Value Added Service
We don’t just prepare your statutory accounts and submit them to Companies House; we help our clients better understand where the company’s financials are going and how to tackle the issues at hand. We believe in building strong relationships based on trust and communication with our clients.
At Fusion, we stand out with our prompt delivery service. You will never receive anything later than the promised due date. We don’t wait till the filing deadline (9 months after the yearend), we proactively try to complete the accounts within 1 to 2 weeks from receiving the relevant information from our clients.
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.
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.
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
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.
Companies that meet the Small Business or a Micro Entity criteria, can send a more summarised version of full accounts called the ‘Abridged Accounts’. Abridged accounts provides less information about the company to the public and has a simpler balance sheet, they only need to include the Balance Sheet and a reduced number of notes to the accounts. They do not include the profit and loss account. These can be useful if you are trying to hide details about the business such as the gross margins or the profits the business made during the year.
If your company has not had any major or considerable transaction in the past financial year, then Companies House will consider it a dormant company. Major transactions are required to be reported. If your company has not made any such transaction, then you will be categorized as a dormant company.
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:
- Has a turnover totaling lower than £632,000
- Shows a maximum of £316,000 or less on the balance sheet
- 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.