Companies House

 
 

Revised (Amending) Accounts Guidance: FAQs

Q. What are revised or amending accounts?

A. Revised accounts are accounts that amend a set of accounts that have already been published but are defective in some way. Generally the original accounts contained errors or did not comply with a requirement of the Companies Act 2006.  Any revised accounts must be clearly marked as 'Amending' on the front page.

Q. Who is responsible for delivering revised accounts?

A. The directors, or designated members in the case of a limited liability partnership (LLP), must prepare revised accounts and send them to Companies House if it appears that the original accounts were defective.

Q. What will Companies House do if it is brought to their attention that a company's accounts do not comply with the requirements of the Companies Act?

A. Where it appears that the original accounts were defective, Companies House will write to the directors of the company, or designated members in the case of an LLP, and request that they either give a satisfactory explanation for the accounts or prepare revised accounts.

Q. What is the most common type of defect for accounts?

A. The most common error is a simple mistake in arithmetic. Once you have determined what needs changing, you must prepare a set of revised accounts. Our guidance Life of a Company - Part 1 Annual Requirements, provides more information on preparing and filing accounts, but cannot go into the detailed information that these documents must contain - for this you need to look at the relevant legislation. You may also consider consulting an accountant for advice.

Q. What happens if I do not submit revised accounts?

A. Companies House can take prosecution action against the company or LLP for failure to comply with the requirements of the relevant legislation.

Q. How long do I have to submit revised accounts to Companies House?

A. Once the revised accounts have been approved they must be delivered to Companies House and to any person entitled to receive accounts within 28 days of the date of the revision.

Q. What period must the revised accounts cover?

A. They must cover the same period that the original accounts covered.

Q. What happens to the original defective accounts?

A. The original defective accounts remain on the public record. For this reason, it is advisable to label the documents as 'Amending'.

Q. Who is responsible for preparing the revised accounts?

A. Revised accounts must be prepared by the directors, or designated members in the case of an LLP, as if they approved them as at the date of the original accounts. 

Q. Do the revised accounts need to be dated?

A. Yes. The accounts must state the date on which the revised accounts are approved.

Q. What needs to be included in the revised accounts?

A. The accounts must contain the following three statements in a prominent position:

  • The revised accounts replace the original accounts;
  • They are now the statutory accounts;
  • They have been prepared as at the date of the original accounts, and not as at the date of the revision and accordingly do not deal with events between those dates;

And also contain the following details in a prominent position:

  • The respects in which the original accounts did not comply with the requirements of the Act; and
  • Any significant amendments made consequentially after correcting the defects.

The directors or designated members of an LLP must approve and sign the balance sheet.

Q. Do the revised accounts need to be audited?

A. If the auditors made a report on the original accounts, they must make another report. Specifically, the report must:

  • State whether in the auditor's opinion the revised accounts have been properly prepared in accordance with the Companies Act 2006 (or the Companies Act as applied in the case of an LLP);
  • State whether the revised accounts give a true and fair view to the individual balance sheet and profit and loss (consolidated in the case of group accounts), seen as at the date the original accounts were approved;
  • State whether in the auditor's report the original accounts failed to comply with the requirements of the Companies Act 2006 in the respects identified by the directors or designated members of an LLP; and
  • State whether the information in the Directors' report for that financial year is consistent with the accounts.

Where the auditor is a firm the auditor's report must state the name of the auditor and the name of the person who signed it as senior statutory auditor on behalf of the firm.

Q. The company was previously exempt from audit. Following revision to the accounts, the company is no longer exempt from audit. What must I do?

A. The company must deliver an auditor's report to Companies House within 28 days after the date of revision of accounts.

Q. Does the revised directors' report need to be audited?

A. If the auditors made a report on the original accounts, they must make another report to the members. Specifically, the auditor's report must;

  • Where a revised directors' report is prepared, state whether in his opinion the information given in that revised report is consistent with the annual accounts for the relevant year;
  • Where a revised directors' remuneration report is prepared, state whether in his opinion any auditable part of that revised report has been properly prepared.

Where the auditor is a firm the auditor's report must state the name of the auditor and the name of the person who signed it as senior statutory auditor on behalf of the firm.
LLPs are not required to prepare Directors' reports.

Q. Can I still file revised abbreviated accounts?

A.  That will depend on the extent of the revisions and whether they would affect the content of the abbreviated accounts.   

If following the revision the company or LLP would not qualify to file small or medium abbreviated accounts or where the revision affects the content of the abbreviated accounts, the directors or designated LLP members shall either:

  • deliver a copy of the revised accounts, or
  • if entitled, prepare further abbreviated accounts in accordance with the provisions of the Companies Act, and deliver with a statement as to the effect of the revision made.

Where the abbreviated accounts would, if prepared by reference to the revised accounts, comply with the requirements of the Companies Act, the directors or designated LLP members must deliver:

  • a note stating that the accounts have been revised and the revision has no bearing on the abbreviated accounts delivered for that year, and
  • a copy of the auditors' report on the revised accounts (if required).

Where abbreviated accounts have been delivered to Companies House which do not comply with the provision of the Companies Act, but where the accounts prepared for the members do comply:

  • further abbreviated accounts shall be prepared in accordance with the provisions of the Act, and
  • these shall be delivered to Companies House within 28 days of the date of revision with a statement as to the effect of the revisions.

Q. What happens to the original set of accounts once the revised accounts are submitted?

A. The revised accounts are treated as the statutory accounts for that financial period. Companies House will not remove the original document from the company record.

Q. I have sent in revised accounts but they have been rejected as a duplicate set of the original accounts?

A. Any revised accounts must be clearly marked as 'Amending' on the front page. If they are not marked in this way they will be rejected as duplicate.

Q. I only want to revise part of the company's accounts. Do I have to submit full revised accounts?

A. No. If you only need to revise part of your accounts you may choose to do this by submitting a supplementary note. This involves preparing a note indicating corrections to be made to the original document. Revision by supplementary note means that the revised accounts comprise the original defective accounts and the supplementary note. The supplementary note needs to be signed.

Q. Are there common mistakes that lead to complaints?

A. Yes, we get a wide variety of complaints.  On the whole the most frequent complaints are because of simple arithmetic errors.  But we also deal with complaints relating to large and small companies that are not entitled to audit exemption or have not disclosed information relating to their subsidiaries for example.  The directors of the company must satisfy themselves that the accounts are compliant with legislation.        

Q.  What are the provisions relating to revision of defective accounts?

A. Section 454 of the Companies Act 2006 provides for defective accounts to be voluntarily revised.  Section 455 gives the Secretary of State authority to request revised accounts.  These section are applied to LLPs by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (SI 2008/1911).  

Q. Where can I get more information?

A. Further information on accounts and reports are available in our guidance Life of a Company - Part 1 Annual Requirements.  Alternatively, you can get more information from the following pieces of legislation:

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