Statutory Accounts

Why Choose A&T Financial Services Accountants?

At A&T Financial Services, our team of accountants specializes in assisting businesses with preparing and submitting documents to Companies House, ensuring accurate and timely filings to avoid penalties.
With our annual accounts preparation service, we go beyond simply submitting documents to Companies House. We strive to enhance your understanding of your company's finances, providing insights to help you make informed decisions. Additionally, we offer the convenience of combining statutory accounts filing with Corporation Tax Return submission, helping you anticipate tax liabilities and adjust your cash flow accordingly.
From managing cash flow to maximizing profits, our goal is to support your business growth journey. We pride ourselves on delivering a friendly, flexible, and professional service tailored to meet your unique needs.

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Understanding Statutory Accounts

Statutory accounts, also known as annual accounts, are required for all limited companies, regardless of whether they are trading, non-trading, or dormant. These accounts provide a comprehensive overview of your company's financial information for each financial year.

It's important to note that statutory accounts do not include detailed information such as individual invoices or payments to specific individuals. Instead, they offer a broader overview of your company's financial position.

Once prepared, statutory accounts must be submitted to various entities, including:

Companies House
HM Revenue and Customs (HMRC) as part of your Company Tax Return
Limited company shareholders
Individuals entitled to attend the company's general meetings

These accounts follow a specific format outlined by the Companies Act to ensure consistency and transparency. They are then published on public record for stakeholders and interested parties to access.

Filing Deadlines for Statutory Accounts with Companies House

Your initial set of statutory accounts must be submitted to Companies House within 21 months from the date of your company's incorporation. Subsequently, annual statutory accounts must be filed within 9 months after your company's year-end.

It's essential to distinguish between annual accounts and the confirmation statement. The confirmation statement is due after your company's first year since incorporation (i.e., the first year-end), and thereafter, annually. Following this, the initial set of statutory accounts is due 9 months after this period, totaling 21 months in total.

While the deadlines for statutory accounts and tax returns differ, many businesses opt to file them simultaneously to streamline the process.

Contents of Statutory Annual Accounts

The content of your company's statutory annual accounts submitted to Companies House is determined by the size of your business.

Regardless of size, statutory annual accounts typically include:

Balance Sheet: A snapshot of the company's financial position, showing the total value of assets (what the company owns and is owed) and liabilities (what the company owes).
Profit and Loss Account: This section details the company's income, expenditure, and resulting profits.
Notes: Additional details regarding the figures presented in the balance sheet and profit and loss account.
Director's Report: This report is required unless your company qualifies as a 'micro-entity.'

Small and medium-sized businesses usually do not require an audit for their statutory annual accounts.

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