How to put together your company’s statutory accounts

Statutory accounts must include:

• a ‘balance sheet’, which shows the value of everything the company owns and is owed on the last day of the financial year.
• a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
• notes about the accounts
• a director’s report

You might have to include an auditor’s report – this depends on the size of your company.

A director must sign the balance sheet and their name must be printed on it.

Accounting standards

Your statutory accounts must meet either:

• International Financial Reporting Standards.
• UK Generally Accepted Accounting Practice.

2. Prepare annual accounts

Your company’s annual accounts – called ‘statutory accounts’ – are prepared from the company’s financial records at the end of your company’s financial year.

You must always send copies of the statutory accounts to:

• all shareholders of the company
• people who can go to the company’s general meetings.
• HM Revenue and Customs (HMRC) as part of your Company Tax Return
• Companies House.

If you need to speak to an adviser, please contact us on 0208 679 4690 or need more information about preparing Limited Company Accounts,  please Visit our  website. 

Categories: Company Accounts

Tags: annual accounts, Company Accounts, International Financial Reporting Standards., Limited Company Accounts, UK Generally Accepted Accounting Practice.