Statutory Account Preparation​

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We help companies turnaround their non-profitable ventures into something that benefits them. Our specialty lies in understanding what makes a company special and what makes it tick.

Consulting WP – we help companies assess their skills and choose a new direction which utilizes the talents of the team and resources most productively.

Our partners who lead statutory Accounts Services

In an increasingly complex regulatory landscape, organizations face growing pressure to deliver accurate, timely, and compliant financial reporting. Our Statutory Account Preparation Services help businesses meet their reporting obligations while enhancing operational efficiency, strengthening governance, and driving greater transparency.

Leveraging deep accounting expertise and technology-enabled delivery, we prepare high-quality statutory financial statements in accordance with IFRS, UK GAAP (FRS 102, FRS 101, and FRS 105), and other applicable regulatory requirements. Our scalable approach helps organizations manage reporting complexity, improve consistency, and maintain compliance with confidence.

 

What Are Statutory Accounts?

Statutory Accounts also called as as “Annual Accounts” are required to submit to the Companies House within defined time period after the year’s end.

Statutory accounts include:

  • A balance sheet
  • A profit and loss statement
  • Notes about the accounts
  • A director’s report
  • An accountants or auditor’s report

The deadlines for filing your set of annual accounts are within nine months of your Accounting Reference Date after the first year. 

Example: Company XYZ Ltd. must file its annual accounts from 1 November 2019 to 31 October 2020 no later than 31 July 2021.

How Statutory Accounts Are Prepared? IFRS & UK FRS

UK Financial Reporting Council has issued reporting standards, know as FRS. They have been numbered from FRS 101 to 105, and applies to different size of Companies. 

International Financial Reporting Standards are followed by large Companies in UK when they meet the criteria.

Our Accounts Production Process :

Phase 1

Information – we need

Bank statementsCredit card statementAll supporting invoices & bills etcSoftware data back-up

Phase 2

Process – we apply

Analysis of all the data in excelPreparation of working papers, including control accounts and lead sheetsReconciliation of all control accountsPreparation of trial balancePosting workings in accounts productions softwareDraft accounts in pdf and iXBRLFiling of accounts with regulatory authority

Phase 3

Reports – we generate

Full set of accountsExcel working papers with detail schedule, lead schedulesSoftware back-up

Types Of Entity And Statutory Requirements

 

Criteria for Micro Entity:

  • turnover must be not more than £632,000
  • the balance sheet total must be not more than £316,000
  • the average number of employees must be not more than 10

·       annual turnover must be not more than £10.2 million

·       the balance sheet total must be not more than £5.1 million

·       the average number of employees must be not more than 50

·        

 

Criteria for Small Entity:

  • annual turnover must be not more than £10.2 million
  • the balance sheet total must be not more than £5.1 million
  • the average number of employees must be not more than 50

Small company accounts prepared for members usually include:

  • a profit and loss account
  • a balance sheet, signed by a director on behalf of the board and the printed name of that director
  • notes to the accounts
  • group accounts (if a small parent company chooses to prepare them)

Small company accounts should also be accompanied by:

  • a directors’ report that shows the signature of a secretary or director and their printed name

an auditors report that includes the printed name of the registered auditor (unless the company qualifies for exemption from audit

 

Criteria for Medium Entity:

  • annual turnover must be not more than £10.2 million
  • the balance sheet total must be not more than £5.1 million
  • the average number of employees must be not more than 50

·       the annual turnover must be no more than £36 million

·       the balance sheet total must be no more than £18 million

·       the average number of employees must be no more than 250
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