Statutory Accounts Services
Providing a compliant statutory accounts with meaningful feedback Contact usStatutory Accounts Services
What are statutory accounts?
Statutory accounts, also known as annual accounts or financial statements, serve as a cornerstone for businesses across all industries. They are a legal requirement that must be submitted to HMRC on an annual basis. Statutory accounts provides a snapshot of a company’s financial health, its financial performance, over the fiscal year, and its adherence to financial regulations.
These accounts play a critical role in building trust among stakeholders, attracting investors, and ensuring transparent financial reporting.
However, the realm of preparing statutory accounts is far from simple. With evolving regulations, accounting standards, and reporting requirements, businesses face an increasing challenge to ensure accuracy and compliance in their financial statements.
Why outsource my statutory accounts to an accountant?
Reduce the risk of errors
Using a qualified chartered accountant to produce your statutory accounts will reduce the risk of errors and mistakes being made in company accounts and potentially being issued a penalty or fine by HMRC.
Improve financial efficiency
When an accountant produces statutory accounts to companies house, they will be able to identify and advise on areas of financial inefficiencies on your business.
Become more tax efficient
If an accountant is consulted early enough they may be able to identify areas where you might be able to reduce your company’s corporation tax and liability before you submit your company tax return.
Our statutory accounts service
Ensuring compliance
When submitting your statutory accounts, ensuring compliance with statutory requirements and maintaining a clear financial record is paramount. At Hawsons our expert accountants understand the intricate nature of statutory accounts to provide you with financial clarity and compliance. When we prepare statutory accounts we will analyse your financial reports and data, ensuring each figure is accurate, complete, and aligned with the latest accounting standards . With our services, you can present your company’s financial position and performance with confidence.
Providing meaningful feedback
At Hawsons we provide all of our clients with a personal tailored service. This is because although compliance is of the up-most importance we also want to provide our clients with meaningful feedback. We interpret the figures, identify trends and areas that require attention. This in-depth analysis empowers our clients to make informed decisions, spot opportunities for growth, and address potential challenges proactively.
Why choose Hawsons?
If you are looking for an accountant with a fresh perspective, why not arrange a free initial meeting so you can get to know us and see what we have to offer your organisation? If you decide you’d like us to work with you, here are some of the benefits:
Partner-led service tailored to your company’s financial year and specific needs
Take time to get to know you, your business plan, and your aims
Responsive and available when needed
Tax planning and advice
A one-stop shop for accounting services and specialist services available as needed
Efficient and effective use of technology
No unexpected bills
Frequently Asked Questions
What is the difference between statutory accounts and management accounts?
It is important to understand the differences between statutory accounts and management accounts. Statutory accounts are prepared for external reporting and compliance purposes, while management accounts are customised internal reports used for day-to-day decision-making and strategic planning within the organisation.
What is included in statutory accounts?
The specific contents of statutory accounts usually vary depending on the accounting standards and regulations applicable to the individual business. However, in general, statutory accounts typically include the following components:
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Balance Sheet
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Profit and loss account
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Cash Flow Statement
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Notes to the Financial Statements
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Auditor’s Report
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Directors Report
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Statements of Changes in Equity
What are the penalties for filing statutory accounts late?
Up to 1 Month Late: If your statutory accounts are filed within one month after the due date, there is usually no penalty. However, it’s important to note that late filing will still result in your company being marked as “dormant” on the Companies House register until the accounts are filed.
1 to 3 Months Late: If your accounts are filed more than one month late but within three months after the due date, you may be fined. The penalty typically ranges from £150 to £1,500, depending on the size of your company.
3 to 6 Months Late: If your accounts are filed more than three months late, the penalty increases. The fine typically ranges from £375 to £3,000, again depending on the size of your company.
More than 6 Months Late: If your statutory accounts are filed more than six months after the due date, the penalties become even more severe. The fine can range from £750 to £7,500 or more, depending on the size of your company.
What do our clients think of our service?
Our Statutory Accounts contacts
Scott Sanderson
Partner, Sheffield
Paul Wormald
Partner, Doncaster
David Owens
Partner, Northampton
Contact us
Benefits of working with Hawsons
Take time to get to know you, your business and your aims
Partner-led service tailored to your specific needs
Responsive and available when needed
Tax planning and advice
A one stop shop of specialist services available as needed
Efficient and effective use of technology
No unexpected bills
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