If you run a limited company, as director (the board) you have responsibility to submit statutory accounts either full, abbreviate, micro and dormant to Companies House and full set of accounts for members and HMRC. Most entrepreneurs do not find statutory accounts productive and add value to their business decisions. The statutory accounts are prepared under UK GAAP FRS 101, 102, 102A and 105. The typical full set of financial statements for SMEs include.

 

        Statement of financial position (balance sheet)

        Income statement (profit and loss account)

        Director's report

        Accountant's report

      Notes to accounts, additional information about balance sheet and profit & loss accounts.