Statutory Accounts Preparation
Hayhursts Statutory Accounts Preperation service
Armed with many, many years’ experience, we can produce your statutory accounts from your own records or from our bookkeeping service and use market leading software; regularly updated to ensure full compliance with the latest standards and regulations. We will also provide the accounts in iXBRL format for accompanying the corporation tax return.
Frequently Asked Questions:
What is Statutory Accounts Preparation?
Statutory accounts – also known as annual accounts – are a set of financial reports prepared at the end of each financial year. Statutory accounts report the financial activity and performance of a limited company. Annual accounts can also be used to work out corporation tax.
What’s included in Statutory Accounts?
Statutory accounts include a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed, and a ‘profit and loss account’, which shows the company’s sales, running costs, and any profit or loss made over the financial year, and also additional notes about the accounts.
What are the key features of Statutory Accounts?
Statutory accounts are formatted generically to make them easy to understand for shareholders and HMRC. These reports are mandatory for all limited companies and will be requested by HMRC. They may also be included as part of contracts if your company has shareholders. Statutory reports offer an invaluable overview of business finance, great for helping the business owner understand day-to-day operational costs. As well as profit and loss, a balance sheet and notes to the accounts, they are generally accompanied by a strategic and directors’ report signed by a secretary or director, including a business review, all subject to any company size exemptions.
What’s the difference between Statutory Accounts and Management Accounts?
A statutory account does not include every last bit of detail, such as unique expenses or invoices. Instead, it is a prescribed format, generally, you would include a profit and loss report and a balance sheet.
Management accounts detail specific data that is useful for the management’s current needs, such as showing dips in specific sales or rises in certain types of expenses, and are used exclusively used for internal decision making.
How often should you do your Statutory Accounts?
Statutory accounts are prepared for a specific time and only completed once a year; at your company’s Year End. A company ‘year end’ is the date your company’s accounting period ends. It’s also the date the clock starts ticking for a limited company to send certain documents to HMRC and Companies House.
How long do you have to file accounts at Companies House?
For limited companies, Companies House requires your annual accounts within nine months of your year end (within 21 months of your registration date if it’s your first return). So for example, 31 December year-ends, your accounts need to have been delivered to Companies House on or before the following 30 September.
Can I file my own limited company accounts?
You CAN choose to do your own accounting for your limited company, including preparing and filing your annual accounts. HOWEVER, as preparing your company accounts is an annual task, which can distract from your day job, companies will look to outsource this and associated tasks to an expert.
And did we mention, there are severe penalties if you make a mistake? Check out our article on ‘getting your statutory accounts right‘ for more information.
What happens if I am late in filing my accounts?
Should you file your accounts late, but by no more than 1 month this will cost you £150, under 3 months £375, under 6 months £750, more than 6 months £1,500.
How can Hayhursts help?
Armed with many, many years’ experience, we can produce your statutory accounts from your own records or from our bookkeeping service and use market leading software; regularly updated to ensure full compliance with the latest standards and regulations.
We will also provide the accounts in iXBRL format for accompanying the corporation tax return. A simple, stress-free annual process… Just provide us with your trial balance (and other small information requests) and we will do the hard work for you.
Benefits of using Hayhursts for your Statutory Accounts Preparation:
We will provide:
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