Guidance Note: Accounts & Audit

This guidance note is a practical “how to” guide for finance directors and company secretaries on the accounting and audit requirements for private companies under the Companies Act 2006.

As companies are required to prepare and file annual accounts, this guidance note explains the key steps and considerations involved.

What this guidance note covers

• preparation of annual accounts;
• accounts for micro-entities and small companies, including changes being introduced under the Economic Crime & Corporate Transparency Act 2023;
• dormant companies;
• audit requirements and audit exemptions; and
• appointing, removing and retiring an auditor.

How this guidance fits with the rest of this collection

This guidance note is intended to be used alongside the related templates in this collection, including board minutes, shareholder resolutions and consents, and the relevant Companies House forms used when preparing accounts and managing the audit (or audit exemption) process.

Regulatory updates reflected in this guidance

This guidance note has been updated in line with the Companies (Accounts & Reports) (Amendment and Transitional Provision) Regulations 2024, which raised the monetary thresholds used to classify companies as micro-entities, small, medium or large, and applies to financial years beginning on or after 6 April 2025.

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