Year-end accounts

Tax › Year-end accounts. For limited companies. Sole traders and partnerships do not prepare statutory accounts.

Every limited company must prepare annual accounts for its members and send them to Companies House, whether or not it is trading. This screen guides you through it in four steps, in plain English.

VexLedger runs the size tests on your own figures. A company qualifies as a micro-entity or small company if it meets two of three limits (for periods beginning on or after 6 April 2025):

	Turnover	Balance sheet total	Average employees
Micro-entity	up to £1m	up to £500,000	up to 10
Small company	up to £15m	up to £7.5m	up to 50

After a company’s first year, it must meet the limits in both the current and previous year to claim the lower category. Some kinds of company cannot be micro-entities at all. You answer a few questions about your company so VexLedger can check. The screen always shows the limits in force for your period.

You see which accounts to prepare (FRS 105 for micro-entities, FRS 102 Section 1A for small companies), your filing deadline (normally nine months after your year end for a private company) and the late-filing penalties. If your company is too large for these, VexLedger tells you and suggests you use an accountant.

A checklist of things that make the accounts right, such as depreciation, accruals, prepayments, the corporation tax charge and dividends. VexLedger checks some items itself; the directors confirm the rest. Each item explains why it matters in plain English.

Your balance sheet and profit and loss account in the statutory format, built from your books through statutory mapping.

The statements the law requires, such as the micro-entity and audit-exemption statements, are written for you from your answers, and the notes to the accounts are included. A director signs. You then download:

• the full accounts for your members, as a PDF
• the shortened accounts for Companies House, as a PDF
• the accounts in iXBRL format, for HMRC and for Companies House

VexLedger keeps the size limits, deadlines, penalties, statements and checklist wording up to date as the rules change. Changes apply from the date they take effect.