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End of Year Company Statutory Accounts Services End of Year Company Statutory Accounts Services
End of Year Company Statutory Accounts Services

End of Year Company Statutory Accounts Services in London

Companies need Statutory Accounts at the end of each fiscal year, and we at The Accountants London go beyond just preparing this type of report for organisations. Submitting the Statutory Accounts we have prepared for you to Companies House is just a fraction of the service we provide. A holistic approach to all aspects of our services to clients is what we believe in. This begins with giving every client a clear understanding of everything involved in their organisation's financial landscape and lending a hand to keep the business standing. We believe this is the basis of owning a small business that grows slowly but steadily. In simple terms, what we do is help company financials stabilise, expand, and keep growing.

Annual statutory accounts for small businesses in London

Statutory accounts are sometimes described as annual accounts or end of year accounts. At the end of a company's year, every limited company has to submit a statutory account within a timeframe of 9 nine months following the year-end. Companies House is where these accounts are to be submitted. If the company is a small-sized one, the process of submission is quite easy. But if the company is large, the submission procedure may be complex. The requirements are financial reports that set out the company's financial performance throughout the year, plus a statement of profit and loss. Again, this accounts will describe how the company has performed through the year and its position at the year-end via a balance sheet. The company's shareholders will also be presented with information that is relevant to them via disclosures. This way, everyone involved in running the business will know its financial position and measure how well it has been meeting set goals.

What do the statutory accounts contain?

There are regulations guiding what should be included in a statutory account. The Generally Accepted Accounting Practice (UK GAAP) or the International Financial Reporting Standards (IFRS) has required that statutory accounts be prepared with the following information:

  • A P&L account (profit and loss): This document carries information on the performance of the business over a specified period. Following the conditions specific to each business, the usual listing will be income receivable and expenditures. For instance, a retail sector business may like a report showing the income and expenses related to each store in the group. A building firm may opt for a report itemising their profits accrued from each project. So in preparing this document, one should consider the type of organisation, the amount and type of details needed, and the frequency at which this detail is required. Doing this will give a better insight into how far the business has gone in the area of making losses or profits.
  • A balance sheet: Every business should attain a certain financial position at a given time. It could be progressive or retrogressive. The balance sheet is that document that tells you about the business's financial position at that given time. To do this effectively, the balance sheet will be prepared with notes that will aid in highlighting relevant business ratios like debtor and inventory days and liquidity ratios to plan the business cash flow.
  • Key performance indicators (KPI): In this document, the details found there are relevant to the business stakeholders, and it may include things like:
  • A breakdown of fixed assets highlighting the sum for depreciated, sold and purchases
  • The total of party transactions for the year
  • Debtors or creditors, for instance, money owed or broken between the bank, taxman or with a director
  • The Director's report: Companies that are large need to comply with The Companies Act of 2006. This Act states that a Director's report should be prepared within their annual accounts for corporate transparency. Details of the primary activities of the company will be provided and the impact on the business of any relevant event that has taken place during the year. Further details of the business' performance in the previous year and any effect from regulations or in the company's projection will be presented in this report. The Director's report can also carry information on dividends.
  • The auditor's report: It is only when an organisation is being audited either by compulsion or voluntarily that the auditor's report is required. The provision of this audit is the job of the company auditor, and they will evaluate if the business is or is not reflected in the accounts accurately.

A Statutory account that contains all this information should give better insight into the financial status of a company.

We provide one of the best annual statutory accounts for both small and large companies in London. And like we said earlier, our holistic approach includes knowing you and your business so well that if there is an issue, you can easily call any member of our team. If you would like to have a comprehensive statutory account for your company, you can contact us at The Accountants London.