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Statutory Accounts

Statutory Accounts Edinburgh

The team at Allsquare will help you to prepare your annual statutory accounts

Every registered UK business is required by law to produce statutory accounts, otherwise called ‘annual accounts’, for submission to HMRC and Companies House. The purpose of these accounts is to report the company’s annual financial activity, whilst forming part of its annual tax return for HMRC’s corporation tax calculations.

Statutory accounts must include:

  • a ‘balance sheet’ showing the value of the company’s assets and liabilities
  • a ‘profit & loss account’ detailing sales, operating costs and profit or loss made by the company over the financial year
  • supporting notes relating to the statutory accounts
  • a director’s report

Depending on your company’s size, an auditor’s report might also be required.

Company directors are legally obliged to ensure that statutory accounts are completed accurately and submitted by the deadline. Failing to submit your accounts on time risks automatic penalties – figures released by Companies House show that between April and December 2015, more than 140,000 small businesses were fined a total of over £65 million for late filing.

Enlisting the support of a reputable and dependable accountancy firm to prepare your company’s statutory accounts will avoid incurring such penalties, whilst eliminating deadline pressure at your end and reducing time spent managing your financial year end process in-house.

Established in 2004, Allsquare Accountants is a respected Edinburgh-based accountancy firm, offering a full range of financial and bookkeeping services to a wide variety of small to medium sized businesses. Our professional and friendly bespoke service include all aspects of statutory accounts preparation, CT600 tax calculation and online submission to HMRC, as well as meeting you face to face to thoroughly review your year end accounts.

Our firm’s range of accounting solutions can be tailored to the individual needs of your business, regardless of size, and our expert team prides itself on delivering a straightforward and timely service at competitive rates. It is our aim to work alongside your business and manage your accounting needs and statutory obligations, whilst placing you fully in control of your own accounts function.

Our firm operates cloud-based accounting software, enabling us to make your company’s financial data accessible to you remotely – that’s anytime, anywhere and from any device. This is far less time-consuming and much more secure than emailing files, sending us your data on a USB stick or even bundling together original paperwork! The privacy and integrity of your data is guaranteed and you can view your accounts in ‘real time’.

Should you require further advice regarding the individual accounting needs of your business, please contact Allsquare Accountants for an initial exploratory discussion with one of our professionals.