Statutory Accounts Detail
It is the responsibility of the company directors to ensure that year-end accounts, which provide a true and fair view of the financial affairs of the company, are prepared and filed each year. In the UK there are financial reporting standards which must be adhered to when preparing the accounts. These standards vary depending on the size of the company. This typically means that the rules are less onerous for a small company as com
pared to a medium or large company and less onerous again for a micro company.
The filing deadline for the accounts are generally within 9 months after the end of the financial year. Care is required here as there is an immediate penalty for being late of £150 and this increases after 1 month to £375 and increases again after 3 and 6 months to £750 and £1500 respectively.
The production process will differ depending on the size of the company. The accounts for a small company can actually be quite straight forward and larger companies will tend to be more complex. Typically, the process will start with the bookkeeping records and the bank statements and progress from there.
If you have any questions at all with regards to what is required here then please just give us a call. We will be happy to book in a call to answer any questions that you may have. We do not charge for this and we will be happy to help.