What records should be kept for a Ltd Company?

 

 
You must keep:
  • records about the company itself

  • financial and accounting records

 
 You must keep details of:
  • directors, shareholders and company secretaries

  • the results of any shareholder votes and resolutions

  • promises for the company to repay loans at a specific date in the future (‘debentures’) and who they must be paid back to

  • promises the company makes for payments if something goes wrong and it’s the company’s fault (‘indemnities’)

  • transactions when someone buys shares in the company

  • loans or mortgages secured against the company’s assets

You must tell Companies House if you keep the records somewhere other than the company’s registered office address.
 
Accounting records you must keep
You must keep accounting records that include:
  • all money received and spent by the company

  • details of assets owned by the company

  • debts the company owes or is owed

  • stock the company owns at the end of the financial year

  • the stocktakings you used to work out the stock figure

  • all goods bought and sold

  • who you bought and sold them to and from (unless you run a retail business)

You must also keep any other financial records, information and calculations you need to complete your Company Tax Return.
 
If you don’t keep accounting records, you can be fined £3,000 by HM Revenue & Customs (HMRC) or disqualified as a company director.
 
How long to keep records
You must normally keep records for at least 6 years from the end of the last company financial year they relate to.
You may need to keep records longer if:
  •  they show a transaction that covers more than 1 of the company’s accounting period

  • the company has bought something that it expects to last more than 6 years, like equipment or machinery

  • you sent your Company Tax Return late

  • HMRC have started a compliance check into your Company Tax Return