Our
statutory
Accounts
Service

Never miss a deadline

Tired of missing deadlines? Exhausted with paying fines and facing the consequences because you did not know when you missed a deadline? Worry not. With us, you will never miss a deadline. We know every important date and hence keep a check on the calendar. We will be informing you about all due payments and submissions well before time.

Never miss a deadline

Tired of missing deadlines? Exhausted with paying fines and facing the consequences because you did not know when you missed a deadline? Worry not. With us, you will never miss a deadline. We know every important date and hence keep a check on the calendar. We will be informing you about all due payments and submissions well before time.

Never miss a deadline

Tired of missing deadlines? Exhausted with paying fines and facing the consequences because you did not know when you missed a deadline? Worry not. With us, you will never miss a deadline. We know every important date and hence keep a check on the calendar. We will be informing you about all due payments and submissions well before time.

What are
Statutory Accounts?

Also commonly referred to as ‘Annual Accounts’ or ‘Year-end Accounts’, Statutory Accounts must be submitted by all Limited Companies in the UK within 9 months after the company’s year-end to the Companies House.

Statutory Accounts comprise of a set of financial reports showing the financial performance (through Profit & Loss statement) of the company during the year and the financial position (through Balance Sheet) at the end of the year. In addition, they also highlight any important information through disclosures to any stakeholders in the business.

What’s Inside

Statutory Accounts prepared for Limited Companies in the UK must be fully compliant with IFRS (International Financial Reporting Standards) or the UK GAAP (Generally Accepted Accounting Practice). These will typically include the following;

01.Profit & Loss (P&L) Account

Also known as ‘Income Statement’ under the IFRS, the P&L shows a summary of all your business Income (or Sales) and Expenditure (or Costs) incurred during the financial year. It also shows your Net Profit or Loss and any corporation tax incurred.

P&L is considered as one of the most important reports in the pack as shows the Financial Performance of the Company during the year.

02.Balance Sheet

Balance Sheets show the Financial Position of a company at a given point in time. It shows the total assets that the company owns (such as Property, Furniture & Fittings or Cash), owes to (e.g. to its suppliers or tax authorities like HMRC), or is owed to (such as its customers who purchase on credit).

Balance Sheet is an important financial report that can help determine the businesses liquidity and efficiency in managing its assets including working capital.

It also shows how leveraged a business is, its ability to meet its short-term finance obligations and its associated ri

The Balance Sheet must be signed by a Director of the company with their name included.

03.Notes related to accounts

Notes to the accounts shed light on key pieces of information that would be useful to any stakeholder of the business. Typical examples of these would include things like;

  • breakdown of Fixed Assets to show amounts purchased, sold and depreciated
  • Related Party Transaction during the year
  • Detail of some of its creditor or debtors e.g. money owed broken between the bank, taxman or a director

04.Directors Report

Companies Act 2006 requires all larger companies to produce a Directors Report in their Annual accounts to improve corporate transparency. It talks about the business’s principal activities, any significant events that incurred during the year and its business impact.

The report is an opportunity to provide greater detail to its readers about how the business performed during the year, any regulation impacts or change in economic outlook. It may also talk about dividends the business intends to pay.

05.Auditors Report

Auditors Report is only required for Companies carrying out an Audit (whether Compulsory or Voluntary Audit). An Auditors Report is provided by the Company’s auditors, with their opinion on whether the Accounts show a true reflection of the business.

Different Types of
Statutory Accounts

Full AccountsReport

As the name suggest, Full Accounts must include all the key reports such as a profit and loss account, a balance sheet account and detailed notes to the accounts. In addition to this, full accounts must also include an accountant’s report and a director’s report. Both of which provide further important information about the company.

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Criteria for Small companies

If your company meets two of the following conditions, it is considered as small:

  • If it has a turnover totalling lower than £10.2 million
  • If it shows a maximum of £5.1 million or lewer on the balance sheet
  • If it has equal to or less than 50 employees

All small companies have the freedom to send abridged accounts to the Companies House. Moreover, small companies also have the option to send a director's report, a profit and loss account as well as the opportunity to audit or not.

Criteria for Micro-entities

Companies, even smaller than small companies, are categorized as micro-entities. If your company meets more than or equal to two of the following conditions, it is regarded as a micro-entity:

  • If it has a turnover totaling lower than £632,000
  • If it shows a maximum of £316,000 or less on the balance sheet
  • If it has equal to or less than ten employee

Being a micro-entity, it is not mandatory to have to prepare complex accounts and can send more straightforward balance sheets to Companies House. All the exemptions which are given to small companies are also given to micro-entities.

When do I need to file?

The deadlines for Private Limited Companies (LTD) differ to Public Limited Companies. Both are determined by your Companies accounting reference date. This is also known as the year end date. When you first form the company this is automatically set as the first anniversary of the last day of the month in which you incorporated the company. So for example, if you form a company on the 15th of January 2010, then your automatic accounting reference date would become, 31st January 2011, in other words the first anniversary of the last day of the month in which you formed the company. For all private Limited Companies the Deadlines are:

Accounts Deadline
1st Accounts with Companies House 21 Months after date of company formation
Annual Accounts with Companies House 9 Months after your company’s financial year end
Corporation Tax Deadline
File Company Tax Return (CT600) 12 Months after your accounting period
Pay Corporation Tax 9 Months and 1 day after your ‘accounting period’ for Corporation Tax ends

Penalties

Accounts
Time after the deadline Penalty (for private limited companies)
Up to 1 month £150
1 to 3 months £375
3 to 6 months £750
More than 6 months £1500
Corporation Tax Returns
Time after the deadline Penalty
1 day £100
3 months Another £100
6 months HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax
12 months Another 10% of any unpaid tax

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