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
- 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 (unless you’re a ‘micro-entity’)
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
- New UK Generally Accepted Accounting Practice
Search online to find out more about the standards, or ask your accountant or tax adviser. You can find an accountant accredited in the UK.