Statutory Year End Accounts
Statutory accounts are an important part of any company’s reports as they are not only a legal requirement, they also let you see how your business is performing. The statutory accounts or what are sometimes called annual accounts must include the following information.
- Directors Report – this is a report written by the company directors giving an overview of the performance and any views on future progress or problems that may arise.
- Balance Sheet – This includes details of all the company’s assets and liabilities.
- Profit and Loss – A detailed report on all the income and expense over the accounting year showing any profit or loss that has been made.
- Explanatory Notes – These notes can help explain more about who money is owed to and give more context to the accounts.
- Cash Flow Statement – This shows all the money going in and out of the company and will give a good indication of how the company is spending money as well as the cash reserves available for future spending.
The year end accounts must be filed with both HMRC and Companies House and must be submitted at the same time as your tax return which will allow HMRC to calculate the tax your company is due. As you can see things can get complex quickly and it makes sense to involve the experts. At BBKs & Co Accountants we can ensure that your returns are filed on time with all the correct information in place. If you need help keeping accurate records, we can also offer our bookkeeping services leaving you free to run your business.
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