Statutory accounts are the annual financial statements of a company. They are compiled in accordance with statutory accounting principles, which are set out in statute and usually overseen by an external accountant. statutory accounts must be filed with Companies House, and include details of the company’s income, expenditure, assets, and liabilities. In this blog post, we will discuss everything you need to know about statutory accounts!
What do statutory accounts consist of?
Statutory accounts typically consist of a balance sheet, income statement, and cash flow statement. The balance sheet provides an overview of the company’s assets and liabilities, while the income statement details the company’s profitability over a certain period of time. Finally, the cash flow statement shows how much cash is being generated (or used) by the company’s operations.
What is meant by statutory accounting?
Statutory accounting refers to compliance with statutory accounting principles when preparing financial statements. These principles are set out in statute and usually overseen by an external accountant. As such, statutory accounts must be filed in accordance with these regulations.
What is the difference between management accounts and statutory accounts?
Management accounts are typically prepared for internal use only, and as such, do not need to comply with statutory accounting principles. This means that management accounts can be less formal than statutory accounts.
What is the difference between statutory and non-statutory accounts?
Non-statutory accounts are not required by law to be filed with Companies House. However, they may still be prepared order to provide financial information to shareholders or other interested parties.
Where can I find statutory accounts?
Statutory accounts can be found on the Companies House website. Once you have found the company you are looking for, click on the ‘Financial Statements’ tab to view their statutory accounts.
How long do you have to file statutory accounts?
Companies House requires that statutory accounts be filed within nine months of the end of the financial year.
What must statutory accounts include?
Statutory accounts must include a balance sheet, income statement, and cash flow statement. In addition, they must also comply with statutory accounting principles.
What are full statutory accounts?
Full statutory accounts are those that have been audited by an external accountant. These accounts provide the most comprehensive overview of a company’s financial position and performance. We hope you found this blog post on statutory accounts useful! If you have any more queries, check out Venn Accounts.