At Styles & Associates we prepare statutory year end accounts for Private limited companies (Limited or Ltd), public limited companies (Plc) and limited liability partnerships (LLP) across Hampshire and Surrey.
What are statutory Accounts?
Statutory accounts, also known as annual accounts or year-end accounts are a set of financial reports prepared at the end of your company’s financial year which are required to be filed with Companies House on public record. The reports are also sent to shareholders, members of a Limited Liability Partnerships (LLP) and HMRC as part of your tax return.
When do Statutory Accounts need to be filed with Companies House?
Your first set of accounts must be filed 21 months from the date of incorporation. After this the annual reporting period for a company is 12 months – with statutory accounts being filed 9 months after the accounting period end. In the UK you are permitted to change the accounting period end to suit your business operation which may be effected by seasonal trends.
Who is required to file Statutory Accounts?
Private limited companies (Limited or Ltd), public limited companies (Plc) and limited liability partnerships (LLP) in the UK are required to prepare and file statutory accounts to Companies House. Small businesses can submit abridged accounts; a reduced version of the balance sheet, profit and loss account and directors' report - however a full version should still be submitted to shareholders and HMRC with your company tax return.
Who prepares Statutory Accounts?
Statutory accounts are drawn up by the Directors who are legally responsible for ensuring the accuracy of the reports and must conform with Financial Reporting Standards as set out by the Financial Reporting Council (FRC) in the UK and Republic of Ireland. Directors must ensure financial statements give a 'true and fair view' of the company's financial position. Preparing annual accounts is a legal requirement and there are severe penalties if you make a mistake, which is why most limited companies appoint an accountancy firm to manage their statutory accounts preparation. An experienced and professional accountancy firm will assist in ensuring you meet all the statutory requirements and avoid penalties.
Balance Sheet – this shows the value of everything the company owns, owes and is owed on the last day of the financial year. The balance sheet must have the name and signature of a director printed on it.
Profit and Loss Account - this shows the company’s sales, running costs and the profit or loss it has made over the financial year.
Notes – These provides more details about the information in the balance sheet and the profit and loss account.
Cash Flow Statement – showing all money coming into the company from operating activities and returns on investment, and all money going out including tax charges, dividends paid and capital spend.
Director’s Report (unless you’re a ‘micro-entity’) giving a review of the company’s performance and prospects.
Auditor’s Report - this may not be required and depends on the size of your company.
What must Statutory Accounts include?
Annual Year End Accounts Preparation.
At Styles & Associates we can take the stress out of Statutory Accounts by preparing the accounts on your behalf. We manage statutory accounts for compliance for Private limited companies (Limited or Ltd), public limited companies (Plc) and limited liability partnerships (LLP) across Hampshire and Surrey.
Get in touch with our team today to discuss your requirements – we can provide a full range of services from bookkeeping to tax and accounting support. Call: 01420 541 554
Annual Accounts For Business.
We welcome new enquiries for accountancy services for small businesses to large corporations, sole traders and partnerships.
Areas we cover:
Accountancy Services across the South.
We welcome new enquiries from businesses seeking accountancy services from Alton, Hampshire and the surrounding areas.