Simplifying Your Statutory Accounts

As a limited company director, you are responsible for submitting statutory accounts to Companies House and HMRC. Preparing these accounts may not seem productive or valuable to your business decisions. That's where we come in. We prepare and submit your statutory accounts, ensuring compliance with UK GAAP FRS 101, 102, 102A, and 105.

Our Statutory Accounts Services

Comprehensive Financial Statements for SMEs

We prepare a full set of financial statements for small and medium-sized enterprises (SMEs), which typically include:

• Statement of Financial Position (Balance Sheet): Provides a snapshot of your company's financial condition at a specific point in time, detailing assets, liabilities, and shareholders' equity.
• Income Statement (Profit and Loss Account): Details your company's revenues, expenses, and profits over a specific period, providing insights into operational performance.
• Director's Report: Offers an overview of the company's performance, activities, and management during the financial year.
• Accountant's Report: Provides the accountant's opinion on the financial statements, adding credibility and assurance.
• Notes to Accounts: Additional information and explanations about the balance sheet and profit & loss accounts, providing context and detail.

Filing and Compliance

We handle all interactions with Companies House on your behalf, including completing and filing your statutory accounts. This ensures you remain compliant with all legal requirements, allowing you to focus on running your business.

GAAP Compliance - UK GAAP FRS 101, 102, 102A, and 105

• FRS 101: Reduced Disclosure Framework – For qualifying subsidiaries and ultimate parent companies that are members of a group where the parent prepares publicly available consolidated financial statements.
• FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – For medium and large-sized entities.
• FRS 102 Section 1A: Reduced Disclosures for small entities – For small entities that choose to adopt it.
• FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime – For the smallest entities with minimal disclosure requirements.

Our services include:

• Transition Assistance: Helping your business transition to the appropriate GAAP framework, ensuring compliance.
• Detailed Preparation: Ensuring all financial statements adhere to the specific requirements of the relevant FRS, including recognition, measurement, presentation, and disclosure.
• Regular Updates: Keeping you informed of any changes in GAAP requirements and how they impact your financial reporting.