The rules governing annual accounts and reports of unquoted companies are set out in:

1. •

   Part 15 of the Companies Act 2006 (CA 2006)

2. •

   the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, SI 2008/410 (Large Companies Regulations)

3. •

   the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (2015 Regulations)

This Practice Note deals with the accounting regime as applied to companies under the 2015 Regulations.

A company that qualifies for the unquoted companies regime will be subject to less onerous accounting and reporting obligations than a company that falls within the quoted company regime.

For a general overview of the statutory framework for company annual accounts and reports, see Practice Note: Accounts and reports—an outline of the statutory framework.