Statutory Account Preparation​

As expert consultants, Consulting WordPress Theme know the intricacies of bonds and commodities. Bonds and commodities are much more stable than stocks and trades; however the payout is a bit lower in itself. We allow our clients to invest in the right bonds & commodities.

Bonds and Commodities allow your company to have a financial base which is stable. Your company will be able to take more risks once it has invested in Bonds & Commodities, because it will have a steady source of income already. This is why Business WordPress theme helps its clients invest in structurally sound bonds and non-volatile commodities.

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
  • Accordion
  • ContentAccordio
  • ContentAccordion
  • ContentAccordion ContentAccordion ContentAccordion ContentAccordion ContentAccordion ContentAccordion ContentAccordion ContentAccordion ContentAccordion Content

Get in touch

Feel free to get in touch and book no-obligation 15 minutes call.