Preparation, filing and publishing of financial statements

Every UK company registered under the Companies Acts is required to prepare a balance sheet and profit and loss account for each financial year (individual accounts) which give a true and fair view (see 21.140 as regards a parent company’s individual profit and loss account). [s226] If the company is a parent company, consolidated accounts must also be prepared (group accounts). [s227] An exemption from the requirement to prepare group accounts is given to groups which qualify as small or medium-sized groups (see 31.23 below).