Professional, done-for-you statutory accounting services

Yes, we typically ask for various financial documents, such as sales and purchase invoices, bank statements, expense receipts, payroll records, and details of your assets and liabilities (if any). Don’t worry – we’ll share a list of documents needed before we start work on your statutory accounts.

At Lyel Accountants, we’re committed to providing the best statutory accounting services in Leeds, Bradford, Sheffield and elsewhere across the UK. We’re as keen on helping your business grow as you are, and our services reflect that which is why the turnaround time depends on the complexity of the accounts and the timely provision of all necessary information. We’d ideally finish the work within a few weeks, giving us enough buffer time to get your approval and submit the accounts to Companies House. Book a consultation with us to know more.

Statutory accounts are also known as annual accounts. These accounts are financial reports prepared after each financial year by limited companies. Statutory accounts are legal requirements that determine a business’ progress and failures.

The statutory account reports must be shared with all the stakeholders and the HMRC for annual tax returns. The stakeholders of your limited company include shareholders and those eligible to go to the company AGMs, Companies House, and the HMRC as part of your annual Company Tax Return.

Your statutory accounts include:

• A balance sheet
• A profit and loss account
• Notes about the accounts
• A director’s report (unless you are classified as a ‘micro-entity’)

For private limited companies, they should be sent to Companies House 9 months after the end of your company’s financial year. So if your company’s financial year ends in April, they should be sent before the end of January in the following year.

For a new company, the first set of accounts are due 21 months after the date of incorporation.

It is a legal requirement to submit your statutory accounts and an immediate penalty is incurred if you miss the deadline. This penalty increases the longer past the deadline you submit your accounts and it starts at £150 for submission no later than one month, increasing to £1,500 if it is longer than 6 months. The fines are doubled if the accounts are submitted late in two successive years.

There are other implications as the director is liable and could be fined in a public court, and the company may even be struck off.

If you have any concerns that you won’t be able to submit your statutory accounts in time, contact us immediately. It is possible to extend the deadline if you have exceptional circumstances and this will enable you to avoid a fine if HMRC accepts your request.

No, not at all.

Statutory accounts look at the overall picture of a businesses financial decisions over the past year. They are mandatory, must be reported to HMRC and the businesses shareholders, and tend to follow a similar format which includes a balance sheet and a profit and loss statement.

Management accounts on the other hand are used internally to provide insight into the detail of the business operations, helping with planning and decision making. They are rarely shared with shareholders. Their format is bespoke, dependent upon the information required.