Your company’s annual accounts - called ‘statutory accounts’ - are prepared from the company’s financial records at the end of your company’s financial year.
You must always send copies of the statutory accounts to:
- all shareholders
- people who can go to the company’s general meetings
- Companies House (unless you send abbreviated accounts)
- HM Revenue and Customs (HMRC) as part of your Company Tax Return
How to put together statutory accounts
Statutory accounts must include:
- a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
- a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
- notes about the accounts
- a director’s report
You might have to include an auditor’s report - this depends on the size of your company.
The balance sheet must have the name of a director printed on it and must be signed by a director.
Your statutory accounts must meet either:
- International Financial Reporting Standards
- UK Generally Accepted Accounting Practice
You can use accountants or tax advisers to make sure your accounts meet the standards - you can find an accountant accredited in the UK.