All businesses are required by law to file statutory accounts, or annual reports, at the conclusion of each fiscal year. There are a variety of options available to small and medium-sized businesses when it comes to accounting – you may either submit a complete set of accounts, known as statutory accounts or yearly accounts, or an abbreviated set, which has less material but still fulfils the standards of Companies House and HMRC.
What’s included in statutory accounts?
- A profit and loss statement
- A balance sheet
- A director’s report
- Relevant notes about the accounts
- An accountants or auditor’s report
Is there a difference between statutory accounts and management accounts?
Yes, the difference is that the keeping of statutory accounts is legally required, although the keeping of management accounts is not. Although, if you’re in a bind, it’s ok to generate some management accounts, as financial data that’s accessible at any given moment is helpful for making internal company choices; nonetheless, the statutory accounts must be presented yearly and within a certain schedule.
When are statutory accounts due and where do I send them?
You must submit your annual accounts to Companies House within 9 months of your company’s fiscal year end.
Statutory accounts must be sent to be Companies House, HMRC and shareholders, as well as anyone who attends the company’s general meetings.
Can I prepare my statutory accounts myself?
Yes, but it isn’t simple. Since the financial statements you provide will be made accessible to the public, you must ensure that they are accurate before submitting them. Directors will be held liable for any errors in the financial statements.
However, if you’d rather hire professional support, our experienced accountants can ensure that you comply with all legal requirements and avoid legal fines.
We provide a variety of services, including statutory accounts, so that you can focus on operating your company while we take care of the numbers. In addition to ensuring a seamless procedure, having your accountant handle your yearly accounts will provide you peace of mind. If this seems like something you need to make the day-to-day running of your business easier, or if you have further questions about statutory accounts, please get in touch with us at firstname.lastname@example.org