All limited companies must deliver accounts on an annual basis to Companies House. Any company with a turnover less than £5.6m, assets less than £2.8m and less than 50 employees is able to file abbreviated accounts and does not normally require an audit. The statutory filing time is 9 months from the year end date (with a maximum of 21 months from the incorporation date for a first set of accounts. Failure to file on time will lead to a statutory penalty of £150 for being up to one month late and rising to £1500 for accounts up to 6 months late.

Abbreviated accounts contain less information than the full statutory accounts but must still conform to a statutory format in line with FRSSE. Small companies typically do not file a profit and loss account and just give a balance sheet and reduced notes.