Statutory Accounts are a full set of accounts from a business. These are a legal requirement for businesses in the UK. However, as a small or medium business, you can submit annual accounts or abridged accounts if you do not have the ability to upload full accounts to Companies House.
Having a full set of accounts is vital for your business as they are able to highlight the performance of the business in the past financial year. It is also important to keep files up to date with Companies House.
For a small or medium business, the thought of statutory accounts may be daunting and a time-consuming task. This is where an accountant can help you.
What Do Statutory Accounts Include?
When looking at what is included in a full set of accounts, this can seem like a lot of figures and reporting for a business that may not have much time. Having an accountant on hand will ease this time pressure, and ensure your business remains compliant and on time with finances. But what do statutory accounts include?
- Company Information Page
- Director’s Report
- Balance Sheet
- Profit and Loss Accounts
- Cashflow Statement
- Notes on the Account
Why Do You Need an Accountant?
The need for an accountant can be vital for small or medium businesses needing to file accounts.
An accountant can help prepare for the accounts being drawn up. They can also draw up the business accounts for you, ensuring that everything is fine-tuned and correct before submission to Companies House. Statutory Accounts must be filed 9 months after the end of the company’s financial year. If they are wrong or late, this can incur fines of up to £1,500.
6 Wands Can Help You
At 6 Wands, we offer Statutory Accounting services, helping businesses ensure their accounts are correct, fine-tuned, and filed on time.
If you are in need of support for your accounts or need help drawing them up, contact us today on 0121 550 0221, or contact us via our contact form below. We look forward to hearing from you.