Streamline compliance and unlock business potential with our expert accounting services tailored to you.
Statutory accounts, or annual accounts, are a vital part of accounting services for businesses across all sectors. As a result, businesses must file statutory accounts with HMRC annually to comply with legal requirements. These accounts, in turn, provide a detailed snapshot of a company’s financial health and performance over the tax year.
Additionally, statutory accounts are essential for building trust among stakeholders, attracting investors, and ensuring transparency in financial reporting. However, due to evolving regulations, preparing these accounts can become increasingly complex for businesses. Therefore, by using expert accounting services, companies can smoothly navigate these challenges, ensuring their statutory accounts are accurate and compliant with current regulations.
At ABS Accountancy, we provide each client with a tailored and personal service. While compliance is, of course, essential, we go further by not only meeting regulatory requirements but also offering meaningful feedback. First and foremost, we analyse the figures, and then, as a next step, we identify trends. Finally, we highlight the areas that require attention. Consequently, this detailed analysis empowers our clients to make well-informed decisions, uncover growth opportunities, and address potential challenges early on.
We’re here to streamline your workload. Our services cover a range of accounting tasks, including: Most importantly, we take the time to truly understand you, your business, and your objectives. Additionally, we do not charge for these valuable conversations, as they are part of our commitment to ensuring that our advice is both practical and, ultimately, effective for you.At ABS Accountancy, we provide each client with a tailored and personal service. While compliance is, of course, essential, we go further by not only meeting regulatory requirements but also offering meaningful feedback. First and foremost, we analyse the figures, and then, as a next step, we identify trends. Finally, we highlight the areas that require attention. Consequently, this detailed analysis empowers our clients to make well-informed decisions, uncover growth opportunities, and address potential challenges early on.
Most importantly, we take the time to truly understand you, your business, and your objectives. Additionally, we do not charge for these valuable conversations, as they are part of our commitment to ensuring that our advice is both practical and, ultimately, effective for you.
Using a Certified Public Accountant to produce your statutory accounts helps reduce the risk of errors in company accounts and prevents potential penalties or fines from HMRC.
When accountants submit statutory accounts to Companies House, they can identify areas of financial inefficiency in your business and provide valuable advice for improvement.
By consulting an accountant early on, they can help identify opportunities to reduce your company’s corporation tax and liability before you submit your tax return, allowing you to take proactive steps.
Annual accounts are crucial information that businesses receive each year, offering a clear view of their performance over the past 12 months. They contain both a profit and loss statement and a balance sheet. The profit and loss statement breaks down sales, direct costs, operating expenses, taxes, and net profits, giving the owner a detailed financial overview. The balance sheet, on the other hand, presents the business’s financial health at a specific point in time, listing assets (including who owes the business money) and liabilities (such as who the business owes money to and what it owes shareholders). Accompanying these are detailed notes providing further clarification on key figures.
From our experience, we know that just a few key numbers in a business’s accounts can make all the difference. Do you know which numbers matter most? We work with our clients to ensure they understand the critical figures in their Annual Accounts.
The specific contents of statutory accounts can vary depending on the accounting standards and regulations relevant to each business. However, statutory accounts generally include the following key components:
All limited companies must file their statutory accounts with Companies House, usually within nine months of the year-end. These accounts draw from your annual accounts, but most small and medium-sized businesses don’t need to file all the information. It’s not necessary or beneficial to file the complete set of information. Instead, a shortened version, which omits the profit and loss detail, is submitted. Statutory accounts are also filed with HMRC and play a key role in determining your company’s corporation tax liability.
Statutory accounts and management accounts serve different purposes. Statutory accounts are created for external reporting and compliance, whereas management accounts are tailored internal reports that support day-to-day decisions and strategic planning within the business or organisation.
Up to 1 Month Late: Filing your statutory accounts within one month after the deadline usually incurs no penalty. However, your company will be marked as “dormant” on the Companies House register until the accounts are submitted.
1 to 3 Months Late: If you submit your accounts between one and three months late, a fine may apply. Penalties typically range from £150 to £1,500, depending on your company’s size.
3 to 6 Months Late: Filing your accounts more than three months after the due date results in higher penalties, typically ranging from £375 to £3,000, based on your company’s size.
More than 6 Months Late: Filing your statutory accounts more than six months late triggers the most severe penalties, with fines ranging from £750 to £7,500 or more, depending on your company’s size.
Whether you know what you need or just want to explore your options, we’re here to help.
Principal Office:
Harewood Business Centre
2 Fairfield Rd
Buxton
Derbyshire
SK17 7DW
