Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Annual accounts definition

What does Annual accounts mean? In company practice, annual accounts are the statutory financial statements prepared for each financial year, showing the company’s financial performance and position and, if it is a parent, the consolidated results of the group. In the UK, Companies Act 2006, s 471 defines “annual accounts” as the individual accounts prepared by the company for that year and any group accounts it prepares for that year. They must be prepared in accordance with the applicable accounting framework (UK‑adopted IFRS or Companies Act/FRS standards), approved by the directors, audited where required, circulated to members, and filed at Companies...

Corporate reporting under the Companies Act 2006 (UK): annual and group accounts, size-based regimes, IFRS vs Companies Act accounts, and the true and fair view

Published by a LexisNexis Corporate expert

Practice notes

STOP PRESS:

On 26 October 2023, the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) obtained Royal Assent. Its purpose is to bolster corporate openness in the UK, primarily through Companies House reforms and amendments to provisions within the Companies Act 2006. It further aims to modernise the regulatory framework for limited partnerships and confer stronger powers to combat economic crime. Implementation of ECCTA 2023 will be phased, with commencement dates staggered. Several measures commenced on 4 March 2024 and could affect this content. For more detail, refer to 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. This Practice Note summarises the Companies Act 2006 (CA 2006) provisions concerning a company’s annual accounts and associated reports. The CA 2006 contains detailed rules and requirements on how a company must prepare its annual accounts and reports. The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (the 2015 Regulations) transposed the requirements of the EU accounting directive (Directive 2013/34/EU) into UK law...

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Tessa Park

Moore Kingston Smith

Tessa is technical partner of Kingston Smith LLP where she is responsible for preparing and presenting technical guidance and training on all aspects of financial reporting including FRS 102 and International Financial Reporting Standards (IFRS). Prior to joining Kingston Smith from a technical role within the mid tier, she worked with growing and entrepreneurial businesses, including listed companies, in a number of roles including as an audit manager in a Big Four firm....

Web page updated on 21/05/2026

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