Section 288 of the Companies Act 2014 requires that the financial statements attached to a company’s first full annual return must cover the period from incorporation and must not be for a period longer than 18 months.
Each subsequent financial year must begin on the date immediately after the last financial year end date and must be for a period of no more than 7 days shorter or longer than 12 months.
If the company requires to change its accounting date, it can do so by filing a form B83 with the Companies Registration Office. This can only be done once every 5 years (unless exempted by the Companies Act 2014 section 288 (10)). Any change in accounting period cannot result in the accounting period exceeding 18 months.
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