Statutory accounts, also known as annual accounts or company year-end accounts, are the accounts you must submit at the close of your company’s financial year.
It’s a legal requirement for all UK-registered companies to prepare statutory accounts.
They are a record of your financial activity for the preceding twelve months, and are used to calculate the amount of corporation tax you must pay to HMRC.
At your company’s financial year-end, you must prepare and send your statutory accounts to Companies House. This is a comprehensive record of how your company has been performing and includes many different parts.
Statutory accounts must be accurate and satisfy specific criteria. The easiest way to ensure your accounts are correct and on time is to let us do this on your behalf.
Two accounting standards are applicable in the UK:
You must prepare your statutory accounts according to one of these standards.
We can explain which of these will apply to your company, and help you prepare your accounts accordingly.
Under FRS 102, you must submit your full annual accounts, including:
Under FRS 105, some companies can submit shortened accounts, comprising:
You can submit your accounts this way if your company is classified as a small business or a micro-entity.
We will prepare and submit your accounts for you. We do this electronically once you’ve given us your Companies House Authentication Code.
You should have received this six-character code when you registered your company, but don’t worry if you haven’t got it.
But don’t worry if you haven’t got it. It’s easy enough to put in a request for it from Companies House. Normally this takes between five and 10 days to process.
It’s easy enough to put in a request for it from Companies House. Normally this takes between five and 10 days to process.
Alternatively, we can still submit paper accounts for you to Companies House.
Your financial year-end is your accounting reference date (ARD). You get this date when you register your company at Companies House.
Statutory accounts are due no less than nine months after your ARD.
When you first register your company, your accounts are due within 21 months after your month of incorporation and cover the first 12 months of trading, ending on your ARD.
You MUST submit your accounts within the deadline or you will face a penalty. This penalty increases depending on the lateness of your documents:
If you submit your accounts late two years running, the penalties double. You can also risk having your company struck off.
You can lengthen your company’s financial year:
You can only lengthen the financial year more often than every five years if:
You cannot change your financial year-end to try and evade filing your accounts. Sooner or later, they must be done.
Statutory or annual accounts are an important means of giving your company a financial health check.
This clarity is good for you, for your directors, and your shareholders. It means everybody can see how your company is performing.
Keeping up-to-date records and submitting them annually is also a requirement of transparency for Companies House.
Plus, you’ll need to pay corporation tax. Your statutory accounts provide the essential information for HMRC to calculate your tax bill.
We apply modern methods to traditional accounting values. Our team of chartered accountants use up-to-date, cloud-based software to make accounting as painless and nondisruptive as possible.
You can expect clear communications and explanations and a streamlined accounting process.
Once we’ve gained a good understanding and insight into your business by listening carefully to you, we perform a full review of your bookkeeping and use this as a quality assurance check on your figures.
Matching your accounts with the most appropriate regulatory format, we bring all the information together. You’ll get to check this information when we go through everything with you and before you sign everything off, ensuring we’re all on the same page.
Then, we submit your accounts electronically to Companies House.
We will ensure your companies statutory accounts are straightforward, accurate and on time.
Operating from our London head office, Venn Accounts a traditional accounting firm. We are committed to ensuring all our clients are completely clear about what we can do for them, while fully supporting them every step of the way.
Contact us and speak to a member of our team about our annual account service.
