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...

Audits of UK company accounts: requirements, exemptions, members’ rights, listed company rules and auditor’s report content (Companies Act 2006 and FCA DTRs)

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Practice notes

This Practice Note examines the requirement that a company’s annual accounts be audited in accordance with Part 16 of the Companies Act 2006 (CA 2006), together with the statutory requirements of CA 2006 and other relevant legislation relating to the contents of the auditor’s report. Additional rules may apply to a company’s audit obligations where it is a listed company, an aim company, or a company with securities admitted to the AQSE Main Market, AQSE Growth Market or AQSE Trading (formerly NEX Exchange Main Board, NEX Exchange Growth Market and NEX Exchange Secondary Market); however, those are outside the scope of this Practice Note.

Requirement for a company to audit its accounts

Under CA 2006, s 475, a company is required to ensure that its annual accounts for a financial year are subjected to audit in accordance with CA 2006, Pt 16, save where the company is able to avail itself of one of the exemptions that are available...

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Web page updated on 22/05/2026

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