly known as management accounts. Please note and be aware that our consolidated management accounts are produced in Excel, and therefore they cannot be downloaded into Word...

Dormant company—exemption from audit A dormant company can be either a public or a private company. It is also set up and operated in the same general manner as any other company. That said, the obligations concerning accounts and audit that generally apply to companies are relaxed for a dormant entity. The annual accounts of a dormant company for a financial year require an audit unless the company benefits from an exemption from audit...