You’ll need to prepare an annual return – a snapshot of certain company information (i..e name of company, registered number, registered office, details of directors to name a few…) at the made-up date.
As a Director of the company, you’ll also need to prepare annual accounts – for instance, this requires all entries for money received/paid by the company and a record of assets & liabilities. Private companies need to retain records for 3 years from the date made.
Under certain criteria, small companies are classed as micro-entities, which means accounts can take advantage of some exemptions to disclose less information than small, medium and large companies. A micro-entity must meet at least 2 of the following conditions –
1. turnover must not be more than £632k
2. balance sheet must not be more than £316k
3. average number of employees must not be more than 10.