Each year we help our clients with their statutory accounts. We wanted to explain further what statutory accounts are for new businesses or businesses that have recently changed their company structure from a sole trader to a Limited Company.

Who needs to complete statutory accounts?

If you are operating as a Limited Company, you should be registered with Companies House, and you are responsible for completing and submitting your statutory accounts each year. Sole traders and partnerships do not need to do this. As a company director, you are legally responsible for the accuracy and timeliness of submitting statutory accounts but you can ask your accountant to prepare these on your behalf.

Statutory accounts are also known as financial statements, year-end accounts, or annual accounts. These are submitted to Companies House and the HMRC, and they must be supplied to all company shareholders.

What information is required for statutory accountants?

The information and level of detail you need to supply for statutory accounts vary depending on the company size; your accountant can advise what you will need for your business. The main financial reports and business documents are:

• A balance sheet
• A profit and loss account to include the company director’s name and signature.
• Any notes about the accounts
• A cash flow report
• A director’s report
• An auditor’s report

When do you need to file statutory accounts?

Once you register as a Limited Business, you must file your first set of statutory accounts 21 months after this date. After this, you must prepare and submit your statutory accounts each year, usually nine months after your company’s financial year ends.

If you do not file your statutory accounts in time, penalties are imposed, which can be up to £1500.

If you would like any advice or support with your statutory accounts, please do contact us by calling 01623 490 120 or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.