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How to Prepare Statutory Accounts for Your Business

Statutory accounts are a vital part of any business. They document your company’s financial performance and position over a specific period of time, usually a year. As such, it is important to ensure that your statutory accounts are accurate and complete. In this blog post, we will discuss the process of preparing statutory accounts for your business. We will also provide some tips on how to file them with Companies House.

Preparing statutory accounts can be a complex process, particularly if your business is large or has multiple subsidiaries. However, there are some key steps that you can follow to make the process easier:

– Firstly, identify which financial statements you will need to prepare. This will depend on the size and structure of your business.

– Next, gather all of the relevant financial information. This includes your income statement, balance sheet, and cash flow statement.

– Once you have all of the necessary information, start preparing your statutory accounts. Make sure to include all required disclosures and follow the correct accounting standards.

– Finally, file your statutory accounts with Companies House. You will need to submit them within a specific timeframe after the end of your financial year.

How do I submit statutory accounts?

The statutory accounts must be submitted to Companies House within 28 days of being signed by the directors. They can be filed online or by post. If you are filing them online, you will need to create an account with Companies House first.

When submitting your statutory accounts, you will also need to include a cover sheet and a copy of your annual report (if applicable). The cover sheet must contain information about your company, such as the company name and registration number.

What’s the deadline for filing my annual statutory accounts?

The accounting reference date (ARD) is the end of your financial year and this is when you register your business at Companies House and receive your company’s accounting closing date (ACD).

What is the difference between management accounts and statutory accounts?

Management accounts are prepared internally for the use of management and do not need to be filed with Companies House. Statutory accounts, on the other hand, must be filed with Companies House within specific deadlines.

What are final statutory accounts?

Final statutory accounts are the last set of accounts that a company will file with Companies House before it is wound up. The final statutory accounts must be filed within 12 months of the date of the winding-up order.

If you are unsure about how to prepare statutory accounts for your business, we recommend seeking professional help. An experienced accountant can assist you with gathering the necessary information and ensuring that your statutory accounts are accurate and complete.

Get in touch with Venn Accounts to learn more about our accounting services. They will be happy to help you prepare statutory accounts for your business.

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