05: Filing accounts

If limited company accounts are not filed on time – or not filed at all – directors are liable to statutory penalties and even prosecution. They may also be disqualified from acting as a director.

Certain small and medium-sized companies can file abbreviated accounts and can also obtain exemptions from filing audited accounts.

All public companies must prepare accounts in accordance with International Accounting Standards. Private companies can choose whether to apply International Accounting Standards or UK standards.