HMRC internal manual

Holding and Movements Alcohol Strategy Accounts

HMASAC2040 - Accounts: Is there a legal requirement for businesses to prepare annual accounts?

There is no legal requirement that every taxable person must prepare a profit and loss account and balance sheet, but companies incorporated under the Companies Acts have a legal obligation to do so. In many cases these accounts must be delivered to the Registrar of Companies in full, but some companies are permitted to deliver modified accounts, which, in the case of a small company, may consist only of an abbreviated balance sheet.