Statutory Accounts

Statutory Accounts

Statutory Accounts

Statutory accounts, or annual accounts, are the financial statements an organization has to prepare at the end of each year. The company utilizes its accounting records for a year to prepare the statutory accounts. Statutory accounts are essential instruments for reporting the financial activity and performance of a company.

The statutory accounts are made up to a particular date, which is known as the Accounting Reference Date. The company has to register this date at the Companies House. In addition, the company has to send copies of statutory accounts to the shareholders and any individual regularly attending the company’s general meetings.

The important contents in statutory accounts of a company include the statement by the Chairman and a report by the Directors. The other mandatory inclusions in the statutory accounts are a profit and loss statement, cash flow statement, and balance sheet. In addition, statutory accounts also include notes for financial statements.

Depending on the size of the organization, the statutory account can also include an auditor’s report.

An organization must file their statutory accounts at the Companies House if it does not qualify for filing Abbreviated Accounts.

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