ANNUAL STATUTORY ACCOUNTS

As a private limited company, you are required by law to prepare and file your company’s annual accounts, these are called ‘statutory accounts’. To prepare statutory accounts you must keep accurate accounting records for each financial year.

At Harvest Accountants, we can prepare and file the statutory accounts for your company. We can also offer comprehensive bookkeeping services to ensure your accounting records are accurate and up-to-date, making the process of preparing the annual accounts simpler and therefore cheaper for your business.

PREPARING THE STATUTORY ACCOUNTS

Our team of Chartered Accountants can assist with the preparation of your company’s annual statutory accounts. Our team will prepare:

A ‘Balance Sheet’, which shows the value of everything the company owns, owes, and is owed on the last day of the financial year
A ‘Profit and Loss Account’, which shows the company’s sales, running costs, and the profit or loss it has made over the financial year
Notes about the accounts
A director’s report (unless you are a micro-entity)
A Statement of Changes in Equity (optional)

Once the statutory accounts are finalised we will ensure they are sent to all the necessary people and authorities such as Shareholders, Companies House and HMRC as part of the company tax return.

ACCOUNTING STANDARDS

When producing the annual statutory accounts, they must be compliant with accounting standards, this means they must meet either:

International Financial Reporting Standards
New UK Generally Accepted Accounting Practice (GAAP)

When we produce statutory accounts for our clients we ensure they are prepared following the correct accounting standards.

DEADLINES FOR FILING ANNUAL STATUTORY ACCOUNTS

Unless you are filing your company’s first set of accounts the time normally allowed for delivering accounts to Companies House is:

9 months from the accounting reference date for a private company
6 months from the accounting reference date for a public company

If you do not file your accounts with Companies House within the above-mentioned timelines you may have to pay a late filing penalty.

DO YOU NEED HELP WITH YOUR ANNUAL STATUTORY ACCOUNTS?

If you need any assistance with preparing and filing your annual statutory accounts please contact us so we can discuss your needs. Our consultations are free, so please get in touch.