what are statutory accounts
All Limited Companies in the UK must submit Statutory Accounts to Companies House. These accounts are also commonly known as ‘Annual Accounts’ or ‘Year-end Accounts’ and depending on the size of the business, the accounts required may be simpler or more complex, but they must be filed annually.
Statutory Accounts take the form of financial reports showing the financial performance of a company during the year and the financial position at the end of the year. A Profit & Loss statement (P&L) and balance sheet must be included, as well as notes about the accounts and a Directors report.
help with statutory accounts
As with all administrative and financial business responsibilities, the essential task of reporting your financial information to Companies House, HMRC and Shareholders is of course time consuming.
Which is why seeking help with process makes good business sense and provides peace of mind that you are producing and filing the correct information.
At Kingston Burrowes we can take care of the numbers and support your business with the preparation and submission of your Statutory Accounts. Our experienced team will work closely with you to ensure your accounts are filed correctly and on time. Whether you need support annually to complete your accounts or monthly to maintain tighter control over Profit and Loss, we have the flexibility to work with you.
ensuring you remain compliant
Statutory Accounts must be fully compliant with IFRS (International Financial Reporting Standards) or the UK GAAP (Generally Accepted Accounting Practice).
To avoid penalties, the accounts, must be filed with Companies House within 21 months of business formation and within nine months of the end of each financial year thereafter. Once complete, statutory accounts must be signed by a company director.
Depending on the type, what do statutory accounts include?
- A balance sheet
- A profit and loss statement
- Notes about the accounts
- A director’s report
- An accountants or auditor’s report (if an audit is being completed)
LOCAL ACCOUNTS SUPPORT
Whatever your accounting or tax needs, our team would be happy to help. Our experience with clients across Kingston, Surbiton, New Malden, Raynes Park, Wimbledon, Reigate, Chessington, Epsom, Sutton, Cheam, and Banstead, has shown that by taking the time to get to know a business, we can give them the support they really need.
Tell us your story
If you'd like to know more about how Kingston Burrowes can help manage your business or personal accounts, talk to one of our friendly team today.