Statutory accounts are an important part of any business. They document the financial position of a company, and must be filed with Companies House. In this blog post, we will answer some of the most frequently asked questions about statutory accounts. We will cover topics such as what they are, who needs to file them, and when they are due. We will also provide some tips on how to make the process easier for you and your business.
What are statutory accounts?
Statutory accounts are a record of a company’s financial position. They show the company’s assets, liabilities, and shareholders’ equity at a particular point in time. They also include information on the company’s income and expenses for the period. Statutory accounts must be filed with Companies House every year.
Who needs to file statutory accounts?
All companies that are registered with Companies House must file statutory accounts. This includes private companies, public limited companies, and limited liability partnerships. If your company is not registered with Companies House, you will not need to file statutory accounts.
When are statutory accounts due?
Companies House must receive your company’s annual statutory accounts within nine months of the end of your company’s financial year. For example, if your company’s financial year ends on 31 December, you will need to file your statutory accounts by 30 September.
Can I change my year end?
Yes, you can change your company’s financial year end date. However, you will need to notify Companies House of the change. You can do this by filing a ‘change of accounting reference date’ form with them.
What happens if I don’t file my statutory accounts?
If you do not file your statutory accounts on time, Companies House will take action against your company. This could include issuing a fine or striking your company off the register.
What are the benefits of filing statutory accounts?
There are several benefits of filing statutory accounts. First, it helps to ensure that companies are transparent and accountable to their shareholders. Second, it provides valuable information to investors about a company’s financial health. Finally, it helps to protect directors from personal liability for the debts of the company.
How can I make the process easier?
There are a few things you can do to make the process of preparing and filing your statutory accounts easier. First, keep good records throughout the year. This will make it easier to prepare your accounts when the time comes. Second, use accounting software to help you track your finances and generate reports. Finally, seek professional advice from an accountant if you are unsure about anything.
Statutory accounts are an important part of any business. If you are a company director, it is essential that you understand what they are and how to file them correctly.
If you need help preparing your statutory accounts, contact Venn Accounts today. Their team of experts can provide you with the advice and support you need to ensure that your accounts are filed on time and in compliance with the law.