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 information required may be simpler or more complex, but it must be filed annually.
Year-end accounts demonstrate to anyone dealing with the company that the organisation is financially secure, and they also provide shareholders with details of the company’s performance.
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.
If you are operating as a sole-trader or partnership you will not need to worry about submitting annual accounts as they only apply to Limited companies.
help with your year-end accounts
As with all administrative and financial business responsibilities, the essential task of reporting your financial information to Companies House, HMRC and Shareholders is time consuming.
Which is why seeking help with process from an experienced tax accountant 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 team will work closely with you to ensure your year-end accounts are filed correctly and on time. Whether you need support annually to complete your annual reports and 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, annual 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, year-end accounts must be signed by a company director.
Late submission of your annual accounts could result in penalties up to £1500 from Companies House.
Depending on the size of your business, you will need to ensure that your year-end return includes the following
- A balance sheet
- A profit and loss statement
- Notes about the accounts
- A director’s report (not necessary for smaller companies)
- An accountants or auditor’s report (if an audit is being completed)
LOCAL ACCOUNTS SUPPORT
Whether you need support with your annual return or any other aspect of accounting or tax, 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.