What are statutory accounts?
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. Small businesses can submit much simpler accounts than their bigger counterparts.
Different types of statutory Accounts
Full accounts
Abridged accounts
Dormant accounts
How to prepare statutory accounts?
When preparing statutory accounts, you must make sure that your accounts meet either the IFRS Standards or the New UK GAAP.
For all limited companies, annual accounts must include:
- A balance sheet – a financial statement which shows how much the company owns, owes or is owed at the end of the financial year. This must be signed by a director and include a director’s name.
- A profit and loss statement – also known as a profit and loss account or a P&L account, this shows the business’s net profit or loss.
- Notes about the accounts.
Depending on the size of your company, you can also need to include:
- A directors’ report
- An auditor’s report.
Statutory accounts include?
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:
