What are statutory accounts?
If you have a limited company or an LLP you will need to prepare statutory accounts for each financial year. These are submitted to Companies House and HMRC on an annual basis in order to meet the requirements of the Companies Act 2006 and the Corporation Tax Act 2010. Failure to do so will result in penalties, so let us look after this compliance task for you.
What is included in statutory accounts?
Depending on the size of your company or LLP, the annual accounts/financial statements could comprise:
- Directors Report
- Profit & Loss Account/Statement of Comprehensive Income Statement
- Balance Sheet/Statement of Financial Position
- Statement of Changes in Equity
- Cashflow Statement
- Notes to the Financial Statements
Most business owners don’t want to get involved in learning how to produce these technical documents. As qualified accountants we are experienced in this type of reporting so we can do this for you.
Frequently Asked Questions
Yes, and we often use Xero for this purpose. However, we wouldn’t recommend that you push the button on the annual accounts yourself as you may not know about the all relevant disclosures that are required.
More importantly, you will probably pay more tax than you need to.
Your first accounts need to reach Companies House 21 months after the day of incorporation. For each subsequent year, the filing deadline is 9 months after your financial year end and late filing penalties will be charged if you file late.
Our client management system will ensure that you never miss a filing deadline.
After our initial meeting, we will prepare a unique, fixed fee proposal for you. This is based on many things, such as the size of your business, the volume of transactions, and the quality of your accounting records.
They provide us with a fully outsourced finance function so that our own team can focus on our business. They implemented Xero software from day one of the company meaning that we have real-time visibility of our business at all times, The monthly management accounts meetings we have with Jan really add value to decision-making and strategic planning and we wouldn’t be without them.
Their professionalism, expertise and client care are outstanding and they have supported our growing business no end. They look after everything from our bookkeeping, VAT, annual accounts, as well as claiming Research & Development tax relief, preparing budgets and forecasts and assisting with grant claims. The whole team are always responsive, friendly and reliable and we wouldn’t hesitate to recommend them to anyone looking for a trustworthy and efficient firm to look after their business finance requirements.
I moved my accounts over to Jan at the beginning of the year and have been extremely impressed with her attention to detail and precision. She’s made it easy for me to understand and manage all the key aspects of my accountancy, as well as offering useful suggestions of ways to improve and make things work more efficiently for me and my business. I’d highly recommend Jan and her team to anyone looking for professional, friendly, and reliable accountants that truly get to know you and offer a tailored service.”
Jan McDermott & Co have been our accountants for over 15 years and have not only ensured our accounting records are accurate and legal, but also provided us with first class advice to help us grow. They recommended our move to Xero accounting software which has revolutionised our business, allowing us to create predictable income through the use of Go Cardless Direct Debits, and streamlining our day to day accounting operations. Jan and her team are friendly, easy to work with and take time to understand a particular problem or situation. I wouldn’t hesitate to recommend them to any business that wants an accountancy firm they can grow with and depend on.