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.
- 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.