Statutory accounts

Complete statutory accounts service

We don’t just prepare your year-end statutory accounts, we take time to understand your business, identify opportunities to save tax, help you understand you financial performance and position of the business and much more…

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Statutory Accounts

statutory accounts service

In addition to preparing your statutory accounts and submitting them to Companies House, we help our clients better understand their company financials and projections and assist in addressing any issues early on so that running your business becomes much more manageable.

We believe that building long-term, mutually beneficial relationships with our clients based on trust and open communication is the best way to help small businesses succeed financially now and in the future.

Our value added service - Fusion

Here at Fusion Accountants, we are very proud of our prompt delivery service with minimal fuss. Our job is to gather all the essential paperwork, go away and do the necessary number crunching, and then turn everything around in a short period.

We proactively try to complete your Corporation tax returns (or your tax returns if self-employed) within 1 to 2 weeks from receiving the relevant information you send us. We always file with HMRC before your deadline date (9 months after the year-end).

Our fast delivery

Using Xero throughout the year has many advantages when preparing statutory accounts. First, it ensures we have all your data in the correct format to process your accounts efficiently at year-end. Second, keeping your books on Xero gives you a better idea of your tax liability before the bill arrives, thanks to reporting and forecasting tools.

With most of our clients, we can usually help you reduce your tax liability - so you will often end up saving more than you spend! If you think using Xero Accounting software would benefit your business, please do contact us & we will be glad to help.

xero features

Knowing what information is required means you will never have to worry about running around last minute to get things ready for HMRC and risk forgetting vital paperwork and possibly incurring a fine.

We will take care of this process for you as we will get in touch well in advance to remind you of any information we need or any payments required.

Never miss a deadline - Fusion
What Are Statutory Accounts

What Are Statutory Accounts?

Known as "Annual Accounts" or "Year-end Accounts," all UK limited companies are required to submit Statutory Accounts to Companies House within nine months of their fiscal year's end. The accounts of small businesses, on the other hand, are much easier to prepare than those of their larger competitors.

Accounts required by law show the company's yearly financial performance (represented by a Profit & Loss statement) as well as its year-end financial position (represented by a Balance Sheet). The disclosures also include essential information that may be of interest to the company's shareholders.

What information
do statutory accounts include?

Statutory Accounts prepared for Limited Companies in the UK must be fully compliant with IFRS (International Financial Reporting Standards) or the UK GAAP (Generally Accepted Accounting Practice). These will typically include the following;

01. Profit & loss (P&L) account

Profit & Loss (P&L) shows the performance of a business over a given period. It would typically show a summary of income received and the types of expenses incurred. But, of course, every business is unique.

A retail business, for example, with multiple stores, may want to see income & expenses split by each store. In contrast, a construction business may want to see the profitability of each project it undertakes.

P&L produced for management should therefore be tailor-made, keeping in mind the nature of business, the level of detail required, the frequency and the layout.

Profit & loss (P&L) account
Balance sheet

02. Balance sheet

A Balance Sheet shows the financial position of a business at any given point in time.

A Balance sheet should be prepared with notes to help indicate key business ratios, such as liquidity ratios, debtor and inventory days etc., which can highlight risk areas, so you are in a much better position to plan any cash flow needs.

03. Key performance indicators (KPI’s)

Notes to the accounts shed light on crucial information that would be useful to any stakeholder of the business. Typical examples of these would include things like;

  • Breakdown of Fixed Assets to show amounts purchased, sold and depreciated
  • Related Party Transaction during the year
  • Detail of some of its creditor or debtors e.g. money owed broken between the bank, taxman or a director
KPI’s and Notes
Directors report

04.Directors report

The Companies Act 2006 requires all larger companies to produce a Director's Report in their Annual accounts to improve corporate transparency. It talks about the business's principal activities, any significant events incurred during the year and its business impact.

The report is an opportunity to provide greater detail about how the business has performed during the year any regulation impacts or changes in the economic outlook. It may also mention dividends the business intends to pay.

05.Auditors report

The Auditors Report is only required for Companies carrying out an Audit (whether Compulsory or Voluntary Audit) and is provided by the Company’s auditors. After a review, they will indicate whether the accounts give a true reflection of the business.

Auditors report

Different types of statutory accounts

Full Accounts must include all the essential reports such as profit and loss, a balance sheet, and detailed accounts. In addition to this, full accounts must also include an accountant’s report and a director’s report. Both of which provide further important information about the company.

We can send a summarised version of full accounts called the 'Abridged Accounts' for companies that meet the Small Business or micro-entity criteria. Abridged accounts have a more straightforward balance sheet (a Balance Sheet and reduced number of notes to the accounts). These can be useful if you do not want to include details about the business, such as the gross margins or the business's profits during the year. They do not, however, including profit and loss.

A company is dormant if it has had no ‘significant accounting transactions during the accounting period or may have recently been set up but not traded as yet.
Different types of statutory accounts

Criteria for small companies

If your company meets two of the following conditions, it is considered as a small business:

  • You have a turnover less than £10.2 million
  • You have up to £5.1 million on your balance sheet
  • You have less than 50 employees

As a small business, you can send Companies House abridged financial statements. In addition, a director's report, a profit and loss account, and the option to audit or not are also available to small businesses.

Criteria for small companies
Criteria for Micro-Entities

Criteria for Micro-Entities

If your company meets two or more of the following conditions, you are defined as a micro-entity:

  • You have a turnover lower than £632,000
  • Your balance sheet shows a maximum of £316,000 or less
  • You have 10 employees or less

Being a micro-entity means you do not need to prepare complex accounts, and you can send more straightforward balance sheets to Companies House instead. The same exemptions offered to small companies are also given to micro-entities.

Looking for help with your statutory accounts
Looking for help with your statutory accounts?


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