Your company requires a set of year end statutory accounts each year, even if it’s dormant. They must be prepared in a specific manner, in a specific format, and submitted in a specific way. This can be daunting if you aren’t accustomed to the process, not to mention time-consuming.
Statutory or year-end accounts are a set of financial statements that every UK company must submit to HMRC within nine months of the end of their accounting period. Statutory accounts include a balance sheet, a profit and loss statement, additional notes on both, a directors’ report, and an accountant’s or auditor’s report.
Rather than trying to make sense of all the requirements on your own, why not get BBK Accounts to help you out?
Once we have access to your bookkeeping records (don’t worry, we’ll tell you exactly what we need), we’ll prepare your statutory accounts and share them with you for review, along with explanatory notes. Once approved, we’ll submit them electronically to Companies House on your behalf.
And we don’t stop there either—as longtime experts on company accounting, we’ll offer our recommendations on improving your cash flow and managing your assets and liabilities better so that you can reach your growth goals faster. Try our year-end accounting services in Southampton today!
Our experts at BBK Accounts can help you with the end-to-end process of preparing and filing statutory accounts in line with all relevant regulations. Our services include:
Our comprehensive year-end accounting services in Southampton help you close your books accurately and on time-regardless of your industry
In the construction industry, accurate statutory accounts are crucial for financial transparency and compliance. Our services ensure that your statutory accounts are prepared meticulously, reflecting the true financial position of your business. We handle complex accounting treatments specific to construction, such as work in progress (WIP) and long-term contracts, ensuring compliance with accounting standards and regulations. Our expertise extends to navigating industry-specific challenges, such as revenue recognition and cost allocation across projects. With our tailored approach to statutory accounts, including comprehensive financial statements and disclosures, you can confidently meet reporting requirements while gaining valuable insights into your business’s performance and profitability.
Our year-end accounting services in Southampton are designed to meet the specific needs of landlords, whether you have a single property or a diverse portfolio. Our services cover all aspects of statutory accounting, from rental income and expenses to property valuations and depreciation. We ensure compliance with relevant accounting standards and regulations, including detailed reporting on property portfolios and financial performance. Our expertise in property accounting allows us to provide insights into rental yields, capital gains, and tax implications, helping you make informed decisions to optimise your property investments. With our dedicated support, you can streamline financial reporting and focus on maximising returns from your property portfolio.
In professional services sectors such as IT, marketing, HR, and cybersecurity, clear and compliant statutory accounts are essential for demonstrating financial health and credibility. Our specialised accounting services cater to the unique needs of professional service businesses, ensuring accurate preparation of statutory accounts and financial statements. Our expertise includes compliance with accounting standards and regulations specific to service industries, enabling you to showcase your financial strength to clients, investors, and stakeholders with confidence. With our proactive approach to statutory accounts, including comprehensive disclosures and compliance checks, you can focus on delivering exceptional services while we manage your financial reporting requirements effectively.
With BBK Accounts, you’ll always be in control. Here’s why:
Partnering with an accountant empowers you to maintain transparency, accuracy, and compliance in your statutory accounts, while retaining control over the strategic direction and financial health of your business.. We will complete your accounts well ahead of the deadline so you never receive a last minute surprise tax bill!. With BBK Accounts, you can focus on scaling your business while we handle the numbers.
Get ready to receive personalised service and a touch of humour to brighten your day. No call centres or faceless customer service - just our super efficient team and that’s a promise. We are here to help.
Our service will help you safeguard your relationships with customers, suppliers, and credit rating agencies by promptly preparing and submitting your accounts to the Companies House, where they become a matter of public record.
When you choose our expert accountants as your professional advisors, we’ll ensure that you stay on top of the complex and changing legislation that may affect your business, submit your year-end accounts on time, and advise you throughout the year.
Since working with BBK Accounts, we’ve seen a marked improvement in how we manage project costs and keep a closer eye on expenses, ensuring we stay within budget, which has had a direct impact on our bottom line. What I appreciate most is their personalised service—they genuinely understand the unique challenges of the construction industry and are invested in our success.
I've been with BBK for three years, and I couldn't be happier with their service. Their receipt scanning app makes managing my accounts a breeze, and I always know my tax liabilities well before payment is due. It really takes the hassle out of accounting!
I have ben using BBK for many years now and have been really impressed with Jenny and the whole team. Happy to answer simple and more complicated questions and really reasonable prices too! Highly recommended.
She (Jenny) was looking after my accounts for several years before I joined the partnership. I am now going back to her to get the excellent personalised service I had from her.
This (the UK tax system) really is all quite confusing to me. I am so pleased BBK is there to guide me through this.
Filing my personal tax returns used to be a daunting task, but BBK Accounts has made it so much easier. They handle all the details and ensure that everything is filed correctly and on time, saving me both time and worry.
Statutory accounts, also known as annual financial statements, serve as a comprehensive snapshot of a company's financial health and performance over a specific period. Key features include:
Statutory accounts play a pivotal role in financial reporting, providing a comprehensive overview of a company's financial performance and ensuring transparency for stakeholders.
Year-end accounts, also known as statutory accounts, and management accounts serve distinct purposes in financial reporting:
Statutory accounts (Year-end accounts): Statutory accounts are prepared annually in a prescribed format, following accounting standards (e.g., IFRS or UK GAAP), and are primarily intended for external stakeholders such as shareholders, regulators, and lenders. They provide a summary of the company's financial performance and position at the end of the financial year, including key statements like the balance sheet, income statement, and cash flow statement. Statutory accounts must comply with legal requirements and undergo external audit in some cases to ensure accuracy and transparency.
Management accounts: Management accounts, on the other hand, are tailored to meet the internal management needs of the business. They are prepared more frequently (monthly or quarterly) and provide detailed insights into the company's financial performance and operations. Management accounts include detailed analysis and reports on factors like sales trends, expense fluctuations, profitability by product or division, and cash flow projections. Unlike statutory accounts, management accounts do not follow a prescribed format and can be customised to focus on specific management priorities and decision-making processes.
In summary, statutory accounts are formal financial statements prepared annually for external stakeholders to assess the financial health of the company, while management accounts are more detailed and frequent reports used internally by management to monitor performance, make informed decisions, and plan for the future.
For more information about our management accounting services tailored to your business needs, please contact us.
Statutory accounts must be submitted to Companies House within 9 months of the company’s financial year-end. If your company’s year-end is 31st December, for example, the deadline for submission would be 30th September of the following year. Missing this deadline can result in penalties, so it’s crucial to ensure your accounts are prepared and filed on time. As your accountant, we can help you manage this process and ensure compliance with all necessary deadlines.
Filing your statutory accounts late can lead to automatic penalties from Companies House. The fines increase the longer the delay, starting at £150 for a late filing of up to one month, and escalating to £1,500 if the accounts are over six months late. Repeated late filings can also damage your company’s reputation and potentially affect your ability to secure credit. It’s essential to stay on top of your filing deadlines to avoid these consequences.
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