Statutory accounts are a legal requirement for Limited Companies both large & small. They have to be provided to the shareholders (members) - a requirement stipulated by the Companies Act and these accounts also have to be filed with Companies House for each accounting period.
The accounts then have to go with an annual report to the Tax Office (HMRC) as part of your Company Tax Return (CT600). The accounts you submit have to be in an acceptable format, and filed within certain date parameters for each accounting period.
Smaller firms have a reduced burden of the amount of disclosure demanded of them and they also have the option to file abbreviated accounts at Companies House.
We can prepare your Statutory Accounts based on your own bookkeeping or we can carry out the bookkeeping on your behalf if you would prefer.
The statutory accounts main aim is to accurately report the taxable profit/(loss) the company has made and this is then used to work out how much Corporation Tax is due to HMRC (if any).
Statutory accounts have to include the basics such as a “balance sheet”, which lists the company assets and liabilities, a “profit and loss account” which simply shows income/sales minus allowable expenses for the financial period. There are also notes in the accounts to satisfy regulations and to disclose other relevant matters for any potential users of the financial statements.
We prepare Statutory accounts as part of a complete set of services to Limited Companies or as a stand-alone service. Give us a call to find out how we could help you comply with the legislation AND gain an insight into the workings of your business both in the recent past but more importantly in planning for the future.