Statutory accounts are a group of financial reports prepared by businesses, usually on an annual basis. Trust WR Partners for professional support, ensuring your accounts are always compliant.
Get expert help preparing your statutory accounts
Statutory accounts are crucial for any business, and preparing them in compliance with accounting regulations and the Companies Act 2006 is a must. Trust WR Partners for professional support, ensuring your accounts are always compliant.
These annual accounts are filed with Companies House, with deadlines 9 months after the period end. Newly incorporated companies have 21 months from their date of incorporation to file. Missing these deadlines results in penalties, and once submitted, your accounts are accessible publicly via the Companies House website.
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Why statutory accounts matter
Annual accounts aren’t just paperwork; they’re a vital tool for stakeholders like lenders, customers, suppliers, and shareholders. These financial statements offer insights into your company’s current financial health. Accurate, compliant, and timely preparation is essential.
Our statutory accounts are prepared using your accounting data and underlying financial documents, such as bank statements, invoices, payroll, and loan statements. At WR Partners, we work with businesses of all sizes, adapting our approach to match your data management practices. We serve various sectors and industries, leveraging our knowledge to meet your accountancy requirements.
Compliance with confidence
The components of statutory accounts can differ depending on the size of your business. They usually consist of company information, a director’s report, profit and loss account, balance sheet and notes.
For medium and large companies a cash flow statement may also be required. Typically they include:
- Company Information: Name, registered number, address, and directors during the period.
- Director’s Report: Highlights key performance areas and future strategy. Required for medium and large companies; optional for small businesses.
- Profit and Loss Report: Details turnover minus business expenses, showing the profit or loss for the period.
- Balance Sheet: Lists assets and liabilities, revealing shareholder equity.
- Cash Flow Statement (for medium and large companies): Shows the physical cash movements during the period.
- Notes: Provide detailed information and breakdowns for better understanding.
Statutory accounts are the foundation of your company’s tax return, and we are committed to ensuring tax efficiency. Our clients rely on us to handle both their statutory accounts and tax returns with precision. By partnering with us for your accounting needs, you can leverage our expertise, gain peace of mind knowing your submissions are compliant, and focus on what you do best – growing your business.
Get in Touch
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
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