Statutory framework

Statutory framework

This overview is a guide to the Lexis®+ Corporate content within The statutory regime subtopic, with links to the appropriate materials.

Certain aspects of the United Kingdom corporate reporting framework were affected by Brexit. For further details see Practice Note: Brexit—accounts and reports [Archived].

The Companies Act 2006 (CA 2006) sets out detailed provisions relating to the preparation of the annual accounts of a company. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 apply some of these provisions to limited liability partnerships (LLPs).

Requirement to prepare accounts

For comprehensive coverage of the accounts and reports regime in a useful Q&A format see: Accounts and reports—fundamentals.

The directors of every company and the members of every LLP are required to prepare accounts for each financial year. As to how a company's financial year is determined, see Practice Note: A company's financial year. The provisions for determining an LLP’s financial year are identical to those applicable to companies incorporated after 8 November 2006.

Every company and LLP must prepare individual

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