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Annual accounts and iXBRL

Every limited company files annual accounts with Companies House. For a private company they are due 9 months after the end of its financial year. This page walks through preparing them in Fyling, from trial balance to submission.

Source: gov.uk: Prepare and file annual accounts

What Fyling does and does not do

Fyling maps the trial balance to the statements, builds the iXBRL file Companies House reads, and submits it under your practice's own presenter account.

It does not decide which accounts a company may file or whether the figures are right. It warns when the figures look too big for the type you chose; an owner of your practice approves the accounts.

The three types of accounts

  • Micro-entity accounts FRS 105: the shortest set, for the smallest companies.
  • Small company accounts FRS 102 section 1A: a fuller set. You can choose abridged accounts once all the members have agreed (Companies Act 2006, section 444).
  • Dormant company accounts: for a company with no income or costs in the period, with the exemption statement under section 480 of the Companies Act 2006.

Fyling compares the company's turnover, balance sheet total and average number of employees with the size limits for the year. Over two of the three, it warns you. A company only stops qualifying after two years in a row over the limits, so the decision is yours.

Source: Companies Act 2006, section 382

How to prepare and submit the accounts

  1. Open the company, then the Accounts tab, and choose the period.
  2. Choose the type of accounts and fill in the signing details.
  3. Enter the trial balance. Type it, upload a CSV, or pull it from the client's connected accounting software. Account lines are matched to statement lines, using last year's matches where there are any.
  4. If anything is missing, the page lists it in plain words.
  5. Review the statements and the PDF preview. An owner of your practice approves them. An approved set is locked; reopening it clears the approval.
  6. Press Send to Companies House. Your practice's reviewer and client-approval settings are checked first.

What iXBRL is

iXBRL is a web page with tags hidden in it, so a computer can read each figure. Companies House reads accounts filed by software in this format.

Source: gov.uk: XBRL guide for UK businesses

Fyling keeps the exact file it sent. The same file is attached to the company's Corporation Tax return for that period.

After you submit

The filing shows Companies House's answer: accepted, or rejected with Companies House's reason. A rejected attempt stays on record, and you can correct the accounts and submit again. See Companies House error and rejection codes.

What it does for your practice: Statutory accounts