All limited companies, regardless of size, are required by law to produce statutory accounts for their shareholders for each accounting period. These accounts also need to be filed at Companies House within 9 months of the end of the accounting period.
Alongside the legal requirements, statutory accounts are subject to stringent reporting standards developed by the Financial Reporting Council, the body which regulates corporate reporting and governance in the UK. These standards set the minimum content required in statutory accounts together with setting out how individual elements of accounts are to be measured.
Statutory accounts provide the basis for assessment of the company’s financial performance within the accounting period. These accounts also provide the basis for assessment for the Corporation Tax Liability for the accounting period in question. Therefore it is essential the accounts are as accurate as reasonably possible.
Here at EMB & Co Ltd we utilise various accounting packages to produce and file statutory accounts to ensure that both the legal and financial standards are met, relieving the reporting burden for our clients so that they can get back to running their business.